@font-face{font-family:Inter;src:url('assets/inter.woff2') format('woff2');font-weight:100 900;font-style:normal;font-display:swap}
:root{color-scheme:dark;--canvas:#0a0a0a;--surface:#171717;--text:#fafafa;--muted:#a7abb3;--line:#2c2c2c;--brand:#6366f1;--positive:#4ade80;--negative:#f87171;--neutral:#93c5fd;--header:108px;--footer:68px;font-family:Inter,Arial,sans-serif;font-synthesis:none}
*{box-sizing:border-box;letter-spacing:0}
html,body{margin:0;height:100%;background:var(--canvas);color:var(--text)}
body{overflow:hidden;-webkit-font-smoothing:antialiased}
button,a{-webkit-tap-highlight-color:transparent;touch-action:manipulation}
button{font:inherit;cursor:pointer}
a{color:inherit;text-decoration:none}
button:focus-visible,a:focus-visible,[tabindex]:focus-visible{outline:2px solid var(--neutral);outline-offset:5px}
[data-note].pointer-focus-return:focus-visible{outline:none}
button:disabled{opacity:.24;cursor:default}
.positive{color:var(--positive)}.negative{color:var(--negative)}.neutral{color:var(--neutral)}.bitcoin-color{color:#f7931a}
.masthead{position:fixed;z-index:5;top:0;left:0;right:0;max-width:1248px;margin:auto;height:calc(var(--header) + env(safe-area-inset-top));padding:calc(22px + env(safe-area-inset-top)) 48px 0;background:var(--canvas);display:flex;justify-content:space-between;align-items:flex-start;flex-wrap:wrap}
.brand{display:flex;align-items:center;gap:12px;min-height:36px;font-size:23px;font-weight:600}
.brand img{object-fit:contain}.edition{color:var(--muted);font-size:13px;padding-top:12px}.edition-divider{margin:0 10px;color:#62656c}
.progress{width:100%;display:flex;gap:8px;height:40px;align-items:center}
.progress a{flex:1;min-width:0;height:40px;display:flex;align-items:center}
.progress a span{width:100%;height:2px;background:#343434;transition:background .2s,height .2s}
.progress a.is-past span{background:#828690}.progress a[aria-current] span{background:var(--text);height:3px}.progress a:hover span{background:var(--neutral)}
#story{position:absolute;top:calc(var(--header) + env(safe-area-inset-top));bottom:calc(var(--footer) + env(safe-area-inset-bottom));left:0;right:0;overflow-y:auto;overflow-x:hidden;scroll-snap-type:y mandatory;overscroll-behavior-y:contain;scrollbar-width:none;outline:none}
#story::-webkit-scrollbar{display:none}
.slide{position:relative;isolation:isolate;min-height:100%;scroll-snap-align:start;scroll-snap-stop:always;display:flex;align-items:center;padding:36px 48px 44px;overflow:hidden}
.slide-inner{width:100%;max-width:880px;margin:0 auto;position:relative;z-index:1}
.cover{padding-top:24px;padding-bottom:36px}
#approach{align-items:flex-start}
.eyebrow{font-size:13px;font-weight:500;color:var(--muted);line-height:1.5;margin:0 0 24px}
.eyebrow.period{color:#c4b5fd;font-size:13px;font-weight:600}
h1,h2,h3,p{margin-top:0}h1,h2,h3{font-weight:600}
h1{font-size:76px;line-height:1.05;margin-bottom:24px}h2{font-size:44px;line-height:1.14;margin-bottom:32px;max-width:760px}h3{font-size:25px;line-height:1.25;margin-bottom:10px}
.headline-line{display:block;white-space:nowrap}
.cover-description{font-size:23px;line-height:1.5;color:var(--muted);margin:0 0 28px}
.signature{font-size:16px;line-height:1.6;margin:0}.signature span{color:var(--muted)}
.cover-contact{display:inline-flex;align-items:center;align-self:flex-start;min-height:44px;margin-top:12px;font-size:14px;line-height:1.5;color:var(--neutral);text-decoration:underline;text-underline-offset:4px;text-decoration-color:#93c5fd80}.cover-contact:hover{text-decoration-color:var(--neutral)}
.cover-launch{margin:0;font-size:12px;line-height:1.5;color:var(--muted)}
.statements{display:grid;gap:30px;max-width:660px}.statements>div{border-top:1px solid var(--line);padding-top:24px}.statements p{font-size:22px;line-height:1.45;color:#c8cbd0;margin:0;max-width:650px}
.closing-line{font-size:16px;color:var(--muted);margin:32px 0 0;line-height:1.5}
.risk-rule{display:grid;align-items:start}
.strategy h3,.risk-rule h3{color:var(--accent)}
