:root {
  --paper: #f6f4ef;
  --ink: #161616;
  --accent: #7b1e1e;
  --secondary: #66635f;
  --border: #ddd8cf;
  --card: #fcfbf8;
  --hover: #f0ece4;
  --void: #090909;
  --base: #0d0d0d;
  --panel: #161616;
  --hairline: #2a2a2a;
  --light-primary: #f5f5f5;
  --light-secondary: #b5b5b5;
}

* { box-sizing: border-box; }

html { background: var(--paper); }

body {
  margin: 0;
  min-height: 100vh;
  background: var(--paper);
  color: var(--ink);
  font-family: Arial, Helvetica, sans-serif;
  font-weight: 400;
}

body.is-leaving { overflow: hidden; }

a { color: inherit; text-decoration: none; }

.shell {
  width: min(1440px, 100%);
  min-height: 100vh;
  margin: 0 auto;
  padding: 48px 64px 64px;
}

.masthead {
  display: flex;
  justify-content: space-between;
  align-items: center;
  padding-bottom: 16px;
  border-bottom: 1px solid var(--border);
  color: var(--secondary);
  font: 400 11px/1 Arial, Helvetica, sans-serif;
  text-transform: uppercase;
  letter-spacing: .14em;
}

.wordmark {
  color: var(--ink);
  font-weight: 400;
}

.intro {
  max-width: 1120px;
  padding: 72px 0 64px;
}

.intro-publication {
  max-width: none;
  padding: 88px 0 48px;
}

.intro-publication h1 {
  white-space: nowrap;
  font-size: clamp(50px, 6.2vw, 88px);
}

.intro-meta {
  display: flex;
  justify-content: space-between;
  align-items: baseline;
  gap: 32px;
  margin-top: 24px;
}

.intro-meta p { margin: 0; }
.intro-meta span {
  color: var(--secondary);
  font-size: 10px;
  letter-spacing: .14em;
  text-transform: uppercase;
}

.market-belt {
  position: relative;
  overflow: hidden;
  margin: 0 0 80px;
  border-top: 3px solid var(--accent);
  background: #121110;
  color: var(--light-primary);
  font-variant-numeric: tabular-nums lining-nums;
}

.belt-head,
.belt-foot {
  display: flex;
  align-items: center;
  justify-content: space-between;
  padding: 12px 20px;
  border-bottom: 1px solid var(--hairline);
  font: 400 9px/1.3 Arial, Helvetica, sans-serif;
  letter-spacing: .12em;
  text-transform: uppercase;
}

.belt-head time { color: var(--light-secondary); }
.belt-title { display: flex; align-items: center; gap: 10px; }
.belt-title h2 { color: var(--light-primary); }

.monitor-eye {
  width: 19px;
  height: 13px;
  color: #c32626;
  stroke: currentColor;
  stroke-width: 1.35;
  vector-effect: non-scaling-stroke;
}

.ticker-window {
  display: flex;
  overflow: hidden;
  padding: 20px 0;
  border-bottom: 1px solid var(--hairline);
}

.ticker-track {
  flex: 0 0 auto;
  display: flex;
  align-items: center;
  animation: ticker-scroll 56s linear infinite;
}

.ticker-window:hover .ticker-track,
.ticker-window:focus-within .ticker-track { animation-play-state: paused; }

.ticker-item {
  position: relative;
  display: grid;
  grid-template-columns: auto auto auto;
  gap: 8px;
  align-items: baseline;
  min-width: max-content;
  padding: 0 28px;
  border-right: 1px solid var(--hairline);
  color: var(--light-secondary);
  font-size: 13px;
}

.ticker-item strong { color: var(--light-primary); font-size: 16px; font-weight: 400; }
.ticker-item em { color: var(--light-secondary); font-size: 11px; font-style: normal; }
.ticker-item small {
  grid-column: 1 / -1;
  color: #777;
  font-size: 8px;
  letter-spacing: .06em;
  text-transform: uppercase;
}

.belt-foot {
  border: 0;
  color: #777;
}
.belt-foot span:first-child { color: var(--light-secondary); }

@keyframes ticker-scroll { to { transform: translateX(-100%); } }

.kicker {
  margin: 0 0 24px;
  color: var(--accent);
  font: 400 11px/1 Arial, Helvetica, sans-serif;
  letter-spacing: .14em;
  text-transform: uppercase;
}

h1 {
  margin: 0;
  font-family: Georgia, "Times New Roman", serif;
  font-size: clamp(44px, 5.4vw, 76px);
  font-weight: 400;
  line-height: 1.05;
  letter-spacing: -.025em;
}

