# Tenachine

> Tenachine is a hosted research platform for systematic trading. Users describe a strategy in plain English, our engine generates and executes the backtest code, and results are returned as reproducible reports. The same site also surfaces research over public US 13F filings: a screener, per-manager analyzer, and rank.

This file indexes the pages most useful to language models. All content pages include machine-readable schema.org JSON-LD (Article, Dataset, FAQPage, BreadcrumbList) so answer engines can quote structured numbers verbatim.

## Core
- [Home](https://tenachine.com/): product overview, pricing, and FAQ.
- [About](https://tenachine.com/about): who Tenachine is, what it does, and what it explicitly is not.
- [Writing strategies](https://tenachine.com/learn/writing-strategies): how users specify strategies in natural language and how the engine parses them.
- [Guidelines](https://tenachine.com/guidelines): scope of what the backtester does and does not guarantee.

## Guides
Written explainers on backtesting and systematic strategy design. Every number quoted in a guide comes from a study published on this site.

- [Burry has made 170 trades and holds only 3 stocks right now](https://tenachine.com/learn/guides/burry-has-made-170-trades-and-holds-only-3-stocks-right-now): Michael Burry's disclosed record shows 170 trades against 3 currently held stocks, a ratio of 56.7 to 1. Li Lu and Buffett both sit under 4 to 1.
- [Energy is the worst-completing sector in three unrelated studies](https://tenachine.com/learn/guides/energy-is-the-worst-completing-sector-in-three-unrelated-studies): 19 of 20 Energy tickers failed under 52-week high momentum, 17 of 20 under MACD signal cross, 6 of 20 under golden cross. All three, worst sector on the page.
- [Real Estate has a perfect completion record in 17 of 22 studies](https://tenachine.com/learn/guides/real-estate-has-a-perfect-completion-record-in-17-of-22-studies): Every one of Real Estate's 20 tracked tickers finishes with a usable backtest in 17 of Tenachine's 22 published studies. Energy has never gone 20 for 20, not once.
- [The longest holding period on this site also has the most lopsided returns](https://tenachine.com/learn/guides/the-longest-holding-period-on-this-site-also-has-the-most-lopsided-returns): Buffett's median disclosed position is held 3.125 years and his return skew is 4.78. Burry's median position is held 3 months and his skew is 0.47.
- [A low win rate is not a red flag in a backtest](https://tenachine.com/learn/guides/a-low-win-rate-is-not-a-red-flag): One strategy on this site wins 19.6 percent of trades and returns 9.02 percent over a decade. Another wins 48.7 percent and returns 2.66 percent. Win rate alone does not tell you which is better.
- [Warren Buffett's best trade returned 1125 percent. It is 0.08 percent of his book](https://tenachine.com/learn/guides/buffetts-best-trade-returned-1125-percent-its-0-08-percent-of-his-book): MA has been in Buffett's disclosed portfolio since Q1 2011, up 1125.51 percent. Fifteen years later it is still worth 0.08 percent of what he reports holding.
- [Li Lu and Burry win the same share of trades, their expectancy differs 6x](https://tenachine.com/learn/guides/li-lu-and-burry-win-the-same-share-of-trades-their-expectancy-differs-6x): Li Lu wins 64.29 percent of his disclosed trades, Michael Burry wins 64.12 percent. Li Lu's expectancy per trade is 40.61 percent. Burry's is 6.93 percent.
- [A profit factor of 999 can mean zero trades, not a hot streak](https://tenachine.com/learn/guides/a-profit-factor-of-999-can-mean-zero-trades-not-a-hot-streak): CL shows a profit factor of 999 on 8 real winning trades under 52-week low reversion. NVDA shows the same 999 under NR7 volatility breakout on zero trades at all.
- [NR7 is the only strategy on this site with a losing risk to reward ratio](https://tenachine.com/learn/guides/nr7-is-the-only-strategy-here-with-a-losing-risk-to-reward-ratio): Across all 22 published strategy studies, NR7 volatility breakout is the one with an aggregate risk to reward ratio below 1.0, and it is not a close call.
- [The best risk adjusted result on the site belongs to CTVA, not NVDA](https://tenachine.com/learn/guides/the-best-risk-adjusted-result-on-the-site-belongs-to-ctva-not-nvda): Ranked by calmar ratio, return divided by max drawdown, Corteva under Williams %R reversal beats every NVDA result on Tenachine, with a fraction of the risk.
- [The stock that loses most often and still ranks as a top performer is DHR](https://tenachine.com/learn/guides/the-stock-that-loses-most-often-and-still-ranks-as-a-top-performer-is-dhr): Danaher, ticker DHR, wins fewer than half its trades in six of seven strategies where it still ranks a top performer, and its Sharpe and Sortino ratios disagree by up to 7.4 times.
