/* Academy editorial feature. All feature tokens have one owner here. */
:root{--paper:#f2f4ef;--surface:#fafbf7;--ink:#243a38;--muted:#5e6d65;--rule:#ccd3c9;--green:#3e6858;--blue:#456b99;--gold:#a68130;--loss:#9b4d3e;--wash:#e6ece3;--focus:#265fa3;--scroll-thumb:#8f9e92;--scroll-track:#edf0e9;--scroll-hover:#607366;--scroll-active:#405747;--serif:"Songti SC","STSong","Noto Serif CJK SC","Source Han Serif SC",Georgia,serif;--sans:"PingFang SC","Microsoft YaHei","Noto Sans SC",system-ui,sans-serif;--number:"Avenir Next",Avenir,"Helvetica Neue",var(--sans)}

*{box-sizing:border-box}
html{scroll-behavior:smooth;scrollbar-gutter:stable;scrollbar-color:var(--scroll-thumb) var(--scroll-track)}
body{margin:0;background:var(--paper);color:var(--ink);font-family:var(--sans);font-size:16px;line-height:1.85;-webkit-font-smoothing:antialiased}
*{scrollbar-color:var(--scroll-thumb) var(--scroll-track);scrollbar-width:thin}
::-webkit-scrollbar{width:10px;height:10px}
::-webkit-scrollbar-track{background:var(--scroll-track)}
::-webkit-scrollbar-thumb{background:var(--scroll-thumb);border:2px solid var(--scroll-track);border-radius:8px}
::-webkit-scrollbar-thumb:hover{background:var(--scroll-hover)}
::-webkit-scrollbar-thumb:active{background:var(--scroll-active)}
::selection{background:#dbe7bd;color:var(--ink)}
a{color:inherit;text-underline-offset:5px;text-decoration-thickness:1px}
a:hover{color:var(--blue)}
a:active{color:var(--green)}
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button,input,select{font:inherit;color:inherit}
button{border:1px solid var(--rule);background:var(--surface);border-radius:4px;padding:8px 16px;min-height:44px}
button:hover{border-color:var(--ink);background:var(--wash)}
button:active{background:var(--rule)}
button:disabled{opacity:.4;cursor:default}
button:disabled:hover{border-color:var(--rule);background:var(--surface)}
:focus-visible{outline:2px solid var(--focus);outline-offset:5px}
h1,h2,h3,h4,p,figure{margin:0}
h1,h2,h3,h4{font-weight:500}
p+p{margin-top:22px}
strong{font-weight:600}
section[id]{scroll-margin-top:38px}
[hidden]{display:none!important}
.skip-link{position:fixed;left:16px;top:-90px;z-index:20;background:var(--ink);color:white;padding:10px 20px}
.skip-link:focus{top:12px}
.site-header{max-width:1440px;margin:auto;display:flex;justify-content:space-between;align-items:center;gap:20px;padding:28px 4.5%;border-bottom:1px solid var(--rule)}
.wordmark{font-family:var(--number);font-size:23px;line-height:1;font-weight:600;letter-spacing:-1px;text-decoration:none;white-space:nowrap}
.brand-fin{display:inline-block;color:var(--green);margin:0 3px;font-size:28px;transform:rotate(-25deg)}
.site-header nav{display:flex;gap:32px;font-size:13px}
.site-header nav a{text-decoration:none}
.site-header nav a:hover{text-decoration:underline}
.essay-hero{position:relative;max-width:1440px;margin:auto;min-height:710px;display:grid;grid-template-columns:48% 52%;align-items:center;padding:44px 4.5% 45px}
.hero-copy{position:relative;z-index:1;padding-top:14px}
.eyebrow{font-family:var(--number);font-size:10px;letter-spacing:.13em;line-height:1.6;font-weight:600}
.hero-copy>.eyebrow{display:flex;gap:16px;flex-wrap:wrap;font-size:10px}
.hero-copy>.eyebrow span{font-family:var(--sans);letter-spacing:.08em;color:var(--muted)}