.intro p,
.briefing-head p {
  max-width: 590px;
  margin: 24px 0 0;
  color: var(--secondary);
  font-size: 18px;
  line-height: 1.45;
}

h2,
.eyebrow {
  margin: 0;
  color: var(--accent);
  font: 400 11px/1 Arial, Helvetica, sans-serif;
  text-transform: uppercase;
  letter-spacing: .14em;
}

.section-heading {
  display: flex;
  justify-content: space-between;
  padding-bottom: 16px;
  border-bottom: 1px solid var(--border);
  color: var(--secondary);
  font-size: 11px;
  letter-spacing: .14em;
  text-transform: uppercase;
}

.briefing {
  position: relative;
  isolation: isolate;
  overflow: hidden;
  display: grid;
  grid-template-columns: 38px 1fr 24px;
  column-gap: 20px;
  align-items: start;
  min-height: 112px;
  padding: 24px 0;
  border-bottom: 1px solid var(--border);
  transition: padding 240ms cubic-bezier(.2,.75,.25,1);
}

.terminal-fill {
  position: absolute;
  z-index: -1;
  inset: 0;
  background: var(--base);
  transform: translateX(-101%);
  transition: transform 320ms cubic-bezier(.2,.75,.25,1);
}

.briefing:hover,
.briefing:focus-visible,
.briefing.is-entering {
  color: var(--light-primary);
  padding-right: 16px;
  padding-left: 16px;
}

.briefing:hover .terminal-fill,
.briefing:focus-visible .terminal-fill,
.briefing.is-entering .terminal-fill {
  transform: translateX(0);
}

.index {
  color: var(--accent);
  font: 400 11px/1.5 Arial, Helvetica, sans-serif;
  letter-spacing: .08em;
}

.briefing-copy {
  display: flex;
  flex-direction: column;
  gap: 14px;
}

.briefing-copy strong {
  font-family: Georgia, "Times New Roman", serif;
  font-size: 24px;
  font-weight: 400;
}

.briefing-copy small {
  color: var(--secondary);
  font-size: 14px;
  transition: color 180ms linear;
}

.terminal-meta {
  max-height: 0;
  overflow: hidden;
  color: var(--light-secondary);
  font: 400 9px/1 Arial, Helvetica, sans-serif;
  letter-spacing: .14em;
  opacity: 0;
  text-transform: uppercase;
  transform: translateY(5px);
  transition: max-height 220ms linear, opacity 180ms linear, transform 220ms linear;
}

.briefing:hover .briefing-copy small,
.briefing:focus-visible .briefing-copy small,
.briefing.is-entering .briefing-copy small {
  color: var(--light-secondary);
}

.briefing:hover .terminal-meta,
.briefing:focus-visible .terminal-meta,
.briefing.is-entering .terminal-meta {
  max-height: 12px;
  opacity: 1;
  transform: translateY(0);
}

.arrow {
  position: relative;
  display: block;
  width: 17px;
  height: 17px;
  justify-self: end;
  transition: transform 240ms cubic-bezier(.2,.75,.25,1);
}

.arrow::before,
.arrow::after {
  content: "";
  position: absolute;
  background: currentColor;
}

.arrow::before {
  top: 2px;
  right: 1px;
  width: 11px;
  height: 1px;
  transform: rotate(45deg);
  transform-origin: right center;
}

.arrow::after {
  top: 1px;
  right: 1px;
  width: 7px;
  height: 7px;
  border-top: 1px solid currentColor;
  border-right: 1px solid currentColor;
  background: transparent;
}

.briefing:hover .arrow,
.briefing:focus-visible .arrow,
.briefing.is-entering .arrow { transform: translate(2px, -2px); }

.briefing:focus-visible {
  outline: 2px solid var(--accent);
  outline-offset: 2px;
}

.entry-transition {
  position: fixed;
  z-index: 100;
  inset: 0;
  display: grid;
  place-items: center;
  pointer-events: none;
  background: var(--base);
  color: var(--light-secondary);
  clip-path: inset(var(--entry-top, 50%) 0 var(--entry-bottom, 50%) 0);
  transition: clip-path 420ms cubic-bezier(.68,0,.32,1);
}

.entry-transition span {
  font: 400 10px/1 Arial, Helvetica, sans-serif;
  letter-spacing: .16em;
  opacity: 0;
  text-transform: uppercase;
  transition: opacity 140ms linear 170ms;
}

