Reported alpha from end-to-end LLM trading agents does not constitute deployment evidence until it passes structural tests for temporal integrity, frictions, robustness, calibration, execution, and disaggregation.
Optimal execution of portfolio transactions.Journal of Risk, 3(2):5–39, 2000
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The Alpha Illusion: Reported Alpha from LLM Trading Agents Should Not Be Treated as Deployment Evidence
Reported alpha from end-to-end LLM trading agents does not constitute deployment evidence until it passes structural tests for temporal integrity, frictions, robustness, calibration, execution, and disaggregation.