@font-face{font-family:Space;src:url('assets/space-grotesk.woff2') format('woff2');font-weight:500;font-display:swap}
@font-face{font-family:Space;src:url('assets/space-grotesk-600.woff2') format('woff2');font-weight:600;font-display:swap}
@font-face{font-family:Space;src:url('assets/space-grotesk-700.woff2') format('woff2');font-weight:700;font-display:swap}
@font-face{font-family:Jet;src:url('assets/jetbrains-mono.woff2') format('woff2');font-weight:400 500;font-display:swap}
:root{color-scheme:light;--bg:#f5f5f5;--paper:#fff;--soft:#eee;--ink:#1a1a1a;--muted:#666;--line:#d8d8d5;--strong:#a3a3a0;--red:#c8102e;--green:#2d6a4f;--warn:#89510e;--red-soft:#f8e8eb;--series-hold:#c8102e;--series-trim:#216cba;--series-rotate:#17806f;--mono:Jet,'Cascadia Mono',Consolas,monospace;--sans:Space,'Segoe UI',Arial,sans-serif}
:root[data-theme=dark]{color-scheme:dark;--bg:#1a1a1a;--paper:#202020;--soft:#292929;--ink:#f5f5f5;--muted:#b4b4ae;--line:#41413e;--strong:#777771;--red:#ed5870;--green:#84bc9d;--warn:#efb46b;--red-soft:#352329;--series-hold:#ed5870;--series-trim:#7eb9fb;--series-rotate:#77c9b9}
*{box-sizing:border-box}html{scroll-behavior:smooth;scroll-padding-top:88px}body{margin:0;background:var(--bg);color:var(--ink);font:500 15px/1.6 var(--sans)}a{color:inherit;text-underline-offset:4px}a:hover{color:var(--red)}button,input,select{font:inherit;border-radius:0}button,select,input[type=checkbox],input[type=range]{cursor:pointer}button{color:var(--ink)}button:hover{border-color:var(--ink);background:var(--soft)}button:focus-visible,a:focus-visible,input:focus-visible,select:focus-visible,summary:focus-visible{outline:3px solid var(--series-trim);outline-offset:4px}p{margin:0 0 18px;max-width:78ch}h1,h2,h3{font-weight:600;line-height:1.1;margin:0;letter-spacing:-.045em}h1{font-size:clamp(36px,4.3vw,68px)}h2{font-size:clamp(30px,3vw,46px)}h3{font-size:23px;letter-spacing:-.025em}strong{font-weight:700}small,.small{font-size:12px;line-height:1.65;color:var(--muted)}.muted{color:var(--muted)}.sr-only{position:absolute;width:1px;height:1px;overflow:hidden;clip:rect(0,0,0,0)}.skip{position:absolute;left:18px;top:-70px;z-index:100;background:var(--paper);padding:12px}.skip:focus{top:10px}.topbar{height:82px;display:flex;align-items:center;gap:38px;padding:0 4.5%;border-bottom:1px solid var(--line);background:var(--paper)}.wordmark{font-size:23px;font-weight:700;letter-spacing:-.06em;text-decoration:none;display:flex;align-items:center;gap:12px}.brandmark{background:#c8102e;color:white;letter-spacing:-.08em;font-size:17px;width:34px;height:34px;display:grid;place-items:center}.edition{font:400 10px/1.4 var(--mono);letter-spacing:0;color:var(--muted);max-width:115px;margin-left:3px}.topbar nav{display:flex;gap:28px;margin-left:auto;font-size:13px}.topbar nav a{text-decoration:none}.quiet{border:1px solid var(--line);background:transparent;padding:9px 14px;font-size:12px;font-weight:600}.topbar .quiet{white-space:nowrap}main{max-width:1512px;margin:auto;padding:0 4.5%}.hero{display:grid;grid-template-columns:1.08fr 1fr;gap:5%;padding:65px 0 50px;align-items:center}.dateline,.section-kicker{font:400 11px/1.5 var(--mono);color:var(--muted);margin-bottom:23px}.dateline span{margin:0 13px;color:var(--red)}.intro{font-size:17px;max-width:52ch;margin:27px 0}.primary{background:var(--ink);color:var(--paper);text-decoration:none;padding:14px 20px;font-weight:600;font-size:14px;border:1px solid var(--ink)}.primary:hover{background:var(--red);color:var(--paper);border-color:var(--red)}.link-button{display:inline-flex;gap:44px;align-items:center}.link-button