@font-face{font-family:Archivo;src:url('/fonts/Archivo-Regular.ttf');font-display:swap}@font-face{font-family:Archivo;src:url('/fonts/Archivo-Bold.ttf');font-weight:700;font-display:swap}@font-face{font-family:Archivo;src:url('/fonts/Archivo-Italic.ttf');font-style:italic;font-display:swap}@font-face{font-family:Playfair;src:url('/fonts/Playfair-Regular.ttf');font-display:swap}
:root{--wall:#c7b48e;--paper:#e8dfcd;--walnut:#2a1d13;--forest:#1e281b;--cognac:#a9693a;--brass:#a8813e;--muted:#6a5b48;--line:rgba(42,29,19,.18);--spine:224px;--gutter:clamp(28px,4vw,64px)}
*{box-sizing:border-box}html{scroll-padding-top:100px}body{margin:0;background:var(--paper);color:var(--walnut);font:16px/1.6 Archivo,Arial,sans-serif;-webkit-font-smoothing:antialiased}a{color:inherit;text-underline-offset:4px;text-decoration-thickness:1px}button,input{font:inherit}button{cursor:pointer}a,button{touch-action:manipulation}a:focus-visible,button:focus-visible,input:focus-visible,summary:focus-visible{outline:2px solid var(--cognac);outline-offset:5px}button:disabled{cursor:wait}h1,h2,h3,p{margin-top:0}h1{font:clamp(36px,3.7vw,54px)/1.15 Playfair,Georgia,serif;letter-spacing:-.028em;margin:10px 0 18px;text-wrap:balance}h2{font:28px/1.25 Playfair,Georgia,serif;letter-spacing:-.015em}h3{font-size:17px;line-height:1.45}svg{width:22px;height:22px;fill:none;stroke:currentColor;stroke-width:1.4;stroke-linecap:round;stroke-linejoin:round}[hidden]{display:none!important}.skip{position:fixed;top:-80px;z-index:50;background:var(--paper);padding:14px}.skip:focus{top:0}.spine{width:var(--spine);position:fixed;inset:0 auto 0 0;background:var(--walnut);color:var(--wall);padding:30px 24px 24px;display:flex;flex-direction:column}.brand{display:flex;align-items:center;gap:12px;text-decoration:none;font-size:15px;line-height:1.4}.brand img{flex:none;width:42px;height:42px}.nav-caption{font-size:10px;letter-spacing:.18em;color:#ad9a7c;margin:48px 0 18px}.spine nav a{display:flex;align-items:center;justify-content:space-between;gap:8px;padding:11px 0;font-size:14px;text-decoration:none;position:relative;color:#bcab8d}.spine nav a:hover,.spine nav a.active{color:#f0e4ce}.spine nav a.active:before{content:'';width:3px;height:17px;background:var(--cognac);position:absolute;left:-24px}.nav-no{font-size:10px;color:#968263;font-variant-numeric:tabular-nums}.spine nav .nav-search{margin-top:24px;border-top:1px solid #c7b48e24;padding-top:20px}.spine-footer{font-size:12px;margin-top:auto;padding-top:30px}.spine-footer>span:last-child{display:block;color:#ad9a7c;font-size:11px;margin-top:5px}.status-dot{display:inline-block;width:5px;height:5px;border-radius:50%;background:var(--brass);margin:0 7px 2px 0}.workspace{margin-left:var(--spine)}.topbar{height:65px;padding:0 var(--gutter);display:flex;align-items:center;justify-content:space-between;border-bottom:1px solid var(--line);background:var(--paper);position:sticky;top:0;z-index:20;font-size:13px}.header-actions{display:flex;align-items:center;gap:24px}.search-link{display:flex;gap:10px;align-items:center;text-decoration:none;font-size:13px}.search-link svg{width:17px;height:17px}#menu-button{display:none;background:transparent;border:0;padding:10px 0;color:var(--walnut);font-size:14px}#mobile-menu{display:none}main{padding:42px var(--gutter) 76px;max-width:1440px;margin:auto;min-height:calc(100vh - 140px)}main:focus{outline:none}.eyebrow{font-size:11px;letter-spacing:.13em;text-transform:uppercase;color:var(--muted)}.intro{color:var(--muted);font-size:15px;max-width:620px;line-height:1.7;margin-bottom:30px}.masthead{display:flex;justify-content:space-between;align-items:flex-end;gap:24px;margin-bottom:32px}.masthead