risk appetite is forcing a rethink of basis compression

Useful frameworks survive longer than seasonal slogans.

Historically, stretches where risk appetite leads without support from MEV dynamics invite sharper reversals.

Put beside current chatter on “Amsterdam protesters break into Microsoft data center construction site: Report,” the incentive problem looks clearer.

Ignoring cold storage trends because weekend thin books looks exciting is how late-cycle mistakes compound.

Cycles rhyme, but the plumbing underneath keeps changing.

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