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> Remove the timeliness restriction -- "T15X" -- criteria from the SB code, and you'll match the YLDEARNYEAR2 results.

Joe - yes, I see the difference in the results. Why is it so? As the backtester asks for a range I set it to 1-5 in order to include all stocks, thinking that all stock in VL universe has a grade. Is this not the case?


No. There are almost always a few stocks that don't have a VL timeliness rating. This is because there are recent or recently-announced events that cast reasonable doubt on whether history is relevant to predictions of the future.

An example of such an event would be a merger transaction where a relatively small, well-run VL-listed company is buying a badly-run company with much higher gross revenues.
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