h1{font-family:var(--serif);font-size:clamp(54px,5.5vw,82px);line-height:1.28;letter-spacing:-.035em;margin:35px 0 20px}
.title-basket{position:relative}
.title-basket:after{content:"";position:absolute;bottom:0;left:0;width:100%;height:4px;background:var(--gold);transform:rotate(-3deg);opacity:.65}
.hero-subtitle{font-family:var(--serif);font-size:23px;letter-spacing:.04em}
.hero-deck{font-size:15px;line-height:2.1;color:var(--muted);margin-top:25px}
.read-link{display:inline-flex;align-items:center;justify-content:space-between;gap:44px;font-size:13px;border-bottom:1px solid var(--ink);padding:8px 0;margin-top:28px;text-decoration:none}
.read-link span{font-size:23px}
.byline{display:flex;gap:13px;flex-wrap:wrap;margin-top:35px;color:var(--muted);font-size:10px}
.hero-art{width:112%;margin-left:-5%;position:relative}
.hero-art img{display:block;width:100%;height:auto}
.hero-art figcaption{font-size:10px;color:var(--muted);display:flex;justify-content:space-between;gap:12px;padding:0 14% 0 13%;margin-top:-24px}
.opening-strip{max-width:1310px;margin:0 auto 90px;border-block:1px solid var(--rule);display:flex;justify-content:space-between;gap:20px;padding:22px 0;font-size:12px}
.opening-strip p{display:flex;gap:17px;flex-wrap:wrap}
.opening-strip p span{color:var(--gold)}
.opening-strip a{white-space:nowrap}
.essay-layout{display:grid;grid-template-columns:170px minmax(0,960px);gap:65px;max-width:1230px;padding:0 30px;margin:auto}
.contents{position:relative}
.contents nav{position:sticky;top:36px;display:flex;flex-direction:column;gap:15px;font-size:11px;padding-bottom:30px}
.contents .eyebrow{margin-bottom:12px;color:var(--muted)}
.contents a{text-decoration:none;color:var(--muted);border-left:2px solid transparent;padding-left:13px;line-height:1.6}
.contents a[aria-current=true]{border-color:var(--green);color:var(--ink)}
.contents a:hover{color:var(--blue)}
.contents>p{position:sticky;top:380px;font-family:var(--serif);font-size:14px;color:var(--muted);padding-left:15px}
.essay-body{min-width:0}
.prose-section{padding-bottom:92px}
.prose-section>p,.prose-section>h2,.prose-section>h3,.prose-section>.margin-note{max-width:720px}
.section-kicker{font-size:11px;letter-spacing:.16em;color:var(--green);margin:0 0 17px}
h2{font-family:var(--serif);font-size:clamp(30px,3vw,42px);line-height:1.5;letter-spacing:-.025em;margin-bottom:28px}
.prose-section>p{margin-top:23px;font-size:15px;line-height:2.1}
.prose-section>p.section-kicker{margin-top:0;font-size:11px;line-height:1.6}
.prose-section>p.lead{font-size:17px;line-height:2.1}
.prose-section>h3{font-family:var(--serif);font-size:24px;line-height:1.65;margin:38px 0 12px}
.source-ref{font:11px var(--number);text-decoration:none;vertical-align:super;color:var(--green)}
.concept-flow{display:grid;grid-template-columns:1fr 24px 1fr 24px 1fr;align-items:center;text-align:center;padding:35px 28px 24px;border-block:1px solid var(--rule);margin:36px 0;background:var(--wash)}
.concept-flow h3{font-family:var(--serif);font-size:23px}
.concept-flow p{font-size:11px;margin-top:5px}
.concept-flow small{display:block;color:var(--muted);font-size:10px;margin-top:10px}
.flow-icon{font-size:38px;font-weight:400;line-height:1;display:inline-block;margin-bottom:20px;color:var(--green)}
.flow-arrow{color:var(--muted)}
.concept-flow figcaption{grid-column:1/-1;font-size:10px;color:var(--muted);margin-top:25px}
