What a review is for

Cost sensitivity

At what cost does the result disappear?

A strategy output looks attractive. You suspect it assumes near-zero costs.

1. A: 2 + 2 bps; B: 10 + 15 bps, same regime
2. Save, then raise B in steps
3. Read Δ net result and cost share per version

Output: A versioned report showing the cost level at which the sample result turns negative.

Regime dependence

Does it survive a different market?

The strategy was described using one kind of market. You want to know how it behaves in another.

1. Keep costs equal on both sides
2. A: the regime it was built for; B: the opposite
3. Compare drawdown and exposure, not just return

Output: A side-by-side record of where the rule helps and where it costs.

Risk limits

Would your own limits have stopped it?

You have rules you intend to follow. You want to see whether a strategy would have broken them, and when.

1. Write the four limits first
2. Save the report
3. Read each breach with its bar and value

Output: A list of breaches you can discuss before anything is decided.

Reproducibility

Hand a review to a colleague

Someone else needs to check your work without redoing it.

1. Export the report as Markdown or JSON
2. Share the file through your own channels
3. They can recompute every metric from the formulas

Output: A self-contained report with inputs, results, assumptions and trail.