The book versus SPY, one curve.
Every verdict the committee ships is only as good as the record behind it. This is that record: the book's cumulative return minus the S&P 500, marked daily since inception. When the curve rises, the book is beating the index. When it falls, it is not.
No cherry-picked windows and no per-name spin. One honest line, updated live, sitting under every read on the verdict grid and the committee floor.
How to read it. The curve is the book's cumulative gain minus the S&P 500's over the same window, in percentage points, anchored at inception. A rising line is widening outperformance, a falling line is the index catching up. The book number and the SPY number above the chart are each total return since the anchor date. Past performance is not a guarantee of future results. Not investment advice.