/* Self-hosted Google Fonts, latin subset (OFL). Regenerate with fetch_fonts.py */
@font-face {
  font-family: 'DM Mono';
  font-style: normal;
  font-weight: 400;
  font-display: swap;
  src: url(fonts/dm-mono-normal.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
@font-face {
  font-family: 'Literata';
  font-style: italic;
  font-weight: 400;
  font-display: swap;
  src: url(fonts/literata-italic.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
@font-face {
  font-family: 'Literata';
  font-style: normal;
  font-weight: 400 600;
  font-display: swap;
  src: url(fonts/literata-normal.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
@font-face {
  font-family: 'Manrope';
  font-style: normal;
  font-weight: 400 700;
  font-display: swap;
  src: url(fonts/manrope-normal.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
@font-face {
  font-family: 'Newsreader';
  font-style: italic;
  font-weight: 300 500;
  font-display: swap;
  src: url(fonts/newsreader-italic.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
@font-face {
  font-family: 'Newsreader';
  font-style: normal;
  font-weight: 300 500;
  font-display: swap;
  src: url(fonts/newsreader-normal.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
/* Bulls & Bears Capital — site styles. Orbit layout, Ivory & Ink palette (brand: brand-system/BRAND-GUIDELINES.md) */
@view-transition{navigation:auto}
:root{
  --bg:#F4F1EA;--bg2:#EEEAE1;--bg3:#E7E2D7;--glow:#FFFFFF;--hdbg:rgba(244,241,234,.94);--c1:#FCFBF8;--c2:#F2EEE6;
  --on:#14181E;--on2:#4C525B;--on3:#666B74;--sand:#9C7A3C;--sand2:#84652B;--lr:20,24,30;--sr:156,122,60;
  --sans:"Manrope","Inter","Segoe UI","Helvetica Neue",sans-serif;--serif:"Newsreader","Iowan Old Style",Georgia,serif;--read:"Literata","Iowan Old Style",Georgia,serif;--mono:"DM Mono","SFMono-Regular",Consolas,monospace;
  --ease:cubic-bezier(.16,1,.3,1);
}
*{box-sizing:border-box}
html{-webkit-text-size-adjust:100%;scroll-behavior:smooth;background:var(--bg2)}
body{margin:0;overflow-x:clip;background:var(--bg);color:var(--on);font-family:var(--sans);font-size:16px;line-height:1.6;-webkit-font-smoothing:antialiased;text-rendering:optimizeLegibility}
a{color:inherit;text-decoration:none}h1,h2,h3{margin:0;text-wrap:balance;font-weight:400}p{margin:0;text-wrap:pretty}
::selection{background:var(--on);color:var(--bg)}
:focus-visible{outline:2px solid var(--sand);outline-offset:3px;border-radius:4px}
.skip{position:absolute;left:16px;top:-48px;z-index:20;background:var(--on);color:var(--bg);padding:10px 14px;border-radius:8px;font-weight:600}.skip:focus{top:12px}
.wrap{max-width:1180px;margin:0 auto;padding:0 48px}
.eb{font-size:11px;font-weight:600;letter-spacing:.3em;text-transform:uppercase;color:var(--on3)}
.mono{font-family:var(--mono);font-size:12px;letter-spacing:.02em}
.kick{font-size:10.5px;font-weight:600;letter-spacing:.24em;text-transform:uppercase;color:var(--on3)}
.n{font-family:var(--mono);font-weight:400;letter-spacing:0;color:var(--sand2);margin-right:14px;padding-right:14px;border-right:1px solid rgba(var(--lr),.2)}
.go{display:inline-flex;align-items:center;gap:10px;font-size:11px;font-weight:600;letter-spacing:.24em;text-transform:uppercase;color:var(--sand2)}