- [Bruce Berkowitz has held one stock for eighteen years](https://tenachine.com/learn/guides/bruce-berkowitz-has-held-one-stock-for-eighteen-years): Berkowitz's largest disclosed position, 81 percent of his book, was opened in the first quarter of 2008. How long a bet has been held says as little as how big it is.
- [The best per-ticker result backed by more than one trade is AMD's 308 percent](https://tenachine.com/learn/guides/the-best-per-ticker-result-backed-by-more-than-one-trade-is-amds-308-percent): NVDA's 3300 percent came from a single trade. Across 22 published studies, the next best per-ticker result, AMD under Williams %R reversal, came from 46.
- [The second biggest gain on the biggest bets list belongs to IBKR](https://tenachine.com/learn/guides/the-second-biggest-gain-on-the-biggest-bets-list-belongs-to-ibkr): Bryan Lawrence's Interactive Brokers position is up 475.64 percent since Q1 2019, second only to Clifford Sosin's CVNA on Tenachine's biggest-bets ranking.
- [Li Lu's highest-IRR trade was held six months. His biggest raw gain took six years](https://tenachine.com/learn/guides/li-lus-highest-irr-trade-held-for-six-months-his-biggest-gain-took-six-years): CROX returned 26.03 percent in six months for a 58.83 percent IRR. GOOG returned 250.36 percent over six years for a 23.24 percent IRR. Same investor, same book.
- [What a 13F filing does not show you](https://tenachine.com/learn/guides/what-a-13f-filing-does-not-show-you): Michael Burry's disclosed 13F book is three stocks. Warren Buffett's ten largest positions add up to only 87.5 percent of his. Reading a filing means reading what it leaves out too.
- [52 week high momentum's single NVDA trade captured 11.6 percent of its decade](https://tenachine.com/learn/guides/52-week-high-momentum-captured-11-6-percent-of-nvdas-decade): One trade, one ticker, a 3300 percent return. It explains a meaningful share of the strategy's 94.33 percent average, and it still falls far short of buying and holding.
- [One strategy's 94 percent return comes with a 57 percent failure rate](https://tenachine.com/learn/guides/a-94-percent-return-with-a-57-percent-failure-rate): 52 week high momentum shows the best headline return published here, 94.33 percent, and also the worst completion rate, 126 of 220 tickers failed to produce a result.
- [ADX trend breakout and Keltner channel breakout share a win rate, not a median ticker](https://tenachine.com/learn/guides/adx-trend-breakout-and-keltner-channel-breakout-share-a-win-rate-not-a-median-ticker): Both strategies post a win rate and risk to reward ratio within a point and a half of each other. Their median tickers, 0.66 percent and 2.33 percent, sit far apart.
- [Dual momentum trades about once a year, and its median ticker still lost money](https://tenachine.com/learn/guides/dual-momentum-trades-about-once-a-year-and-its-median-ticker-still-lost-money): Its win rate and risk to reward ratio both beat most strategies here. The median ticker in the 12 minus 1 dual momentum study still lost a fraction of a percent.
- [Pullback to the 20-day average trades five times as often as volume surge breakout](https://tenachine.com/learn/guides/pullback-to-20ma-trades-five-times-as-often-as-volume-surge-breakout): 82.2 trades per ticker against 15.0, nearly identical win rates and risk to reward ratios, and a return that lands more than three times apart.
- [The smallest drawdown on this site also lost money](https://tenachine.com/learn/guides/the-smallest-drawdown-also-lost-money): Seven of Tenachine's published strategy studies, ranked by average drawdown. The one with the smallest drawdown is also the only one that lost money.
- [Bollinger squeeze breakout is the only strategy here where the median beats the mean](https://tenachine.com/learn/guides/bollinger-squeeze-breakout-is-the-only-strategy-where-median-beats-mean): 0.27 percent median against a 0.17 percent average, the reverse of every other strategy published here. More tickers lost money than made it, and the losses carried more weight.
- [One of the fifteen biggest bets is shared by 30 investors, six are shared by none](https://tenachine.com/learn/guides/one-of-the-biggest-bets-is-shared-by-30-investors-six-by-none): AltaRock's Amazon position appears on 30 other tracked investors' books too. Six other positions on the same list, including Bruce Berkowitz's largest bet, appear on nobody else's.
- [Read the spread, not the average, when you judge a backtest](https://tenachine.com/learn/guides/read-the-spread-not-the-average): A backtest that averages +9% across 193 stocks can still lose money on a third of them. Here is how to read the distribution instead of the headline number.
- [When many super investors own the same stock](https://tenachine.com/learn/guides/when-many-investors-own-the-same-stock): Thirty four tracked super investors own Microsoft, more than any other name. Does that number mean anything on its own? The short answer is no, and here is why.
