A factor's numbers mean nothing without the unconditioned baseline next to them. Learn to read the lift, not the level.
Every factor table here includes a baseline row: all bars, no condition. It is the single most important row, because it’s the yardstick. A factor is only interesting to the extent it beats that baseline.
“Above the 200-day line returned +X% over 12 months” sounds great — until the baseline was +X% too, meaning the filter added nothing. Always subtract: the lift (factor minus baseline) is the real, tradeable edge. Marketing quotes the level; honesty quotes the lift.
Combining factors (trend + momentum + not-overbought) can compound the lift — but only if they’re not measuring the same thing. Read their lifts side by side to see what’s additive and what’s double-counting, and remember every number still carries the survivorship caveat.