.go b{font-weight:400;transition:transform .5s var(--ease)}a:hover .go b,a.go:hover b{transform:translateX(6px)}.back a.go:hover b{transform:translateX(-6px)}
.emb{mix-blend-mode:lighten;-webkit-mask-image:radial-gradient(circle,#000 58%,transparent 70%);mask-image:radial-gradient(circle,#000 58%,transparent 70%)}

/* header */
.hd{position:fixed;top:0;left:0;right:0;z-index:10;display:flex;justify-content:space-between;align-items:center;padding:24px 48px;border-bottom:1px solid transparent;transition:padding .4s var(--ease),background .4s,border-color .4s;view-transition-name:site-header}
.hd.sm{padding:12px 48px;background:var(--hdbg);border-bottom-color:rgba(var(--lr),.1)}
.brand{display:flex;align-items:center;gap:14px}
.mk{position:relative;width:36px;height:36px;border-radius:50%;background:#05080D;flex:none}.mk img{display:block;width:36px;height:36px;border-radius:50%}
.mk svg{position:absolute;inset:-10px;width:56px;height:56px;animation:spin 20s linear infinite}
.wm{font-weight:700;letter-spacing:.2em;font-size:14px;line-height:1.1}.wm em{font-style:normal;color:var(--sand)}.wm small{display:block;font-size:8.5px;letter-spacing:.7em;color:var(--on3);margin-top:4px}
.nv{position:relative;font-size:11px;font-weight:600;letter-spacing:.24em;text-transform:uppercase;color:var(--on2);padding:10px 0}
.nv::after{content:"";position:absolute;left:0;right:0;bottom:4px;height:1px;background:var(--sand);transform:scaleX(0);transform-origin:right;transition:transform .4s var(--ease)}.nv:hover::after{transform:scaleX(1);transform-origin:left}
.progress{position:absolute;left:0;right:0;bottom:-1px;height:1px}.progress span{display:block;height:100%;background:var(--sand);transform:scaleX(0);transform-origin:left}

/* hero */
.hero{--s:min(33vh,360px);position:relative;min-height:clamp(560px,100svh,960px);display:flex;flex-direction:column;align-items:center;justify-content:center;justify-content:safe center;gap:calc(var(--s) * .24 + 20px);padding:calc(104px + var(--s) * .24) 24px 32px;overflow:hidden;background:radial-gradient(60% 55% at 50% 38%,var(--glow) 0%,var(--bg) 70%)}
.sys{position:relative;width:var(--s);aspect-ratio:1}
.sys::before{content:"";position:absolute;inset:3%;border-radius:50%;background:radial-gradient(circle at 50% 45%,#0B1320,#05080D 70%);box-shadow:0 50px 90px -40px rgba(20,24,30,.55);animation:fade 1.4s .2s both}
.r{position:absolute;width:100%;height:100%;animation:spin linear infinite;will-change:transform}
.r1{inset:-16%;width:132%;height:132%;animation-duration:90s}.r2{inset:-8%;width:116%;height:116%;animation-duration:36s;animation-direction:reverse}.r3{inset:-24%;width:148%;height:148%;animation-duration:140s}
.core{position:absolute;inset:0;width:100%;height:100%}
.copy{position:relative;z-index:1;text-align:center;max-width:820px;display:flex;flex-direction:column;align-items:center;gap:18px}
.copy .eb{animation:rise 1s .5s both}
.hero h1{font-family:var(--serif);font-weight:300;font-size:clamp(38px,min(6vw,8vh),84px);line-height:1;letter-spacing:-.025em;animation:rise 1.2s .65s both}.hero h1 i{color:var(--sand2)}