h1{margin-bottom:0}.date{font-size:12px;color:var(--muted);padding-bottom:5px;text-align:right}.overview-grid{display:grid;grid-template-columns:minmax(0,1fr) 238px;gap:36px}.daily-feature{padding:30px 32px 28px;background:var(--forest);color:#e8dfcd}.daily-feature .eyebrow{color:var(--wall)}.feature-meta{display:flex;justify-content:space-between;gap:16px;font-size:12px;color:var(--wall)}.daily-feature h2{font-size:35px;margin:24px 0 18px;max-width:550px}.daily-feature .excerpt{color:#d4c8b0;font-size:15px;line-height:1.75;margin:20px 0 0}.feature-end{border-top:1px solid #c7b48e38;margin-top:24px;padding-top:14px;color:var(--wall);font-size:11px}.button{display:inline-flex;align-items:center;justify-content:space-between;gap:30px;min-height:44px;padding:12px 18px;text-decoration:none;background:var(--forest);color:var(--paper);font-size:14px;border:0;border-radius:2px}.daily-feature .button{background:var(--wall);color:var(--walnut)}.button:hover{filter:brightness(1.07)}.coverage-title{font-size:11px;text-transform:uppercase;letter-spacing:.12em;margin:0 0 6px;color:var(--muted)}.metric{display:flex;justify-content:space-between;align-items:center;gap:16px;padding:16px 0;border-bottom:1px solid var(--line)}.metric b{font:32px/1.1 Playfair,Georgia,serif;font-variant-numeric:tabular-nums;font-weight:400}.metric span{font-size:13px;color:var(--muted);max-width:135px}.committee-mini{margin-top:26px}.committee-mini h3{font-size:15px;margin-bottom:8px}.committee-mini p{font-size:13px;color:var(--muted);line-height:1.6;margin-bottom:9px}.text-link{font-size:13px}.section-title{display:flex;justify-content:space-between;gap:20px;align-items:baseline;border-bottom:1px solid var(--line);margin:46px 0 0;padding-bottom:16px}.section-title h2{margin:0;font-size:27px}.section-title a{font-size:12px;text-decoration:none;white-space:nowrap}.section-title a:hover{text-decoration:underline}.row{display:block;text-decoration:none;padding:22px 0;border-bottom:1px solid var(--line)}.row:hover .row-title,.row:hover .company-name{text-decoration:underline;text-underline-offset:5px}.row-title{display:flex;justify-content:space-between;gap:20px;font-size:17px;line-height:1.5}.meta{font-size:12px;color:var(--muted);line-height:1.6;overflow-wrap:anywhere}.excerpt{font-size:14px;line-height:1.7;color:var(--muted);margin:8px 0 0}.thesis-row{display:grid;grid-template-columns:116px 1fr 18px;gap:22px;align-items:start}.thesis-date{font-size:12px;color:var(--muted);padding-top:3px}.thesis-row .row-title{font-size:17px}.thesis-row .excerpt{max-width:760px}.arrow{font-size:16px}.roles{margin-top:6px}.role{display:grid;grid-template-columns:105px minmax(150px,1fr) minmax(160px,.85fr);gap:20px;align-items:baseline;padding:18px 0;border-bottom:1px solid var(--line)}.role h3{margin:0;font-size:15px}.role p{margin:0;font-size:13px;color:var(--muted)}.role-source{text-align:right}.role-source a{font-size:12px}.role-source .meta{font-size:11px;margin-top:3px}.notice{font-size:12px;color:var(--muted);line-height:1.65;margin:18px 0}.company-grid{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:0 38px}.company-grid .row{padding:28px 0}.ticker{font-size:11px;letter-spacing:.12em;color:var(--muted)}.company-name{display:flex;align-items:baseline;justify-content:space-between;font:31px/1.3 Playfair,Georgia,serif;margin:7px 0 13px}.company-name span{font:18px Archivo}.company-grid .excerpt{font-size:14px;min-height:72px}.company-foot{border-top:1px solid