/* VALSTRON — white editorial system. Tokens mirror DESIGN.md */
:root{
  --navy:#0C1624; --navy-2:#121F32; --white:#fff; --bg:#fff; --bg-2:#F5F3EE;
  --slate:#8994A3; --gold:#C4A55A; --accent:#8A6D2F; --ink-muted:#556070;
  --rule:#E3DFD5; --rule-dark:#26344A;
  --serif:"Manrope","Inter",system-ui,sans-serif; --logo:"Cormorant Garamond","Times New Roman",serif; --sans:"Inter",system-ui,sans-serif;
  --max:1320px; --ease:cubic-bezier(.2,.7,.2,1); --header:88px;
}
@view-transition{navigation:auto}
*,*::before,*::after{box-sizing:border-box}
html{scroll-behavior:smooth;-webkit-text-size-adjust:100%;scroll-padding-top:100px}
body{margin:0;background:var(--bg);color:var(--navy);font:400 16.5px/1.72 var(--sans);-webkit-font-smoothing:antialiased;text-rendering:optimizeLegibility}
svg,img{display:block;max-width:100%}
a{color:inherit}
p{margin:0 0 1em;max-width:64ch}
h1,h2,h3{font-family:var(--serif);font-weight:600;margin:0;color:var(--navy)}
h1{font-size:clamp(40px,5.6vw,88px);line-height:1.04;letter-spacing:-.035em}
h2{font-size:clamp(32px,3.6vw,54px);line-height:1.08;letter-spacing:-.03em}
h3{font-size:clamp(26px,2.2vw,32px);line-height:1.15;letter-spacing:-.01em}
em{font-style:normal;color:var(--accent)}
.dark h1,.dark h2,.dark h3{color:#fff}.dark em{color:var(--gold)}
:focus-visible{outline:2px solid var(--accent);outline-offset:3px}
.dark :focus-visible{outline-color:var(--gold)}
.skip{position:absolute;left:-999px;top:8px;background:#fff;color:var(--navy);padding:10px 16px;z-index:100;font:500 14px var(--sans)}
.skip:focus{left:8px}
.wrap{max-width:var(--max);margin:0 auto;padding:0 40px}
@media(max-width:700px){.wrap{padding:0 20px}}
.label{font:600 11px/1.4 var(--sans);letter-spacing:.18em;text-transform:uppercase}
.lead{font-size:clamp(18px,1.5vw,21px);line-height:1.6;color:var(--ink-muted)}
.muted{color:var(--ink-muted)}.dark .muted{color:var(--slate)}.dark .lead{color:#B9C0CB}

section{padding:132px 0;position:relative}
@media(max-width:700px){section{padding:80px 0}}
.bg2{background:var(--bg-2)}
.dark{background:var(--navy);color:#fff}
.sec-head{position:relative;display:grid;grid-template-columns:repeat(12,1fr);gap:24px;padding-top:28px;margin-bottom:80px}
.sec-head::before{content:"";position:absolute;top:0;left:0;right:0;height:1px;background:var(--rule);transform:scaleX(0);transform-origin:left;transition:transform 1.4s var(--ease)}
.dark .sec-head::before{background:var(--rule-dark)}
.sec-head.in::before{transform:none}
.sec-head .label{grid-column:1/4;padding-top:16px;color:var(--ink-muted)}.dark .sec-head .label{color:var(--slate)}
.sec-head h2{grid-column:4/-1;max-width:18ch}
@media(max-width:860px){.sec-head .label,.sec-head h2{grid-column:1/-1}.sec-head{margin-bottom:48px}}
.eyebrow{display:flex;gap:16px;align-items:center;color:var(--accent);margin:0 0 32px}
.dark .eyebrow{color:var(--gold)}
.eyebrow::before{content:"";width:40px;height:1px;background:currentColor;flex:none}
.eyebrow a{text-decoration:none}

/* buttons */
.btn{position:relative;display:inline-flex;gap:14px;align-items:center;font:600 11px/1 var(--sans);letter-spacing:.18em;text-transform:uppercase;text-decoration:none;padding:21px 36px;background:var(--navy);color:#fff;border:1px solid var(--navy);overflow:hidden;isolation:isolate;transition:color .45s var(--ease),border-color .45s,transform .3s var(--ease);cursor:pointer}
.btn::before{content:"";position:absolute;inset:0;background:var(--accent);transform:translateY(101%);transition:transform .5s var(--ease);z-index:-1}
.btn:hover::before{transform:none}.btn:hover{border-color:var(--accent)}
.btn span{transition:transform .35s var(--ease)}.btn:hover span{transform:translateX(5px)}
.dark .btn{background:#fff;color:var(--navy);border-color:#fff}.dark .btn::before{background:var(--gold)}.dark .btn:hover{border-color:var(--gold)}
.btn.ghost{background:transparent;color:var(--navy)}
.btn.disabled{opacity:.45;cursor:not-allowed;pointer-events:none}
.link{font:600 11px/1 var(--sans);letter-spacing:.18em;text-transform:uppercase;text-decoration:none;display:inline-block;padding-bottom:7px;background:linear-gradient(var(--accent),var(--accent)) left bottom/100% 1px no-repeat;transition:background-size .4s var(--ease),color .3s}
.link:hover{background-size:100% 3px;color:var(--accent)}
.dark .link{background-image:linear-gradient(var(--gold),var(--gold))}.dark .link:hover{color:var(--gold)}

/* header & logotype */
.site-header{position:fixed;inset:0 0 auto 0;z-index:60;color:var(--navy);border-bottom:1px solid transparent;transition:transform .5s var(--ease),background .4s,border-color .4s}
.site-header.solid{background:#fff;border-color:var(--rule)}
.site-header.hide{transform:translateY(-100%)}
.site-header .bar{display:flex;align-items:center;justify-content:space-between;height:var(--header)}
.logo{display:inline-flex;align-items:center;gap:18px;font:600 28px/1 var(--logo);text-decoration:none}
.logo-mark{height:50px;width:auto;filter:brightness(.78) saturate(1.15);transition:transform .6s var(--ease)}
.logo:hover .logo-mark{transform:translateY(-2px) scale(1.06)}
.logo-word{display:inline-flex}
.logo-word span{display:inline-block;margin-right:.3em;transition:transform .5s var(--ease),color .3s}
.logo-word span:last-child{margin-right:0}
.logo:hover .logo-word span{color:var(--accent)}.logo:hover .logo-word span:nth-child(odd){transform:translateY(-2px)}
nav ul{display:flex;gap:44px;list-style:none;margin:0;padding:0;align-items:center}
nav a{text-decoration:none;position:relative;padding:8px 0}
nav a::after{content:"";position:absolute;left:0;right:100%;bottom:0;height:1px;background:currentColor;transition:right .45s var(--ease)}
nav a:hover::after,nav a[aria-current]::after{right:0}
nav .nav-cta a{border:1px solid var(--navy);padding:12px 22px;transition:background .35s var(--ease),color .35s}
nav .nav-cta a::after{display:none}
nav .nav-cta a:hover{background:var(--navy);color:#fff}
.menu-btn{display:none;background:none;border:0;color:inherit;padding:10px 0;cursor:pointer}
@media(max-width:1040px){
  .menu-btn{display:block;position:relative;z-index:3}
  .site-header nav{position:absolute}
  nav ul{position:fixed;inset:0;background:var(--navy);color:#fff;flex-direction:column;justify-content:center;align-items:flex-start;padding:0 20px;gap:18px;display:none}
  nav ul.open{display:flex}
  nav ul a{font:500 46px/1.1 var(--serif);letter-spacing:-.01em;text-transform:none}
  nav .nav-cta a{border:0;padding:0;font-size:46px}nav .nav-cta a:hover{background:none;color:var(--gold)}
  .menu-open{color:#fff!important;background:transparent!important;border-color:transparent!important}
  .menu-open .logo-mark{filter:none}
}

/* hero: large live background */
@keyframes rise{to{opacity:1;transform:none}}
@keyframes wordup{to{transform:none}}
@keyframes kb{from{transform:scale(1.04) translate(0,0)}to{transform:scale(1.15) translate(-1.2%,-1%)}}
.rise{opacity:0;transform:translateY(18px);animation:rise 1s var(--ease) var(--d,0s) forwards}
.hero-pin{position:relative;height:175svh;background:var(--navy)}
.hero{position:sticky;top:0;height:100svh;transform:scale(calc(1 - var(--p,0)*.06));transform-origin:50% 40%;display:flex;align-items:center;padding:0;color:#fff;background:var(--navy);overflow:hidden;isolation:isolate}
.bg{position:absolute;inset:-3%;z-index:-4;translate:calc(var(--mx,0)*-16px) calc(var(--my,0)*-10px);transition:translate .9s var(--ease)}
.slide{position:absolute;inset:0;opacity:0;transition:opacity 2.4s ease}
.slide.on{opacity:1}
.slide img{width:100%;height:100%;object-fit:cover;filter:saturate(.85) contrast(1.05)}
.slide.on img,.slide.prev img{animation:kb 16s ease-out forwards}
.hero::before,.page-head::before{content:"";position:absolute;inset:0;z-index:-3;background:linear-gradient(90deg,rgba(12,22,36,.9) 0%,rgba(12,22,36,.62) 38%,rgba(12,22,36,.2) 72%,rgba(12,22,36,.38) 100%),linear-gradient(0deg,rgba(12,22,36,.92),rgba(12,22,36,0) 42%),linear-gradient(180deg,rgba(12,22,36,.6),rgba(12,22,36,0) 24%)}
.hero::after,.page-head::after{content:"";position:absolute;inset:0;z-index:-1;opacity:.09;mix-blend-mode:overlay;pointer-events:none;background-image:url("data:image/svg+xml;utf8,<svg xmlns='http://www.w3.org/2000/svg' width='220' height='220'><filter id='n'><feTurbulence type='fractalNoise' baseFrequency='.8' numOctaves='2' stitchTiles='stitch'/></filter><rect width='100%' height='100%' filter='url(%23n)'/></svg>")}
.lightsweep{position:absolute;inset:-20% -10%;z-index:-2;pointer-events:none;background:linear-gradient(105deg,transparent 42%,rgba(255,232,190,.06) 50%,transparent 58%);animation:sw 14s ease-in-out infinite alternate}
@keyframes sw{from{transform:translateX(-14%)}to{transform:translateX(14%)}}
.hero-in{width:100%;padding-top:150px;padding-bottom:150px}.hero .eyebrow{margin-bottom:28px}
.hero h1{max-width:none;font-size:clamp(38px,min(5.4vw,9vh),92px);color:#fff;font-weight:600}.hero h1 br+.w{margin-left:0}
.hero h1 .w{display:inline-block;overflow:hidden;vertical-align:top;padding-bottom:.12em;margin-bottom:-.12em}
.hero h1 .w>span{display:inline-block;transform:translateY(105%);animation:wordup 1.2s var(--ease) calc(.2s + var(--i)*.09s) forwards}
.hero .lead{max-width:48ch;margin:28px 0 36px;color:#D5DBE4}
.hero-cta{display:flex;gap:32px;align-items:center;flex-wrap:wrap}
.hero .btn{background:#fff;color:var(--navy);border-color:#fff}.hero .btn::before{background:var(--gold)}.hero .btn:hover{border-color:var(--gold)}
.hero .link{background-image:linear-gradient(var(--gold),var(--gold))}
.hero-bar{position:absolute;left:0;right:0;bottom:0;border-top:1px solid rgba(255,255,255,.2)}
.hero-bar .wrap{display:flex;justify-content:space-between;align-items:center;gap:32px;height:84px}
.ticks{display:flex;gap:10px;align-items:center}
.tick{width:44px;height:22px;background:none;border:0;padding:0;cursor:pointer;position:relative}
.tick::before{content:"";position:absolute;left:0;right:0;top:10px;height:2px;background:rgba(255,255,255,.28)}
.tick::after{content:"";position:absolute;left:0;top:10px;height:2px;width:0;background:var(--gold)}
.tick.on::after{animation:fill 7s linear forwards}
@keyframes fill{to{width:100%}}
.slide-cap{margin-left:20px;color:#E8ECF2;min-width:12ch}
.hero-links{display:flex;gap:36px}
.hero-links a{text-decoration:none;color:#E8ECF2;position:relative;padding:8px 0}
.hero-links a::after{content:"";position:absolute;left:0;right:100%;bottom:0;height:1px;background:var(--gold);transition:right .45s var(--ease)}
.hero-links a:hover::after{right:0}
@media(max-width:860px){.hero-links{display:none}.hero-in{padding-bottom:140px}.hero::before{background:linear-gradient(0deg,rgba(12,22,36,.95) 20%,rgba(12,22,36,.55) 70%,rgba(12,22,36,.4))}}

/* header over a photo */
.site-header.on-hero:not(.solid){color:#fff}
.site-header.on-hero:not(.solid) .logo-mark{filter:none}
.site-header.on-hero:not(.solid) .nav-cta a:hover{background:#fff;color:var(--navy)}
nav .nav-cta a{border-color:currentColor}

/* marquee */
.marquee{background:var(--navy);color:#fff;overflow:hidden;padding:30px 0;border-top:1px solid var(--rule-dark)}
.track{display:flex;width:max-content;animation:mq 46s linear infinite}
.marquee:hover .track{animation-play-state:paused}
.track span{font:500 clamp(26px,3vw,42px)/1 var(--serif);font-style:normal;padding:0 36px;display:flex;align-items:center;gap:72px;white-space:nowrap}
.track span::after{content:"";width:7px;height:7px;background:var(--gold);transform:rotate(45deg)}
@keyframes mq{to{transform:translateX(-50%)}}

/* document thumbnail */
.doc{display:block;background:var(--navy);color:#fff;aspect-ratio:3/4;width:100%;max-width:360px;position:relative;overflow:hidden;box-shadow:0 36px 60px -34px rgba(12,22,36,.5);transition:transform .6s var(--ease),box-shadow .6s;transform-style:preserve-3d}
.doc.lg{max-width:460px}
.doc-art{height:52%;overflow:hidden}.doc-art .art{width:100%;height:100%;transition:transform 1.2s var(--ease)}
a:hover .doc-art .art{transform:scale(1.06)}
.doc-body{padding:22px 26px;display:flex;flex-direction:column;height:48%}
.doc-top{display:flex;justify-content:space-between;color:var(--gold);font-size:9px}
.doc-title{font:600 clamp(26px,2.6vw,36px)/1.05 var(--serif);margin-top:auto}
.doc-sub{font-size:13px;color:var(--slate);margin-top:6px;line-height:1.4}
.doc-foot{display:flex;justify-content:space-between;border-top:1px solid var(--rule-dark);margin-top:14px;padding-top:10px;color:var(--slate);font-size:9px}
.float .doc-body{padding:14px 16px}.float .doc-title{font-size:20px}.float .doc-sub,.float .doc-foot{display:none}

/* research rows */
.r-list{list-style:none;margin:0;padding:0;border-top:1px solid var(--rule)}
.r-row a{display:grid;grid-template-columns:150px 1fr 40px;gap:24px;padding:32px 0;border-bottom:1px solid var(--rule);text-decoration:none;align-items:start;transition:padding .5s var(--ease),background .5s}
.r-row a:hover{padding-left:18px}
.r-date{color:var(--ink-muted);padding-top:8px}
.r-main{display:flex;flex-direction:column;gap:6px}
.r-cat{color:var(--accent)}.r-cat i{font-style:normal;color:var(--ink-muted);margin-left:10px;letter-spacing:.12em}
.r-title{font:600 clamp(24px,2.3vw,34px)/1.12 var(--serif);transition:color .3s}
.r-row a:hover .r-title{color:var(--accent)}
.r-deck{color:var(--ink-muted);font-size:15.5px;max-width:60ch}
.r-go{font:400 22px var(--sans);transition:transform .4s var(--ease);padding-top:4px}
.r-row a:hover .r-go{transform:translateX(8px)}
@media(max-width:700px){.r-row a{grid-template-columns:1fr 24px}.r-date{grid-column:1/-1;padding:0}}
.latest{display:grid;grid-template-columns:5fr 7fr;gap:80px;align-items:start}
.feature{display:flex;flex-direction:column;gap:12px;text-decoration:none}
.feature .doc{margin-bottom:28px}
.feature-title{font:600 clamp(28px,2.8vw,40px)/1.1 var(--serif)}
.feature:hover .feature-title{color:var(--accent)}
@media(max-width:960px){.latest{grid-template-columns:1fr;gap:56px}}
.r-list.big .r-row[hidden]{display:none}
.filters{display:flex;gap:10px;flex-wrap:wrap;align-items:center;margin-bottom:56px}
.chip-btn,.chip{background:none;border:1px solid var(--rule);color:var(--navy);padding:12px 22px;cursor:pointer;transition:background .3s,color .3s,border-color .3s}
.chip:hover{border-color:var(--navy)}
.chip[aria-pressed="true"]{background:var(--navy);color:#fff;border-color:var(--navy)}
.count{margin-left:auto;color:var(--ink-muted)}
.mock-note{margin-top:56px;color:var(--ink-muted)}.mock-note a{color:var(--navy)}

