diff --git a/README.md b/README.md
index bd4b8f9..ae887b2 100644
--- a/README.md
+++ b/README.md
@@ -135,18 +135,17 @@ The signal exists. It just does not survive transaction costs.
 
 ![Equity Curves](plots/equity_curves.png)
 
-Alpaca charges $0 commission on US equities. Real costs are spread + slippage only:
+Alpaca charges $0 commission on US equities. Real costs are spread + slippage only.
+Simulated on 2020-2025 data, 7d hold, 1d entry delay, 10% of cash per signal:
 
-| Scenario | RT cost | Ann. return | vs SPY |
-|----------|---------|-------------|--------|
-| Theoretical (no costs) | 0% | +177% | +151% |
-| Alpaca, large-cap | ~0.2% | ~+20% | ~+4% |
-| Alpaca, mid-cap | ~0.5% | ~+5% | -11% |
-| Alpaca, small-cap | ~0.7-1.0% | -1% to -8% | -17% to -24% |
+| Cap tier | Signals | RT cost | Ann. return | vs SPY |
+|----------|---------|---------|-------------|--------|
+| Large (>$10B) | 4,098 | ~0.2% | +2.4% | -20.0% |
+| Mid ($2-10B) | 3,537 | ~0.5% | +0.9% | -15.1% |
+| Small ($300M-2B) | 3,871 | ~0.8% | +12.2% | -6.8% |
+| Micro (<$300M) | 5,048 | ~1.6% | +27.5% | +11.9% |
 
-SPY annualised over the same period: ~+16%.
-
-Break-even is roughly 0.3-0.5% round-trip. On Alpaca that means large-cap stocks only. Most insider buying happens in small and mid-cap names, so filtering aggressively kills signal count.
+The large and mid-cap tiers lose badly to the index. Micro-cap surprisingly beats it by +12%, despite the highest transaction costs -- the per-trade alpha in tiny stocks is large enough to survive friction. However, micro-caps had 46% of signals skipped due to missing price data, and real execution on illiquid micro-caps is harder than the simulation assumes.
 
 ### Is insidercopytrading.com a scam?