@techreport{blackridge_forward_validation_20260928,
  author      = {{BlackRidge}},
  title       = {{Backtests Are the Most Optimistic Estimates a Strategy Will Get}},
  institution = {BlackRidge},
  type        = {Research report},
  year        = {2026},
  url         = {https://blckridge.com/research/forward-validation-20260928/},
  note        = {Research synthesis. Original sources are credited in the report.}
}