var(--line);padding-top:12px;margin-top:18px;font-size:12px;color:var(--muted)}.empty{border-top:1px solid var(--line);padding:38px 0;max-width:700px;margin-top:30px}.empty h2{font-size:30px}.empty p{max-width:600px;color:var(--muted);font-size:15px}.reader-head{margin-bottom:24px}.reader-head h1{font-size:clamp(36px,4vw,58px);margin:12px 0 18px;max-width:900px}.reader-meta{display:flex;flex-wrap:wrap;gap:7px 20px;font-size:12px;color:var(--muted)}.reader-meta>span+span:before{content:'·';margin-right:20px}.source{font-size:11px;color:var(--muted);overflow-wrap:anywhere}.focus-links{display:flex;gap:10px 24px;flex-wrap:wrap;margin-top:22px;font-size:12px}.focus-links a{text-decoration:none;border-bottom:1px solid var(--line);padding-bottom:5px}.focus-links a:hover{border-color:var(--cognac)}.focus-links:empty{display:none}.source-metadata{font-size:12px;color:var(--muted);border-top:1px solid var(--line);border-bottom:1px solid var(--line);padding:12px 0;margin-bottom:34px}.source-metadata summary{cursor:pointer}.source-metadata .source{margin:16px 0}.source-metadata dl{display:grid;grid-template-columns:160px 1fr;gap:10px 22px}.source-metadata dt{color:var(--walnut)}.source-metadata dd{margin:0;overflow-wrap:anywhere}.reader-layout{display:grid;grid-template-columns:minmax(0,700px) minmax(160px,210px);gap:clamp(30px,4vw,68px);justify-content:space-between}.prose{min-width:0;font-size:17px;line-height:1.85;overflow-wrap:anywhere}.prose>h2:first-child{margin-top:0;padding-top:0;border:0}.prose h1{font-size:36px;margin:60px 0 24px;border-top:1px solid var(--line);padding-top:38px}.prose h2{font:700 21px/1.4 Archivo,Arial,sans-serif;margin:46px 0 20px;border-top:1px solid var(--line);padding-top:30px;letter-spacing:-.02em}.prose h3{font-size:18px;margin:30px 0 16px}.prose p{margin-bottom:24px}.prose ul,.prose ol{padding-left:24px;margin:0 0 26px}.prose li{padding-left:4px;margin-bottom:12px}.prose a{color:var(--forest)}.prose blockquote{border-left:2px solid var(--brass);padding:3px 0 3px 24px;margin:28px 0;color:var(--muted)}.prose pre{font-size:13px;overflow:auto;background:#2a1d1308;padding:20px}.prose code{font-size:.85em}.prose hr{border:0;border-top:1px solid var(--line);margin:32px 0}.toc{position:sticky;top:92px;align-self:start;max-height:calc(100vh - 120px);overflow:auto;scrollbar-width:thin;padding-left:20px;border-left:1px solid var(--line)}.toc>summary{font-size:10px;letter-spacing:.12em;cursor:pointer;margin-bottom:14px;color:var(--muted)}.toc a{display:block;padding:6px 0;font-size:12px;line-height:1.45;text-decoration:none;color:var(--muted)}.toc a:hover,.toc a.current{color:var(--walnut)}.toc a.current{font-weight:700}.toc details>summary{cursor:pointer;font-size:12px;margin:9px 0;color:var(--walnut)}.toc details .toc-children{padding-left:12px}.table-scroll{overflow:auto;max-width:100%;margin:27px 0;scrollbar-width:thin}.table-scroll:focus-visible{outline:2px solid var(--cognac);outline-offset:3px}table{border-collapse:collapse;min-width:100%;font-size:13px;line-height:1.65}th{text-align:left;font-weight:700;background:#2a1d1309}td,th{padding:15px 17px;border-bottom:1px solid var(--line);min-width:165px;vertical-align:top}table td:first-child,table th:first-child{padding-left:10px}th{position:sticky;top:0}.table-caption{font-size:11px;color:var(--muted);margin:0 0 8px}.timeline{border-left:1px solid var(--brass);padding-left:26px;margin:25px 0}.timeline-entry{padding:0 0 20px;position:relative}.timeline-entry:before{content:'';position:absolute;left:-30px;top:10px;width:7px;height:7px;border-radius:50%;background:var(--brass)}.timeline-entry>p:first-child{font-size:14px}.search-form{display:flex;border-bottom:2px