Nine of the funds in this book are not run by anyone. A manager executes; the decision belongs to an index methodology — a public document that can be read, argued with and watched for changes. Everyone reads the selection half of such a document: what gets into the basket. The differences between two funds that look identical on a factsheet live in the maintenance half — how often it rebalances, what stops it churning, and what it does when a holding drifts. This table follows whichever cut is selected — pick one on Cuts.

The same eleven rulebooks are also laid on top of each other as a flow — five steps every one of them takes, with the variants inside each step ordered by how the money flowing through them has done. It answers a question this table cannot: where two rules are in fact the same rule. the rulebooks, overlaid \u2197

„Nejméně křehké je to, co drží široce a přeskládává se mechanicky." KH, 16. 8. 2026 — poté co rovnoměrně vážený biotech bez jakéhokoli výběru porazil pětifaktorový model o devět procentních bodů, a poté co se stejné momentum ukázalo jako +27 % v USA a +2 % v Evropě.