span{font-size:22px;line-height:1}.exposure{margin:0;padding:24px 20px 18px;background:var(--paper);border-top:2px solid var(--ink);border-bottom:1px solid var(--line)}.exposure figcaption{display:flex;justify-content:space-between;font-size:13px}.exposure figcaption span{font:400 10px var(--mono);color:var(--muted)}.exposure svg{width:100%;margin:12px 0}.draft-grid path{fill:none;stroke:var(--line);stroke-width:.6}.flow-node{fill:var(--paper);stroke:var(--ink);stroke-width:1.3}.flow-red{fill:none;stroke:var(--red);stroke-width:1.6}.flow-name{font:600 24px var(--sans);fill:var(--ink);text-anchor:middle}.flow-sub{font:400 11px var(--mono);fill:var(--muted);text-anchor:middle}.exposure p{font-size:12px;margin:0;color:var(--muted)}.market-strip{display:grid;grid-template-columns:repeat(4,1fr);border-top:1px solid var(--strong);border-bottom:1px solid var(--strong);background:var(--paper)}.market-strip article{padding:23px 24px;border-right:1px solid var(--line)}.market-strip article:last-child{border-right:0}.market-strip article>span{font:400 11px var(--mono);color:var(--muted)}.market-strip strong{display:block;font:500 clamp(23px,2.1vw,33px)/1.25 var(--mono);margin:10px 0}.market-strip small{font-size:12px}.market-strip p{font-size:10px;margin:0;color:var(--muted);line-height:1.7}.portfolio-stamp{background:var(--soft)}.data-note{font-size:11px;max-width:none;color:var(--muted);margin:14px 0 0}.view-section{display:grid;grid-template-columns:1fr 1.65fr;gap:10%;padding:74px 0 55px}.view-title h2{margin-bottom:25px}.status,.model-badge{display:inline-block;border:1px solid var(--line);font:400 10px/1.5 var(--mono);padding:5px 9px;align-self:start;white-space:nowrap}.status{border-left:3px solid var(--red)}.large{font-size:23px;line-height:1.5;letter-spacing:-.035em}.view-body .muted{font-size:13px}.risk-rule{display:flex;flex-direction:column;border-left:3px solid var(--red);padding:12px 18px;background:var(--paper);font-size:12px;gap:4px}.risk-rule strong{font-size:14px}.thesis-grid{display:grid;grid-template-columns:repeat(3,1fr);gap:36px;border-top:1px solid var(--line);padding:34px 0 55px}.thesis-grid h3{margin:0 0 18px}.thesis-grid p{font-size:13px}.thesis-grid p:last-child{margin-bottom:0}.section-head{display:flex;justify-content:space-between;gap:32px;align-items:flex-end;margin-bottom:28px}.section-head p{font-size:13px;color:var(--muted);margin-bottom:0}.section-head .section-kicker{font-size:11px;margin-bottom:16px}.lab-section{border-top:2px solid var(--ink);padding-top:38px}.lab{display:grid;grid-template-columns:300px minmax(0,1fr);border:1px solid var(--line);background:var(--paper)}.controls{padding:24px;border-right:1px solid var(--line);background:var(--bg)}label{display:block;font-size:12px;margin-bottom:13px}input[type=number],select{width:100%;display:block;border:1px solid var(--strong);background:var(--paper);color:var(--ink);padding:9px 8px;margin-top:7px;min-height:40px;font:400 12px var(--mono)}input[type=number]{width:100%;min-width:0}.input-pair{display:grid;grid-template-columns:1fr 1fr;gap:12px}.check{display:flex;align-items:flex-start;gap:8px;line-height:1.5}.check input{accent-color:var(--red);margin-top:3px}.controls .small{font-size:10px;margin-bottom:16px}.control-divider{height:1px;background:var(--line);margin:20px 0}.range-label{display:flex;justify-content:space-between;gap:8px;margin-top:20px;margin-bottom:6px}.range-label output{font:500 12px var(--mono)}input[type=range]{width:100%;accent-color:var(--red);height:22px;margin:0 0 8px}.advanced{margin:20px 0 0;border-top:1px