Track record
What happened after we published the list
The first cohort has not been frozen yet. When it is, this page will show that list's return against the S&P 500 from the day it was published forward — updated every market day, with no edits to what came before.
How this is measured, and what it cannot tell you
- Equal weight, buy and hold. Every company carries the same weight from day one. Nothing is ever rebalanced, added, or removed.
- Companies that stop trading stay in. A delisted or acquired member is held at its last available close and keeps its weight. Removing it would silently drop losers and inflate the result.
- Dividends included, both sides. Cohort and benchmark both use split- and dividend-adjusted closing prices, so the comparison is like-for-like.
- No fees, taxes, or slippage. Real returns would be lower. This is not a simulated portfolio and not a product you can buy.
- One cohort, one start date. A single list from a single day is an anecdote, not evidence. It cannot tell you what the next cohort will do.
- Nothing is ever revised. Each day is appended once and never edited. If a data provider later corrects a past price, we say so here instead of quietly rewriting history.
- Not investment advice. The HDB Score measures past business results, not valuation. A strong company can still be a poor investment at the wrong price.
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