Three concentrated semiconductor holdings with three hedge layers returned 101.9% a year at a 1.830 Sharpe ratio, which is what the best-looking numbers in this library look like. Over thirteen held-out years the same engine returns -16.70% at a 94.2% drawdown, and adding the hedges makes it worse. It is a bet on one era, and it can be held as one knowingly. The full write-up, including how it was built and what failed, is on the case study page