.margin-note{border-left:1px solid var(--gold);padding:0 0 0 24px;margin:30px 0}
.margin-note strong{font-size:13px}
.margin-note p{font-size:13px;color:var(--muted);line-height:1.9;margin-top:10px}
.market-triptych{display:grid;grid-template-columns:repeat(3,1fr);gap:30px;margin:34px 0 24px}
.market-triptych>div{border-top:1px solid var(--rule);padding-top:22px}
.market-glyph{font-size:52px;line-height:1.2;display:block;margin-bottom:25px}
.cn{color:var(--green)}
.hk{color:var(--gold)}
.us{color:var(--blue)}
.market-triptych h3{font-family:var(--serif);font-size:23px;line-height:1.55;margin:12px 0 16px}
.market-triptych p:not(.eyebrow){font-size:13px;line-height:1.9;color:var(--muted)}
.market-triptych a{display:inline-block;margin-top:20px;font-size:11px}
.figure-note,.prose-section>p.figure-note{font-size:11px;line-height:1.8;color:var(--muted);max-width:none;margin-top:16px}
.fund-portraits{display:grid;grid-template-columns:1fr 1fr;margin:30px 0 20px;gap:0 32px}
.fund-portrait{border-top:1px solid var(--rule);padding:21px 0}
.fund-portrait header{display:flex;justify-content:space-between;align-items:baseline;gap:15px}
.fund-portrait h4{font-family:var(--serif);font-size:22px}
.fund-portrait header a{font-family:var(--number);font-size:12px;color:var(--green)}
.fund-portrait>p{font-size:11px;line-height:1.7;color:var(--muted);margin:9px 0 17px;min-height:38px}
.portrait-metrics{display:grid;grid-template-columns:repeat(3,1fr);gap:10px;margin:0}
.portrait-metrics dt{font-size:10px;color:var(--muted)}
.portrait-metrics dd{margin:2px 0 0;font-size:21px;font-family:var(--number);font-variant-numeric:tabular-nums;white-space:nowrap}
.portrait-metrics dd.negative{color:var(--loss)}
.fund-portrait small{font-size:9px;color:var(--muted);display:block;margin-top:14px}
.performance-explorer{background:var(--surface);border:1px solid var(--rule);padding:32px 32px 26px;margin:32px 0}
.explorer-top{display:flex;justify-content:space-between;gap:25px;align-items:center}
.explorer-top h3{font-family:var(--serif);font-size:28px;margin-top:8px}
.field{display:flex;flex-direction:column;gap:5px}
.field label,.search-field>label{font-size:10px;color:var(--muted);display:block}
select{font-size:12px;padding:10px 32px 10px 12px;border:1px solid var(--rule);border-radius:3px;background:var(--surface);min-height:44px;max-width:100%}
.chart-summary{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));border-block:1px solid var(--rule);margin-top:25px;padding:19px 0;gap:15px}
.chart-summary dt{font-size:10px;color:var(--muted)}
.chart-summary dl{margin:0}
.chart-summary dd{font-family:var(--number);font-size:33px;line-height:1.5;letter-spacing:-.04em;margin:0;font-variant-numeric:tabular-nums}
.chart-summary dd.negative{color:var(--loss)}
.chart-label{display:flex;justify-content:space-between;gap:15px;font-size:10px;color:var(--muted);margin-top:23px}
.wealth-chart{height:300px;margin:10px 0}
.wealth-chart svg{display:block;width:100%;height:100%;overflow:visible}
.wealth-chart text{font-family:var(--number);fill:var(--muted);font-size:11px}
.wealth-chart .grid-line{stroke:var(--rule);stroke-width:1}
.wealth-chart .wealth-line{stroke:var(--green);stroke-width:2.5;fill:none;vector-effect:non-scaling-stroke;stroke-linecap:round;stroke-linejoin:round}
.wealth-chart .wealth-area{fill:var(--wash)}