- [Michael Burry ranks second among 76 investors, Warren Buffett does not](https://tenachine.com/learn/guides/burry-ranks-second-buffett-ranks-outside-the-top-ten): By median IRR, a metric built to reward consistent compounding, Michael Burry ranks second among 76 tracked investors. Warren Buffett does not crack the top ten.
- [Golden cross captured 28.5 percent of NVDA's 28,357 percent decade](https://tenachine.com/learn/guides/golden-cross-captured-a-fraction-of-nvdas-decade): Buying and holding NVDA returned 28,357 percent over the golden cross study's decade. The strategy's own trades on NVDA captured 28.5 percent of that.
- [The worst tracked record on this site rests on 153 trades, not 10](https://tenachine.com/learn/guides/the-worst-tracked-record-here-rests-on-153-trades-not-10): Alex Roepers' negative 17.6 percent weighted return is the worst of 81 tracked super investors. Unlike most extreme results here, it is not built on a thin sample.
- [Inside bar breakout trades 102 times per ticker and ends up flat](https://tenachine.com/learn/guides/inside-bar-breakout-trades-102-times-per-ticker-and-ends-up-flat): Inside bar breakout generated 21,868 trades across 214 tickers, about 102 per ticker, and its average return is 0.03 percent. More trades did not buy an edge.
- [RSI mean reversion and stochastic oversold bounce return within 4 basis points of each other](https://tenachine.com/learn/guides/rsi-mean-reversion-and-stochastic-oversold-bounce-return-within-4-basis-points): 0.50 percent against 0.46 percent, almost the same return. Win rate, risk to reward, drawdown and trade frequency all differ by wide margins between the two.
- [Gap down fade wins more than double golden cross's rate and returns far less](https://tenachine.com/learn/guides/gap-down-fade-wins-more-than-golden-cross-and-returns-far-less): 45.43 percent of trades close positive against golden cross's 19.59 percent. The return, 0.17 percent, is a rounding error next to golden cross's 9.02 percent.
- [Li Lu's own trading record implies a 62 percent bet size](https://tenachine.com/learn/guides/li-lus-record-implies-a-62-percent-kelly-bet): Run Li Lu's 14-trade record through the Kelly criterion and the formula says bet 62 percent of the portfolio on the next position. Nobody actually does this.
- [MACD signal cross fails on 35 percent of tickers, MACD zero cross on 3 percent](https://tenachine.com/learn/guides/macd-signal-cross-fails-on-35-percent-of-tickers-macd-zero-cross-on-3): Same indicator, two crossover rules. One completes 96 percent of its universe and returns 6.61 percent. The other completes 65 percent and returns 1.18 percent.
- [Survivorship bias in a backtest, and the different problem it gets confused with](https://tenachine.com/learn/guides/survivorship-bias-in-a-backtest): Every study on this site carries a line naming survivorship bias directly. Here is what that line actually covers, and why a study's failed-run count is a separate issue it does not fix.
- [Triple ma pullback's average return is positive, its median ticker lost money](https://tenachine.com/learn/guides/triple-ma-pullbacks-average-return-is-positive-its-median-ticker-lost-money): 0.88 percent average return sounds like a modestly profitable strategy. The median of the 214 tickers it ran on actually lost 0.30 percent. Both are true.
- [Donchian's 20-day breakout returns more than turtle 55, and draws down more too](https://tenachine.com/learn/guides/donchian-20-breakout-returns-more-than-turtle-55-and-draws-down-more-too): Cut a breakout rule's lookback from 55 days to 20 and the average return more than doubles. The drawdown grows too, and so does the failure rate.
- [Ma crossover 20/50 has a deeper drawdown than any other strategy here](https://tenachine.com/learn/guides/ma-crossover-20-50-has-the-deepest-drawdown-on-the-site): Its average win rate and its average maximum drawdown are both 34.78 percent, an exact coincidence. The drawdown is also the deepest published on this site.
- [Sizing a position from a stop, worked through with real numbers](https://tenachine.com/learn/guides/sizing-a-position-from-a-stop): One sentence in a published strategy spec, size the position so the stop costs exactly one percent of equity, hides two separate questions. Here is both, worked with real numbers.
- [A conviction buy is not the same thing as a good buy](https://tenachine.com/learn/guides/a-conviction-buy-is-not-a-good-buy): Michael Burry's largest disclosed position is down 39 percent from his average buy price. Another manager shows up three times on the same list, all three also underwater.
- [Two investor rankings, one name that shows up on both](https://tenachine.com/learn/guides/two-rankings-one-name-in-both): Tenachine's top 10 super investors by win rate and by weighted return draw from the same 81 names. Only one investor appears on both lists.

