{
  "status": "research_hypotheses_not_live_changes",
  "items": [
    {
      "hypothesis": "Low volatility assets may not justify leverage if funding exceeds incremental return",
      "evidence": "IEF/SHY financing controls",
      "next": "Verify actual broker funding and margin economics before any live leveraged implementation"
    },
    {
      "hypothesis": "Utilities fixed sleeve improved selected-sample CAGR but raises equity concentration",
      "evidence": "new-fixed-XLU",
      "next": "Forward paper record and independent data; no retrospectively selected winning sector"
    },
    {
      "hypothesis": "6-month vs12-month momentum results differ materially",
      "evidence": "sensitivity-mom126",
      "next": "Freeze parameters and evaluate on later unseen observations, do not switch because of best historical result"
    }
  ]
}