/* sticky "how it reads" */
.how{display:grid;grid-template-columns:6fr 5fr;gap:96px;align-items:start}
.stage{position:sticky;top:120px}
.paper{background:#fff;border:1px solid var(--rule);padding:40px;box-shadow:0 50px 80px -50px rgba(12,22,36,.45);position:relative}
.paper::after{content:"";position:absolute;inset:0;border-top:3px solid var(--navy);pointer-events:none}
.p-top{display:flex;justify-content:space-between;color:var(--accent);margin-bottom:28px}
.p-block{padding:18px 0 18px 22px;border-left:2px solid var(--rule);opacity:.38;transition:opacity .6s var(--ease),border-color .6s,transform .6s var(--ease)}
.p-block .label{display:block;margin-bottom:12px;color:var(--navy)}
.sk{display:grid;gap:8px}.sk i{display:block;height:7px;background:var(--rule);width:100%}.sk i:nth-child(2){width:86%}.sk i:nth-child(3){width:64%}
.sk.tbl i{display:grid;height:auto;background:none;grid-template-columns:30% 1fr;gap:14px;width:100%!important}
.sk.tbl i::before,.sk.tbl i::after{content:"";height:7px;background:var(--rule)}.sk.tbl i::after{background:#d6d1c4;width:70%}
.bars{display:flex;align-items:flex-end;gap:10px;height:64px}.bars b{flex:1;background:var(--rule);transition:height 1s var(--ease)}.bars b:first-child{background:var(--accent)}
.q{border-left:2px solid var(--gold);padding-left:14px;font:500 18px/1.4 var(--serif);color:var(--navy)}
.stage[data-active="1"] [data-b="1"],.stage[data-active="2"] [data-b="2"],.stage[data-active="3"] [data-b="3"],.stage[data-active="4"] [data-b="4"]{opacity:1;border-color:var(--accent);transform:translateX(8px)}
.steps{list-style:none;margin:0;padding:0}
.step{min-height:58vh;display:flex;flex-direction:column;justify-content:center;opacity:.3;transition:opacity .6s var(--ease)}
.step.on{opacity:1}
.step .num{font:500 15px var(--sans);color:var(--accent);letter-spacing:.14em;margin-bottom:14px}
.step h3{font-size:clamp(34px,3.4vw,50px);margin-bottom:14px}
@media(max-width:960px){.how{grid-template-columns:1fr;gap:32px}.stage{position:static}.step{min-height:0;opacity:1;padding:28px 0;border-top:1px solid var(--rule)}.p-block{opacity:1}}

/* focus list (dark) */
.f-list{list-style:none;margin:0;padding:0;border-top:1px solid var(--rule-dark)}
.f-row a{position:relative;display:grid;grid-template-columns:90px 1.2fr 1.1fr 40px;gap:24px;align-items:center;padding:64px 0;border-bottom:1px solid var(--rule-dark);text-decoration:none;overflow:hidden}
.f-num{color:var(--gold)}
.f-name{font:600 clamp(32px,4.2vw,64px)/1.05 var(--serif);letter-spacing:-.02em;color:#fff;transition:transform .6s var(--ease)}
.f-txt{color:var(--slate);max-width:38ch;position:relative;z-index:1}
.f-art{position:absolute;right:0;top:0;bottom:0;width:48%;opacity:0;transition:opacity .7s var(--ease);-webkit-mask-image:linear-gradient(90deg,transparent,#000 60%);mask-image:linear-gradient(90deg,transparent,#000 60%);pointer-events:none}
.f-art .art{width:100%;height:100%}
.f-go{font:400 22px var(--sans);color:var(--gold);position:relative;z-index:1;transition:transform .4s var(--ease)}
.f-row a:hover .f-art{opacity:.6}.f-row a:hover .f-name{transform:translateX(14px)}.f-row a:hover .f-go{transform:translateX(8px)}
@media(max-width:860px){.f-row a{grid-template-columns:1fr 30px;padding:40px 0}.f-num,.f-txt{grid-column:1}.f-go{grid-column:2;grid-row:2}.f-art{display:none}}
.glow::after{content:"";position:absolute;inset:0;pointer-events:none;background:radial-gradient(520px circle at var(--mx,70%) var(--my,30%),rgba(196,165,90,.14),transparent 60%)}

/* featured snapshot */
.feat-grid{display:grid;grid-template-columns:5fr 6fr;gap:96px;align-items:start}
.feat-body h3{font-size:clamp(34px,3.6vw,52px);margin:12px 0 22px;line-height:1.05}
.feat-body .btn{margin-top:36px}
.data{width:100%;border-collapse:collapse;margin:28px 0;font:400 15px/1.4 var(--sans);font-variant-numeric:tabular-nums}
.data caption{text-align:left;color:var(--ink-muted);padding-bottom:12px}
.data th,.data td{padding:15px 0;border-top:1px solid var(--rule);text-align:left;vertical-align:top}
.data th{font-weight:500;width:42%;color:var(--ink-muted)}
.data tr:last-child th,.data tr:last-child td{border-bottom:1px solid var(--rule)}
@media(max-width:960px){.feat-grid{grid-template-columns:1fr;gap:64px}}
.chart{margin:36px 0 0}.chart figcaption{color:var(--ink-muted);margin-bottom:8px}
.chart .bar{fill:#C9CED6;transform-box:fill-box;transform-origin:bottom;transform:scaleY(0);transition:transform 1.3s var(--ease)}
.chart .bar.hi{fill:var(--accent)}
.in .chart .bar,.chart.in .bar{transform:none}
.chart g:nth-child(3) .bar{transition-delay:.15s}.chart g:nth-child(4) .bar{transition-delay:.3s}.chart g:nth-child(5) .bar{transition-delay:.45s}
.chart .ax{stroke:var(--navy);stroke-width:1}.chart text{font:600 12px var(--sans);fill:var(--navy)}.chart .n{fill:var(--ink-muted);font-size:11px;font-weight:500}
.chart .src{color:var(--ink-muted);margin-top:8px;text-transform:none;letter-spacing:.04em}

/* photo band */
.band{position:relative;height:74vh;min-height:480px;padding:0;overflow:hidden;color:#fff;display:flex;align-items:flex-end;isolation:isolate}
.band img{position:absolute;inset:-8% 0;width:100%;height:116%;object-fit:cover;object-position:center 60%;z-index:-2;transform:translateY(var(--py,0))}
.band::before{content:"";position:absolute;inset:0;z-index:-1;background:linear-gradient(0deg,rgba(12,22,36,.9),rgba(12,22,36,.15) 65%)}
.band .wrap{padding-bottom:72px;display:grid;grid-template-columns:7fr 4fr;gap:48px;align-items:end;width:100%}
.band h2{color:#fff;font-size:clamp(36px,4.8vw,72px);line-height:.98}.band h2 em{color:var(--gold)}
.band p{color:#D3D8E0}

/* perspectives */
.persp{display:grid;grid-template-columns:7fr 4fr;gap:80px;align-items:end}
blockquote{margin:0;border-left:2px solid var(--gold);padding-left:40px}
blockquote p{font:600 clamp(30px,3.6vw,54px)/1.12 var(--serif);max-width:24ch;color:#fff;letter-spacing:-.015em}
blockquote footer{color:var(--slate)}
@media(max-width:860px){.persp{grid-template-columns:1fr;gap:40px}blockquote{padding-left:22px}}

/* about */
.about-grid{display:grid;grid-template-columns:7fr 5fr;gap:96px;margin-bottom:56px}
.lead.big{font:600 clamp(30px,3.2vw,48px)/1.15 var(--serif);color:var(--navy);letter-spacing:-.015em;max-width:22ch}
.std{list-style:none;margin:0;padding:0}
.std li{padding:20px 0;border-top:1px solid var(--rule);color:var(--ink-muted)}
.std li:last-child{border-bottom:1px solid var(--rule)}
.std .label{display:block;color:var(--navy);margin-bottom:4px}
@media(max-width:860px){.about-grid{grid-template-columns:1fr;gap:40px}}
.two{display:grid;grid-template-columns:5fr 6fr;gap:104px}
@media(max-width:860px){.two{grid-template-columns:1fr;gap:48px}}
.steps-list{padding-left:20px}.steps-list li{margin-bottom:16px}
.placeholder{border:1px dashed var(--accent);padding:16px 20px;color:var(--accent);max-width:64ch}
.prose{max-width:780px}.prose h2{margin:64px 0 16px;font-size:38px}

/* page heads: same large photo, quieter */
.page-head{position:relative;color:#fff;background:var(--navy);padding:calc(var(--header) + 140px) 0 100px;overflow:hidden;isolation:isolate;min-height:64vh;display:flex;align-items:flex-end}
.page-head .wrap{width:100%}
.ph-bg{position:absolute;inset:-3%;z-index:-4}
.ph-bg img{width:100%;height:100%;object-fit:cover;filter:saturate(.85) contrast(1.05);animation:kb 22s ease-out forwards}
.page-head h1{max-width:16ch;color:#fff}
.page-head .lead{max-width:50ch;margin-top:28px;color:#D5DBE4}
.mock-banner{background:var(--bg-2);color:var(--accent);padding:15px 0;border-top:1px solid var(--rule);border-bottom:1px solid var(--rule)}

/* form */
.field{margin-bottom:34px}
.field label{display:block;margin-bottom:6px;color:var(--ink-muted)}
.field input,.field select,.field textarea{width:100%;background:transparent;border:0;border-bottom:1px solid var(--navy);font:400 18px/1.4 var(--sans);color:var(--navy);padding:8px 0 12px;border-radius:0;outline:0;transition:border-color .3s,box-shadow .3s}
.field input:focus,.field select:focus,.field textarea:focus{border-bottom-color:var(--accent);box-shadow:0 1px 0 var(--accent)}
.fine{font:400 13.5px/1.5 var(--sans);color:var(--ink-muted);margin-top:20px}

/* report page */
.progress{position:fixed;top:0;left:0;height:2px;background:var(--gold);width:0;z-index:70}
.rep-grid{display:grid;grid-template-columns:3fr 8fr;gap:88px}
.rep-meta{position:sticky;top:120px;align-self:start}
.rep-meta dl{margin:0 0 32px}.rep-meta dl div{padding:14px 0;border-top:1px solid var(--rule)}.rep-meta dt{color:var(--ink-muted);margin-bottom:2px}.rep-meta dd{margin:0;font-size:12px;font-weight:600;letter-spacing:.12em;text-transform:uppercase}
.rep-meta .note{color:var(--ink-muted);margin-top:16px;line-height:1.6;text-transform:none;letter-spacing:.02em;font-weight:400}
.rep-body h2{font-size:42px;margin:72px 0 22px}.rep-body h2:first-child{margin-top:0}
.summary{list-style:none;padding:0;margin:0}.summary li{font:600 clamp(24px,2.3vw,31px)/1.28 var(--serif);padding:22px 0 22px 44px;border-top:1px solid var(--rule);position:relative}
.summary li::before{content:"";position:absolute;left:0;top:41px;width:24px;height:1px;background:var(--accent)}
.sources li{font:400 14px/1.6 var(--sans);color:var(--ink-muted);margin-bottom:6px}
@media(max-width:960px){.rep-grid{grid-template-columns:1fr;gap:40px}.rep-meta{position:static}}

/* newsletter + footer */
.news{padding:104px 0 80px}
.news-in{display:grid;grid-template-columns:1fr 1fr;gap:80px;align-items:end}
.news h2{font-size:clamp(38px,4.2vw,60px);margin-bottom:16px}
.news-form label{display:block;color:var(--slate);margin-bottom:8px}
.news-row{display:flex;gap:16px;align-items:flex-end}
.news-row input{flex:1;min-width:0;background:transparent;border:0;border-bottom:1px solid var(--slate);color:#fff;font:400 18px/1.4 var(--sans);padding:8px 0 12px;border-radius:0;outline:0;transition:border-color .3s}
.news-row input::placeholder{color:#6B7788}.news-row input:focus{border-bottom-color:var(--gold)}
.news .fine{color:var(--slate)}.news .fine a{color:#fff}
@media(max-width:860px){.news-in{grid-template-columns:1fr;gap:32px}.news-row{flex-direction:column;align-items:stretch}}
.site-footer{padding:64px 0 32px;border-top:1px solid var(--rule-dark);color:var(--slate);font:400 14px/1.6 var(--sans)}
.f-top{display:grid;grid-template-columns:2fr 1fr 1fr 1fr;gap:32px;margin-bottom:80px}
.site-footer .logo{color:#fff;font-size:20px}.site-footer .logo-mark{filter:none}
.f-tag{margin-top:20px}.site-footer h4{color:#fff;margin:0 0 16px}
.site-footer ul{list-style:none;margin:0;padding:0}.site-footer li{margin-bottom:8px}
.site-footer a{text-decoration:none}.site-footer a:hover{color:#fff}
.f-bot{display:flex;justify-content:space-between;gap:16px;flex-wrap:wrap;border-top:1px solid var(--rule-dark);padding-top:24px}
@media(max-width:700px){.f-top{grid-template-columns:1fr 1fr}.f-top>div:first-child{grid-column:1/-1}}

/* reveal */
.rv{opacity:0;transform:translateY(22px);transition:opacity 1s var(--ease),transform 1s var(--ease)}
.rv.in{opacity:1;transform:none}
@media(prefers-reduced-motion:reduce){*,*::before,*::after{animation-duration:.01ms!important;animation-delay:0s!important;transition:none!important;scroll-behavior:auto!important}.rv,.rise{opacity:1;transform:none}.hero h1 .w>span{transform:none}.track{animation:none}.chart .bar{transform:none}.lightsweep{display:none}}
.on-dark{background:var(--navy);color:#fff}
/* mouse parallax layers (independent `translate` property) */
.sec-head h2{max-width:26ch}
img.art{object-fit:cover;width:100%;height:100%}
.doc-art img.art{transition:transform 1.2s var(--ease)}a:hover .doc-art img.art{transform:scale(1.06)}

/* ===== v3 effects ===== */
/* intro curtain (home, first visit per session) */
.curtain{position:fixed;inset:0;z-index:200;background:var(--navy);display:none;flex-direction:column;align-items:center;justify-content:center;gap:18px;color:#fff;pointer-events:none}
.curtain img{width:64px;height:auto;opacity:0}
.curtain span{font:600 15px/1 var(--logo);letter-spacing:.5em;padding-left:.5em;opacity:0}
.intro .curtain{display:flex;animation:curtainUp 1s var(--ease) 1.7s forwards}
.intro .curtain img{animation:fadeUp .9s var(--ease) .2s forwards}
.intro .curtain span{animation:fadeUp .9s var(--ease) .5s forwards}
@keyframes fadeUp{from{opacity:0;transform:translateY(14px)}to{opacity:1;transform:none}}
@keyframes curtainUp{to{clip-path:inset(0 0 100% 0);visibility:hidden}}
/* hero scroll fade */
.hero-in{will-change:transform,opacity}
/* band image opens with a clip reveal */
.band img{clip-path:inset(12% 6% 12% 6%);transition:clip-path 1.6s var(--ease)}
.band.in img{clip-path:inset(0)}
/* buttons: light sweep on hover */
.btn{position:relative;overflow:hidden}
.btn::after{content:"";position:absolute;top:0;left:-60%;width:40%;height:100%;background:linear-gradient(100deg,transparent,rgba(255,255,255,.35),transparent);transform:skewX(-18deg);transition:left .8s var(--ease)}
.btn:hover::after{left:130%}
/* research rows and focus rows: gold rule draws on hover */
.r-row{position:relative}
.r-row::after{content:"";position:absolute;left:0;bottom:-1px;height:1px;width:100%;background:var(--accent);transform:scaleX(0);transform-origin:left;transition:transform .7s var(--ease)}
.r-row:hover::after{transform:scaleX(1)}
/* headings: lines rise out of a mask when their section enters */
.sec-head h2{clip-path:inset(0 0 -.2em 0)}
.sec-head h2{transform:translateY(.5em);opacity:0;transition:transform 1.1s var(--ease),opacity 1.1s var(--ease)}
.sec-head.in h2{transform:none;opacity:1}
@media(prefers-reduced-motion:reduce){.intro .curtain{display:none}.band img{clip-path:none}.sec-head h2{transform:none;opacity:1}}