.ld{color:var(--on2);font-size:18px;max-width:30em;animation:rise 1.2s .85s both}
.cue{position:relative;margin-top:calc(-1 * var(--s) * .24 + 14px);font-size:10px;letter-spacing:.34em;text-transform:uppercase;color:var(--on3)}
.cue::after{content:"";display:block;width:1px;height:34px;margin:10px auto 0;background:linear-gradient(var(--sand),transparent);animation:drip 2.4s ease-in-out infinite;transform-origin:top}

/* temperament: three statements, each with a small animated drawing */
.temper{background:linear-gradient(var(--bg),var(--bg2));padding:clamp(48px,5vw,80px) 0 clamp(80px,9vw,130px)}
.temper .eb{text-align:center;margin-bottom:56px}
.tms{display:grid;grid-template-columns:repeat(3,minmax(0,1fr))}
.tm{display:flex;flex-direction:column;align-items:center;text-align:center;gap:22px;padding:0 28px;border-left:1px solid rgba(var(--lr),.10)}.tm:first-child{border-left:0}
.tms .tm:nth-child(2){transition-delay:.15s}.tms .tm:nth-child(3){transition-delay:.3s}
.tm .n{margin:0;padding:0;border:0}
.tm p{font-family:var(--serif);font-size:clamp(28px,2.8vw,40px);line-height:1.12;letter-spacing:-.02em}.tm b{font-weight:400}.tm i{font-weight:300;color:var(--sand2)}
.t-art{width:min(200px,60%);aspect-ratio:1;overflow:visible}
.t-ring{fill:none;stroke:rgba(var(--lr),.14);stroke-width:1}.t-ring.dash{stroke-dasharray:2 5}
.t-core{fill:var(--sand)}.t-node{fill:rgba(var(--lr),.25)}.t-node.on{fill:var(--sand2)}
.t-link{stroke:var(--sand);stroke-width:1;stroke-dasharray:1;stroke-dashoffset:1;animation:link 3.85s var(--ease) infinite}
.t-node:not(.on){animation:node 3.85s var(--ease) infinite}
@keyframes link{0%{stroke-dashoffset:1;opacity:1}25%,70%{stroke-dashoffset:0;opacity:1}100%{stroke-dashoffset:0;opacity:0}}
@keyframes node{0%,15%{fill:rgba(var(--lr),.25)}25%,70%{fill:var(--sand2)}100%{fill:rgba(var(--lr),.25)}}
.t-trail{fill:none;stroke:var(--sand);stroke-width:2;stroke-linecap:round;transform-origin:100px 100px;transform:rotate(-38deg)}
.t-bal{transform-origin:100px 100px}
.t-guide{stroke:rgba(var(--lr),.14);stroke-width:1;stroke-dasharray:2 5}
.t-noise{fill:none;stroke:rgba(var(--lr),.28);stroke-width:1;stroke-linejoin:round}
.t-calm{fill:none;stroke:var(--sand);stroke-width:2.2;stroke-linecap:round;stroke-linejoin:round;stroke-dasharray:1;stroke-dashoffset:1;animation:calm 5s var(--ease) infinite}
.t-end{opacity:0;animation:endpt 5s var(--ease) infinite}
@keyframes calm{0%{stroke-dashoffset:1;opacity:1}45%,80%{stroke-dashoffset:0;opacity:1}100%{stroke-dashoffset:0;opacity:0}}
@keyframes endpt{0%,40%{opacity:0}48%,80%{opacity:1}100%{opacity:0}}
.t-beam{stroke:rgba(var(--lr),.35);stroke-width:1}.t-bull{fill:#0A3261}.t-bear{fill:#3B4048}
.t-bal{animation:spin 24s linear infinite}

/* insights */
.notes{background:var(--bg2);padding:130px 0 96px}
.nh{display:grid;grid-template-columns:minmax(0,1.5fr) minmax(0,1fr);gap:48px;align-items:end;padding-bottom:40px;margin-bottom:48px;border-bottom:1px solid rgba(var(--lr),.12)}
.nh h2{font-family:var(--serif);font-weight:300;font-size:clamp(40px,5.4vw,76px);line-height:.98;letter-spacing:-.025em;margin-top:18px}.nh h2 i{color:var(--sand2)}