solid var(--line);padding-top:15px}.advanced summary{font-size:12px}.reset{width:100%;margin-top:22px}.lab-output{padding:28px;min-width:0}.chart-header{display:flex;justify-content:space-between;align-items:start;gap:20px}.chart-header h3{font-size:24px}.chart-header p{font-size:11px;margin:8px 0 20px}.legend{display:flex;gap:22px;flex-wrap:wrap;font:400 10px var(--mono);margin:0 0 12px}.legend span{display:flex;align-items:center;gap:7px}.key{display:inline-block;width:22px;border-top:3px solid var(--series-hold)}.key.trim{border-color:var(--series-trim);border-top-style:dashed}.key.rotate{border-color:var(--series-rotate);border-top-style:dotted}.chart-wrap svg{display:block;width:100%;overflow:visible}.chart-label{fill:var(--muted);font:400 11px var(--mono)}.chart-axis{stroke:var(--line);stroke-width:1}.chart-baseline{stroke:var(--strong);stroke-width:1}.chart-path{fill:none;stroke-width:2.3;stroke-linejoin:round;stroke-linecap:round}.chart-dot{stroke:var(--paper);stroke-width:2}.chart-actions{display:flex;justify-content:space-between;align-items:center;gap:15px;font-size:10px;color:var(--muted);margin:8px 0 24px}.chart-actions button{font-size:10px}.result-grid{display:grid;grid-template-columns:repeat(3,1fr);border-top:1px solid var(--strong);border-bottom:1px solid var(--line)}.result{padding:18px 10px 18px 0}.result+.result{border-left:1px solid var(--line);padding-left:16px}.result>span{font-size:11px}.result strong{display:block;font:500 clamp(16px,1.7vw,27px)/1.3 var(--mono);margin:8px 0}.result p{font:400 11px var(--mono);margin:0}.positive{color:var(--green)}.negative{color:var(--red)}.mini-metrics{display:flex;justify-content:space-between;gap:15px;margin:22px 0}.mini-metrics p{font-size:10px;color:var(--muted);margin:0}.mini-metrics strong{display:block;color:var(--ink);font:500 15px var(--mono);margin-top:7px}.lab-output>.small{font-size:10px}details summary{cursor:pointer;font-size:12px;padding:5px 0}details[open]>summary{margin-bottom:12px}.warning{font-size:12px;background:var(--red-soft);border-left:3px solid var(--red);padding:12px 15px;margin-top:18px;color:var(--ink)}.error{color:var(--red);font-size:12px;margin-top:12px}.scenario-section{padding:55px 0}.scenario-section>.muted{font-size:12px}.table-scroll{overflow:auto;border-top:1px solid var(--strong)}table{border-collapse:collapse;width:100%;font:400 12px var(--mono);white-space:nowrap}th,td{text-align:right;padding:16px 18px;border-bottom:1px solid var(--line);vertical-align:middle}th{font:500 10px var(--sans);color:var(--muted);background:var(--soft)}th:first-child,td:first-child{text-align:left}td:first-child{font-family:var(--sans);font-weight:600}tbody tr:hover{background:var(--soft)}.scenario-table button{background:none;border:0;padding:0;color:inherit;font:inherit;text-decoration:underline;text-underline-offset:5px}.scenario-section>.small{margin-top:14px}caption{font:400 11px var(--sans);text-align:left;padding:10px 0;color:var(--muted)}.daily{max-height:330px;margin-top:12px}.mechanics-grid{display:grid;grid-template-columns:1fr 1fr;gap:55px;border-top:1px solid var(--strong);padding:40px 0 55px}.mechanics-grid h2{margin-bottom:22px}.mechanics-grid p{font-size:13px}.decay-example{display:flex;flex-direction:column;gap:0;margin:28px 0;border-top:1px solid var(--line)}.decay-example>div{display:grid;grid-template-columns:85px 1fr;gap:6px 18px;border-bottom:1px solid var(--line);padding:16px 0}.decay-example strong{font:500 clamp(15px,1.8vw,23px) var(--mono);white-space:nowrap}.decay-example strong span{color:var(--muted);font-size:13px}.decay-example