.drawdown-story{padding-top:17px;border-top:1px solid var(--rule);font-size:12px;line-height:1.9}
.drawdown-story strong{color:var(--loss)}
.metric-lessons{display:grid;grid-template-columns:repeat(3,1fr);gap:25px;margin:25px 0}
.metric-lessons>div{border-top:1px solid var(--rule);padding-top:18px}
.metric-lessons h4{font-family:var(--serif);font-size:21px;line-height:1.6;margin:9px 0 12px}
.metric-lessons p:not(.eyebrow){font-size:12px;color:var(--muted);line-height:1.9}
.recovery-lab{margin:36px 0;padding:30px;background:var(--wash);display:grid;grid-template-columns:1fr 1fr;gap:30px}
.recovery-lab h3{font-family:var(--serif);font-size:28px;margin:10px 0 12px}
.recovery-lab p:not(.eyebrow){font-size:12px;color:var(--muted)}
.recovery-lab label{font-size:12px;display:flex;justify-content:space-between;margin-top:25px}
.recovery-lab output{font-family:var(--number);font-size:16px}
.recovery-lab input{display:block;accent-color:var(--green);width:100%;margin:12px 0;min-height:25px}
.range-ends{display:flex;justify-content:space-between;font-size:10px;color:var(--muted)}
.recovery-equation{display:flex;align-items:center;justify-content:space-around;gap:15px;text-align:center}
.recovery-equation div>span{display:block;font-size:10px;color:var(--muted)}
.recovery-equation strong{display:block;font-family:var(--number);font-weight:400;font-size:55px;letter-spacing:-.05em;line-height:1.7;min-width:85px}
.recovery-equation strong span{font-family:var(--sans);font-size:15px;margin-left:3px}
.recovery-equation div:last-child strong{color:var(--loss)}
.recovery-arrow{font-size:25px;color:var(--muted)}
.recovery-lab>.figure-note{grid-column:1/-1;margin-top:0;font-size:10px}
.implementation-chain{border-block:1px solid var(--rule);display:flex;align-items:center;justify-content:space-between;gap:20px;padding:27px 0;margin-top:30px}
.implementation-chain span{font-family:var(--serif);font-size:22px}
.implementation-chain small{display:block;font-size:10px;color:var(--muted);margin-top:5px}
.implementation-chain b{font-weight:400;color:var(--gold)}
.two-notes{display:grid;grid-template-columns:1fr 1fr;gap:35px;margin-top:30px}
.two-notes>div{border-top:1px solid var(--rule);padding-top:20px}
.two-notes h4{font-family:var(--serif);font-size:21px;line-height:1.6}
.two-notes p{font-size:13px;line-height:1.95;color:var(--muted);margin-top:13px}
.table-scroll{overflow:auto;margin-top:25px;scrollbar-gutter:stable}
.risk-table{border-collapse:collapse;width:100%;min-width:570px;font-size:12px;line-height:1.8}
.risk-table td,.risk-table th{padding:15px 12px;border-bottom:1px solid var(--rule);text-align:left;vertical-align:top}
.risk-table th{font-weight:500}
.risk-table thead{background:var(--wash)}
.risk-table th:first-child{min-width:120px}
.risk-table td{color:var(--muted)}
.directory-controls{display:flex;gap:20px;align-items:flex-end;margin-top:30px}
.search-field{flex:1;min-width:0}
.search-input-wrap{position:relative;margin-top:5px}
.search-input-wrap input{width:100%;height:46px;border:1px solid var(--rule);border-radius:3px;background:var(--surface);font-size:12px;padding:10px 50px 10px 13px;outline-offset:3px}
.search-input-wrap input::-webkit-search-cancel-button{display:none}
.search-input-wrap button{position:absolute;right:1px;top:1px;width:43px;height:44px;font-size:24px;line-height:1;padding:0;border:0;background:transparent}