.discretionary,.risk-sizing{--accent:#93c5fd}.hybrid,.risk-options{--accent:#5eead4}.risk-book{--accent:#c4b5fd}
.identity-symbol,.risk-symbol{display:block;background:var(--accent);mask:var(--symbol) center / contain no-repeat;-webkit-mask:var(--symbol) center / contain no-repeat}
.strategy-identity{display:flex;align-items:center;gap:12px;margin-bottom:16px}.identity-symbol{width:28px;height:28px}.identity-plus{font-size:18px;line-height:1;color:#858b94}
.strategy .strategy-caption{font-size:13px;color:#c8cbd0;margin:0 0 12px}
.symbol-human{--symbol:url('assets/user-round.svg');--accent:#93c5fd}.symbol-ai{--symbol:url('assets/bot.svg');--accent:#5eead4}.symbol-workflow{--symbol:url('assets/workflow.svg');--accent:#c4b5fd}.symbol-sliders{--symbol:url('assets/sliders-horizontal.svg')}.symbol-ruler{--symbol:url('assets/ruler.svg')}.symbol-network{--symbol:url('assets/network.svg')}
.risk-rule{grid-template-columns:36px minmax(0,1fr);gap:20px}.risk-symbol{width:32px;height:32px}
.red-team{color:var(--negative)}
.metric-slide h2{font-size:32px;margin-bottom:28px}.metric{font-size:154px;font-weight:600;line-height:1.05;font-variant-numeric:tabular-nums;margin:0 0 24px;white-space:nowrap}.metric .percent{font-size:.5em;line-height:1}
.metric-description{font-size:30px;line-height:1.3;max-width:630px;margin-bottom:20px}.qualification{font-size:13px;color:var(--muted);margin-bottom:36px}
.metric-foot{border-top:1px solid var(--line);padding-top:16px;display:flex;align-items:center;justify-content:space-between;gap:20px;max-width:620px}.metric-foot p{font-size:14px;line-height:1.5;color:var(--muted);margin:0}
.drivers-list{max-width:720px;display:grid;gap:26px}.drivers-list>div{display:grid;grid-template-columns:40px 1fr;gap:16px;padding-top:20px;border-top:1px solid var(--line)}.driver-sign{font-size:38px;line-height:1.2;font-weight:400}.drivers-list p{margin:0;line-height:1.4;font-size:24px}.drivers-list strong{font-weight:500;display:block}.drivers-list p span{color:var(--muted);display:block;margin-top:4px}
.risk-statements{gap:24px;margin-bottom:30px}.risk-statements>div{padding-top:20px}
.image-slide{background:var(--canvas)}.story-visual{margin:0 0 24px;width:100%;max-width:720px;flex-shrink:0}.story-visual img{display:block;width:100%;height:auto;object-fit:contain}.research-visual{max-width:680px}.map-visual{max-width:660px}
.image-slide .statements{max-width:680px}.image-slide .statements>div{border-color:#404346}.image-slide .statements p{color:#d1d3d7}
.operations-description{max-width:660px;font-size:25px;line-height:1.5;margin:0 0 40px;color:#dadce1}.operations-slide .signature{font-size:20px;margin-bottom:32px}.signature strong{font-weight:500}
.end-actions{display:flex;justify-content:space-between;align-items:center;gap:20px;max-width:640px}
.icon-button{display:inline-flex;justify-content:center;align-items:center;flex-shrink:0;height:44px;width:44px;border:1px solid transparent;border-radius:50%;background:transparent;color:var(--text);padding:10px}
.icon-button img,.text-button img{width:20px;height:20px}
.icon-button[data-note]{color:var(--neutral);border-color:#93c5fd70;background:#93c5fd12}
.text-button{font:inherit;display:inline-flex;align-items:center;gap:14px;color:var(--text);border:0;border-bottom:1px solid #7a7e85;background:transparent;min-height:44px;padding:10px 0;margin:26px 0 0;font-size:14px}.end-actions .text-button{margin:0}
.text-button[data-note]{color:var(--neutral);border-color:#93c5fd80}
@media(hover:hover) and (pointer:fine){
  .icon-button:hover:not(:disabled){background:#ffffff0e;border-color:#ffffff18}
  .icon-button[data-note]:hover{background:#93c5fd26;border-color:var(--neutral)}
  .text-button:hover{color:var(--neutral);border-color:var(--neutral)}
}
.story-controls{position:fixed;z-index:5;bottom:0;left:0;right:0;max-width:1248px;margin:auto;min-height:calc(var(--footer) + env(safe-area-inset-bottom));padding:8px 48px calc(8px + env(safe-area-inset-bottom));background:var(--canvas);display:flex;align-items:center;gap:24px;border-top:1px solid #202020}