small{grid-column:2}.decay-example>div>span{font-size:12px}.position-stats{display:grid;grid-template-columns:1fr 1fr;gap:18px;margin:23px 0}.position-stats>div{border-bottom:1px solid var(--line);padding-bottom:12px;font-size:11px;color:var(--muted)}.position-stats strong{display:block;font:500 20px var(--mono);margin-top:7px;color:var(--ink)}.position-panel .warning{font-size:11px}.short-section{display:grid;grid-template-columns:1fr 1.65fr;gap:10%;border-top:2px solid var(--ink);padding:42px 0 55px}.short-section h2{margin-bottom:23px}.short-section p{font-size:13px}.short-options article{padding-bottom:20px;margin-bottom:20px;border-bottom:1px solid var(--line)}.short-options article:last-child{margin-bottom:0}.short-options h3{font-size:21px;margin-bottom:10px}.short-options p{margin-bottom:0}.method-section{border-top:1px solid var(--line);padding:40px 0}.method-section h2{font-size:32px;margin-bottom:28px}.method-columns{display:grid;grid-template-columns:1fr 1fr;gap:55px}.method-columns p{font-size:12px}.method-columns code{display:block;font:400 11px/1.8 var(--mono);border-left:2px solid var(--strong);padding:10px 16px;background:var(--paper);margin:14px 0;overflow:auto}.sources-section{border-top:1px solid var(--strong);padding:40px 0}.sources-section>p{font-size:12px}.source-list{display:grid;grid-template-columns:1fr 1fr;gap:0 38px;margin:25px 0}.source-item{padding:17px 0;border-top:1px solid var(--line)}.source-item>a{font-size:13px;font-weight:600}.source-item span{font:400 10px var(--mono);color:var(--muted);display:block;margin:8px 0}.source-item p{font-size:11px;line-height:1.65;color:var(--muted);margin:0}footer{border-top:2px solid var(--ink);padding:28px 0 40px;display:flex;align-items:center;gap:35px}footer p{font-size:10px;color:var(--muted);margin:0;max-width:60ch}footer .quiet{margin-left:auto;white-space:nowrap}
@media(min-width:1600px){main{padding:0 65px}.topbar{padding:0 max(65px,calc((100vw - 1382px)/2))}}
@media(max-width:1100px){.edition{display:none}.hero{gap:3%}.lab{grid-template-columns:260px minmax(0,1fr)}.controls{padding:18px}.lab-output{padding:20px}.chart-header{flex-direction:column;gap:0}.chart-header .model-badge{margin-bottom:15px}.result strong{font-size:18px}.market-strip article{padding:18px}.view-section,.short-section{gap:6%}}
@media(max-width:780px){main{padding:0 6%}.topbar{height:70px;padding:0 6%;gap:14px}.topbar nav{display:none}.topbar .quiet{margin-left:auto;font-size:10px;padding:8px}.wordmark{font-size:21px}.hero{grid-template-columns:1fr;padding:35px 0;gap:28px}.hero h1{font-size:40px}.intro{font-size:15px}.exposure{padding:20px}.market-strip{grid-template-columns:1fr 1fr}.market-strip article:nth-child(2){border-right:0}.market-strip article:nth-child(-n+2){border-bottom:1px solid var(--line)}.market-strip strong{font-size:24px}.market-strip article>span{font-size:10px}.view-section,.short-section{grid-template-columns:1fr;gap:28px;padding:42px 0}.view-title h2 br{display:none}.view-title h2{font-size:36px;max-width:17ch}.large{font-size:20px}.thesis-grid{grid-template-columns:1fr;gap:28px;padding-bottom:40px}.thesis-grid article{border-bottom:1px solid var(--line);padding-bottom:20px}.section-head{align-items:start;flex-direction:column;gap:18px}.section-head h2{font-size:34px}.section-head h2 br{display:none}.lab{grid-template-columns:1fr}.controls{border-right:0;border-bottom:1px solid var(--line);padding:22px}.lab-output{padding:22px 16px}.chart-wrap{margin:0 -5px}.chart-actions{align-items:start}.legend{gap:12px;font-size:9px}.result