solid var(--walnut);margin:32px 0 20px;gap:14px}.search-form input{min-width:0;flex:1;background:none;border:0;padding:13px 0 18px;color:var(--walnut);font-size:22px;outline-offset:0}.search-form button{border:0;background:none;padding:12px 0 18px;color:var(--walnut);font-size:14px}.search-count{font-size:13px;color:var(--muted);margin:20px 0}.search-hit{font-size:14px;color:var(--muted);line-height:1.7;margin:8px 0 0}.search-hit span{font-size:11px;margin-right:9px}mark{color:var(--walnut);background:#a9693a30;padding:1px 2px}.library-group{margin-top:34px}.library-group>h2{font-size:23px;margin-bottom:0;padding-bottom:10px;border-bottom:1px solid var(--line)}.footer{display:flex;justify-content:space-between;gap:16px;margin:0 var(--gutter);padding:22px 0 28px;border-top:1px solid var(--line);color:var(--muted);font-size:11px}.footer>span:first-child{letter-spacing:.02em}.loading{padding:40px 0;color:var(--muted)}
@media(min-width:1600px){:root{--spine:250px}.spine{padding:35px 30px}.spine nav a.active:before{left:-30px}.reader-layout{grid-template-columns:minmax(0,740px) 220px}.prose{font-size:18px}}
@media(max-width:1180px){:root{--spine:200px;--gutter:32px}.spine{padding:26px 20px}.brand{gap:10px;font-size:14px}.brand img{width:34px;height:34px}.spine nav a.active:before{left:-20px}.overview-grid{grid-template-columns:minmax(0,1fr) 180px;gap:26px}.daily-feature{padding:26px}.daily-feature h2{font-size:31px}.reader-layout{grid-template-columns:minmax(0,1fr) 165px;gap:28px}.toc{padding-left:15px}.role{grid-template-columns:85px 1fr;gap:8px 20px}.role-source{grid-column:2;text-align:left}.role-source .meta{display:inline;margin-left:10px}.metric{align-items:baseline}.metric b{font-size:29px}}
@media(max-width:960px){.overview-grid{grid-template-columns:1fr}.coverage{display:grid;grid-template-columns:repeat(3,1fr);gap:0 20px}.coverage-title{grid-column:1/-1}.metric{justify-content:flex-start;gap:15px}.committee-mini{grid-column:1/-1;border-bottom:1px solid var(--line);padding:0 0 22px}.committee-mini p{max-width:550px}.reader-layout{display:flex;flex-direction:column;gap:22px}.toc{order:-1;position:sticky;top:65px;background:var(--paper);max-height:50vh;z-index:9;border:1px solid var(--line);border-width:1px 0;padding:12px 0}.toc>summary{margin:0;font-size:11px}.toc[open]>summary{margin-bottom:12px}.toc a{font-size:13px;padding:7px 0}.prose{max-width:700px}.thesis-row{grid-template-columns:90px 1fr 15px;gap:16px}.company-grid{grid-template-columns:1fr}.company-grid .excerpt{min-height:0}.reader-head h1{font-size:43px}.source-metadata{margin-bottom:24px}}
@media(max-width:700px){:root{--gutter:22px}.spine{display:none}.workspace{margin:0}.topbar{height:60px;padding:0 22px}.topbar #breadcrumb{font-size:14px}.header-actions{gap:20px}.search-link span{display:none}.search-link{padding:10px 0}.search-link svg{width:20px;height:20px}#menu-button{display:flex;align-items:center;gap:12px}#mobile-menu{display:block;position:fixed;top:60px;left:0;right:0;max-height:calc(100dvh - 60px);overflow:auto;background:var(--walnut);color:var(--wall);z-index:30;padding:15px 22px 24px;border-bottom:1px solid var(--brass)}#mobile-menu nav{display:grid;grid-template-columns:1fr 1fr;gap:0 25px}#mobile-menu nav a{display:flex;align-items:center;justify-content:space-between;gap:8px;min-height:49px;text-decoration:none;font-size:14px;border-bottom:1px solid #c7b48e24}#mobile-menu nav a.active{color:#f0e4ce}main{padding:30px 22px 50px}.masthead{margin-bottom:25px;display:block}.masthead