.chapter-counter{font-size:14px;font-variant-numeric:tabular-nums;min-width:56px}.counter-total{color:#858b94}.chapter-title{font-size:13px;color:var(--muted);flex:1;line-height:1.3}.arrows{display:flex;gap:8px}
dialog{color:var(--text);background:#171717;border:1px solid #353535;border-radius:8px;width:min(620px,calc(100% - 32px));max-height:85svh;padding:28px;overflow-y:auto;overscroll-behavior:contain}dialog::backdrop{background:#000b;backdrop-filter:blur(5px)}.dialog-top{display:flex;align-items:center;justify-content:space-between;margin-bottom:20px}.dialog-top .eyebrow{margin:0}dialog h2{font-size:28px;line-height:1.2;margin-bottom:24px}dialog p{font-size:16px;line-height:1.65;color:#d0d2d6;margin-bottom:18px}.note-status{border-top:1px solid #393939;padding-top:18px;color:#aeb3bc!important;font-size:13px!important}dialog a{text-decoration:underline;color:var(--neutral)}
.sr-only{position:absolute!important;clip-path:inset(50%);height:1px;width:1px;overflow:hidden;white-space:nowrap}.skip-link{position:fixed;z-index:20;top:8px;left:8px;transform:translateY(-150%);background:var(--canvas);padding:12px}.skip-link:focus{transform:none}.no-script{position:fixed;z-index:20;bottom:0;background:#171717;font-size:12px;padding:12px}
@media(min-width:1500px){.slide-inner{max-width:920px}h1{font-size:84px}.metric{font-size:172px}}
@media(max-width:700px){
  :root{--header:98px;--footer:62px}
  .masthead{padding:calc(16px + env(safe-area-inset-top)) 24px 0}.brand{font-size:21px;gap:10px}.brand img{width:28px;height:28px}.edition{font-size:11px;padding-top:12px}.edition-divider{margin:0 6px}.progress{gap:5px;height:38px}.progress a{height:38px}
  .slide{padding:28px 28px 36px;align-items:center}.cover{padding-top:22px}.eyebrow{font-size:12px;margin-bottom:22px}h1{font-size:34px;line-height:1.12;margin-bottom:24px}h2{font-size:32px;line-height:1.17;margin-bottom:28px}h3{font-size:22px;margin-bottom:8px}
  .cover-description{font-size:18px;line-height:1.5;margin-bottom:24px}.signature{font-size:13px;line-height:1.6}.statements{gap:26px}.statements>div{padding-top:20px}.statements p{font-size:19px;line-height:1.45}.closing-line{font-size:14px;margin-top:28px}
  .metric-slide h2{font-size:27px;line-height:1.2;margin-bottom:28px}.metric{font-size:80px;margin-bottom:24px}
  .approach-statements h3{font-size:23px}.approach-statements p{font-size:18px}
  .risk-rule{grid-template-columns:28px minmax(0,1fr);gap:14px}.risk-symbol{width:28px;height:28px}
  .metric-description{font-size:24px;line-height:1.35;margin-bottom:18px}.qualification{font-size:12px;margin-bottom:30px}.metric-foot{gap:12px;padding-top:16px}.metric-foot p{font-size:12px}.drivers-list{gap:24px}.drivers-list>div{grid-template-columns:22px 1fr;gap:12px}.drivers-list p{font-size:20px;line-height:1.35}.driver-sign{font-size:30px}
  .risk-statements{gap:22px;margin-bottom:24px}.risk-statements>div{padding-top:18px}.risk-statements h3{font-size:20px}.risk-statements p{font-size:18px}
  .research-slide h2,.operations-slide h2{font-size:30px;margin-bottom:20px}.research-slide .statements{gap:18px}.research-slide .statements>div{padding-top:16px}.research-slide h3{font-size:18px}.research-slide .statements p{font-size:16px}.operations-description{font-size:18px;line-height:1.5;margin-bottom:24px}.operations-slide .signature{font-size:16px;margin-bottom:24px}.story-visual{width:calc(100% + 24px);margin-left:-12px;margin-bottom:22px}.research-slide .text-button{margin-top:16px}
  .story-controls{padding:6px 20px calc(6px + env(safe-area-inset-bottom));gap:12px}.chapter-title{font-size:11px;max-width:160px}.chapter-counter{min-width:48px;font-size:12px}.arrows{margin-left:auto;gap:0}.text-button{font-size:13px}.image-slide .slide-inner{padding:0}
  dialog{padding:20px;width:calc(100% - 24px)}dialog h2{font-size:25px}dialog p{font-size:15px}
}
/* The shell follows the visible browser height, including iOS toolbar changes. */
.story-shell{height:100vh;height:100dvh;display:grid;grid-template-rows:auto minmax(0,1fr) auto}