.directory-summary{display:flex;justify-content:space-between;gap:15px;padding:16px 0;border-bottom:1px solid var(--ink);margin-top:9px;font-size:11px}
.directory-summary span{color:var(--muted)}
.catalog-entry{padding:24px 0;border-bottom:1px solid var(--rule)}
.catalog-heading{display:flex;align-items:baseline;gap:20px;justify-content:space-between}
.catalog-heading h3{font-family:var(--serif);font-size:23px;line-height:1.5}
.catalog-heading>span{font-size:9px;color:var(--muted);max-width:35%;text-align:right}
.catalog-entry>p{font-size:12px;line-height:1.9;color:var(--muted);margin:9px 0 16px}
.catalog-table{border-collapse:collapse;width:100%;font-variant-numeric:tabular-nums;font-family:var(--number);font-size:12px;line-height:1.6}
.catalog-table th{font-size:9px;color:var(--muted);font-weight:400;text-align:right;padding:8px 6px;border-bottom:1px solid var(--rule)}
.catalog-table td{padding:11px 6px;border-bottom:1px solid var(--rule);text-align:right;vertical-align:top}
.catalog-table tr:last-child td{border:0}
.catalog-table th:first-child,.catalog-table td:first-child{text-align:left}
.catalog-table th:first-child{width:30%}
.catalog-table th:last-child{width:25%}
.catalog-table a{font-weight:600;color:var(--green)}
.catalog-table .negative{color:var(--loss)}
.catalog-table .period{font-size:9px;color:var(--muted);white-space:nowrap}
.catalog-table .currency{font-size:9px;color:var(--muted);display:block;line-height:1.5;margin-top:3px}
.catalog-table .period span{display:block;font-size:9px}
.catalog-table .source-period{display:block;font-size:9px;line-height:1.6;color:var(--muted);margin-top:5px}
.catalog-table .unavailable{font-family:var(--sans);font-size:11px;color:var(--muted);text-align:left;line-height:1.9}
.no-product{font-size:11px;color:var(--muted);border-left:1px solid var(--rule);padding-left:13px}
.catalog-entry details{margin-top:8px;font-size:10px;color:var(--muted)}
.catalog-entry summary{min-height:36px;padding:8px 0}
.catalog-entry summary:hover{color:var(--ink)}
.pagination{display:flex;justify-content:space-between;align-items:center;gap:20px;padding:20px 0;font-size:11px}
.pagination button{font-size:11px;min-width:102px}
.empty-message{padding:60px 20px;border-bottom:1px solid var(--rule);font-size:14px;color:var(--muted);text-align:center}
.decision-list{list-style:none;counter-reset:decision;margin:30px 0 0;padding:0;max-width:720px}
.decision-list li{counter-increment:decision;border-top:1px solid var(--rule);padding:23px 0 23px 48px;position:relative}
.decision-list li:before{content:counter(decision,decimal-leading-zero);position:absolute;left:0;top:27px;font-family:var(--number);font-size:12px;color:var(--green)}
.decision-list h3{font-family:var(--serif);font-size:25px}
.decision-list p{font-size:13px;color:var(--muted);line-height:1.9;margin-top:9px}
.closing-thought{margin:40px 0 0;padding:55px 0 45px;border-block:1px solid var(--rule)}
.closing-thought p{font-family:var(--serif);font-size:clamp(28px,3vw,38px);line-height:1.85}
.closing-thought a{display:inline-block;margin-top:28px;font-size:12px}
.classroom{margin-top:25px}
.classroom summary{display:flex;justify-content:space-between;min-height:48px;padding:10px 0;font-size:14px;list-style:none}
.classroom summary::-webkit-details-marker{display:none}