.aside{display:flex;flex-direction:column;gap:16px}.aside p{color:var(--on2);font-size:16.5px;line-height:1.65}.aside .mono{color:var(--on3)}
.fe{position:relative;display:grid;grid-template-columns:minmax(0,1.2fr) minmax(0,1fr);gap:64px;align-items:end;padding:56px;border:1px solid rgba(var(--lr),.12);border-radius:4px;background:radial-gradient(80% 120% at 85% 50%,rgba(var(--sr),.07),transparent 60%),linear-gradient(150deg,var(--c1),var(--c2));overflow:hidden;transition:border-color .5s,box-shadow .6s var(--ease),transform .6s var(--ease)}
.fe:hover{border-color:rgba(var(--sr),.45);box-shadow:0 40px 80px -40px rgba(20,24,30,.3);transform:translateY(-4px)}
.fe .tx,.fe .tx2{display:flex;flex-direction:column;gap:18px}
.fe h3{font-family:var(--serif);font-weight:300;font-size:clamp(34px,4vw,56px);line-height:1.02;letter-spacing:-.025em}
.fe .sft{font-family:var(--serif);font-style:italic;font-size:21px;line-height:1.45;color:var(--on2)}
.fe .ex{font-family:var(--serif);font-size:17px;line-height:1.7;color:var(--on2);display:-webkit-box;-webkit-line-clamp:6;-webkit-box-orient:vertical;overflow:hidden}
.fe .row{display:flex;justify-content:space-between;align-items:center;gap:16px;padding-top:20px;border-top:1px solid rgba(var(--lr),.12);color:var(--on3)}
.cds{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:24px;margin-top:24px}
.cd{position:relative;display:flex;flex-direction:column;gap:16px;padding:34px 30px 28px;border:1px solid rgba(var(--lr),.10);border-radius:4px;background:#FFFFFF;transition:border-color .5s,transform .6s var(--ease),box-shadow .6s var(--ease)}
.cd::before{content:"";position:absolute;left:0;right:0;top:-1px;height:1px;background:var(--sand);transform:scaleX(0);transform-origin:left;transition:transform .7s var(--ease)}
.cd:hover{transform:translateY(-6px);border-color:rgba(var(--sr),.35);box-shadow:0 30px 60px -30px rgba(20,24,30,.25)}.cd:hover::before{transform:scaleX(1)}
.cd h3{font-family:var(--serif);font-weight:400;font-size:27px;line-height:1.15;letter-spacing:-.015em}
.cd p{font-family:var(--serif);font-size:16.5px;line-height:1.55;color:var(--on2)}
.cft{margin-top:auto;padding-top:18px;border-top:1px solid rgba(var(--lr),.10);display:flex;justify-content:space-between;align-items:center;gap:12px;color:var(--on3)}
.cds .cd:nth-child(2){transition-delay:.08s}.cds .cd:nth-child(3){transition-delay:.16s}

/* article */
.article{display:grid;grid-template-columns:200px minmax(0,680px);gap:80px;justify-content:center;max-width:1180px;margin:0 auto;padding:128px 48px 0}
.side{position:sticky;top:110px;align-self:start;display:flex;flex-direction:column;gap:14px;padding-top:8px;animation:fade 1.2s .1s both}
.side .mono{color:var(--on3)}.acts{display:flex;align-items:center;gap:16px;margin-top:8px}
.glyph.big{width:150px;height:150px;margin:0 0 10px -6px}
.side .glyph .spin-a,.side .glyph .spin-b{transform-origin:50px 50px}.side .glyph .spin-a{animation:spin 26s linear infinite}.side .glyph .spin-b{animation:spin 40s linear infinite reverse}
.ah{display:flex;flex-direction:column;gap:18px}
.ah h1{font-family:var(--serif);font-weight:400;font-size:clamp(34px,4vw,54px);line-height:1.1;letter-spacing:-.012em;animation:rise 1.1s .3s both}
