Replication-first research institute
Every claim of alpha,
dissected.
Nullberg reads every new paper in systematic investing, codes it on real data, runs it, grades the evidence, and tracks which claims hold up over time.
Most don't.
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Free weekly: one published alpha claim, replicated and verdict-graded, with the code that got there.
Paid tier: the full factor decay dashboards, replication notebooks, and the archive of verdicts we are actively monitoring.
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The method
01
Replicate
Every paper we cover is coded from its published methodology and run on independently sourced historical data. No selection on which results we report.
02
Grade
Each claim gets a transparent verdict. Replicated, degraded, failed, or inconclusive. The code and data path that led there is published alongside.
03
Track
Verdicts are not one-shot. We monitor every replicated factor's live decay and update the archive the moment the evidence moves.
What makes Nullberg defensible
- Open code. Every replication ships with a public notebook on GitHub. Fork it, run it, argue with the result.
- Zero conflicts. No sponsorships, no affiliate revenue, no paid placement. Subscription is the only revenue line.
- Failures published in full. When a replication fails, we publish the failure with the same rigor as a success. Null results are the whole point.
- Living verdicts. Every graded claim is monitored. Decay is logged. The archive is the living record of what still holds.
Start here
Verdict · Failed
The MAX factor, out of sample, 2016 to 2026
Bali Cakici Whitelaw 2011 claimed the lowest-MAX decile beats the highest by over 1% per month. 122 months of equal-weighted US equity data disagree. The sign is inverted, t-stat -3.95, and the result is stable across three specifications.
Read the verdict
Primer
The replication crisis in systematic investing
Three published meta-studies that anchor the entire reason Nullberg exists. Exact numbers, no paraphrasing, every claim linked to its source.
Read the primer