@media(max-width:560px){.logo{font-size:21px;gap:12px}.logo-mark{height:40px}}


/* ===== v4 ===== */
/* hero details */
.hero h1{letter-spacing:-.04em}
.coord{position:absolute;right:34px;top:50%;z-index:2;writing-mode:vertical-rl;transform:rotate(180deg) translateY(50%);color:rgba(255,255,255,.62);letter-spacing:.3em;font-size:10px}
.count-s{margin-right:22px;color:#fff;font-variant-numeric:tabular-nums}
.scroll-cue{display:flex;align-items:center;gap:14px;text-decoration:none;color:#E8ECF2}
.scroll-cue i{display:block;width:1px;height:38px;background:rgba(255,255,255,.3);position:relative;overflow:hidden}
.scroll-cue i::after{content:"";position:absolute;left:0;top:-50%;width:1px;height:50%;background:var(--gold);animation:cue 2.2s var(--ease) infinite}
@keyframes cue{to{top:110%}}
@media(max-width:860px){.coord{display:none}.hero-pin{height:150svh}}
/* manifesto: words light up as you scroll */
.manifesto{padding:150px 0 130px;background:#fff}
.mani-label{color:var(--accent);margin-bottom:40px;display:flex;gap:16px;align-items:center}
.mani-label::before{content:"";width:40px;height:1px;background:currentColor}
.mani{font:600 clamp(30px,4.3vw,66px)/1.12 var(--serif);letter-spacing:-.035em;max-width:24ch;margin:0;color:#C6CBD3}
.mani .mw{transition:color .5s var(--ease)}.mani .mw.lit{color:var(--navy)}
@media(max-width:700px){.manifesto{padding:90px 0}}
/* horizontal scroll showcase */
.hscroll{padding:0;height:360vh;background:var(--navy)}
.hs-sticky{position:sticky;top:0;height:100vh;overflow:hidden;display:flex;flex-direction:column;justify-content:center;gap:44px}
.hs-head{display:grid;grid-template-columns:repeat(12,1fr);gap:24px;align-items:end;width:100%}
.hs-head .label{grid-column:1/4;color:var(--slate);padding-bottom:12px}
.hs-head h2{grid-column:4/-1;max-width:20ch;font-size:clamp(30px,3.4vw,50px)}
.hs-track{display:flex;gap:28px;padding-left:max(40px,calc((100vw - var(--max))/2 + 40px));padding-right:12vw;width:max-content;will-change:transform}
.hs-panel{position:relative;flex:0 0 min(60vw,860px);height:min(54vh,520px);overflow:hidden;display:flex;align-items:flex-end;color:#fff;text-decoration:none;isolation:isolate;background:var(--navy-2)}
.hs-img{position:absolute;inset:0;z-index:-2}
.hs-img img{width:100%;height:112%;object-fit:cover;transition:transform 1.6s var(--ease);filter:saturate(.9) contrast(1.05)}
.hs-panel:hover .hs-img img{transform:scale(1.06)}
.hs-panel::before{content:"";position:absolute;inset:0;z-index:-1;background:linear-gradient(0deg,rgba(12,22,36,.92) 8%,rgba(12,22,36,.25) 62%,rgba(12,22,36,.1))}
.hs-body{display:flex;flex-direction:column;gap:10px;padding:34px 38px;width:100%;position:relative}
.hs-body .label{color:var(--gold)}
.hs-title{font:600 clamp(28px,3.2vw,48px)/1.05 var(--serif);letter-spacing:-.03em}
.hs-txt{color:#C9D0DB;max-width:44ch;font-size:15.5px;line-height:1.55}
.hs-go{position:absolute;right:34px;bottom:30px;font-size:26px;color:var(--gold);transition:transform .45s var(--ease)}
.hs-panel:hover .hs-go{transform:translateX(8px)}
.hs-end{flex:0 0 min(34vw,420px);background:transparent;border:1px solid var(--rule-dark);flex-direction:column;justify-content:space-between;align-items:flex-start;padding:34px 38px;transition:background .5s,border-color .5s}
.hs-end::before{display:none}.hs-end:hover{background:var(--navy-2);border-color:var(--gold)}
.hs-end .label{color:var(--gold)}.hs-end .hs-go{position:static}
.hs-prog{height:2px;position:relative}
.hs-prog::before{content:"";position:absolute;left:40px;right:40px;top:0;height:1px;background:var(--rule-dark)}
.hs-prog i{position:absolute;left:40px;top:0;height:1px;width:0;background:var(--gold);box-shadow:0 0 0 .5px var(--gold)}
@media(max-width:860px){
  .hscroll{height:auto;padding:80px 0}
  .hs-sticky{position:static;height:auto;overflow:visible}
  .hs-head .label,.hs-head h2{grid-column:1/-1}
  .hs-track{flex-direction:column;width:auto;padding:0 20px;gap:16px}
  .hs-panel{flex:none;height:380px}.hs-end{flex:none;height:150px}
  .hs-prog{display:none}
}
/* section rail (desktop) */
.rail{position:fixed;right:22px;top:50%;transform:translateY(-50%);z-index:40;display:none}
.rail ul{list-style:none;margin:0;padding:0;display:flex;flex-direction:column;gap:14px;align-items:flex-end}
.rail a{display:flex;align-items:center;gap:12px;text-decoration:none;font:600 10px/1 var(--sans);letter-spacing:.18em;text-transform:uppercase;color:var(--ink-muted)}
.rail a span{opacity:0;transform:translateX(6px);transition:opacity .35s,transform .35s}
.rail a::after{content:"";width:18px;height:1px;background:currentColor;opacity:.6;transition:width .4s var(--ease),opacity .3s}
.rail a:hover span,.rail a.on span{opacity:1;transform:none}
.rail a.on::after{width:34px;opacity:1}
.rail.dk a{color:#E8ECF2}.rail a.on{color:var(--accent)}.rail.dk a.on{color:var(--gold)}
@media(min-width:1280px){.rail{display:block}}
/* footer wordmark */
.f-mark{font:600 clamp(60px,17.5vw,280px)/.85 var(--logo);letter-spacing:.04em;white-space:nowrap;text-align:center;margin:0 0 56px;background:linear-gradient(180deg,rgba(196,165,90,.55),rgba(196,165,90,.04) 85%);-webkit-background-clip:text;background-clip:text;color:transparent;user-select:none}
.site-footer{overflow:hidden}
/* pages heads: gold hairline at the base */
.page-head::before{z-index:-3}
.page-head .wrap::after{content:"";display:block;width:64px;height:1px;background:var(--gold);margin-top:44px}

.sheet{background:#fff;padding:40px 44px 44px;border-top:3px solid var(--navy);box-shadow:0 60px 90px -50px rgba(12,22,36,.5);transition:transform .6s var(--ease)}
.sheet-top{display:flex;justify-content:space-between;color:var(--accent);padding-bottom:18px}
.sheet .data{margin-top:8px}
.feat-body{position:sticky;top:130px}
@media(max-width:960px){.feat-body{position:static}}
.mani{max-width:30ch}
.hero-pin{height:150svh}

/* research rows with photo thumbnails */
.r-row a{grid-template-columns:150px 1fr 200px 40px;align-items:center}
.r-thumb{display:block;aspect-ratio:4/3;overflow:hidden;background:var(--navy)}
.r-thumb img{transition:transform 1.2s var(--ease),filter .6s;filter:saturate(.85)}
.r-row a:hover .r-thumb img{transform:scale(1.08);filter:none}
.latest .r-row a{grid-template-columns:110px 1fr 110px 30px}
@media(max-width:900px){.r-row a,.latest .r-row a{grid-template-columns:1fr 24px}.r-thumb{display:none}}
.count-s{white-space:nowrap}
@media(max-width:700px){.scroll-cue{display:none}.f-mark{font-size:15vw;letter-spacing:.02em}.count-s{margin-right:12px}}

/* subpage polish */
.two h2{margin-bottom:24px}
.method{list-style:none;margin:0;padding:0;display:grid;grid-template-columns:repeat(4,1fr);gap:0;border-top:1px solid var(--rule-dark)}
.method li{padding:36px 28px 8px 0;border-right:1px solid var(--rule-dark);margin-right:28px}
.method li:last-child{border-right:0;margin-right:0}
.method .num{display:block;font:600 13px var(--sans);letter-spacing:.14em;color:var(--gold);margin-bottom:56px}
.method h3{font-size:clamp(26px,2.4vw,34px);margin-bottom:12px}
.method.light{grid-template-columns:1fr;border-top:1px solid var(--rule);margin-bottom:40px}
.method.light li{border:0;border-bottom:1px solid var(--rule);margin:0;padding:24px 0;display:grid;grid-template-columns:48px 1fr;column-gap:12px}
.method.light .num{color:var(--accent);margin:4px 0 0;grid-row:1/3}
.method.light h4{margin:0 0 4px;font:600 20px/1.2 var(--serif);letter-spacing:-.02em}.method.light p{margin:0}
@media(max-width:960px){.method{grid-template-columns:1fr 1fr}.method li:nth-child(2){border-right:0;margin-right:0}.method li{padding-bottom:36px;border-bottom:1px solid var(--rule-dark)}}
@media(max-width:600px){.method{grid-template-columns:1fr}.method li{border-right:0;margin-right:0}}

/* line-art colonnade, drawn as you scroll */
.manifesto{overflow:hidden}
.colon{position:absolute;right:max(0px,calc((100vw - var(--max))/2 - 20px));top:50%;transform:translateY(-50%);width:min(54vw,740px);color:rgba(138,109,47,.5);pointer-events:none}
.colon svg{width:100%;height:auto;overflow:visible}
.colon path{stroke-dasharray:1;stroke-dashoffset:calc(1 - clamp(0, var(--draw,0) * 1.5 - var(--k,0), 1))}
.manifesto .wrap{position:relative;z-index:1}
@media(max-width:900px){.colon{opacity:.5;width:90vw;right:-10vw}}
/* marquee: alternate filled and outlined words */
.track span:nth-child(even){color:transparent;-webkit-text-stroke:1px rgba(255,255,255,.6)}
/* page transition: new page is revealed from below */
@keyframes vt-in{from{clip-path:inset(100% 0 0 0)}to{clip-path:inset(0)}}
@keyframes vt-out{to{opacity:.35;transform:translateY(-24px) scale(.99)}}
::view-transition-old(root){animation:vt-out .8s var(--ease) both}
::view-transition-new(root){animation:vt-in .8s var(--ease) both}
@media(prefers-reduced-motion:reduce){::view-transition-old(root),::view-transition-new(root){animation:none}.colon path{stroke-dashoffset:0}}
/* contact photo */
.c-photo{margin:48px 0 0;overflow:hidden;aspect-ratio:4/5;max-width:420px;background:var(--navy)}
.c-photo img{width:100%;height:100%;object-fit:cover;object-position:62% 50%;transition:transform 1.6s var(--ease)}
.c-photo:hover img{transform:scale(1.05)}
/* principles band */
.principles{padding:110px 0 90px}
.pr-list{list-style:none;margin:0;padding:0;display:grid;grid-template-columns:repeat(4,1fr);border-top:1px solid var(--rule-dark)}
.pr-list li{padding:44px 28px 36px 0;margin-right:28px;border-right:1px solid var(--rule-dark)}
.pr-list li:last-child{border-right:0;margin-right:0}
.pr-n{display:flex;align-items:baseline;gap:4px;font:600 clamp(64px,8vw,124px)/1 var(--serif);letter-spacing:-.05em;color:#fff;margin-bottom:22px}
.pr-n b{font-weight:600}
.pr-n i{font-style:normal;color:var(--gold);font-size:.5em;letter-spacing:0}
.pr-list .label{color:var(--gold);display:block;margin-bottom:10px}
.pr-list p{color:var(--slate);font-size:15px;margin:0;max-width:30ch}
.f-mark{display:block;width:100%;height:auto;margin:0 0 56px;background:none;-webkit-background-clip:border-box;background-clip:border-box;user-select:none;overflow:visible}
.f-mark text{font:600 150px/1 var(--logo);letter-spacing:0}
.pr-src{max-width:none;margin:44px 0 0;color:var(--slate);border-top:1px solid var(--rule-dark);padding-top:26px;letter-spacing:.14em}
@media(max-width:960px){.pr-list{grid-template-columns:1fr 1fr}.pr-list li:nth-child(2){border-right:0;margin-right:0}.pr-list li{border-bottom:1px solid var(--rule-dark)}}
@media(max-width:520px){.pr-list{grid-template-columns:1fr}.pr-list li{border-right:0;margin-right:0}}
/* research search */
.sr{position:absolute;left:-9999px}
.search{margin-left:auto}
.search + .count{margin-left:24px}
.search input{background:transparent;border:0;border-bottom:1px solid var(--navy);font:400 15px/1 var(--sans);padding:12px 0;min-width:220px;outline:0;color:var(--navy);border-radius:0;transition:border-color .3s}
.search input:focus{border-bottom-color:var(--accent)}
@media(max-width:700px){.search{margin:12px 0 0;width:100%}.search input{width:100%}.search + .count{margin-left:0}}

/* new photography: tuned positions */
.c-photo img{object-position:18% 50%}
.band img{object-position:center 55%}

/* report assessment blocks and sources */
.assess{padding:20px 0;border-top:1px solid var(--rule)}
.assess h3{color:var(--accent);margin:0 0 8px;font-size:11px;letter-spacing:.18em}
.assess p{margin:0}
.rep-body .chart{margin-top:40px}
.sources a{color:var(--navy);text-decoration:none;background:linear-gradient(var(--rule),var(--rule)) left bottom/100% 1px no-repeat;transition:background-size .3s,color .3s}
.sources a:hover{color:var(--accent)}
.rep-body p{max-width:68ch}

/* ===== category colours: gold for M&A, sage for private equity, copper for real estate ===== */
:root{--c-ma:#C4A55A;--c-ma-ink:#8A6D2F;--c-pe:#6FB3A2;--c-pe-ink:#2F6E61;--c-re:#D08A5C;--c-re-ink:#9A5530}
[data-cat="ma"]{--cat:var(--c-ma);--cat-ink:var(--c-ma-ink)}
[data-cat="pe"]{--cat:var(--c-pe);--cat-ink:var(--c-pe-ink)}
[data-cat="re"]{--cat:var(--c-re);--cat-ink:var(--c-re-ink)}
.r-row .r-cat{color:var(--cat-ink,var(--accent));display:flex;align-items:center;gap:10px}
.r-row .r-cat::before{content:"";width:8px;height:8px;border-radius:50%;background:var(--cat,var(--gold));flex:none}
.r-date i{display:block;font-style:normal;color:var(--slate);font-size:10px;margin-bottom:4px}
.doc[data-cat] .doc-top{color:var(--cat)}
.doc[data-cat]::after{content:"";position:absolute;left:0;right:0;top:0;height:3px;background:var(--cat)}
.r-row a:hover .r-title{color:var(--cat-ink,var(--accent))}
.r-row::after{background:var(--cat,var(--accent))}

/* ===== report page ===== */
.rep .eyebrow{gap:14px}
.cat-pill{display:inline-block;padding:7px 12px;border:1px solid var(--cat);color:var(--cat);text-decoration:none;transition:background .3s,color .3s}
.cat-pill:hover{background:var(--cat);color:var(--navy)}
.rep .page-head em{color:var(--cat)}
.rep .page-head .wrap::after{background:var(--cat)}
.rep-head{min-height:78vh}
.rep-head h1{max-width:20ch;font-size:clamp(38px,5vw,76px)}
.rep-facts{display:flex;flex-wrap:wrap;gap:10px 28px;margin:30px 0 0;color:#D5DBE4}
.rep-facts span{display:flex;align-items:center;gap:10px}
.rep-facts span+span::before{content:"";width:4px;height:4px;border-radius:50%;background:var(--cat)}
/* key figures band */
.kpi-band{padding:0;border-top:1px solid var(--rule-dark)}
.kpis{list-style:none;margin:0;padding:0;display:grid;grid-template-columns:repeat(4,1fr)}
.kpis li{padding:46px 28px 44px 0;margin-right:28px;border-right:1px solid var(--rule-dark);display:flex;flex-direction:column;gap:12px}
.kpis li:last-child{border-right:0;margin-right:0}
.kpis b{font:600 clamp(30px,3.4vw,52px)/1 var(--serif);letter-spacing:-.035em;color:var(--cat)}
.kpis span{color:var(--slate);font-size:14px;line-height:1.4;max-width:24ch}
@media(max-width:860px){.kpis{grid-template-columns:1fr 1fr}.kpis li:nth-child(2){border-right:0;margin-right:0}.kpis li{border-bottom:1px solid var(--rule-dark);padding:30px 16px 28px 0}}
/* layout and contents */
.rep-main{padding-top:110px}
.rep-body h2{display:flex;align-items:baseline;gap:18px;font-size:clamp(30px,3vw,44px);margin:0 0 30px}
.h-n{font:600 13px var(--sans);letter-spacing:.14em;color:var(--cat-ink)}
.rs{padding:0 0 88px;scroll-margin-top:110px}
.toc ol{list-style:none;margin:0 0 40px;padding:0;border-left:1px solid var(--rule)}
.toc a{display:flex;gap:12px;padding:9px 0 9px 18px;margin-left:-1px;border-left:2px solid transparent;text-decoration:none;color:var(--ink-muted);transition:color .3s,border-color .3s}
.toc a span{color:var(--slate)}
.toc a:hover{color:var(--navy)}
.toc a.on{color:var(--navy);border-left-color:var(--cat)}
.toc a.on span{color:var(--cat-ink)}
.rep .summary{list-style:none;counter-reset:s}
.rep .summary li{counter-increment:s;padding:26px 0 26px 64px}
.rep .summary li::before{content:counter(s,decimal-leading-zero);position:absolute;left:0;top:30px;width:auto;height:auto;background:none;font:600 14px var(--sans);letter-spacing:.12em;color:var(--cat-ink)}
/* deal structure */
.deal-map{display:grid;grid-template-columns:1fr minmax(120px,.8fr) 1fr;align-items:stretch;margin:6px 0 14px}
.dm-box{border:1px solid var(--rule);background:#fff;padding:22px 24px;display:flex;flex-direction:column;gap:8px;box-shadow:0 24px 40px -32px rgba(12,22,36,.35)}
.dm-box .label{color:var(--cat-ink)}
.dm-box b{font:600 clamp(18px,1.6vw,23px)/1.2 var(--serif);letter-spacing:-.02em}
.dm-arrow{display:flex;flex-direction:column;justify-content:center;align-items:center;gap:10px;padding:0 14px;text-align:center;color:var(--ink-muted)}
.dm-arrow i{display:block;width:100%;height:1px;background:var(--cat);position:relative;transform:scaleX(0);transform-origin:left;transition:transform 1.2s var(--ease) .2s}
.dm-arrow i::after{content:"";position:absolute;right:-1px;top:-4px;border:4.5px solid transparent;border-left:8px solid var(--cat);border-right:0}
.deal-map.in .dm-arrow i{transform:none}
.dm-result{color:var(--ink-muted);margin:0 0 34px}.dm-result b{color:var(--navy);font-weight:600}
@media(max-width:700px){.deal-map{grid-template-columns:1fr}.dm-arrow{padding:16px 0}.dm-arrow i{width:1px;height:34px;transform:scaleY(0);transform-origin:top}.deal-map.in .dm-arrow i{transform:none}.dm-arrow i::after{right:-4px;top:auto;bottom:-1px;border:4.5px solid transparent;border-top:8px solid var(--cat);border-bottom:0}}
/* timeline */
.tl{list-style:none;margin:0;padding:0;display:grid;grid-template-columns:repeat(var(--n),1fr);position:relative}
.tl::before{content:"";position:absolute;left:0;right:0;top:7px;height:1px;background:var(--rule)}
.tl::after{content:"";position:absolute;left:0;right:0;top:7px;height:1px;background:var(--cat);transform:scaleX(0);transform-origin:left;transition:transform 1.8s var(--ease)}
.tl.in::after{transform:none}
.tl li{position:relative;padding:34px 22px 0 0}
.tl li::before{content:"";position:absolute;left:0;top:1px;width:13px;height:13px;border-radius:50%;background:#fff;border:2px solid var(--cat)}
.tl li:last-child::before{background:var(--cat)}
.tl-d{display:block;color:var(--cat-ink);margin-bottom:8px}
.tl-e{display:block;font-size:15px;line-height:1.5;color:var(--navy)}
@media(max-width:860px){.tl{grid-template-columns:1fr}.tl::before,.tl::after{left:6px;right:auto;top:0;bottom:0;width:1px;height:auto}.tl::after{transform:scaleY(0);transform-origin:top}.tl.in::after{transform:none}.tl li{padding:0 0 26px 34px}.tl li::before{top:3px}}
/* rationale: first paragraph larger */
.rationale p:first-of-type{font:500 clamp(20px,1.7vw,24px)/1.5 var(--serif);letter-spacing:-.015em;color:var(--navy);max-width:60ch}
/* assessment cards */
.assess-grid{display:grid;grid-template-columns:1fr 1fr;gap:20px}
.assess-grid .assess{position:relative;background:var(--bg-2);border-top:2px solid var(--cat);padding:30px 30px 32px}
.a-n{position:absolute;right:26px;top:24px;font:600 34px/1 var(--serif);letter-spacing:-.04em;color:rgba(12,22,36,.09)}
.assess-grid .assess h3{color:var(--cat-ink);font-size:11px;margin:0 0 12px}
.assess-grid .assess p{font-size:15.5px;line-height:1.65}
@media(max-width:700px){.assess-grid{grid-template-columns:1fr}}
.rep .chart .bar.hi{fill:var(--cat)}
.rep .chart{background:#fff;border:1px solid var(--rule);padding:26px 28px 18px}
.rep .sources li::marker{color:var(--cat-ink);font-weight:600}
@media(prefers-reduced-motion:reduce){.tl::after,.dm-arrow i{transform:none!important}}