.masthead{position:relative;width:100%;flex-shrink:0}
#story{position:relative;inset:auto;min-height:0;touch-action:pan-y pinch-zoom}
#story.story-paged{overflow:hidden;scroll-snap-type:none;overscroll-behavior:contain}
#story.story-paged>.slide{height:100%;min-height:100%;overflow-y:auto;overscroll-behavior:contain;scrollbar-width:none;align-items:flex-start;touch-action:pan-y pinch-zoom}
#story.story-paged>.slide>.slide-inner{min-height:100%;flex-shrink:0}
#story.story-paged>.slide::-webkit-scrollbar{display:none}
#story.is-sliding{overflow:hidden;scroll-snap-type:none;overflow-anchor:none}
#story.is-sliding>.slide{visibility:hidden}
#story.is-sliding>.transition-slide{visibility:visible;background:var(--canvas)}
.story-paged~.story-controls .arrows img{transform:rotate(-90deg)}
.story-controls{position:relative;width:100%;min-height:calc(var(--footer) + env(safe-area-inset-bottom));height:auto}
@media(max-width:700px){
  :root{--header:88px}
  .arrows img{transform:rotate(-90deg)}
  /* Distribute spare height even when an in-app browser has tall toolbars. */
  .slide-inner{display:flex;flex-direction:column;justify-content:center}
  .slide-inner>*{flex-shrink:0}
  .cover h1{margin-top:auto}
  .cover .signature{margin-top:auto;padding-top:28px}
  .metric-slide h2{margin-top:auto;margin-bottom:32px}
  .metric-foot{margin-top:auto}
  .approach-statements,.drivers-list{flex:1;align-content:space-evenly}
  .closing-line{margin-top:auto;padding-top:24px}
  .risk-statements{flex:1;align-content:space-evenly}
  .image-slide .slide-inner{justify-content:space-between}
  .image-slide .eyebrow{margin-bottom:18px}
  .image-slide .story-visual{margin-top:auto;margin-bottom:auto;padding:16px 0}
  .image-slide .end-actions{padding-top:12px}
}
@media(min-height:800px) and (max-width:700px){
  .slide{align-items:stretch;padding-top:32px;padding-bottom:32px}
  .slide .eyebrow{margin-bottom:28px}
  .cover h1{margin-bottom:32px}
  .cover-description{font-size:20px}
  .cover .signature{font-size:15px}
  #approach{align-items:stretch}
  .image-slide .eyebrow{margin-bottom:18px}
}
@media(min-width:414px) and (max-width:700px){h1{font-size:40px}.metric{font-size:92px}}
@media(min-width:701px) and (max-width:767px){h1{font-size:64px}}
@media(min-width:701px){
  .image-slide .slide-inner{display:grid;grid-template-columns:minmax(0,1fr) minmax(0,1fr);column-gap:40px;max-width:1152px}
  .image-slide .eyebrow,.image-slide h2{grid-column:1 / -1}
  .image-slide .story-visual{grid-column:2;grid-row:3 / 6;align-self:center;margin:0}
  .image-slide .statements,.image-slide .operations-description,.image-slide .signature,.image-slide .end-actions,.image-slide .text-button{grid-column:1}
  .image-slide>.slide-inner>.text-button{justify-self:start}
}
@media(max-width:360px){.slide{padding-left:24px;padding-right:24px}h1{font-size:30px}.cover-description{font-size:17px}.metric{font-size:66px}.metric-description{font-size:22px}.chapter-title{max-width:116px}.edition{font-size:10px}.brand{font-size:20px}.approach-statements h3{font-size:21px}}
@media(max-height:740px) and (max-width:700px){.slide{padding-top:20px;padding-bottom:24px}.cover{align-items:flex-start}.cover .eyebrow{margin-bottom:16px}h1{margin-bottom:20px}.cover-description{font-size:16px;margin-bottom:18px}.signature{font-size:12px}.metric-slide h2{margin-bottom:20px}.metric{margin-top:0;margin-bottom:18px}.qualification{margin-bottom:24px}.statements{gap:20px}.statements>div{padding-top:18px}.risk-statements{gap:18px}.research-slide h2{font-size:30px}.research-slide .statements p{font-size:17px}}
@media(prefers-reduced-motion:reduce){*,*::before,*::after{scroll-behavior:auto!important;transition:none!important;animation:none!important}}
@media print{body{overflow:visible}#story{position:static;overflow:visible}.masthead,.story-controls,.icon-button,.text-button,.progress,.skip-link{display:none}.slide{min-height:90vh;break-after:page}.slide-inner{color:#fff}.backdrop{display:none}}