## Studies
Each page reports one strategy backtested over a fixed universe and time window. Key numbers are stated in the opening paragraph and repeated in the embedded FAQPage.

- [Does buying 52-week highs beat the S&P 500?](https://tenachine.com/learn/studies/52-week-high-momentum): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +94.33%, avg max drawdown -16.37%, 94/220 symbols completed.
- [Does filtering breakouts with ADX trend strength improve results?](https://tenachine.com/learn/studies/adx-trend-breakout): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +2.15%, avg max drawdown -8.04%, 214/220 symbols completed.
- [Do Bollinger Band squeezes predict profitable breakouts?](https://tenachine.com/learn/studies/bollinger-squeeze-breakout): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +0.17%, avg max drawdown -4.37%, 161/220 symbols completed.
- [Do 20-day breakouts beat buy-and-hold on US large caps?](https://tenachine.com/learn/studies/donchian-20-breakout): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +12.90%, avg max drawdown -15.43%, 197/220 symbols completed.
- [Does 12-1 month momentum work on US large caps?](https://tenachine.com/learn/studies/dual-momentum-12-1): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +0.41%, avg max drawdown -2.78%, 214/220 symbols completed.
- [Can you profitably fade 2% gap-downs in uptrends?](https://tenachine.com/learn/studies/gap-down-fade): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +0.17%, avg max drawdown -4.34%, 214/220 symbols completed.
- [Does the 50/200 golden cross still work on US large caps?](https://tenachine.com/learn/studies/golden-cross): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +9.02%, avg max drawdown -9.35%, 193/220 symbols completed.
- [Does trading the inside bar breakout pattern produce an edge?](https://tenachine.com/learn/studies/inside-bar-breakout): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +0.03%, avg max drawdown -14.71%, 214/220 symbols completed.
- [Does a Keltner Channel breakout beat a Bollinger Band breakout?](https://tenachine.com/learn/studies/keltner-channel-breakout): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +3.00%, avg max drawdown -7.34%, 214/220 symbols completed.
- [Does the 20 over 50 day moving average crossover still work on US large caps?](https://tenachine.com/learn/studies/ma-crossover-20-50): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +24.64%, avg max drawdown -34.78%, 212/220 symbols completed.
- [Does the MACD signal line crossover work on US large caps?](https://tenachine.com/learn/studies/macd-signal-cross): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +1.18%, avg max drawdown -7.75%, 143/220 symbols completed.
- [Does buying when MACD crosses above zero catch new trends?](https://tenachine.com/learn/studies/macd-zero-cross): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +6.61%, avg max drawdown -7.86%, 214/220 symbols completed.
- [Do NR7 volatility contractions predict profitable breakouts?](https://tenachine.com/learn/studies/nr7-volatility-breakout): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return -0.09%, avg max drawdown -0.38%, 200/220 symbols completed.
- [Is buying pullbacks to the 20-day moving average profitable?](https://tenachine.com/learn/studies/pullback-to-20ma): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +2.56%, avg max drawdown -13.48%, 214/220 symbols completed.
- [Does a simple RSI mean reversion strategy work on US large caps?](https://tenachine.com/learn/studies/rsi-mean-reversion): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +0.50%, avg max drawdown -2.68%, 214/220 symbols completed.
- [Does a Stochastic oversold bounce work as a swing trade entry?](https://tenachine.com/learn/studies/stochastic-oversold-bounce): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +0.46%, avg max drawdown -5.48%, 214/220 symbols completed.
- [Do 'three weeks tight' patterns lead to profitable breakouts?](https://tenachine.com/learn/studies/three-weeks-tight): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +2.66%, avg max drawdown -6.48%, 142/220 symbols completed.
- [Does buying pullbacks inside a stacked moving-average uptrend work?](https://tenachine.com/learn/studies/triple-ma-pullback): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +0.88%, avg max drawdown -10.45%, 214/220 symbols completed.
- [Does the classic Turtle 55-day breakout system still work?](https://tenachine.com/learn/studies/turtle-55-breakout): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +5.35%, avg max drawdown -9.85%, 214/220 symbols completed.
- [Do price breakouts confirmed by a volume surge perform better?](https://tenachine.com/learn/studies/volume-surge-breakout): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +0.82%, avg max drawdown -5.85%, 214/220 symbols completed.
- [Do stocks near a 52-week low bounce back, or keep falling?](https://tenachine.com/learn/studies/week52-low-reversion): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +21.25%, avg max drawdown -27.21%, 214/220 symbols completed.
- [Does a Williams %R oversold reversal signal a good entry?](https://tenachine.com/learn/studies/williams-r-reversal): 220-ticker backtest, 2015-01-01 → 2024-12-31, avg return +27.21%, avg max drawdown -31.88%, 214/220 symbols completed.