/* ===== company logos (identification only) ===== */
.lg-strip{display:inline-flex;align-items:center;gap:18px;flex-wrap:wrap}
.lg-strip img{height:30px;width:auto;max-width:160px;object-fit:contain}
.lg-strip i{font-style:normal;color:var(--cat,var(--gold));font-size:20px;line-height:1}
.lg-txt{font:600 15px/1 var(--sans);letter-spacing:.2em;text-transform:uppercase}
.rep-logos{margin-top:36px;padding-top:26px;border-top:1px solid rgba(255,255,255,.16);max-width:640px}
.rep-logos img{filter:brightness(0) invert(1);opacity:.94}
.rep-logos .lg-txt{color:#fff}
.r-thumb{position:relative}
.r-logos{position:absolute;inset:0;display:flex;align-items:center;justify-content:center;padding:10px;background:linear-gradient(rgba(12,22,36,.5),rgba(12,22,36,.72));transition:background .6s var(--ease)}
.r-row a:hover .r-logos{background:linear-gradient(rgba(12,22,36,.3),rgba(12,22,36,.55))}
.r-logos .lg-strip{gap:8px;justify-content:center}
.r-logos img{height:15px;max-width:62px;filter:brightness(0) invert(1)}
.r-logos i{font-size:12px}
.r-logos .lg-txt{font-size:8.5px;letter-spacing:.14em;color:#fff}
.dm-logo{height:30px;width:auto;max-width:150px;object-fit:contain;object-position:left center;margin-bottom:10px;align-self:flex-start}

/* legal page: one place for every notice */
.legal-grid{display:grid;grid-template-columns:3fr 8fr;gap:88px;align-items:start}
.legal-toc{position:sticky;top:120px}
.legal-toc ol{list-style:none;margin:0;padding:0;border-left:1px solid var(--rule)}
.legal-toc a{display:block;padding:9px 0 9px 18px;margin-left:-1px;border-left:2px solid transparent;text-decoration:none;color:var(--ink-muted);transition:color .3s,border-color .3s}
.legal-toc a:hover{color:var(--navy);border-left-color:var(--accent)}
.legal-grid .prose h2{scroll-margin-top:110px}
.legal-grid .prose h2:first-of-type{margin-top:40px}
@media(max-width:860px){.legal-grid{grid-template-columns:1fr;gap:32px}.legal-toc{position:static}}
.mock-note{margin-top:48px}

/* ===== founder ===== */
.founder{padding:150px 0;overflow:hidden;isolation:isolate}
.founder::before{content:"";position:absolute;right:-8%;top:50%;width:min(52vw,760px);aspect-ratio:1;transform:translateY(-50%);background:url(../img/logo-mark.png) center/contain no-repeat;opacity:.045;z-index:-1;pointer-events:none}
.founder-grid{display:grid;grid-template-columns:5fr 7fr;gap:104px;align-items:center}
.f-portrait{margin:0;position:relative;isolation:isolate;max-width:500px}
.f-portrait::before{content:"";position:absolute;inset:26px -26px -26px 26px;border:1px solid rgba(196,165,90,.55);z-index:-1;transition:inset 1s var(--ease)}
.f-portrait:hover::before{inset:16px -16px -16px 16px}
.fp-frame{position:relative;aspect-ratio:4/5;overflow:hidden;background:var(--navy-2);box-shadow:0 60px 90px -50px rgba(0,0,0,.7)}
.fp-frame img{width:100%;height:100%;object-fit:cover;filter:saturate(.92) contrast(1.03);transform:scale(1.03);transition:transform 1.8s var(--ease),filter 1s}
.f-portrait:hover .fp-frame img{transform:scale(1.07);filter:none}
.fp-frame::after{content:"";position:absolute;inset:0;background:linear-gradient(0deg,rgba(12,22,36,.35),transparent 40%);pointer-events:none}
.f-portrait figcaption{margin-top:46px;color:var(--slate);display:flex;align-items:center;gap:14px}
.f-portrait figcaption::before{content:"";width:34px;height:1px;background:var(--gold)}
.f-name{font:600 clamp(56px,7.4vw,118px)/.92 var(--serif);letter-spacing:-.05em;color:#fff;margin:6px 0 22px}
.f-name span{display:block}
.f-name span+span{color:var(--gold)}
.f-role{color:#E8ECF2;letter-spacing:.26em;margin:0}
.f-quote{margin:46px 0 36px;padding:0 0 0 30px;border-left:2px solid var(--gold)}
.f-quote p{font:500 clamp(22px,2.1vw,31px)/1.32 var(--serif);letter-spacing:-.02em;color:#fff;max-width:30ch;margin:0}
.f-bio p{color:#B9C0CB;max-width:58ch}
.f-focus{list-style:none;display:flex;flex-wrap:wrap;gap:10px;padding:0;margin:30px 0 0}
.f-focus li{border:1px solid var(--rule-dark);padding:10px 15px;color:#E8ECF2;transition:border-color .3s,color .3s}
.f-focus li:hover{border-color:var(--gold);color:var(--gold)}
.f-contact{display:grid;grid-template-columns:1fr 1fr;gap:0 32px;margin-top:40px;border-top:1px solid var(--rule-dark)}
.f-link{display:flex;flex-direction:column;gap:8px;padding:24px 0;text-decoration:none;color:#fff;font-size:16.5px;border-bottom:1px solid var(--rule-dark);transition:color .3s}
.f-link .label{color:var(--slate)}
.f-link:hover{color:var(--gold)}
@media(max-width:960px){.founder{padding:96px 0}.founder-grid{grid-template-columns:1fr;gap:72px}.f-portrait{max-width:420px;margin-right:26px}.f-contact{grid-template-columns:1fr}}
/* selected work */
.case{display:grid;grid-template-columns:7fr 5fr;gap:80px;align-items:center}
.case-cover{display:block;background:#fff;box-shadow:0 60px 90px -50px rgba(12,22,36,.5);transition:transform .9s var(--ease),box-shadow .9s}
.case-cover:hover{transform:translateY(-8px);box-shadow:0 80px 110px -50px rgba(12,22,36,.55)}
.case-cover img{width:100%;height:auto}
.case-body h3{font-size:clamp(30px,3vw,46px);line-height:1.05;margin:12px 0 18px;letter-spacing:-.035em}
.case-kpis{list-style:none;padding:0;margin:28px 0 34px;display:grid;grid-template-columns:1fr 1fr;border-top:1px solid var(--rule)}
.case-kpis li{padding:18px 0;border-bottom:1px solid var(--rule);display:flex;flex-direction:column;gap:4px}
.case-kpis li:nth-child(odd){padding-right:18px}
.case-kpis b{font:600 30px/1 var(--serif);letter-spacing:-.04em;color:var(--accent)}
.case-kpis span{font-size:13.5px;color:var(--ink-muted)}
.case-note{font-size:13px;color:var(--ink-muted);margin-top:16px}
@media(max-width:960px){.case{grid-template-columns:1fr;gap:48px}}
/* home: founder card */
.f-mini{display:inline-flex;align-items:center;gap:20px;padding:14px 26px 14px 14px;border:1px solid var(--rule);text-decoration:none;margin:8px 0 40px;transition:border-color .4s,box-shadow .4s}
.f-mini img{width:64px;height:80px;object-fit:cover}
.f-mini b{display:block;font:600 22px/1.1 var(--serif);letter-spacing:-.025em;margin-bottom:6px}
.f-mini .label{color:var(--accent)}
.f-mini-go{font-size:20px;color:var(--accent);margin-left:18px;transition:transform .4s var(--ease)}
.f-mini:hover{border-color:var(--accent);box-shadow:0 30px 50px -36px rgba(12,22,36,.4)}
.f-mini:hover .f-mini-go{transform:translateX(6px)}
.about-links{display:flex;gap:36px;margin:0}

/* ===== fluid transitions ===== */
:root{--ease-out:cubic-bezier(.16,1,.3,1)}
/* smooth scrolling (Lenis) */
html.lenis,html.lenis body{height:auto}
.lenis.lenis-smooth{scroll-behavior:auto!important}
.lenis.lenis-stopped{overflow:hidden}
/* dark blocks dissolve into neighbouring light sections */
.ft{-webkit-mask-image:linear-gradient(180deg,transparent 0,#000 var(--fz,140px));mask-image:linear-gradient(180deg,transparent 0,#000 var(--fz,140px))}
.fb{-webkit-mask-image:linear-gradient(0deg,transparent 0,#000 var(--fz,140px));mask-image:linear-gradient(0deg,transparent 0,#000 var(--fz,140px))}
.ft.fb{-webkit-mask-image:linear-gradient(180deg,transparent 0,#000 var(--fz,140px),#000 calc(100% - var(--fz,140px)),transparent 100%);mask-image:linear-gradient(180deg,transparent 0,#000 var(--fz,140px),#000 calc(100% - var(--fz,140px)),transparent 100%)}
.page-head{padding-bottom:150px}
.founder{padding:170px 0}
/* softer reveals: rise, unblur and fade together */
.rv{opacity:0;transform:translateY(32px);filter:blur(6px);transition:opacity 1.3s var(--ease-out),transform 1.4s var(--ease-out),filter 1.1s var(--ease-out)}
.rv.in{opacity:1;transform:none;filter:none}
.sec-head h2{filter:blur(6px);transition:transform 1.3s var(--ease-out),opacity 1.3s var(--ease-out),filter 1.1s var(--ease-out)}
.sec-head.in h2{filter:none}
.rise{animation-timing-function:cubic-bezier(.16,1,.3,1)}
a,button{transition-timing-function:var(--ease-out)}
/* page changes: the old page dissolves, the new one settles in */
@keyframes vt-out{to{opacity:0;filter:blur(8px);transform:scale(.985)}}
@keyframes vt-in{from{opacity:0;filter:blur(10px);transform:translateY(18px)}to{opacity:1;filter:none;transform:none}}
::view-transition-old(root){animation:vt-out .5s cubic-bezier(.4,0,1,1) both}
::view-transition-new(root){animation:vt-in .8s var(--ease-out) both}
@media(prefers-reduced-motion:reduce){.rv,.sec-head h2{filter:none}.ft,.fb,.ft.fb{-webkit-mask-image:none;mask-image:none}}

/* ===== founder: smaller, quieter portrait ===== */
.founder-grid{grid-template-columns:minmax(0,4fr) minmax(0,8fr);gap:110px;align-items:center}
.f-portrait{max-width:330px;justify-self:end;width:100%}
.f-portrait::before{inset:14px -14px -14px 14px}
.f-portrait:hover::before{inset:9px -9px -9px 9px}
.f-portrait figcaption{margin-top:34px}
.f-name{font-size:clamp(48px,6.2vw,96px)}
@media(max-width:960px){.founder-grid{grid-template-columns:1fr;gap:64px}.f-portrait{justify-self:start;max-width:260px}}

/* ===== icons for email, LinkedIn and websites ===== */
.ico{width:1.05em;height:1.05em;flex:none;display:inline-block;vertical-align:-.16em}
.f-val{display:inline-flex;align-items:center;gap:12px}
.f-val .ico{width:18px;height:18px;color:var(--gold)}
.f-social{display:flex;flex-direction:column;align-items:flex-start;gap:10px;margin:22px 0 0}
.f-social a{display:inline-flex;align-items:center;gap:10px;color:var(--slate);transition:color .3s}
.f-social a:hover{color:#fff}
.f-social .ico{width:16px;height:16px;color:var(--gold)}
.c-direct{display:flex;flex-direction:column;align-items:flex-start;gap:0;margin:26px 0 0;max-width:380px;border-top:1px solid var(--rule)}
.c-direct a{display:flex;align-items:center;gap:14px;width:100%;padding:16px 0;border-bottom:1px solid var(--rule);text-decoration:none;font-size:17px;transition:color .3s,padding .5s var(--ease-out)}
.c-direct a:hover{color:var(--accent);padding-left:8px}
.c-direct .ico{width:19px;height:19px;color:var(--accent)}
.i-link{display:inline-flex;align-items:center;gap:8px}
.i-link .ico{color:var(--accent)}
.ico-ext{width:.8em;height:.8em;margin-left:3px;color:var(--cat-ink,var(--accent));vertical-align:-.04em;transition:transform .35s var(--ease-out)}
.sources a:hover .ico-ext{transform:translate(2px,-2px)}
/* veil: a tinted neighbour reaches softly over the edge of a dark block */
.has-veil{position:relative;z-index:2}
.veil{position:absolute;left:0;right:0;height:var(--fz,140px);pointer-events:none}
.veil.down{top:100%;background:linear-gradient(180deg,var(--c) 0%,color-mix(in srgb,var(--c) 55%,transparent) 38%,transparent 100%)}
.veil.up{bottom:100%;background:linear-gradient(0deg,var(--c) 0%,color-mix(in srgb,var(--c) 55%,transparent) 38%,transparent 100%)}

