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Level 20
· ◆◆◆ · ~12 min
Implementation Shortfall
Implementation Shortfall
"The only honest measure of what an execution cost — because it counts the trades you failed to make as well as the ones you made."
the decision price benchmarkimplementation shortfallthe opportunity cost of unfilled quantitywhy VWAP is a gameable benchmarkdecomposing shortfall into delay, impact and opportunity
A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.