strong{font-size:16px}.result>span{font-size:10px}.result+.result{padding-left:10px}.mini-metrics{flex-wrap:wrap}.mini-metrics p{flex:1;min-width:95px}.mechanics-grid,.method-columns,.source-list{grid-template-columns:1fr;gap:32px}.mechanics-grid{padding:35px 0}.source-list{gap:0}.position-stats strong{font-size:22px}.short-section{gap:28px}.decay-example strong{font-size:21px}footer{flex-wrap:wrap;gap:20px}footer p{order:3}footer .quiet{margin-left:auto}th,td{padding:13px 15px}.scenario-section{padding:40px 0}.chart-label{font-size:13px}}
@media(prefers-reduced-motion:reduce){html{scroll-behavior:auto}}
.preset-block{margin:32px 0 20px}.preset-block h3{font-size:17px;margin-bottom:15px}.risk-presets{display:grid;grid-template-columns:repeat(4,1fr);gap:12px}.risk-presets button{border:1px solid var(--line);background:var(--paper);padding:17px;text-align:left;color:var(--ink)}.risk-presets button[aria-pressed=true]{border:2px solid var(--red);padding:16px;background:var(--red-soft)}.risk-presets span,.risk-presets small{display:block;font-size:11px}.risk-presets strong{display:block;font:500 23px var(--mono);margin:8px 0}.preset-block>.small{margin-top:12px}.market-presets{display:flex;flex-wrap:wrap;align-items:center;gap:10px;margin-bottom:22px;font-size:12px}.market-presets button,.chat-suggestions button{padding:8px 13px;border:1px solid var(--line);background:var(--paper);color:var(--ink);font-size:11px}.market-presets button[aria-pressed=true]{background:var(--ink);color:var(--paper);border-color:var(--ink)}.chat-section{display:grid;grid-template-columns:1fr 1.65fr;gap:8%;padding:40px 0 55px;border-top:2px solid var(--ink)}.chat-section h2{margin-bottom:24px}.chat-section p{font-size:13px}.chat-section p.small{font-size:11px}.chat-box{min-width:0;border:1px solid var(--line);background:var(--paper);padding:22px}#chat-messages{height:280px;overflow:auto;overscroll-behavior:contain;display:flex;flex-direction:column;align-items:start;gap:14px;padding-bottom:14px}.chat-message{padding:13px 15px;background:var(--soft);border-left:2px solid var(--strong);white-space:pre-wrap;overflow-wrap:anywhere;font-size:13px;flex-shrink:0}.chat-message.user{align-self:end;background:var(--red-soft);border-left-color:var(--red);max-width:85%}.chat-suggestions{display:flex;flex-wrap:wrap;gap:7px;margin:15px 0}#chat-form{display:flex;gap:10px}#chat-input{font:500 13px var(--sans);padding:12px;border:1px solid var(--strong);background:var(--bg);color:var(--ink);width:100%;resize:vertical;min-height:66px}#chat-send{cursor:pointer}button:disabled{opacity:.5;cursor:wait}.chat-box .error{margin:14px 0 0}
@media(max-width:780px){.risk-presets{grid-template-columns:1fr 1fr}.risk-presets strong{font-size:20px}.chat-section{grid-template-columns:1fr;gap:22px}.chat-section h2 br{display:none}.chat-box{padding:15px}#chat-messages{height:260px}}
@media print{html{color-scheme:light}body{background:white;color:#1a1a1a}.topbar nav,.topbar button,.chart-actions button,#export,#print,.reset,.skip{display:none}main{padding:0}.topbar{padding:0;height:60px}.hero{padding-top:30px}.controls{font-size:10px}.lab{grid-template-columns:235px 1fr}.lab-output{padding:15px}section{break-inside:auto}h2,h3{break-after:avoid}.market-strip,.result-grid,.exposure,.source-item{break-inside:avoid}.chart-wrap{break-inside:avoid}input[type=range]{height:10px}.advanced{display:block}.table-scroll{overflow:visible}footer{padding-bottom:0}.quiet{display:none}a{text-decoration:none}.source-list{grid-template-columns:1fr 1fr}.section-head{margin-bottom:15px}.hero h1{font-size:42px}}