/* ===== softer blends: long, eased curves instead of straight ramps ===== */
.ft,.fb{
  --ease-top:linear-gradient(180deg,rgba(0,0,0,0) 0,rgba(0,0,0,.013) calc(var(--fz)*.08),rgba(0,0,0,.049) calc(var(--fz)*.15),rgba(0,0,0,.104) calc(var(--fz)*.22),rgba(0,0,0,.175) calc(var(--fz)*.29),rgba(0,0,0,.259) calc(var(--fz)*.36),rgba(0,0,0,.352) calc(var(--fz)*.43),rgba(0,0,0,.45) calc(var(--fz)*.5),rgba(0,0,0,.55) calc(var(--fz)*.57),rgba(0,0,0,.648) calc(var(--fz)*.64),rgba(0,0,0,.741) calc(var(--fz)*.71),rgba(0,0,0,.825) calc(var(--fz)*.78),rgba(0,0,0,.896) calc(var(--fz)*.85),rgba(0,0,0,.951) calc(var(--fz)*.92),#000 var(--fz));
  --ease-bot:linear-gradient(0deg,rgba(0,0,0,0) 0,rgba(0,0,0,.013) calc(var(--fz)*.08),rgba(0,0,0,.049) calc(var(--fz)*.15),rgba(0,0,0,.104) calc(var(--fz)*.22),rgba(0,0,0,.175) calc(var(--fz)*.29),rgba(0,0,0,.259) calc(var(--fz)*.36),rgba(0,0,0,.352) calc(var(--fz)*.43),rgba(0,0,0,.45) calc(var(--fz)*.5),rgba(0,0,0,.55) calc(var(--fz)*.57),rgba(0,0,0,.648) calc(var(--fz)*.64),rgba(0,0,0,.741) calc(var(--fz)*.71),rgba(0,0,0,.825) calc(var(--fz)*.78),rgba(0,0,0,.896) calc(var(--fz)*.85),rgba(0,0,0,.951) calc(var(--fz)*.92),#000 var(--fz));
  --solid:linear-gradient(#000,#000);
  -webkit-mask-image:var(--mt,var(--solid)),var(--mb,var(--solid));mask-image:var(--mt,var(--solid)),var(--mb,var(--solid));
  -webkit-mask-composite:source-in;mask-composite:intersect;
}
.ft{--mt:var(--ease-top)}
.fb{--mb:var(--ease-bot)}
.ft.fb{-webkit-mask-image:var(--ease-top),var(--ease-bot);mask-image:var(--ease-top),var(--ease-bot)}
.veil.down{background:linear-gradient(180deg,var(--c) 0%,color-mix(in srgb,var(--c) 95%,transparent) 8%,color-mix(in srgb,var(--c) 90%,transparent) 15%,color-mix(in srgb,var(--c) 82%,transparent) 22%,color-mix(in srgb,var(--c) 74%,transparent) 29%,color-mix(in srgb,var(--c) 64%,transparent) 36%,color-mix(in srgb,var(--c) 55%,transparent) 43%,color-mix(in srgb,var(--c) 45%,transparent) 50%,color-mix(in srgb,var(--c) 35%,transparent) 57%,color-mix(in srgb,var(--c) 26%,transparent) 64%,color-mix(in srgb,var(--c) 18%,transparent) 71%,color-mix(in srgb,var(--c) 10%,transparent) 78%,color-mix(in srgb,var(--c) 5%,transparent) 85%,color-mix(in srgb,var(--c) 1.3%,transparent) 92%,transparent 100%)}
.veil.up{background:linear-gradient(0deg,var(--c) 0%,color-mix(in srgb,var(--c) 95%,transparent) 8%,color-mix(in srgb,var(--c) 90%,transparent) 15%,color-mix(in srgb,var(--c) 82%,transparent) 22%,color-mix(in srgb,var(--c) 74%,transparent) 29%,color-mix(in srgb,var(--c) 64%,transparent) 36%,color-mix(in srgb,var(--c) 55%,transparent) 43%,color-mix(in srgb,var(--c) 45%,transparent) 50%,color-mix(in srgb,var(--c) 35%,transparent) 57%,color-mix(in srgb,var(--c) 26%,transparent) 64%,color-mix(in srgb,var(--c) 18%,transparent) 71%,color-mix(in srgb,var(--c) 10%,transparent) 78%,color-mix(in srgb,var(--c) 5%,transparent) 85%,color-mix(in srgb,var(--c) 1.3%,transparent) 92%,transparent 100%)}
/* calmer reveals and page changes */
.rv{transform:translateY(22px);filter:blur(3px);transition:opacity 1.6s var(--ease-out),transform 1.7s var(--ease-out),filter 1.4s var(--ease-out)}
.sec-head h2{filter:blur(3px);transition:transform 1.6s var(--ease-out),opacity 1.6s var(--ease-out),filter 1.4s var(--ease-out)}
@keyframes vt-out{to{opacity:0;filter:blur(4px)}}
@keyframes vt-in{from{opacity:0;filter:blur(5px);transform:translateY(10px)}to{opacity:1;filter:none;transform:none}}
::view-transition-old(root){animation:vt-out .55s cubic-bezier(.4,0,.6,1) both}
::view-transition-new(root){animation:vt-in .95s var(--ease-out) both}
.page-head{padding-bottom:200px}
.founder{padding:200px 0}
/* footer: legal lives on its own page, reached from one quiet link */
.f-top{grid-template-columns:2fr 1fr 1fr}
.f-bot-r{display:inline-flex;gap:28px;align-items:center}
.f-bot-r a{text-decoration:none;color:var(--slate);transition:color .3s}
.f-bot-r a:hover{color:#fff}
@media(prefers-reduced-motion:reduce){.ft,.fb,.ft.fb{-webkit-mask-image:none;mask-image:none}}

/* ===== research rows: white logo tiles ===== */
.r-row a{grid-template-columns:150px 1fr 260px 40px}
.latest .r-row a{grid-template-columns:110px 1fr 170px 30px}
.r-tile{position:relative;display:flex;align-items:center;justify-content:center;aspect-ratio:16/10;background:#fff;border:1px solid var(--rule);overflow:hidden;transition:border-color .6s var(--ease-out),box-shadow .8s var(--ease-out),transform .8s var(--ease-out)}
.t-in{display:flex;align-items:center;justify-content:center;gap:14px;width:100%;padding:0 18px}
.r-tile img{height:calc(20px * var(--s,1));width:auto;max-width:42%;object-fit:contain;filter:grayscale(1) contrast(.9);opacity:.62;transition:filter .7s var(--ease-out),opacity .7s var(--ease-out),transform .9s var(--ease-out)}
.r-tile.one img{height:calc(24px * var(--s,1));max-width:72%}
.t-x{font-style:normal;font:300 18px/1 var(--sans);color:var(--cat,var(--gold));flex:none;transition:transform .9s var(--ease-out)}
.t-txt{font:600 11px/1.2 var(--sans);letter-spacing:.2em;text-transform:uppercase;color:var(--navy);opacity:.62;text-align:center;transition:opacity .7s var(--ease-out)}
.t-line{position:absolute;left:0;right:0;bottom:0;height:2px;background:var(--cat,var(--gold));transform:scaleX(0);transform-origin:left;transition:transform .9s var(--ease-out)}
.r-row a:hover .r-tile{border-color:color-mix(in srgb,var(--cat,var(--gold)) 45%,var(--rule));box-shadow:0 26px 46px -34px rgba(12,22,36,.35);transform:translateY(-3px)}
.r-row a:hover .r-tile img{filter:none;opacity:1;transform:scale(1.04)}
.r-row a:hover .t-txt{opacity:1}
.r-row a:hover .t-x{transform:rotate(90deg)}
.r-row a:hover .t-line{transform:none}
.latest .r-tile img{height:calc(15px * var(--s,1))}
.latest .r-tile.one img{height:calc(18px * var(--s,1))}
.latest .t-in{gap:9px;padding:0 10px}
.latest .t-x{font-size:14px}
.latest .t-txt{font-size:8.5px;letter-spacing:.14em}
@media(hover:none){.r-tile img{filter:none;opacity:1}.t-txt{opacity:1}}
@media(max-width:900px){
  .r-row a,.latest .r-row a{grid-template-columns:1fr 24px}
  .r-tile{display:flex;grid-column:1/-1;grid-row:1;aspect-ratio:auto;height:96px;margin-bottom:6px}
  .r-tile img{filter:none;opacity:1;height:calc(20px * var(--s,1))}
  .r-tile.one img{height:calc(24px * var(--s,1))}
  .r-date{grid-row:2}
}
/* report head and deal map: optical sizing per logo */
.rep-logos img{height:calc(28px * var(--s,1));max-width:180px}
.dm-logo{height:calc(26px * var(--s,1))}
/* tiles: stronger resting state (uniform ink), full colour on hover */
.r-tile img{height:calc(24px * var(--s,1));filter:grayscale(1) brightness(.42) contrast(1.15);opacity:.86}
.r-tile.one img{height:calc(28px * var(--s,1))}
.t-txt{opacity:.86}

/* ===== v6: panels instead of haze ===== */
.page-head{padding-bottom:130px}
.founder{padding:160px 0}
.hero-pin,.dark,.hscroll,.kpi-band,.page-head,.news,.site-footer{will-change:clip-path}

/* header: quiet link to The Brief */
nav .nav-brief a{display:inline-flex;align-items:center;gap:10px;color:inherit}
nav .nav-brief i{width:6px;height:6px;border-radius:50%;background:var(--gold);box-shadow:0 0 0 0 rgba(196,165,90,.6);animation:pulse 2.8s var(--ease-out) infinite}
@keyframes pulse{0%{box-shadow:0 0 0 0 rgba(196,165,90,.55)}70%{box-shadow:0 0 0 9px rgba(196,165,90,0)}100%{box-shadow:0 0 0 0 rgba(196,165,90,0)}}
@media(max-width:1040px){nav .nav-brief a{font-size:46px}nav .nav-brief i{width:10px;height:10px}}

/* hero: secondary link and latest-snapshot card */
.hero-cta .link{color:#fff}
.hero-card{position:absolute;right:max(40px,calc((100vw - var(--max))/2 + 40px));bottom:132px;z-index:3;width:330px;display:flex;flex-direction:column;gap:8px;padding:22px 24px 20px;color:#fff;text-decoration:none;background:rgba(12,22,36,.5);-webkit-backdrop-filter:blur(16px) saturate(1.2);backdrop-filter:blur(16px) saturate(1.2);border:1px solid rgba(255,255,255,.14);border-top:2px solid var(--cat);transition:transform .8s var(--ease-out),border-color .6s,background .6s}
.hero-card:hover{transform:translateY(-5px);background:rgba(12,22,36,.66);border-color:rgba(255,255,255,.26);border-top-color:var(--cat)}
.hc-top{display:flex;justify-content:space-between;color:var(--cat)}
.hc-top span:first-child{color:#C9D0DB}
.hc-title{font:600 24px/1.1 var(--serif);letter-spacing:-.03em;margin-top:6px}
.hc-sub{font-size:14px;color:#C9D0DB;line-height:1.45}
.hc-logos{margin:10px 0 4px;padding-top:12px;border-top:1px solid rgba(255,255,255,.14)}
.hc-logos .lg-strip{gap:12px}
.hc-logos img{height:calc(18px * var(--s,1));max-width:120px;filter:brightness(0) invert(1);opacity:.92}
.hc-logos i{font-size:14px}
.hc-date{color:#C9D0DB;display:flex;justify-content:space-between}
@media(max-width:1180px){.hero-card{display:none}}

/* deal tape: real transactions instead of slogans */
.tape{padding:0}
.tape .track{animation-duration:70s}
.tape-item{display:inline-flex;align-items:center;gap:14px;padding:24px 44px;border-right:1px solid var(--rule-dark);color:#fff;text-decoration:none;white-space:nowrap;transition:background .5s}
.tape-item i{width:7px;height:7px;border-radius:50%;background:var(--cat);flex:none}
.tape-item b{font:600 21px/1 var(--serif);letter-spacing:-.025em;transition:color .4s}
.tape .track .tape-item span{font:600 14px/1 var(--sans);letter-spacing:.02em;color:var(--cat);padding:0;display:inline;gap:0;-webkit-text-stroke:0}
.tape .track .tape-item span::after{display:none}
.tape-item em{font:600 10px/1 var(--sans);font-style:normal;letter-spacing:.18em;text-transform:uppercase;color:var(--slate)}
.tape-item:hover{background:rgba(255,255,255,.04)}
.tape-item:hover b{color:var(--cat)}

/* The Brief */
.brief{padding:150px 0;overflow:hidden;isolation:isolate}
.brief::before{content:"";position:absolute;inset:0;z-index:-1;background:radial-gradient(900px 520px at 85% 15%,rgba(196,165,90,.16),transparent 60%),radial-gradient(700px 500px at 0% 100%,rgba(111,179,162,.08),transparent 60%)}
.brief::after{content:"";position:absolute;right:-6%;bottom:-18%;width:min(46vw,640px);aspect-ratio:1;background:url(../img/logo-mark.png) center/contain no-repeat;opacity:.05;z-index:-1;pointer-events:none}
.brief-in{display:grid;grid-template-columns:7fr 5fr;gap:96px;align-items:center}
.brief h2{font-size:clamp(38px,4.4vw,68px);line-height:1.04;letter-spacing:-.04em;max-width:15ch;margin:0 0 40px}
.brief-list{list-style:none;margin:0;padding:0;border-top:1px solid var(--rule-dark);max-width:560px}
.brief-list li{display:flex;gap:22px;align-items:baseline;padding:18px 0;border-bottom:1px solid var(--rule-dark);color:#D5DBE4}
.brief-list b{font:600 12px var(--sans);letter-spacing:.16em;color:var(--gold)}
.brief-form{border:1px solid rgba(196,165,90,.35);padding:40px 38px;background:rgba(255,255,255,.025)}
.brief-form .news-row{flex-direction:column;align-items:stretch;gap:22px}
.brief-form .btn{justify-content:center}
@media(max-width:960px){.brief{padding:100px 0}.brief-in{grid-template-columns:1fr;gap:48px}.brief-form{padding:28px 24px}}

/* Join */
.join-home{padding-bottom:150px}
.join-grid{display:grid;grid-template-columns:6fr 5fr;gap:96px;align-items:center}
.pos-card{background:var(--navy);color:#fff;padding:38px 38px 34px;border-top:2px solid var(--gold);box-shadow:0 60px 90px -60px rgba(12,22,36,.6)}
.pos-top{display:flex;justify-content:space-between;align-items:center;color:var(--slate);margin:0 0 26px}
.pos-n{display:inline-grid;place-items:center;min-width:34px;height:34px;border:1px solid rgba(196,165,90,.5);color:var(--gold);border-radius:50%;letter-spacing:0;font-size:13px}
.pos-h{font:600 clamp(24px,2.2vw,32px)/1.15 var(--serif);letter-spacing:-.03em;margin:0 0 14px;color:#fff}
.pos-t{color:#B9C0CB;margin:0 0 30px;max-width:46ch}
.pos-cta{display:flex;gap:30px;align-items:center;flex-wrap:wrap}
.pos-card .btn,.positions .btn{background:#fff;color:var(--navy);border-color:#fff}
.pos-card .btn::before,.positions .btn::before{background:var(--gold)}
.pos-card .link{background-image:linear-gradient(var(--gold),var(--gold));color:#fff}
@media(max-width:960px){.join-grid{grid-template-columns:1fr;gap:48px}}
.positions .pos-wide{display:grid;grid-template-columns:auto 1fr;gap:72px;align-items:center;border-top:1px solid var(--rule-dark);padding-top:56px}
.pos-big{font:600 clamp(140px,18vw,260px)/.8 var(--serif);letter-spacing:-.06em;color:transparent;-webkit-text-stroke:1.5px var(--gold)}
.positions .i-link{color:#fff;text-decoration:none}.positions .i-link .ico{color:var(--gold)}
@media(max-width:700px){.positions .pos-wide{grid-template-columns:1fr;gap:28px}}
.hero-pin,.dark,.hscroll,.kpi-band,.page-head,.news,.site-footer{will-change:auto}
@media(min-width:1280px){.coord{right:auto;left:28px}}
.latest .r-row a{grid-template-columns:96px 1fr 150px 26px;gap:20px}
.latest .r-deck{display:-webkit-box;-webkit-line-clamp:2;-webkit-box-orient:vertical;overflow:hidden}
.latest .r-title{font-size:clamp(21px,1.8vw,27px)}
@media(min-width:1041px) and (max-width:1240px){nav ul{gap:24px}.logo{font-size:24px}.logo-mark{height:42px}}

/* newsletter: honeypot and states */
.hp{position:absolute;left:-9999px;width:1px;height:1px;overflow:hidden}
.news-form .btn[disabled]{opacity:.6;cursor:progress}
.news-form.done .news-row{opacity:.4;pointer-events:none;transition:opacity .6s var(--ease-out)}
.news-form .fine{min-height:1.5em;transition:color .4s}
.news-form.done .fine{color:var(--gold)}
/* contact channels and report questions */
.c-direct{max-width:440px}
.c-direct a{justify-content:space-between;gap:18px}
.c-direct .label{color:var(--ink-muted);flex:none}
.c-v{display:inline-flex;align-items:center;gap:12px}
.rep-ask{margin:30px 0 0;padding-top:22px;border-top:1px solid var(--rule)}
.rep-ask .i-link{text-decoration:none;color:var(--navy);transition:color .3s}
.rep-ask .i-link:hover{color:var(--cat-ink,var(--accent))}
.rep-ask .ico{color:var(--cat-ink,var(--accent))}
.c-direct + .label{margin-top:24px}
.rep-logos img.keep,.hc-logos img.keep{filter:none;opacity:1}