## Super-investor questions
Plain-English answers to questions retail investors ask about 13F managers. Each page derives numbers from a single live API call and ships them as a FAQPage for direct quotation.

- [Who are the best long-term stock pickers among super investors?](https://tenachine.com/learn/investor-questions/best-long-term-stock-pickers): derived from /api/investors/rank. Key stats: Top investor by Median IRR: Glenn Welling (+18.8%); Investors ranked: 76.
- [Who are the best super investors to follow right now?](https://tenachine.com/learn/investor-questions/best-super-investors-to-follow): derived from /api/investors/rank. Key stats: Top investor by Weighted Return: Guy Spier (+157.6%); Investors ranked: 81.
- [What are the biggest bets super investors are making right now?](https://tenachine.com/learn/investor-questions/biggest-bets-right-now): derived from /api/investors/biggest-bets. Key stats: Bets surfaced: 149; Largest bet: Clifford Sosin → CVNA (83.37% of portfolio).
- [Which super investors have the highest win rate?](https://tenachine.com/learn/investor-questions/highest-win-rate-super-investors): derived from /api/investors/rank. Key stats: Top investor by Win Rate: AltaRock Partners (+100.0%); Investors ranked: 81.
- [What is Li Lu's track record and current portfolio?](https://tenachine.com/learn/investor-questions/li-lu-portfolio-and-performance): derived from /api/investors/analyze. Key stats: Total trades analysed: 14; Win rate: 64.3%.
- [What is Michael Burry betting on right now?](https://tenachine.com/learn/investor-questions/michael-burry-current-bets): derived from /api/investors/analyze. Key stats: Total trades analysed: 170; Win rate: 64.1%.
- [Which stocks are owned by the most super investors right now?](https://tenachine.com/learn/investor-questions/most-popular-stocks-among-super-investors): derived from /api/tickers/investors/current. Key stats: Tickers tracked: 1,726; Most-owned ticker: MSFT (held by 34 investors).
- [Which stocks have super investors recently bought at a discount?](https://tenachine.com/learn/investor-questions/super-investor-conviction-buys): derived from /api/investors/screener/conviction. Key stats: Names matching: 14.
- [What is Warren Buffett's portfolio and historical performance?](https://tenachine.com/learn/investor-questions/warren-buffett-portfolio-and-performance): derived from /api/investors/analyze. Key stats: Total trades analysed: 140; Win rate: 68.6%.
- [Which super investors have the weakest track records?](https://tenachine.com/learn/investor-questions/worst-performing-super-investors): derived from /api/investors/rank. Key stats: Bottom investor by Weighted Return: Alex Roepers (-17.6%); Investors ranked: 81.

## Optional
- [Privacy](https://tenachine.com/privacy)
- [Terms](https://tenachine.com/terms)