How to read the Live Paper desk

The Live Paper page is the public desk view of the simulated multi-strategy book. Everything there is practice capital unless a line explicitly says otherwise.

What you are looking at

1. Accounts. Separate paper balances (for example equities/crypto on Alpaca and FX on OANDA). They are not one broker NAV.
2. Combined. A simple sum of those accounts for a single headline number. Useful for scanning; not audited fund AUM.
3. Metrics. Risk and return stats when there is enough history. Early days may show blanks on purpose.
4. Equity curve. Combined paper NAV over time from the public stats feed.
5. Sleeves. Active and parked sleeves with short blurbs. Full plain-English cards are on Strategies.
6. Recent fills. Latest paper trades, tagged to a sleeve when possible.

What belongs elsewhere

• Multi-year research Sharpe, CAGR, and drawdowns for the target mix are on Backtests. Those are historical simulations. They are not the live paper track record.
• Legal framing is on Legal. Contact data rules are on Privacy.

Bottom line

Read Live for what the paper desk is doing now. Read Backtests for long research context. Do not mix the two. Soft interest only via Connect.