.entry-transition b { color: var(--accent); font-weight: 400; }
.is-leaving .entry-transition { clip-path: inset(0); }
.is-leaving .entry-transition span { opacity: 1; }

.briefing-head { padding: 100px 0 70px; }
.briefing-head .eyebrow { display: block; }

.deck-placeholder {
  display: grid;
  place-content: center;
  min-height: 56vh;
  padding: 40px;
  border: 1px solid var(--hairline);
  background: var(--panel);
  text-align: center;
}

.deck-placeholder span {
  color: var(--light-primary);
  font: 400 11px/1 Arial, Helvetica, sans-serif;
  text-transform: uppercase;
  letter-spacing: .14em;
}

.deck-placeholder p {
  max-width: 430px;
  margin: 16px auto 0;
  color: var(--light-secondary);
  line-height: 1.5;
}

.site-footer {
  display: grid;
  grid-template-columns: 1fr auto 1fr;
  justify-content: space-between;
  align-items: start;
  margin-top: 96px;
  padding-top: 16px;
  border-top: 1px solid var(--border);
  color: var(--secondary);
  font-size: 10px;
  letter-spacing: .12em;
  line-height: 1.4;
  text-transform: uppercase;
}

.site-footer > span:last-child { text-align: right; }

.legal-links {
  display: flex;
  gap: 20px;
}

@media (max-width: 640px) {
  .intro-publication h1 { white-space: normal; }
  .intro-meta { display: block; }
  .intro-meta span { display: block; margin-top: 20px; }
  .belt-head { align-items: flex-start; gap: 20px; }
  .belt-head time { max-width: 175px; text-align: right; line-height: 1.5; }
  .ticker-item { padding: 0 20px; }
}

.legal-links a,
.legal-back {
  text-decoration: underline;
  text-decoration-color: transparent;
  text-underline-offset: 4px;
  transition: color 160ms linear, text-decoration-color 160ms linear;
}

.legal-links a:hover,
.legal-links a:focus-visible,
.legal-back:hover,
.legal-back:focus-visible {
  color: var(--accent);
  text-decoration-color: currentColor;
}

.legal-page { max-width: 920px; }

.legal-head {
  padding: 96px 0 64px;
  border-bottom: 1px solid var(--border);
}

.legal-head h1 { margin-top: 20px; }

.legal-head p {
  max-width: 620px;
  margin: 24px 0 0;
  color: var(--secondary);
  font-size: 16px;
  line-height: 1.55;
}

.legal-copy {
  max-width: 680px;
  padding: 64px 0 24px;
}

.legal-copy section + section { margin-top: 48px; }

.legal-copy h2 {
  margin-bottom: 14px;
  color: var(--ink);
  font-family: Georgia, "Times New Roman", serif;
  font-size: 24px;
  line-height: 1.2;
  letter-spacing: -.01em;
  text-transform: none;
}

.legal-copy p,
.legal-copy li {
  color: var(--secondary);
  font-size: 15px;
  line-height: 1.65;
}

.legal-copy p { margin: 0; }
.legal-copy p + p { margin-top: 12px; }
.legal-copy ul { margin: 12px 0 0; padding-left: 18px; }
.legal-copy a { color: var(--ink); text-decoration: underline; text-underline-offset: 3px; }
.legal-copy address { font-style: normal; }
.legal-note { padding-left: 14px; border-left: 2px solid var(--accent); }