.ah .sft{font-family:var(--read);font-style:italic;font-weight:400;font-size:clamp(18px,1.6vw,21px);line-height:1.55;color:#3E444D;animation:rise 1.1s .45s both}
.ah .date{color:var(--on3);animation:rise 1s .55s both}
.hairline{width:72px;height:1px;background:var(--sand);transform-origin:left;animation:draw 1.2s var(--ease) .8s both}
.body{margin-top:40px;font-family:var(--read);font-size:clamp(17px,1.25vw,19px);line-height:1.78;color:#1C2128;font-optical-sizing:auto;counter-reset:s;hanging-punctuation:first;animation:rise 1.1s .7s both}
.body p{margin:0 0 1.25em}
.body>p:first-child{font-size:1.06em;line-height:1.72}
.body>p:first-child::first-letter{float:left;font-size:3.05em;line-height:.85;font-weight:400;color:var(--on);padding:.06em .08em 0 0}
@supports (initial-letter:2){.body>p:first-child::first-letter{float:none;initial-letter:2;font-size:inherit;line-height:inherit;padding:0;margin-right:.12em}}
.body h2{font-family:var(--serif);font-size:clamp(24px,2vw,28px);line-height:1.25;font-weight:500;letter-spacing:-.005em;color:var(--on);margin:2.1em 0 .6em}
.body h2::before{counter-increment:s;content:counter(s,decimal-leading-zero);display:block;margin-bottom:10px;font-family:var(--mono);font-size:12px;letter-spacing:.06em;color:var(--sand2)}
.body>p:last-child::after{content:"";display:inline-block;width:7px;height:7px;margin-left:8px;border-radius:50%;background:var(--sand);vertical-align:middle}
.pn{display:grid;grid-template-columns:1fr 1fr;gap:20px;margin-top:64px;padding-top:32px;border-top:1px solid rgba(var(--lr),.12)}
.pn a{display:flex;align-items:center;gap:18px;padding:22px 24px;border:1px solid rgba(var(--lr),.12);border-radius:4px;background:#FFFFFF;transition:border-color .4s,transform .5s var(--ease),box-shadow .5s var(--ease)}
.pn a:hover{border-color:rgba(var(--sr),.5);transform:translateY(-3px);box-shadow:0 24px 48px -28px rgba(20,24,30,.3)}
.pn .nx{justify-content:space-between;text-align:right}.pn .tx{display:flex;flex-direction:column;gap:8px}
.pn .t{font-family:var(--serif);font-size:21px;line-height:1.25;color:var(--on);transition:color .4s}.pn a:hover .t{color:var(--sand2)}
.pn .ib{flex:none;display:grid;place-items:center;width:44px;height:44px;border-radius:50%;border:1px solid rgba(var(--lr),.18);color:var(--on2);transition:background .4s,border-color .4s,color .4s,transform .5s var(--ease)}
.pn .ib svg{fill:none;stroke:currentColor;stroke-width:1.8;stroke-linecap:round;stroke-linejoin:round}
.pn a:hover .ib{background:var(--sand);border-color:var(--sand);color:#FFFFFF}.pn .pv:hover .ib{transform:translateX(-3px)}.pn .nx:hover .ib{transform:translateX(3px)}
.nf{min-height:100vh;display:flex;align-items:center;justify-content:center;padding:140px 24px 80px;text-align:center;background:radial-gradient(50% 50% at 50% 40%,var(--glow),var(--bg) 70%)}
.nf-in{display:flex;flex-direction:column;align-items:center;gap:20px;max-width:560px}
.nf .glyph{width:140px;height:140px}.nf .glyph .spin-a,.nf .glyph .spin-b{transform-origin:50px 50px}.nf .glyph .spin-a{animation:spin 26s linear infinite}.nf .glyph .spin-b{animation:spin 40s linear infinite reverse}
