Foundation group
Execution
How timing, liquidity, order size, and market structure change the price a strategy can actually obtain.
Guide map
Read only as far as the decision requires.
Each guide stands on its own while linking forward to the strategy or Results question it supports.
Execution guides
Foundation6 min
Trading costs and implementation shortfall
Measure the gap between the decision price and the price the strategy could realistically obtain.
Foundation6 min
Market impact, turnover, and capacity
A repeatable signal can stop being investable when its required trading is too large for available liquidity.
Foundation5 min
Queue position and adverse selection
A passive order earns the spread only when it fills—and fills can arrive precisely when the price is about to move against it.
Foundation11 min
Optimal execution: urgency, risk, and Almgren–Chriss
A large order can be expensive when traded quickly and vulnerable to price moves when traded slowly. Almgren–Chriss helps choose a path between the two.