h1{font-size:39px}.date{text-align:left;font-size:12px;margin-top:13px;padding:0}.overview-grid{gap:26px}.daily-feature{padding:24px}.feature-meta{font-size:10px;letter-spacing:.04em;gap:12px}.feature-meta .eyebrow{font-size:10px}.daily-feature h2{font-size:29px;margin:20px 0}.daily-feature .excerpt{font-size:14px;margin-top:19px}.daily-feature .button{width:100%;font-size:13px;gap:12px}.feature-end{font-size:10px}.coverage{gap:0 12px}.metric{display:block;padding:12px 0 16px}.metric b{display:block;font-size:29px;margin-bottom:8px}.metric span{display:block;font-size:12px;line-height:1.4}.committee-mini{margin-top:23px;padding-bottom:18px}.section-title{margin-top:32px;gap:12px}.section-title h2{font-size:25px}.section-title a{font-size:11px}.thesis-row{grid-template-columns:1fr 15px;gap:7px 12px;padding:20px 0}.thesis-date{grid-column:1;font-size:11px}.thesis-body{grid-column:1}.thesis-row .arrow{grid-column:2;grid-row:1 / span 2}.thesis-row .excerpt{font-size:13px}.role{grid-template-columns:80px 1fr;gap:6px 14px;padding:17px 0}.role p{font-size:12px}.role-source .meta{display:block;margin:3px 0 0}.role-source a{font-size:11px}.role h3{font-size:14px}.company-name{font-size:30px}.company-grid .row{padding:24px 0}.reader-head h1{font-size:37px;margin:10px 0 16px}.reader-meta{font-size:11px;gap:5px 13px}.reader-meta>span+span:before{margin-right:13px}.focus-links{gap:10px 20px;font-size:11px;margin-top:20px}.source-metadata{font-size:11px;margin-bottom:20px}.source-metadata dl{grid-template-columns:1fr;gap:3px}.source-metadata dd{margin-bottom:10px}.reader-layout{gap:24px}.toc{top:60px}.prose{font-size:16px;line-height:1.85}.prose h1{font-size:31px}.prose h2{font-size:20px;margin-top:38px;padding-top:26px}.prose h3{font-size:17px}.prose li{padding-left:0}.prose p{margin-bottom:22px}td,th{min-width:170px;font-size:13px;padding:13px}.footer{display:block;font-size:10px}.footer>span{display:block}.footer>span+span{margin-top:6px}.search-form input{font-size:18px}.search-form button{font-size:13px}.empty{padding:30px 0}.empty h2{font-size:27px}}
@media(prefers-reduced-motion:reduce){*{scroll-behavior:auto!important}}
@media(max-width:960px){.toc{width:100%}}
.connection-bar{display:flex;align-items:center;justify-content:space-between;gap:12px;padding:12px var(--gutter);border-bottom:1px solid var(--line);font-size:11px;color:var(--muted)}.connection-bar>div{display:flex;gap:18px}.connection-bar button{border:0;background:none;padding:5px 0;color:var(--walnut);text-decoration:underline;text-underline-offset:4px}.connect-view{max-width:640px;padding:20px 0 60px}.connect-icon{display:block;margin:0 0 30px;width:64px;height:64px}.connect-view h1{font-size:clamp(40px,5vw,66px);margin:18px 0 25px}.connect-view .intro{max-width:460px}.connect-view .button{border:0;margin:8px 0 20px;background:var(--forest);color:var(--paper);min-height:48px}.connection-note,.connection-details{font-size:13px;line-height:1.8;color:var(--muted)}.connection-details{border-top:1px solid var(--line);margin-top:30px;padding-top:18px}.connection-details summary{cursor:pointer;color:var(--walnut)}.connection-details p{margin:16px 0}.setup-note{border-block:1px solid var(--line);padding:24px 0;margin:28px 0}.setup-note h2{font-size:24px;margin-bottom:10px}.setup-note p{margin:0;font-size:14px}.connect-view [role=status]:empty{display:none}.connect-view [role=status]{font-size:14px;color:var(--walnut)}@media(max-width:600px){.connection-bar{padding:10px 22px}.connect-view{padding-top:5px}.connect-view h1{font-size:42px}.connect-icon{margin-bottom:25px}.connect-view .intro{font-size:16px}}