.nf h1{font-family:var(--serif);font-weight:300;font-size:clamp(44px,6vw,80px);line-height:1;letter-spacing:-.025em}.nf h1 i{color:var(--sand2)}
.nf .ld{color:var(--on2);font-size:18px;line-height:1.6}.nf-links{display:flex;gap:32px;margin-top:8px}
.more{margin-top:100px;padding:90px 0 110px;background:var(--bg2);border-top:1px solid rgba(var(--lr),.10)}
.back{margin-top:40px}

/* footer: compact, same ground as the page, set off by a hairline */
.ft{background:var(--bg2);padding:0 0 30px}
.ft-row{border-top:1px solid rgba(var(--lr),.14);padding-top:28px;display:flex;align-items:center;justify-content:space-between;gap:24px;flex-wrap:wrap}
.ft .brand{gap:10px}.ft .mk{width:26px;height:26px}.ft .mk img{width:26px;height:26px}
.ft .wm{font-size:11px;letter-spacing:.18em}.ft .wm small{font-size:7px;letter-spacing:.6em;margin-top:3px}
.ft-ct a{display:inline-flex;align-items:center;gap:9px;font-size:13px;color:var(--on);border-bottom:1px solid rgba(var(--sr),.45);padding-bottom:2px;transition:color .3s,border-color .3s}.ft-ct a:hover{color:var(--sand2);border-color:var(--sand)}
.ft-ct svg{flex:none;fill:none;stroke:var(--sand);stroke-width:1.6;stroke-linejoin:round;stroke-linecap:round}
.ft-bot{display:flex;justify-content:space-between;align-items:flex-end;gap:32px;margin-top:20px}
.lg{font-size:11.5px;line-height:1.7;color:var(--on3);max-width:760px;margin:0}
.ft-cp{flex:none;font-size:11.5px;color:var(--on3)}

/* motion */
@keyframes spin{to{transform:rotate(360deg)}}
@keyframes rise{from{opacity:0;transform:translateY(16px)}to{opacity:1;transform:none}}
@keyframes fade{from{opacity:0}to{opacity:1}}
@keyframes draw{from{transform:scaleX(0)}to{transform:scaleX(1)}}
@keyframes drip{0%{transform:scaleY(0)}60%{transform:scaleY(1);opacity:1}100%{opacity:0}}
.js .reveal{opacity:0;transform:translateY(18px);transition:opacity .9s var(--ease),transform .9s var(--ease)}.js .reveal.in{opacity:1;transform:none}
::view-transition-old(root),::view-transition-new(root){animation-duration:.4s}
@media (prefers-reduced-motion:reduce){
  @view-transition{navigation:none}
  html{scroll-behavior:auto}
  *,*::before,*::after{animation:none!important;transition:none!important}
  .js .reveal{opacity:1;transform:none}
  .t-link,.t-calm{stroke-dashoffset:0}.t-node{fill:var(--sand2)}.t-end{opacity:1}
}

@media (max-height:780px){.cue{display:none}}
/* tablet and phone */
@media (max-width:900px){.pn{grid-template-columns:1fr}.pn>span{display:none}.tms{grid-template-columns:1fr;gap:64px}.tm{border-left:0}.nh,.fe{grid-template-columns:1fr}.fe{padding:32px;gap:28px}.cds{grid-template-columns:1fr}}
@media (max-width:760px){
  .ft-row{flex-direction:column;align-items:flex-start;gap:16px}.ft-bot{flex-direction:column;align-items:flex-start;gap:12px}
  .hd,.hd.sm{padding-left:20px;padding-right:20px}.wrap{padding:0 20px}
  .hero{--s:min(38vh,250px)}
  .wm{font-size:12px;letter-spacing:.14em}.wm small{letter-spacing:.5em}
  .article{grid-template-columns:1fr;gap:24px;padding:104px 20px 0}
  .side{position:static;display:grid;grid-template-columns:64px 1fr;column-gap:16px;row-gap:4px;align-items:center;gap:4px 16px}
  .glyph.big{width:64px;height:64px;margin:0;grid-row:span 3}.acts{margin-top:2px}
}