One-line scorecard

One-line scorecard — the course’s standard underwriting line for any asset: net yield (after tax), total expected return (yield plus realistic growth), max drawdown (how far it can fall), liquidity (time to cash at fair value), and effort (honest hours per month). Every instrument deployed in the Level 1 capstone must carry one, and every level upgrades what you can fill into it.

First used in: 1.1 · The two hurdles: benchmarking math I