.classroom summary:hover{color:var(--blue)}
.classroom[open] summary span{transform:rotate(45deg)}
.classroom ol{font-size:12px;padding-left:24px}
.classroom li{padding:10px 0}
.classroom p{color:var(--muted);margin-top:5px}
.methodology{max-width:850px}
.methodology h2{font-size:30px}
.methodology>p{font-size:12px;color:var(--muted)}
.methodology dl{display:grid;grid-template-columns:100px 1fr;font-size:11px;line-height:1.95;border-top:1px solid var(--rule);margin-top:27px}
.methodology dt,.methodology dd{padding:17px 0;border-bottom:1px solid var(--rule);margin:0}
.methodology dd{color:var(--muted)}
.methodology dt{font-weight:600;padding-right:15px}
.source-list{padding-left:20px;font-size:11px;color:var(--muted);line-height:1.9;margin-top:28px}
.source-list li{padding:8px 0 8px 4px;scroll-margin-top:30px}
.site-footer{max-width:1310px;margin:auto;border-top:1px solid var(--rule);padding:35px 0 55px;display:flex;align-items:center;gap:35px}
.site-footer p{font-family:var(--serif);font-size:16px;color:var(--muted)}
.site-footer nav{display:flex;gap:25px;margin-left:auto;font-size:11px}

@media(min-width:1500px){.essay-hero{min-height:770px}
}
@media(max-width:1380px){.opening-strip,.site-footer{margin-left:4.5%;margin-right:4.5%}
.essay-layout{gap:40px;grid-template-columns:140px minmax(0,960px)}
}
@media(max-width:1100px){.essay-layout{grid-template-columns:120px minmax(0,1fr);gap:30px}
.contents nav{font-size:10px}
.hero-art{width:115%;margin-left:-10%}
.hero-subtitle{font-size:21px}
.hero-art figcaption{flex-direction:column;gap:0}
.market-triptych{gap:20px}
.recovery-lab{grid-template-columns:1fr}
.recovery-equation{justify-content:center;gap:35px}
.catalog-heading{display:block}
.catalog-heading>span{display:block;text-align:left;max-width:none;margin-top:5px}
.portrait-metrics dd{font-size:19px}
.explorer-top{align-items:flex-start}
.explorer-top h3{font-size:23px}
.performance-explorer{padding:25px}
.site-footer{flex-wrap:wrap}
}
@media(max-width:820px){.essay-hero{padding:32px 5% 36px;grid-template-columns:1fr;min-height:0}
.hero-copy{padding-top:0}
.hero-copy>.eyebrow{font-size:9px}
.hero-deck{font-size:14px}
.hero-art{width:75%;max-width:530px;margin:-20px -20px 0 auto}
.hero-art figcaption{margin-top:-12px;flex-direction:row;padding:0 10%;font-size:8px}
.essay-hero h1{font-size:64px;margin-top:30px}
.hero-subtitle{font-size:24px}
.hero-deck br{display:none}
.hero-deck{max-width:430px}
.byline{margin-top:25px}
.opening-strip{margin-bottom:55px;padding:18px 0;flex-direction:column;gap:13px;font-size:10px}
.opening-strip p{gap:10px}
.essay-layout{display:block;padding:0 6%}
.contents{display:none}
.essay-body{max-width:760px;margin:auto}
.prose-section{padding-bottom:65px}
h2{font-size:33px}
.market-triptych h3{font-size:21px}
.site-header{padding:23px 5%}
.wordmark{font-size:20px}
.site-header nav{font-size:11px;gap:18px}
.site-footer{padding-top:30px;gap:25px}
.site-footer p{font-size:13px}
.site-footer nav{margin-left:0;width:100%}
}
@media(max-width:540px){body{line-height:1.9}
.site-header{padding:21px 5%;gap:10px}
.site-header nav a[href="#directory"]{display:none}
.site-header nav{gap:12px}
.site-header nav a:first-child{font-size:10px}
.hero-copy>.eyebrow{font-size:8px;gap:8px}
.hero-copy>.eyebrow span{font-size:9px}