.briefing-mode { background: var(--paper); }
.briefing-folio {
  width: min(1440px, 100%);
  min-height: 100vh;
  margin: 0 auto;
  padding: 48px 64px 64px;
}
.back { display: flex; align-items: center; gap: 10px; }
.back-arrow { position: relative; width: 14px; height: 8px; }
.back-arrow::before { content: ""; position: absolute; top: 3px; width: 14px; height: 1px; background: currentColor; }
.back-arrow::after { content: ""; position: absolute; left: 0; top: 0; width: 6px; height: 6px; border-left: 1px solid currentColor; border-bottom: 1px solid currentColor; transform: rotate(45deg); }
.folio-header {
  display: grid;
  grid-template-columns: 7fr 4fr;
  gap: 8.333%;
  align-items: end;
  padding: 72px 0 48px;
}
.folio-header h1 { margin-top: 20px; }
.folio-header p { margin: 0; color: var(--secondary); font-size: 16px; line-height: 1.55; }
.aperture-grid {
  display: grid;
  grid-template-columns: 2.25fr 9.75fr;
  border-top: 1px solid var(--ink);
  border-bottom: 1px solid var(--border);
}
.dossier-rail {
  display: flex;
  flex-direction: column;
  min-height: 62vh;
  padding: 32px 24px 24px 0;
  border-right: 1px solid var(--border);
}
.rail-label, .rail-progress span, .folio-notes span {
  color: var(--secondary);
  font-size: 9px;
  letter-spacing: .14em;
  text-transform: uppercase;
}
.dossier-rail nav { display: flex; flex-direction: column; margin-top: 24px; }
.dossier-rail nav a {
  position: relative;
  padding: 10px 12px;
  color: var(--secondary);
  font-size: 13px;
  border-bottom: 1px solid var(--border);
}
.dossier-rail nav a.is-active { color: var(--ink); }
.dossier-rail nav a.is-active::before { content: ""; position: absolute; left: 0; top: 10px; bottom: 10px; width: 2px; background: var(--accent); }
.rail-progress { display: flex; justify-content: space-between; align-items: baseline; margin-top: auto; }
.rail-progress strong { font: 400 13px/1 Arial, sans-serif; }
.screen-aperture { position: relative; padding: 24px 0 24px 24px; background: var(--paper); }
.deck-placeholder { min-height: calc(62vh - 48px); background: var(--void); }
.registration { position: absolute; z-index: 2; width: 8px; height: 8px; }
.registration-a { top: 15px; left: 15px; border-top: 1px solid var(--accent); border-left: 1px solid var(--accent); }
.registration-b { right: -9px; bottom: 15px; border-right: 1px solid var(--secondary); border-bottom: 1px solid var(--secondary); }
.folio-notes {
  display: grid;
  grid-template-columns: 2.25fr 7fr 2.75fr;
  gap: 24px;
  align-items: start;
  padding: 24px 0;
  border-bottom: 1px solid var(--border);
}
.folio-notes div { display: flex; flex-direction: column; gap: 8px; }
.folio-notes strong { font: 400 14px/1.3 Georgia, serif; }
.folio-notes p { margin: 0; color: var(--secondary); font-size: 13px; line-height: 1.5; }
.folio-notes > a { justify-self: end; font-size: 10px; letter-spacing: .12em; text-transform: uppercase; border-bottom: 1px solid var(--ink); }

@media (max-width: 640px) {
  .shell { padding: 28px 24px 48px; }
  .masthead { font-size: 8px; }
  .author { max-width: 145px; text-align: right; line-height: 1.35; }
  .intro { padding: 72px 0 64px; }
  h1 { font-size: 44px; }
  .intro p, .briefing-head p { font-size: 17px; }
  .briefing {
    grid-template-columns: 26px 1fr 18px;
    column-gap: 8px;
    min-height: 130px;
  }
  .briefing:hover,
  .briefing:focus-visible,
  .briefing.is-entering {
    padding-right: 10px;
    padding-left: 10px;
  }
  .briefing-folio { padding: 28px 24px 48px; }
  .folio-header { grid-template-columns: 1fr; gap: 24px; padding: 56px 0 40px; }
  .aperture-grid { grid-template-columns: 1fr; }
  .dossier-rail { min-height: auto; padding: 20px 0; border-right: 0; }
  .dossier-rail nav { display: grid; grid-template-columns: 1fr 1fr; }
  .dossier-rail nav a:nth-child(n+5) { display: none; }
  .rail-progress { margin-top: 20px; }
  .screen-aperture { padding: 14px 0 14px; }
  .registration-a { top: 6px; left: -8px; }
  .registration-b { right: -8px; bottom: 6px; }
  .folio-notes { grid-template-columns: 1fr; }
  .folio-notes > a { justify-self: start; }
  .briefing-copy strong { font-size: 18px; }
  .briefing-copy small { line-height: 1.45; }
  .briefing-head { padding: 72px 0 52px; }
  .deck-placeholder { min-height: 52vh; padding: 24px; }
  .site-footer {
    grid-template-columns: 1fr auto;
    gap: 20px 24px;
  }
  .legal-links { grid-column: 1 / -1; grid-row: 2; }
  .site-footer span:last-child { max-width: 160px; text-align: right; }
  .legal-head { padding: 72px 0 48px; }
  .legal-copy { padding-top: 48px; }
}

@media (prefers-reduced-motion: reduce) {
  .briefing,
  .terminal-fill,
  .terminal-meta,
  .arrow,
  .entry-transition,
  .entry-transition span,
  .ticker-track { animation: none; }
  #market-ticker-copy { display: none; }
}