/* ===== PDF downloads ===== */
.pdf-pill{display:inline-flex;align-items:center;gap:12px;margin-top:26px;padding:12px 18px 12px 14px;border:1px solid rgba(255,255,255,.22);color:#fff;text-decoration:none;font:600 11px/1 var(--sans);letter-spacing:.16em;text-transform:uppercase;background:rgba(12,22,36,.35);-webkit-backdrop-filter:blur(10px);backdrop-filter:blur(10px);transition:border-color .5s,background .5s,transform .7s var(--ease-out)}
.pdf-pill .ico{width:18px;height:18px;color:var(--cat,var(--gold))}
.pdf-pill em{font-style:normal;letter-spacing:.1em;color:#AEB7C4;font-weight:500;padding-left:12px;border-left:1px solid rgba(255,255,255,.2)}
.pdf-pill:hover{border-color:var(--cat,var(--gold));background:rgba(12,22,36,.6);transform:translateY(-2px)}
.pdf-side{display:block;margin-top:34px;text-decoration:none;color:var(--navy)}
.ps-img{display:block;border:1px solid var(--rule);box-shadow:0 30px 50px -36px rgba(12,22,36,.45);overflow:hidden;transition:transform .9s var(--ease-out),box-shadow .9s var(--ease-out)}
.ps-img img{width:100%;height:auto;display:block}
.pdf-side:hover .ps-img{transform:translateY(-4px) rotate(-.6deg);box-shadow:0 44px 60px -36px rgba(12,22,36,.5)}
.ps-t{display:flex;flex-wrap:wrap;align-items:center;gap:8px 10px;margin-top:14px;font:600 11px/1.2 var(--sans);letter-spacing:.16em;text-transform:uppercase}
.ps-t .ico{width:17px;height:17px;color:var(--cat-ink,var(--accent))}
.ps-t em{flex-basis:100%;font-style:normal;color:var(--ink-muted);font-weight:500;letter-spacing:.08em}
.feat-cta{display:flex;align-items:center;gap:30px;flex-wrap:wrap;margin-top:36px}
.feat-cta .btn{margin-top:0}
.dl-link{text-decoration:none;font:600 11px/1 var(--sans);letter-spacing:.16em;text-transform:uppercase;color:var(--navy)}
.dl-link .ico{width:18px;height:18px;color:var(--accent)}
.dl-link:hover{color:var(--accent)}
/* research: library */
.library{padding:140px 0 150px;overflow:hidden;isolation:isolate}
.library::before{content:"";position:absolute;inset:0;z-index:-1;background:radial-gradient(800px 480px at 90% 0%,rgba(196,165,90,.12),transparent 60%)}
.lib-lead{color:#B9C0CB;max-width:56ch;margin:-36px 0 56px}
.lib-grid{display:grid;grid-template-columns:repeat(3,1fr);gap:40px 32px}
.pdf-card{display:flex;flex-direction:column;gap:16px;text-decoration:none;color:#fff}
.pc-img{display:block;position:relative;overflow:hidden;background:#fff;box-shadow:0 40px 70px -40px rgba(0,0,0,.8);transition:transform 1s var(--ease-out),box-shadow 1s var(--ease-out)}
.pc-img::after{content:"";position:absolute;inset:0;background:linear-gradient(180deg,transparent 60%,rgba(12,22,36,.18));pointer-events:none}
.pc-img img{width:100%;height:auto;display:block;transition:transform 1.4s var(--ease-out)}
.pdf-card:hover .pc-img{transform:translateY(-8px);box-shadow:0 60px 90px -40px rgba(0,0,0,.85)}
.pdf-card:hover .pc-img img{transform:scale(1.03)}
.pc-body{display:flex;flex-direction:column;gap:6px;border-top:2px solid var(--cat);padding-top:14px}
.pc-cat{color:var(--cat)}
.pc-title{font:600 21px/1.15 var(--serif);letter-spacing:-.025em}
.pc-meta{color:var(--slate);letter-spacing:.12em}
.pc-dl{display:inline-flex;align-items:center;gap:10px;margin-top:6px;font:600 11px/1 var(--sans);letter-spacing:.16em;text-transform:uppercase;color:#fff;transition:color .4s}
.pc-dl .ico{width:17px;height:17px;color:var(--cat)}
.pdf-card:hover .pc-dl{color:var(--cat)}
@media(max-width:960px){.lib-grid{grid-template-columns:1fr 1fr;gap:32px 20px}}
@media(max-width:560px){.lib-grid{grid-template-columns:1fr}.library{padding:96px 0}}
.pdf-side{max-width:190px}

/* ===== report head: the one-page edition ===== */
.ed-card{position:absolute;right:max(40px,calc((100vw - var(--max))/2 + 40px));bottom:118px;z-index:3;display:flex;align-items:center;gap:22px;padding:18px 20px 18px 18px;min-width:380px;color:#fff;text-decoration:none;background:linear-gradient(135deg,rgba(255,255,255,.09),rgba(255,255,255,.02));-webkit-backdrop-filter:blur(18px) saturate(1.3);backdrop-filter:blur(18px) saturate(1.3);border:1px solid rgba(255,255,255,.14);box-shadow:0 40px 80px -40px rgba(0,0,0,.65);transition:transform .9s var(--ease-out),border-color .6s,background .6s}
.ed-card::before{content:"";position:absolute;left:0;top:0;height:2px;width:100%;background:var(--cat);transform:scaleX(.18);transform-origin:left;transition:transform 1s var(--ease-out)}
.ed-page{position:relative;flex:none;width:62px;aspect-ratio:900/1273;background:#fff;transform:rotate(-5deg) translateY(-2px);box-shadow:0 18px 30px -12px rgba(0,0,0,.6),0 0 0 1px rgba(255,255,255,.4);transition:transform .9s var(--ease-out),box-shadow .9s var(--ease-out)}
.ed-page::after{content:"";position:absolute;inset:0;background:linear-gradient(115deg,rgba(255,255,255,.35),transparent 40%)}
.ed-page img{width:100%;height:100%;object-fit:cover;display:block}
.ed-txt{display:flex;flex-direction:column;gap:6px;min-width:0}
.ed-txt .label{color:var(--cat)}
.ed-txt b{font:600 19px/1.15 var(--serif);letter-spacing:-.025em}
.ed-txt .ed-meta{color:#AEB7C4;letter-spacing:.14em}
.ed-go{margin-left:auto;flex:none;display:grid;place-items:center;width:46px;height:46px;border-radius:50%;border:1px solid color-mix(in srgb,var(--cat) 70%,transparent);color:var(--cat);overflow:hidden;position:relative;transition:background .6s var(--ease-out),color .6s,border-color .6s}
.ed-go .ico{width:18px;height:18px}
.ed-card:hover{transform:translateY(-4px);border-color:rgba(255,255,255,.26);background:linear-gradient(135deg,rgba(255,255,255,.13),rgba(255,255,255,.04))}
.ed-card:hover::before{transform:scaleX(1)}
.ed-card:hover .ed-page{transform:rotate(0) translateY(-6px) scale(1.04);box-shadow:0 26px 40px -14px rgba(0,0,0,.7),0 0 0 1px rgba(255,255,255,.5)}
.ed-card:hover .ed-go{background:var(--cat);color:var(--navy);border-color:var(--cat)}
.ed-card:hover .ed-go .ico{animation:dropin .7s var(--ease-out)}
@keyframes dropin{0%{transform:translateY(0)}45%{transform:translateY(130%)}46%{transform:translateY(-130%)}100%{transform:translateY(0)}}
@media(max-width:1180px){.ed-card{position:relative;right:auto;bottom:auto;margin:34px 0 0 max(20px,calc((100vw - var(--max))/2 + 40px));min-width:0;max-width:calc(100% - 40px);display:inline-flex}}
@media(max-width:700px){.ed-card{margin-left:20px;gap:16px;padding:14px}.ed-page{width:50px}.ed-txt b{font-size:17px}}
.pdf-pill{display:none}

/* ===== deal tape with logos ===== */
.tape-item{gap:18px;padding:22px 46px}
.tp-logos{display:inline-flex;align-items:center;gap:12px}
.tp-img{height:calc(20px * var(--s,1));width:auto;max-width:120px;object-fit:contain;filter:brightness(0) invert(1);opacity:.92;transition:filter .6s var(--ease-out),opacity .6s}
.tp-img.keep{filter:none;opacity:1}
.tp-x{font-style:normal;font:300 15px/1 var(--sans);color:var(--cat)}
.tp-txt{font:600 11px/1 var(--sans);letter-spacing:.2em;text-transform:uppercase;color:#fff}
.tape .track .tape-item .tp-v{font:600 15px/1 var(--serif);letter-spacing:-.01em;color:var(--cat);padding:0 0 0 18px;border-left:1px solid var(--rule-dark);display:inline;gap:0;-webkit-text-stroke:0}
.tape .track .tape-item .tp-v::after{display:none}
.tape-item:hover .tp-img{filter:none;opacity:1}

/* ===== fine details ===== */
::selection{background:var(--gold);color:var(--navy)}
html{scrollbar-width:thin;scrollbar-color:rgba(12,22,36,.35) transparent}
.site-header.solid{background:rgba(255,255,255,.86);-webkit-backdrop-filter:blur(16px) saturate(1.4);backdrop-filter:blur(16px) saturate(1.4)}
img{-webkit-user-drag:none}
.tape-item:hover .tp-img{filter:brightness(0) invert(1);opacity:1}
.tape-item:hover .tp-img.keep{filter:none}
.tape-item:hover .tp-v{filter:brightness(1.25)}
@media(max-width:1180px){.rep-head{flex-direction:column;align-items:stretch;justify-content:flex-end}.rep-head .ed-card{align-self:flex-start}}
/* tape: neutralise the old word-marquee span styles */
.tape .track .tp-logos{display:inline-flex;flex-direction:row;flex-wrap:nowrap;align-items:center;gap:12px;padding:0;font:inherit;white-space:nowrap}
.tape .track .tp-logos::after,.tape .track .tp-txt::after{display:none}
.tape .track .tp-txt{display:inline;padding:0;gap:0;font:600 11px/1 var(--sans);letter-spacing:.2em;text-transform:uppercase;color:#fff;-webkit-text-stroke:0}
.tape-item i.tp-x{width:auto;height:auto;background:none;border-radius:0;display:inline;font-style:normal;font:300 15px/1 var(--sans);color:var(--cat)}
.tape .track .tape-item:nth-child(n) span{-webkit-text-stroke:0}
.tape .track .tape-item span.tp-logos{display:inline-flex;flex-direction:row;align-items:center;gap:12px}
.tp-img{height:calc(23px * var(--s,1))}.tape-item{padding:26px 50px}

/* ===== founder: partner profile ===== */
.founder{padding:150px 0 170px}
.fd-head{display:flex;align-items:center;gap:22px;margin-bottom:84px;color:var(--slate)}
.fd-line{flex:1;height:1px;background:var(--rule-dark)}
.fd-grid{display:grid;grid-template-columns:minmax(0,5fr) minmax(0,7fr);gap:110px;align-items:start}
.fd-portrait{margin:0;max-width:380px}
.fd-portrait.rv{opacity:1;transform:none;filter:none}
.fd-frame{position:relative;padding:14px;border:1px solid rgba(196,165,90,.42)}
.fd-frame::before,.fd-frame::after{content:"";position:absolute;width:22px;height:22px;border-color:var(--gold);border-style:solid;pointer-events:none}
.fd-frame::before{left:-1px;top:-1px;border-width:2px 0 0 2px}
.fd-frame::after{right:-1px;bottom:-1px;border-width:0 2px 2px 0}
.fd-img{aspect-ratio:4/5;overflow:hidden;background:var(--navy-2);clip-path:inset(100% 0 0 0);transition:clip-path 1.8s var(--ease-out)}
.fd-img img{width:100%;height:100%;object-fit:cover;transform:scale(1.14);filter:saturate(.9) contrast(1.02);transition:transform 2.6s var(--ease-out),filter 1s}
.fd-portrait.in .fd-img{clip-path:inset(0)}
.fd-portrait.in .fd-img img{transform:scale(1)}
.fd-portrait:hover .fd-img img{filter:none}
.fd-plate{display:flex;align-items:center;gap:16px;margin-top:24px;color:var(--slate)}
.fd-mono{display:grid;place-items:center;width:54px;height:54px;border:1px solid rgba(196,165,90,.6);border-radius:50%;font:600 17px/1 var(--logo);letter-spacing:.12em;padding-left:.12em;color:var(--gold)}
.fd-body{padding-top:6px}
.fd-role{color:var(--gold);letter-spacing:.28em;margin:0 0 20px}
.fd-name{font:600 clamp(46px,5.4vw,86px)/1 var(--serif);letter-spacing:-.045em;color:#fff;margin:0;white-space:nowrap}
.fd-rule{display:block;width:72px;height:1px;background:var(--gold);margin:36px 0 44px;transform-origin:left}
.fd-rule.rv{transform:scaleX(0);opacity:1;filter:none;transition:transform 1.6s var(--ease-out) .2s}
.fd-rule.rv.in{transform:none}
.fd-quote{margin:0 0 44px;position:relative}
.fd-qm{position:absolute;left:-10px;top:-58px;font:600 130px/1 var(--logo);color:rgba(196,165,90,.24);pointer-events:none}
.fd-quote p{position:relative;font:500 clamp(22px,2.1vw,31px)/1.35 var(--serif);letter-spacing:-.022em;color:#fff;max-width:31ch;margin:0}
.fd-bio{display:grid;grid-template-columns:1fr 1fr;gap:36px;color:#B9C0CB;font-size:15.5px;line-height:1.7}
.fd-bio p{margin:0}
.fd-facts{margin:52px 0 0;border-top:1px solid var(--rule-dark)}
.fd-facts div{display:grid;grid-template-columns:150px 1fr;gap:24px;align-items:baseline;padding:17px 0;border-bottom:1px solid var(--rule-dark)}
.fd-facts dt{color:var(--slate)}
.fd-facts dd{margin:0;color:#E8ECF2;font-size:15.5px}
.fd-links{display:flex;flex-wrap:wrap;gap:12px 30px}
.fd-links a{display:inline-flex;align-items:center;gap:10px;color:#fff;text-decoration:none;transition:color .4s}
.fd-links a:hover{color:var(--gold)}
.fd-links .ico{width:17px;height:17px;color:var(--gold)}
@media(max-width:1100px){.fd-grid{gap:72px}.fd-bio{grid-template-columns:1fr;gap:16px}}
@media(max-width:900px){.founder{padding:100px 0 110px}.fd-head{margin-bottom:56px}.fd-grid{grid-template-columns:1fr;gap:56px}.fd-portrait{max-width:300px}.fd-name{white-space:normal}.fd-facts div{grid-template-columns:110px 1fr;gap:16px}}
@media(prefers-reduced-motion:reduce){.fd-img{clip-path:none}.fd-img img{transform:none}.fd-rule.rv{transform:none}}

/* ===== v7: one transaction, one page (live anatomy) ===== */
.anatomy{padding-top:150px}
.an-lead{font:500 clamp(20px,1.8vw,26px)/1.45 var(--serif);letter-spacing:-.015em;max-width:44ch;margin:-36px 0 72px;color:var(--navy)}
.an .an-stage{top:110px}
.an-page{position:relative;max-width:520px;box-shadow:0 70px 110px -60px rgba(12,22,36,.55),0 0 0 1px var(--rule);overflow:hidden;background:#fff}
.an-page img{width:100%;height:auto;display:block}
.spot{position:absolute;left:var(--x);top:var(--y);width:var(--w);height:var(--h);border:2px solid var(--gold);box-shadow:0 0 0 2000px rgba(12,22,36,.5),0 0 40px rgba(196,165,90,.35);transition:left 1s var(--ease-out),top 1s var(--ease-out),width 1s var(--ease-out),height 1s var(--ease-out);pointer-events:none}
.an-stage{--x:0%;--y:0%;--w:100%;--h:28.5%}
.an-stage[data-active="2"]{--x:4%;--y:29.5%;--w:44%;--h:33%}
.an-stage[data-active="3"]{--x:48.5%;--y:29.5%;--w:47.5%;--h:28%}
.an-stage[data-active="4"]{--x:48.5%;--y:57.5%;--w:47.5%;--h:27.5%}
.an-stage[data-active="5"]{--x:4%;--y:86%;--w:92%;--h:6.8%}
.an-stage .spot{left:var(--x);top:var(--y);width:var(--w);height:var(--h)}
.an-dl{margin-top:26px;display:inline-flex}
.an .step .num{color:var(--accent);font-weight:600}
.an .step h3{font-size:clamp(30px,3vw,44px)}
.an .step.on h3{color:var(--navy)}
.an .step.on .num{color:var(--gold)}
@media(max-width:960px){.an-page{max-width:420px}.spot{display:none}}

/* report covers: party logos instead of photographs */
.doc-logos{display:flex;align-items:center;justify-content:center;position:relative;background:radial-gradient(120% 90% at 80% 0%,color-mix(in srgb,var(--cat) 34%,transparent),transparent 55%),linear-gradient(160deg,#18283f,#0C1624)}
.doc-logos::before{content:"";position:absolute;inset:0;background-image:linear-gradient(rgba(255,255,255,.05) 1px,transparent 1px),linear-gradient(90deg,rgba(255,255,255,.05) 1px,transparent 1px);background-size:28px 28px;-webkit-mask-image:radial-gradient(circle at 50% 50%,#000,transparent 75%);mask-image:radial-gradient(circle at 50% 50%,#000,transparent 75%)}
.dl-in{position:relative;padding:0 22px}
.doc-logos .lg-strip{gap:16px;justify-content:center}
.doc-logos img{height:calc(28px * var(--s,1));max-width:140px;filter:brightness(0) invert(1)}
.doc-logos img.keep{filter:none}
.doc-logos i{font-size:18px}
.doc-logos .lg-txt{color:#fff}
a:hover .doc-logos img{transform:scale(1.04);transition:transform 1s var(--ease-out)}

/* first-hand perspectives, in colour */
.persp-photo{position:relative;padding:150px 0 140px;overflow:hidden;isolation:isolate}
.pp-bg{position:absolute;inset:0;z-index:-2}
.pp-bg img{width:100%;height:100%;object-fit:cover;object-position:center 40%;transform:scale(1.05)}
.persp-photo::before{content:"";position:absolute;inset:0;z-index:-1;background:linear-gradient(90deg,rgba(12,22,36,.92) 0%,rgba(12,22,36,.78) 45%,rgba(12,22,36,.35) 100%),linear-gradient(0deg,rgba(12,22,36,.85),transparent 50%)}
.pp-grid{display:grid;grid-template-columns:6fr 5fr;gap:80px;align-items:start}
.pp-lead{font:500 clamp(24px,2.4vw,36px)/1.3 var(--serif);letter-spacing:-.025em;color:#fff;max-width:26ch;margin:0}
.pp-list{list-style:none;margin:0;padding:0;border-top:1px solid rgba(255,255,255,.2)}
.pp-list li{display:grid;grid-template-columns:44px 1fr;column-gap:8px;padding:20px 0;border-bottom:1px solid rgba(255,255,255,.2);color:#D5DBE4;font-size:15.5px}
.pp-list span{grid-row:1/3;font:600 12px var(--sans);letter-spacing:.14em;color:var(--gold);padding-top:4px}
.pp-list b{font:600 19px/1.3 var(--serif);color:#fff;letter-spacing:-.02em;margin-bottom:4px}
.pp-link{margin-top:48px;color:#fff;background-image:linear-gradient(var(--gold),var(--gold))}
@media(max-width:900px){.pp-grid{grid-template-columns:1fr;gap:40px}.persp-photo{padding:100px 0}}