.essay-hero h1{font-size:54px;line-height:1.35;letter-spacing:-.04em;margin:26px 0 14px}
.hero-subtitle{font-size:20px}
.hero-deck{margin-top:20px;font-size:13px;max-width:340px}
.read-link{margin-top:15px;font-size:12px}
.byline{font-size:9px;gap:10px;margin-top:25px}
.hero-art{width:93%;margin:-3px 0 0 auto}
.hero-art figcaption{font-size:8px}
.opening-strip p{display:block;line-height:2}
.opening-strip p span{margin:0 4px}
.opening-strip{margin-bottom:48px}
.prose-section>p{font-size:14px;line-height:2}
.prose-section>p.lead{font-size:16px}
.prose-section>h3{font-size:23px;margin-top:30px}
h2{font-size:29px;line-height:1.6}
.concept-flow{padding:25px 10px 20px;grid-template-columns:1fr 12px 1fr 12px 1fr}
.concept-flow h3{font-size:19px}
.concept-flow p{font-size:9px}
.concept-flow small{font-size:8px;line-height:1.7}
.flow-icon{font-size:30px}
.concept-flow figcaption{font-size:9px}
.market-triptych{grid-template-columns:1fr;gap:23px}
.market-triptych>div{display:grid;grid-template-columns:45px 1fr;column-gap:18px;row-gap:4px;padding-top:20px}
.market-glyph{grid-row:1/5;font-size:42px;margin:0}
.market-triptych .eyebrow{font-size:9px}
.market-triptych h3{font-size:23px;margin:4px 0 9px}
.market-triptych p:not(.eyebrow){font-size:12px}
.market-triptych a{margin-top:9px;font-size:11px}
.fund-portraits{grid-template-columns:1fr}
.fund-portrait>p{min-height:0}
.portrait-metrics dd{font-size:22px}
.fund-portrait small{font-size:9px}
.performance-explorer{padding:22px 16px;margin-left:-8px;margin-right:-8px}
.explorer-top{flex-direction:column;gap:17px}
.explorer-top h3{font-size:26px}
.explorer-top .field{width:100%}
.chart-summary dd{font-size:clamp(17px,5.1vw,22px);white-space:nowrap}
.chart-summary{gap:10px}
.chart-summary dt{font-size:9px}
.wealth-chart{height:250px}
.chart-label{font-size:9px}
.drawdown-story{font-size:11px}
.metric-lessons{grid-template-columns:1fr;gap:22px}
.metric-lessons>div{display:grid;grid-template-columns:1fr 1.4fr;column-gap:20px;row-gap:9px}
.metric-lessons p.eyebrow{font-size:9px;grid-column:1}
.metric-lessons h4{font-size:22px;margin:0;grid-column:1}
.metric-lessons p:not(.eyebrow){grid-column:2;grid-row:1/3;font-size:12px}
.recovery-lab{padding:25px 22px;gap:15px}
.recovery-lab h3{font-size:27px}
.recovery-equation{gap:23px}
.recovery-equation strong{font-size:53px}
.recovery-equation div>span{font-size:9px}
.recovery-lab>.figure-note{font-size:9px}
.implementation-chain{gap:12px;flex-direction:column;text-align:center}
.implementation-chain b{transform:rotate(90deg)}
.two-notes{grid-template-columns:1fr;gap:25px}
.directory-controls{flex-direction:column;align-items:stretch;gap:12px}
.directory-controls select{width:100%}
.directory-summary{font-size:9px}
.catalog-heading h3{font-size:23px}
.catalog-entry>p{font-size:12px}
.catalog-table{font-size:11px;min-width:0}
.catalog-table th,.catalog-table td{padding:10px 3px}
.catalog-table th{font-size:8px}
.catalog-table th:first-child{width:25%}
.catalog-table th:last-child{width:23%}
.catalog-table .period{font-size:8px;white-space:normal;min-width:75px}
.catalog-table .period span{font-size:8px}
.catalog-table .currency,.catalog-table .source-period{font-size:8px}
.catalog-table td:nth-child(2),.catalog-table td:nth-child(3),.catalog-table td:nth-child(4){white-space:nowrap}
.pagination{gap:10px}
.pagination button{min-width:95px;padding:8px 11px}
