Our April 11 piece arguing 9Sig would ruin you used a flawed engine. We rebuilt it with the full Kelly rulebook: 10% bond floor, 90% buying-power throttle, 8-quarter 30-Down lookback, skip-2-sell-signals, base reset, spike reset. The corrected 9Sig drew down 99.7% through the dot-com crash, worse than the 99.3% we originally reported. The closed-system thesis survives. Here are the receipts.

Kelly's 3Sig, 6Sig, and 9Sig systems are marketed as mechanical rebalancing genius. Our walk-forward backtest confirms the headline CAGR (21% for 9Sig) but exposes a 99% max drawdown and a Sharpe ratio that does not improve with aggression. Here is why we built a rejection log instead of listing it.