/* principles on white, each figure in its own colour */
.principles{background:#fff;color:var(--navy);padding:120px 0 100px}
.principles .pr-list{border-top-color:var(--rule)}
.principles .pr-list li{border-right-color:var(--rule)}
.principles .pr-n{color:var(--navy)}
.principles .pr-list li:nth-child(1) .pr-n b{color:#8A6D2F}
.principles .pr-list li:nth-child(2) .pr-n b{color:#2F6E61}
.principles .pr-list li:nth-child(3) .pr-n b{color:#9A5530}
.principles .pr-list li:nth-child(3) .pr-n i{color:#9A5530}
.principles .pr-list .label{color:var(--navy)}
.principles .pr-list p{color:var(--ink-muted)}
.principles .pr-src{color:var(--ink-muted);border-top-color:var(--rule)}
@media(max-width:960px){.principles .pr-list li{border-bottom-color:var(--rule)}}
.persp-photo::before{background:linear-gradient(90deg,rgba(12,22,36,.9) 0%,rgba(12,22,36,.62) 48%,rgba(12,22,36,.12) 100%),linear-gradient(0deg,rgba(12,22,36,.7),transparent 45%)}
.pp-list{background:rgba(12,22,36,.42);-webkit-backdrop-filter:blur(14px) saturate(1.2);backdrop-filter:blur(14px) saturate(1.2);border:1px solid rgba(255,255,255,.16);border-top:2px solid var(--gold);padding:6px 28px}
.pp-list li:last-child{border-bottom:0}

/* ===== v8 ===== */
/* hero: single Zurich image, quiet scroll cue */
.hero-scroll{position:absolute;left:50%;bottom:34px;transform:translateX(-50%);flex-direction:column;gap:12px;color:#E8ECF2;z-index:2}
.hero-scroll i{height:44px}
.hero .bg .slide img{object-position:center 45%}

/* reports: editorial */
.byline{display:grid;grid-template-columns:auto 1fr auto;align-items:center;gap:18px;padding:0 0 28px;margin-bottom:56px;border-bottom:1px solid var(--rule)}
.byline img{width:52px;height:52px;border-radius:50%;object-fit:cover;object-position:center 20%}
.by-who b{display:block;font:600 16px/1.2 var(--serif);letter-spacing:-.01em}
.by-who span{font-size:13.5px;color:var(--ink-muted)}
.by-share{display:flex;align-items:center;gap:14px;color:var(--ink-muted)}
.by-share a{display:grid;place-items:center;width:36px;height:36px;border:1px solid var(--rule);border-radius:50%;color:var(--navy);transition:border-color .3s,color .3s}
.by-share a:hover{border-color:var(--cat-ink);color:var(--cat-ink)}
.by-share .ico{width:15px;height:15px}
.by-copy{background:none;border:1px solid var(--rule);border-radius:999px;padding:10px 16px;font:600 10px/1 var(--sans);letter-spacing:.16em;text-transform:uppercase;color:var(--navy);cursor:pointer;transition:border-color .3s}
.by-copy:hover{border-color:var(--cat-ink)}
@media(max-width:700px){.byline{grid-template-columns:auto 1fr}.by-share{grid-column:1/-1}}
.rep-body h2{display:block}
.takeaways{background:var(--bg-2);border-left:3px solid var(--cat);padding:10px 34px}
.rep .takeaways .summary li{padding:20px 0 20px 30px;border-top:1px solid var(--rule);font-size:clamp(19px,1.7vw,23px)}
.rep .takeaways .summary li:first-child{border-top:0}
.rep .takeaways .summary li::before{content:"";top:34px;width:12px;height:2px;background:var(--cat)}
.assess-list{border-top:1px solid var(--rule)}
.assess-ed{padding:26px 0;border-bottom:1px solid var(--rule);display:grid;grid-template-columns:220px 1fr;gap:32px}
.assess-ed h3{font:600 20px/1.25 var(--serif);letter-spacing:-.02em;margin:0;color:var(--cat-ink)}
.assess-ed p{margin:0}
@media(max-width:800px){.assess-ed{grid-template-columns:1fr;gap:8px}}
.toc a{padding-left:16px}

/* research: lead story */
.lead-sec{padding:110px 0 30px}
.lead-story{display:grid;grid-template-columns:6fr 5fr;gap:0;text-decoration:none;color:var(--navy);border:1px solid var(--rule);background:#fff;box-shadow:0 60px 100px -70px rgba(12,22,36,.45);transition:transform 1s var(--ease-out),box-shadow 1s var(--ease-out)}
.lead-story:hover{transform:translateY(-6px);box-shadow:0 80px 120px -70px rgba(12,22,36,.55)}
.ls-cover{min-height:420px}
.ls-cover .lg-strip img{height:calc(42px * var(--s,1));max-width:200px}
.ls-cover .lg-strip i{font-size:24px}
.ls-body{display:flex;flex-direction:column;gap:18px;padding:52px 52px 46px}
.ls-tag{display:flex;align-items:center;gap:10px;color:var(--cat-ink)}
.ls-tag i{width:8px;height:8px;border-radius:50%;background:var(--cat)}
.ls-title{font:600 clamp(30px,3vw,44px)/1.06 var(--serif);letter-spacing:-.035em}
.ls-title em{color:var(--cat-ink)}
.ls-deck{color:var(--ink-muted);font-size:16px;line-height:1.65}
.ls-kpis{display:grid;grid-template-columns:repeat(3,1fr);border-top:1px solid var(--rule);margin-top:6px}
.ls-kpis span{display:flex;flex-direction:column;gap:6px;padding:18px 14px 4px 0}
.ls-kpis b{font:600 24px/1 var(--serif);letter-spacing:-.03em;color:var(--cat-ink)}
.ls-kpis small{font-size:12.5px;line-height:1.35;color:var(--ink-muted)}
.ls-go{align-self:flex-start;margin-top:auto}
.arch-sec{padding-top:110px}
@media(max-width:960px){.lead-story{grid-template-columns:1fr}.ls-cover{min-height:240px}.ls-body{padding:32px 26px}}

/* perspectives page */
.pv-intro{padding-top:130px}
.pv-intro h2{font-size:clamp(34px,3.8vw,58px);line-height:1.05}
.pv-steps{list-style:none;margin:0;padding:0;display:grid;grid-template-columns:repeat(3,1fr);gap:24px}
.pv-steps li{position:relative;padding:40px 34px 44px;border:1px solid var(--rule-dark);background:linear-gradient(160deg,rgba(255,255,255,.04),transparent 60%);transition:border-color .6s,transform .9s var(--ease-out)}
.pv-steps li::before{content:"";position:absolute;left:0;top:-1px;height:2px;width:56px;background:var(--gold);transition:width 1s var(--ease-out)}
.pv-steps li:hover{border-color:rgba(196,165,90,.45);transform:translateY(-4px)}
.pv-steps li:hover::before{width:100%}
.pv-k{display:block;font:600 11px/1 var(--sans);letter-spacing:.2em;text-transform:uppercase;color:var(--gold);margin-bottom:40px}
.pv-steps h3{font-size:clamp(24px,2.2vw,32px);margin:0 0 12px}
.pv-steps p{color:#B9C0CB;margin:0}
@media(max-width:900px){.pv-steps{grid-template-columns:1fr}}
.pv-who h2{font-size:clamp(32px,3.4vw,52px)}
.pv-open{background:var(--bg-2)}
.oq-grid{display:grid;grid-template-columns:repeat(3,1fr);gap:24px}
.oq{display:flex;flex-direction:column;gap:12px;padding:30px 30px 28px;background:#fff;border:1px solid var(--rule);border-top:2px solid var(--cat);text-decoration:none;color:var(--navy);transition:transform .9s var(--ease-out),box-shadow .9s var(--ease-out)}
.oq:hover{transform:translateY(-5px);box-shadow:0 40px 70px -46px rgba(12,22,36,.45)}
.oq-logos{min-height:34px;display:flex;align-items:center}
.oq-logos .lg-strip{gap:10px}
.oq-logos img{height:calc(20px * var(--s,1));max-width:110px}
.oq-logos i{font-size:13px}
.oq-logos .lg-txt{font-size:10px;color:var(--navy)}
.oq-cat{color:var(--cat-ink)}
.oq-title{font:600 22px/1.15 var(--serif);letter-spacing:-.025em}
.oq-q{color:var(--ink-muted);font-size:15px;line-height:1.6;flex:1}
.oq-go{display:inline-flex;align-items:center;gap:10px;font:600 10.5px/1 var(--sans);letter-spacing:.16em;text-transform:uppercase;color:var(--cat-ink);padding-top:14px;border-top:1px solid var(--rule)}
.oq-go .ico{width:16px;height:16px}
@media(max-width:960px){.oq-grid{grid-template-columns:1fr 1fr}}
@media(max-width:620px){.oq-grid{grid-template-columns:1fr}}
.pv-cta{padding:130px 0;overflow:hidden;isolation:isolate}
.pv-cta::before{content:"";position:absolute;inset:0;z-index:-1;background:radial-gradient(700px 420px at 85% 20%,rgba(196,165,90,.18),transparent 60%)}
.pv-cta-in{display:grid;grid-template-columns:7fr 5fr;gap:80px;align-items:end}
.pv-cta h2{font-size:clamp(36px,4vw,62px);line-height:1.05;margin:0}
.pv-cta p{color:#B9C0CB;margin-bottom:26px}
.pv-cta .btn{background:#fff;color:var(--navy);border-color:#fff;text-transform:none;letter-spacing:.02em;font-size:15px}
.pv-cta .btn .ico{width:18px;height:18px;color:var(--accent)}
@media(max-width:900px){.pv-cta-in{grid-template-columns:1fr;gap:28px}}

/* about: philosophy */
.philo{background:var(--bg-2)}
.ph-grid{display:grid;grid-template-columns:repeat(3,1fr);gap:0;border-top:1px solid var(--rule)}
.ph-item{padding:40px 36px 44px 0;border-bottom:1px solid var(--rule)}
.ph-item:not(:nth-child(3n)){border-right:1px solid var(--rule);margin-right:36px}
.ph-item h3{font-size:clamp(22px,2vw,28px);line-height:1.15;margin:0 0 14px;position:relative;padding-top:22px}
.ph-item h3::before{content:"";position:absolute;left:0;top:0;width:28px;height:2px;background:var(--gold)}
.ph-item p{color:var(--ink-muted);margin:0}
@media(max-width:900px){.ph-grid{grid-template-columns:1fr}.ph-item{border-right:0!important;margin-right:0!important}}
.philo{background:#fff}.pv-open{background:#fff}.oq{background:var(--bg-2)}

/* ===== v9: founder profile, quiet and precise ===== */
.profile{padding:140px 0 120px;background:#fff}
.pf-card{display:grid;grid-template-columns:260px 1fr;gap:72px;align-items:start;padding:56px;background:var(--bg-2);border-top:2px solid var(--gold)}
.pf-photo{margin:0;aspect-ratio:4/5;overflow:hidden;box-shadow:0 40px 70px -50px rgba(12,22,36,.5)}
.pf-photo img{width:100%;height:100%;object-fit:cover;object-position:center 20%;filter:saturate(.92);transition:transform 1.6s var(--ease-out),filter .8s}
.pf-card:hover .pf-photo img{transform:scale(1.03);filter:none}
.pf-head{padding-bottom:24px;border-bottom:1px solid var(--rule)}
.pf-name{font:600 clamp(32px,3vw,44px)/1.05 var(--serif);letter-spacing:-.035em;margin:0 0 12px;color:var(--navy)}
.pf-role{display:flex;align-items:center;gap:14px;margin:0;font:600 11px/1 var(--sans);letter-spacing:.22em;text-transform:uppercase;color:var(--accent)}
.pf-role i{width:18px;height:1px;background:var(--gold)}
.pf-quote{margin:30px 0 26px;padding:0}
.pf-quote p{font:500 clamp(19px,1.6vw,23px)/1.45 var(--serif);letter-spacing:-.015em;color:var(--navy);max-width:40ch;margin:0}
.pf-bio{display:grid;grid-template-columns:1fr 1fr;gap:32px;color:var(--ink-muted);font-size:15.5px;line-height:1.7}
.pf-bio p{margin:0}
.pf-foot{display:flex;justify-content:space-between;align-items:flex-end;gap:24px;margin-top:32px;padding-top:22px;border-top:1px solid var(--rule)}
.pf-foot dl{display:flex;gap:48px;margin:0}
.pf-foot dt{color:var(--ink-muted);margin-bottom:6px}
.pf-foot dd{margin:0;font-size:15px;color:var(--navy)}
.pf-links{display:flex;gap:10px;margin:0}
.pf-links a{display:grid;place-items:center;width:40px;height:40px;border:1px solid var(--rule);border-radius:50%;color:var(--navy);background:#fff;transition:border-color .3s,color .3s,transform .5s var(--ease-out)}
.pf-links a:hover{border-color:var(--accent);color:var(--accent);transform:translateY(-2px)}
.pf-links .ico{width:16px;height:16px}
@media(max-width:1000px){.pf-card{grid-template-columns:200px 1fr;gap:44px;padding:40px}.pf-bio{grid-template-columns:1fr;gap:14px}}
@media(max-width:700px){.profile{padding:90px 0}.pf-card{grid-template-columns:1fr;gap:28px;padding:28px 22px}.pf-photo{max-width:200px}.pf-foot{flex-direction:column;align-items:flex-start}.pf-foot dl{gap:28px}}

/* perspectives: contribution form */
.pv-form-sec{background:var(--bg-2)}
.f2{display:grid;grid-template-columns:1fr 1fr;gap:28px}
@media(max-width:700px){.f2{grid-template-columns:1fr;gap:0}}
.pv-form-sec .field input::placeholder{color:#9AA3AF}

/* 404 */
.nf{min-height:100svh;display:flex;align-items:center;position:relative;overflow:hidden;isolation:isolate}
.nf-bg{position:absolute;inset:0;z-index:-2}.nf-bg img{width:100%;height:100%;object-fit:cover}
.nf::before{content:"";position:absolute;inset:0;z-index:-1;background:linear-gradient(90deg,rgba(12,22,36,.92),rgba(12,22,36,.55))}
.nf h1{color:#fff;max-width:16ch}.nf .lead{color:#D5DBE4;margin:24px 0 36px}

/* typography finesse */
h1,h2,h3,.ls-title,.pf-quote p,.an-lead,.pp-lead{text-wrap:balance}
p,li{text-wrap:pretty}
body{font-feature-settings:"kern","liga","calt"}
.data,.kpis,.pr-n,.ls-kpis{font-variant-numeric:tabular-nums lining-nums}
.pv-form-sec{background:#fff}
html,body{overflow-x:clip}
.pf-quote{border-left:0}

/* ===== v10: footer without giant wordmark, cinematic opening ===== */
.f-mark{display:none}
.site-footer .f-top{margin-bottom:56px}

:root{--t0:0s;--x-in:cubic-bezier(.16,1,.3,1);--x-io:cubic-bezier(.76,0,.24,1)}
.intro{--t0:2.95s}

/* curtain: two navy halves that part along a gold seam */
.curtain{display:none;background:none;gap:0;padding:0}
.intro .curtain{display:block;animation:cHide 0s linear 4s forwards}
.curtain .c-half{position:absolute;left:0;right:0;height:50%;background:var(--navy);display:flex;justify-content:center;overflow:hidden}
.c-top{top:0;align-items:flex-end}
.c-bot{bottom:0;align-items:flex-start}
.c-top::before,.c-bot::before{content:"";position:absolute;inset:0;pointer-events:none;background:radial-gradient(ellipse 60% 90% at 50% 100%,rgba(196,165,90,.09),transparent 70%)}
.c-bot::before{background:radial-gradient(ellipse 60% 90% at 50% 0%,rgba(196,165,90,.09),transparent 70%)}
.intro .c-top{animation:cUp 1.35s var(--x-io) 2.4s forwards}
.intro .c-bot{animation:cDown 1.35s var(--x-io) 2.4s forwards}
.c-up{display:flex;flex-direction:column;align-items:center;gap:22px;padding-bottom:30px}
.c-dn{display:flex;flex-direction:column;align-items:center;gap:14px;padding-top:30px}
.curtain .c-mark{width:84px;height:auto;opacity:0;transform:scale(.8);filter:blur(12px)}
.intro .c-mark{animation:cMark 1.4s var(--x-in) .15s forwards}
.c-word{margin:0;display:flex;font:600 clamp(22px,2.6vw,34px)/1 var(--logo);color:#fff;letter-spacing:.9em;padding-left:.9em;overflow:hidden;padding-bottom:.08em}
.intro .c-word{animation:cTrack 2s var(--x-in) .4s forwards}
.c-word span{display:inline-block;transform:translateY(110%)}
.intro .c-word span{animation:cLetter 1.1s var(--x-in) calc(.45s + var(--i)*.055s) forwards}
.c-tag,.c-geo{margin:0;opacity:0;transform:translateY(-8px);font:500 10.5px/1.4 var(--sans);letter-spacing:.32em;text-transform:uppercase;text-align:center;padding-left:.32em}
.c-tag{color:var(--gold)}
.c-geo{color:rgba(255,255,255,.5);font-variant-numeric:tabular-nums;letter-spacing:.26em}
.intro .c-tag{animation:cFade .9s var(--x-in) 1.1s forwards}
.intro .c-geo{animation:cFade .9s var(--x-in) 1.3s forwards}
.intro .c-up,.intro .c-dn{animation:cOut .9s var(--x-io) 2.35s forwards}
.c-seam{position:absolute;left:0;right:0;top:50%;height:1px;margin-top:-.5px;background:linear-gradient(90deg,transparent,var(--gold) 20%,#F1DFAE 50%,var(--gold) 80%,transparent);transform:scaleX(0);box-shadow:0 0 18px rgba(196,165,90,.55)}
.intro .c-seam{animation:cSeam 2.1s var(--x-in) .55s forwards,cSeamOut .7s ease 2.55s forwards}
@keyframes cMark{to{opacity:1;transform:none;filter:none}}
@keyframes cTrack{to{letter-spacing:.55em;padding-left:.55em}}
@keyframes cLetter{to{transform:none}}
@keyframes cFade{to{opacity:1;transform:none}}
@keyframes cOut{to{opacity:0;filter:blur(6px)}}
@keyframes cSeam{0%{transform:scaleX(0)}55%{transform:scaleX(.24)}78%{transform:scaleX(.24)}100%{transform:scaleX(1)}}
@keyframes cSeamOut{to{opacity:0}}
@keyframes cUp{to{transform:translateY(-101%)}}
@keyframes cDown{to{transform:translateY(101%)}}
@keyframes cHide{to{visibility:hidden}}

