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The Path

ariyo aṭṭhaṅgiko maggo

The research process, as a path.

Eight factors, practised together rather than in sequence. Each one is a habit of research we can check — and each check is written down.

—Sutra

“And what is the noble eightfold path?

It is right view, right purpose, right speech, right action, right livelihood, right effort, right mindfulness, and right immersion.

— SN 45.8:2.1–2.2 · Analysis · Linked Discourses (Saṃyutta Nikāya)

Translated by Bhikkhu Sujato (CC0), as published on SuttaCentral 11 Nov 2026

The translation renders saṅkappa as “purpose” and samādhi as “immersion”; below we use the more familiar names Right Intention and Right Concentration.

  1. 01

    sammā-diṭṭhi

    Right View

    Correct, clean data.

    Point-in-time, survivorship-free, adjusted for corporate actions. A model can only see what its data lets it see.

    checkevery field stamped as_of ≤ t

  2. 02

    sammā-saṅkappa

    Right Intention

    A clear hypothesis.

    The mechanism, the expected sign and the condition that would falsify it are written down before the first test runs.

    checkhypothesis + kill criterion committed before any backtest

  3. 03

    sammā-vācā

    Right Speech

    Honest reporting. No cherry-picking.

    Every variant tried is counted and reported, including the ones that failed. Results are deflated for the number of trials.

    checkN trials reported with every result

  4. 04

    sammā-kammanta

    Right Action

    Real transaction costs.

    Spread, market impact, fees and borrow are charged in every test, at realistic size — not added at the end as an afterthought.

    checknet of costs, or not shown

  5. 05

    sammā-ājīva

    Right Livelihood

    Legal and ethical compliance.

    No edge built on information we should not have, on manipulation, or on harm. Some returns are not worth earning.

    checkevery data source and venue reviewed before use

  6. 06

    sammā-vāyāma

    Right Effort

    Iterate and improve.

    Steady, logged iteration: abandon what fails, strengthen what holds, and keep the record of both.

    checkevery rejection logged with its reason

  7. 07

    sammā-sati

    Right Mindfulness

    Monitor strategies in production.

    Live behaviour is compared with expected behaviour continuously; drift is a signal, not an anomaly to explain away.

    checklive vs. backtest drift checked daily

  8. 08

    sammā-samādhi

    Right Concentration

    Portfolio discipline.

    Capital and attention go where the evidence is strongest, inside a risk budget no single idea may exceed.

    checkrisk budget per strategy, enforced