@techreport{blackridge_backtest_validity_constraints_20261003,
  author      = {{BlackRidge}},
  title       = {{Limits of Historical Trading Simulations}},
  institution = {BlackRidge},
  type        = {Research report},
  year        = {2026},
  url         = {https://blckridge.com/research/backtest-validity-constraints-20261003/},
  note        = {Research synthesis. Original sources are credited in the report.}
}