/* hero: the city opens out of the dark */
.hero .bg{scale:1.18;filter:brightness(.55);animation:heroOpen 2.8s var(--x-in) calc(var(--t0) - .55s) forwards}
.intro .hero .bg{scale:1.34;filter:brightness(.3) blur(3px)}
@keyframes heroOpen{to{scale:1;filter:none}}
.hero h1 .w>span{transform:translateY(112%) rotate(5deg);transform-origin:0 100%;filter:blur(8px);animation:wordIn 1.45s var(--x-in) calc(var(--t0) + .3s + var(--i)*.085s) forwards}
@keyframes wordIn{to{transform:none;filter:none}}
.hero .rise{animation-delay:calc(var(--t0) + var(--d,0s))}
.hero .eyebrow{opacity:1;transform:none;animation:none}
.hero .eyebrow::before{transform:scaleX(0);transform-origin:left;animation:lineIn 1.1s var(--x-in) calc(var(--t0) + .05s) forwards}
.hero .eyebrow{clip-path:inset(0 100% 0 0);animation:eyeIn 1.4s var(--x-in) calc(var(--t0) + .1s) forwards}
@keyframes lineIn{to{transform:none}}
@keyframes eyeIn{to{clip-path:inset(0 0 0 0)}}
.hero .coord{opacity:0;animation:fadeIn 1.4s ease calc(var(--t0) + 1.3s) forwards}
@keyframes fadeIn{to{opacity:1}}
:root:has(.hero-pin) .site-header .bar{opacity:0;transform:translateY(-14px);animation:hdrIn 1.2s var(--x-in) calc(var(--t0) + .9s) forwards}
@keyframes hdrIn{to{opacity:1;transform:none}}
@media(max-width:560px){.curtain .c-mark{width:64px}.c-up{gap:18px;padding-bottom:24px}.c-dn{padding-top:24px}.c-tag,.c-geo{font-size:9px;letter-spacing:.24em}}
@media(prefers-reduced-motion:reduce){.intro .curtain{display:none}.hero .bg{scale:1;filter:none;animation:none}.hero h1 .w>span{transform:none;filter:none}.hero .eyebrow{clip-path:none}.hero .eyebrow::before{transform:none}.hero .coord{opacity:1}:root:has(.hero-pin) .site-header .bar{opacity:1;transform:none}}
.curtain .c-word span,.curtain .c-geo span{opacity:1;font:inherit;letter-spacing:inherit;padding:0}
.intro .curtain .c-geo span{animation:none}
/* v10.1 intro: the mark ends sharp (old .curtain img rule overrode it) */
.curtain img.c-mark{width:96px;opacity:0;transform:scale(.86);filter:blur(10px);animation:none}
.intro .curtain img.c-mark{animation:cMark 1.3s var(--x-in) .1s forwards}
@keyframes cMark{to{opacity:1;transform:none;filter:drop-shadow(0 0 22px rgba(196,165,90,.35))}}
@media(max-width:560px){.curtain img.c-mark{width:72px}}

/* ===== v11: mobile menu as its own overlay ===== */
.mnav{display:none}
@media(max-width:1040px){
  .site-header nav{display:none}
  .menu-btn{display:flex;align-items:center;gap:12px;min-height:44px}
  .menu-btn::after{content:"";width:22px;height:7px;border-top:1px solid currentColor;border-bottom:1px solid currentColor;transition:height .5s var(--x-in),transform .5s var(--x-in)}
  .menu-open .menu-btn::after{height:0;border-bottom-color:transparent;transform:rotate(-12deg)}
  .site-header.menu-open{color:#fff!important;background:transparent!important;border-color:transparent!important;-webkit-backdrop-filter:none!important;backdrop-filter:none!important;transform:none!important}
  .menu-open .logo-mark{filter:none}
  .mnav{display:block;position:fixed;inset:0;z-index:58;background:var(--navy);color:#fff;visibility:hidden;clip-path:inset(0 0 100% 0);transition:clip-path .75s var(--x-io),visibility 0s linear .75s}
  .mnav::before{content:"";position:absolute;inset:0;pointer-events:none;background:radial-gradient(ellipse 80% 50% at 100% 0%,rgba(196,165,90,.14),transparent 60%),radial-gradient(ellipse 70% 40% at 0% 100%,rgba(111,179,162,.07),transparent 60%)}
  .mnav.open{visibility:visible;clip-path:inset(0);transition:clip-path .75s var(--x-io)}
  .mnav-in{position:relative;height:100%;display:flex;flex-direction:column;padding:calc(var(--header) + 24px) 24px max(28px,env(safe-area-inset-bottom));overflow-y:auto;max-width:640px}
  .mnav-k{display:flex;justify-content:space-between;color:var(--gold);margin:0 0 18px;padding-bottom:14px;border-bottom:1px solid rgba(196,165,90,.35)}
  .mnav-k span:last-child{color:var(--slate)}
  .mnav-list{list-style:none;margin:0;padding:0}
  .mnav-list li{border-bottom:1px solid rgba(255,255,255,.1)}
  .mnav-list a{display:grid;grid-template-columns:38px 1fr auto;align-items:baseline;padding:15px 0;text-decoration:none;color:#fff}
  .mnav-n{font:500 11px/1 var(--sans);letter-spacing:.14em;color:var(--slate);font-variant-numeric:tabular-nums}
  .mnav-t{font:500 clamp(30px,8.6vw,44px)/1.05 var(--serif);letter-spacing:-.025em}
  .mnav-go{color:var(--gold);opacity:.6;transform:translateX(-6px);transition:transform .4s var(--x-in),opacity .4s}
  .mnav-list a:hover .mnav-go,.mnav-list a[aria-current] .mnav-go{opacity:1;transform:none}
  .mnav-list a[aria-current] .mnav-t,.mnav-list a[aria-current] .mnav-n{color:var(--gold)}
  .mnav-brief{display:grid;grid-template-columns:auto 1fr auto;gap:16px;align-items:center;margin-top:26px;padding:18px 20px;text-decoration:none;color:#fff;border:1px solid rgba(196,165,90,.4);background:rgba(196,165,90,.06)}
  .mnav-brief .label{display:block;color:var(--gold);margin-bottom:5px}
  .mnav-bt{font:400 14px/1.3 var(--sans);color:#D5DBE4}
  .mnav-dot{width:8px;height:8px;border-radius:50%;background:var(--gold);box-shadow:0 0 0 4px rgba(196,165,90,.18)}
  .mnav-brief .mnav-go{opacity:1;transform:none}
  .mnav-foot{margin-top:auto;padding-top:28px;display:flex;flex-wrap:wrap;gap:12px 24px}
  .mnav-foot a{display:inline-flex;align-items:center;gap:10px;color:#D5DBE4;text-decoration:none;font:400 13px/1 var(--sans)}
  .mnav-foot .ico{width:16px;height:16px;color:var(--gold)}
  .mnav-list li,.mnav-brief,.mnav-foot{opacity:0;transform:translateY(22px);transition:opacity .3s,transform .3s}
  .mnav.open .mnav-list li,.mnav.open .mnav-brief,.mnav.open .mnav-foot{opacity:1;transform:none;transition:opacity .8s var(--x-in) calc(.25s + var(--i)*.06s),transform .9s var(--x-in) calc(.25s + var(--i)*.06s)}
  .mnav-k{opacity:0;transition:opacity .3s}.mnav.open .mnav-k{opacity:1;transition:opacity .8s ease .2s}
}

/* ===== v11: report pages on phones ===== */
@media(max-width:860px){
  .rep-head{min-height:0;padding:calc(var(--header) + 56px) 0 44px}
  .rep .page-head .wrap::after{display:none}
  .rep-head .eyebrow{margin-bottom:22px}
  .rep-head h1{font-size:clamp(31px,8.4vw,44px);line-height:1.06;letter-spacing:-.03em}
  .rep-head .lead{font-size:16px;line-height:1.55;margin-top:18px;color:#D5DBE4}
  .rep-facts{margin-top:22px;gap:8px 16px}
  .rep-logos{margin-top:26px;padding-top:22px}
  .rep-logos img{height:calc(22px * var(--s,1))}
  .rep-head .ed-card{display:flex;margin:30px 20px 0;max-width:none;width:auto}
  .kpis li{padding:26px 14px 24px 0;gap:8px}
  .kpis li:nth-child(even){padding-left:16px}
  .kpis b{font-size:clamp(26px,7.4vw,34px);white-space:nowrap}
  .kpis span{font-size:13px;line-height:1.4}
  .rep-main{padding-top:56px}
  .rep-grid{gap:0}
  .rep-meta{display:flex;flex-direction:column}
  .rep-meta .toc,.rep-meta .pdf-side{display:none}
  .rep-meta dl{display:grid;grid-template-columns:repeat(3,1fr);gap:0;margin:0 0 36px;border-top:1px solid var(--rule);border-bottom:1px solid var(--rule)}
  .rep-meta dl div{border-top:0;padding:14px 10px 14px 0}
  .rep-meta dl div+div{padding-left:12px;border-left:1px solid var(--rule)}
  .rep-meta dt{font-size:9.5px}
  .rep-meta dd{font-size:11px;letter-spacing:.08em}
  .rs{scroll-margin-top:90px}
  .deal-map{gap:0}
  table.data th{width:38%;padding-right:14px}
}

/* ===== v11: founder feature on About ===== */
.founder{padding-bottom:40px}
.fd{position:relative;display:grid;grid-template-columns:minmax(0,5fr) minmax(0,7fr);background:var(--navy);color:#fff;overflow:hidden;isolation:isolate;box-shadow:0 60px 120px -60px rgba(12,22,36,.55)}
.fd::before{content:"";position:absolute;inset:0;z-index:-1;pointer-events:none;background:radial-gradient(ellipse 55% 70% at 100% 0%,rgba(196,165,90,.16),transparent 65%),radial-gradient(ellipse 40% 60% at 40% 100%,rgba(196,165,90,.06),transparent 70%)}
.fd::after{content:"";position:absolute;left:0;right:0;top:0;height:2px;background:linear-gradient(90deg,var(--gold),rgba(196,165,90,.15) 60%,transparent)}
.fd-photo{position:relative;margin:0;min-height:100%;overflow:hidden}
.fd-photo img{position:absolute;inset:0;width:100%;height:100%;object-fit:cover;object-position:50% 20%;filter:saturate(.9) contrast(1.04);transform:scale(1.06);transition:transform 2.4s var(--x-in)}
.fd.in .fd-photo img{transform:none}
.fd-photo::after{content:"";position:absolute;inset:0;background:linear-gradient(0deg,rgba(12,22,36,.85),rgba(12,22,36,0) 38%),linear-gradient(270deg,rgba(12,22,36,.5),rgba(12,22,36,0) 30%)}
.fd-photo figcaption{position:absolute;left:28px;right:28px;bottom:24px;z-index:1;display:flex;justify-content:space-between;color:rgba(255,255,255,.75);font-size:10px}
.fd-photo figcaption span:first-child{color:var(--gold)}
.fd-main{padding:clamp(40px,5vw,76px) clamp(28px,5vw,80px) clamp(36px,4.4vw,64px)}
.fd-role{display:flex;align-items:center;gap:14px;color:var(--gold);margin:0 0 20px;font-size:11.5px;letter-spacing:.24em}
.fd-role i{width:28px;height:1px;background:currentColor;opacity:.6}
.fd-name{margin:0;font:600 clamp(40px,4.8vw,70px)/1 var(--serif);letter-spacing:-.04em;color:#fff}
.fd-quote{position:relative;margin:clamp(30px,3.4vw,44px) 0 0;padding:0 0 0 30px;border-left:1px solid rgba(196,165,90,.55)}
.fd-quote::before{content:"\201C";position:absolute;left:22px;top:-.42em;font:600 96px/1 var(--logo);color:var(--gold);opacity:.22;pointer-events:none}
.fd-quote p{margin:0;font:500 clamp(19px,1.7vw,24px)/1.45 var(--serif);letter-spacing:-.012em;color:#EEF1F5;max-width:34ch}
.fd-bio{display:grid;grid-template-columns:1fr 1fr;gap:28px;margin-top:clamp(28px,3vw,40px)}
.fd-bio p{margin:0;color:#B9C2CF;font-size:15px;line-height:1.7}
.fd-facts{display:grid;grid-template-columns:repeat(3,1fr);margin:clamp(30px,3.2vw,44px) 0 0;border-top:1px solid rgba(255,255,255,.14);border-bottom:1px solid rgba(255,255,255,.14)}
.fd-facts div{padding:18px 18px 18px 0}
.fd-facts div+div{padding-left:18px;border-left:1px solid rgba(255,255,255,.14)}
.fd-facts dt{color:var(--slate);margin-bottom:8px;font-size:9.5px}
.fd-facts dd{margin:0;font:500 14px/1.4 var(--sans);color:#fff}
.fd-links{display:flex;flex-wrap:wrap;gap:12px;margin:28px 0 0}
.fd-links a{display:inline-flex;align-items:center;gap:12px;padding:13px 20px;border:1px solid rgba(255,255,255,.2);color:#fff;text-decoration:none;font:500 13px/1 var(--sans);transition:border-color .4s,background .4s,color .4s}
.fd-links a:hover{border-color:var(--gold);background:rgba(196,165,90,.1)}
.fd-links .ico{width:16px;height:16px;color:var(--gold)}
@media(max-width:960px){
  .fd{grid-template-columns:1fr}
  .fd-photo{min-height:0;aspect-ratio:4/4.4;max-height:520px}
  .fd-photo::after{background:linear-gradient(0deg,rgba(12,22,36,1),rgba(12,22,36,0) 45%)}
  .fd-main{padding-top:8px}
  .fd-bio{grid-template-columns:1fr;gap:16px}
}
@media(max-width:560px){
  .fd-photo{aspect-ratio:4/4.6}
  .fd-photo figcaption{left:22px;right:22px;bottom:18px}
  .fd-main{padding:4px 22px 30px}
  .fd-name{font-size:42px}
  .fd-quote{padding-left:20px}.fd-quote::before{left:12px;font-size:80px}
  .fd-quote p{font-size:19px}
  .fd-facts{grid-template-columns:1fr}
  .fd-facts div,.fd-facts div+div{padding:14px 0;border-left:0}
  .fd-facts div+div{border-top:1px solid rgba(255,255,255,.1)}
  .fd-links a{flex:1 1 auto;justify-content:center}
}
.fd-facts div{display:flex;flex-direction:column;justify-content:flex-start;min-width:0}
.fd-facts dt,.fd-facts dd{width:auto;flex:none}
/* v11: page heads on phones: compact, no empty band */
@media(max-width:700px){
  .page-head{min-height:0;padding:calc(var(--header) + 64px) 0 52px}
  .page-head .wrap::after{margin-top:30px}
  .page-head h1{font-size:clamp(34px,9.4vw,46px);line-height:1.05}
  .page-head .lead{font-size:16.5px}
}
@media(max-width:1040px){
  .menu-open .menu-btn::after{width:15px;height:15px;border:0;transform:none;background:linear-gradient(45deg,transparent calc(50% - .6px),currentColor calc(50% - .6px) calc(50% + .6px),transparent calc(50% + .6px)),linear-gradient(-45deg,transparent calc(50% - .6px),currentColor calc(50% - .6px) calc(50% + .6px),transparent calc(50% + .6px))}
}

/* ===== v12: FT-inspired editorial details ===== */
.r-kick{font-weight:700;color:var(--cat-ink,var(--navy))}
.r-title{font-weight:500}
.r-row a:hover .r-kick{color:inherit}
.r-new{display:inline-block;margin-left:10px;padding:4px 8px 3px;font-style:normal;font-size:9.5px;letter-spacing:.16em;color:var(--navy);background:var(--cat,var(--gold));vertical-align:1px}
.edition{border-bottom:1px solid var(--rule);background:#fff;color:var(--ink-muted)}
.edition .wrap{display:grid;grid-template-columns:1fr auto 1fr;align-items:center;gap:20px;height:54px}
.edition .ed-l{color:var(--navy)}
.edition .ed-c{color:var(--navy);text-align:center}
.edition .ed-r{text-align:right}
.edition .ed-c::before,.edition .ed-c::after{content:"";display:inline-block;width:22px;height:1px;background:var(--gold);vertical-align:middle;margin:0 12px}
@media(max-width:700px){.edition .wrap{grid-template-columns:1fr;height:auto;padding-top:14px;padding-bottom:14px;gap:6px;text-align:center}.edition .ed-l,.edition .ed-r{display:none}.edition .ed-c::before,.edition .ed-c::after{width:14px;margin:0 8px}}