.decision-list li{padding-left:36px}
.decision-list h3{font-size:24px}
.closing-thought{padding:35px 0}
.closing-thought p{font-size:27px}
.methodology dl{grid-template-columns:1fr}
.methodology dt{padding:17px 0 3px;border-bottom:0}
.methodology dd{padding:0 0 17px}
.site-footer .wordmark{font-size:22px}
.site-footer{margin-top:0;gap:20px}
.source-list{font-size:11px}
}

@media(prefers-reduced-motion:reduce){html{scroll-behavior:auto}
*,*:before,*:after{transition:none!important;animation:none!important}
}
@media(forced-colors:active){*{scrollbar-color:auto}
.wealth-chart .wealth-line{stroke:CanvasText}
.wealth-chart .wealth-area{fill:Canvas}
.wealth-chart .grid-line{stroke:GrayText}
.wealth-chart text{fill:CanvasText}
.title-basket:after{background:CanvasText}
}
@media print{body{background:white;color:black;font-size:11pt}
.site-header,.contents,.opening-strip,.read-link,.directory-controls,.pagination,.site-footer,.recovery-lab,.classroom{display:none!important}
.essay-hero{min-height:0;display:block;padding:20px 0}
.hero-art{display:none}
.essay-layout{display:block;padding:0}
.prose-section{padding-bottom:30px}
h1{font-size:36pt}
h2{font-size:22pt}
.catalog-entry[hidden]{display:block!important}
.catalog-entry,.fund-portrait,.performance-explorer{break-inside:avoid}
.performance-explorer{background:white}
.prose-section>p{max-width:none}
.methodology{max-width:none}
.essay-body{max-width:none}
a{color:black}
.wealth-chart{height:250px}
}

/* English shares the editorial palette and geometry; type follows its own reading rhythm. */
html[lang=en]{--serif:Georgia,"Times New Roman",serif;--sans:"Avenir Next",Avenir,"Helvetica Neue",Arial,sans-serif}
.language-switch{border-left:1px solid var(--rule);padding-left:16px;white-space:nowrap}
html[lang=en] h1{line-height:1.08;font-weight:400;font-size:clamp(58px,6.5vw,92px);letter-spacing:-.05em}
html[lang=en] h2{line-height:1.2;font-weight:400}
html[lang=en] .hero-subtitle{letter-spacing:0}
html[lang=en] .hero-deck{line-height:1.85;max-width:520px}
html[lang=en] .prose-section>p{font-size:16px;line-height:1.9}
html[lang=en] .prose-section>p.section-kicker,html[lang=en] .prose-section>p.figure-note{font-size:11px}
html[lang=en] .hero-art figcaption{font-size:9px;line-height:1.5}
html[lang=en] .catalog-heading{align-items:flex-start}
html[lang=en] .catalog-heading h3{line-height:1.3}
html[lang=en] .catalog-heading>span{white-space:normal;text-align:right;max-width:36%;line-height:1.6}
html[lang=en] .explorer-top>.field{min-width:0;max-width:48%}
html[lang=en] .fund-portrait header h4{line-height:1.3}
@media(max-width:720px){html[lang=en] .explorer-top>.field{max-width:100%;width:100%}
html[lang=en] .opening-strip{flex-direction:column}
html[lang=en] .directory-summary{align-items:flex-start;flex-direction:column;gap:4px}}
@media(max-width:540px){.language-switch{padding-left:10px}
html[lang=en] h1{font-size:clamp(52px,13vw,70px)}
html[lang=en] .catalog-heading>span{max-width:none;text-align:left}
html[lang=en] .chart-summary{grid-template-columns:1.2fr .9fr .9fr}
html[lang=en] .chart-summary dt{font-size:9px}
html[lang=en] .chart-label{font-size:9px}
html[lang=en] .hero-art figcaption{padding:0 6%;gap:12px}}

.catalog-table-wrap{overflow-x:auto;scrollbar-gutter:stable}
.catalog-table td.unavailable{white-space:normal}