THE METHODOLOGY · GRADE

From Score to Grade

The Score is absolute. The Grade is relative — it answers "how good is this, compared to its peers?" Walter takes a newsletter's Score and ranks it against every other newsletter in its peer group; where it lands sets the letter.

The grade scale

AAATop 10%

AA75th–90th

A60th–75th

BBB40th–60th

BB25th–40th

B10th–25th

CBottom 10%

NRNot yet rated

A grade is earned, not assumed

Two gates protect it:

Track record. A newsletter needs enough live history before it's graded. Walter shows one of three states: NR (not enough yet), Provisional (building), Full (enough history for a stable grade).
Peer depth. The peer group needs enough established newsletters to rank against. If it's too small, Walter falls back to the broader family; if that's still too thin, the Score stays visible and the grade reads NR.

FullProvisionalNR

How often it updates

The Score updates daily after market close. Grades refresh on the 1st and 15th of each month (the next trading day if markets are closed), so a rank doesn't whipsaw on a single day's move.