:root {
  --bg: #f6f2ea;
  --bg-soft: #efe9dd;
  --ink: #1f1c17;
  --ink-soft: #4a443a;
  --ink-mute: #8a8275;
  --rule: #ddd5c4;
  --accent: #7a5b48;
  --pos: #2f6b3e;
  --neg: #963a2e;
  --watch: #b08739;
}

* { box-sizing: border-box; }

html, body {
  margin: 0;
  padding: 0;
  background: var(--bg);
  color: var(--ink);
  font-family: 'Inter', system-ui, -apple-system, sans-serif;
  font-size: 16px;
  line-height: 1.6;
  -webkit-font-smoothing: antialiased;
}

a { color: var(--accent); text-decoration: none; border-bottom: 1px solid rgba(122, 91, 72, 0.3); }
a:hover { border-bottom-color: var(--accent); }

.wrap {
  max-width: 1080px;
  margin: 0 auto;
  padding: 4rem 1.5rem;
}

/* HEADER */
header.site {
  border-bottom: 1px solid var(--rule);
  padding-bottom: 2.5rem;
  margin-bottom: 3.5rem;
}

.eyebrow {
  font-size: 0.72rem;
  letter-spacing: 0.22em;
  text-transform: uppercase;
  color: var(--ink-mute);
  margin: 0 0 1rem;
}

h1.title {
  font-family: 'Fraunces', Georgia, serif;
  font-weight: 500;
  font-size: clamp(2.5rem, 6vw, 4.2rem);
  line-height: 1.02;
  margin: 0 0 1rem;
  letter-spacing: -0.02em;
}

h1.title em { font-style: italic; font-weight: 400; color: var(--ink-soft); }

.tagline {
  font-family: 'Fraunces', Georgia, serif;
  font-size: 1.15rem;
  color: var(--ink-soft);
  font-style: italic;
  max-width: 36rem;
  margin: 0 0 2rem;
}

.disclaimer {
  background: var(--bg-soft);
  border-left: 3px solid var(--accent);
  padding: 1rem 1.2rem;
  font-size: 0.88rem;
  color: var(--ink-soft);
  max-width: 50rem;
}

.disclaimer strong { color: var(--ink); }

/* SECTION */
section { margin: 5rem 0; }

h2.section-title {
  font-family: 'Fraunces', Georgia, serif;
  font-weight: 500;
  font-size: 2.2rem;
  letter-spacing: -0.01em;
  margin: 0 0 0.4rem;
}

.section-sub {
  color: var(--ink-mute);
  font-size: 0.92rem;
  margin: 0 0 2rem;
  max-width: 40rem;
}

hr.rule { border: 0; border-top: 1px solid var(--rule); margin: 4rem 0; }

/* BRIEF */
.brief {
  font-family: 'Fraunces', Georgia, serif;
  font-size: 1.05rem;
  line-height: 1.75;
  max-width: 38rem;
  color: var(--ink-soft);
}
.brief h1 { font-size: 2.2rem; margin: 0 0 1rem; color: var(--ink); font-weight: 500; }
.brief h2 { font-size: 1.4rem; margin: 2.2rem 0 0.8rem; color: var(--ink); font-weight: 500; }
.brief h3 { font-size: 1.1rem; margin: 1.8rem 0 0.6rem; color: var(--ink); font-weight: 600; font-family: 'Inter', sans-serif; }
.brief strong { color: var(--ink); font-weight: 600; }
.brief em { font-style: italic; }
.brief ul { padding-left: 1.5rem; }
.brief li { margin-bottom: 0.5rem; }
.brief hr { border:0; border-top:1px solid var(--rule); margin: 2rem 0; }

/* THESES GRID */
.theses-grid {
  display: grid;
  grid-template-columns: 1fr;
  gap: 1.5rem;
}

@media (min-width: 760px) {
  .theses-grid { grid-template-columns: 1fr 1fr; }
}

.thesis-card {
  background: var(--bg-soft);
  border: 1px solid var(--rule);
  border-radius: 6px;
  padding: 1.5rem 1.6rem;
  transition: border-color 0.2s;
}

.thesis-card:hover { border-color: var(--accent); }

.thesis-meta {
  display: flex;
  flex-wrap: wrap;
  gap: 0.6rem;
  align-items: center;
  font-size: 0.78rem;
  color: var(--ink-mute);
  margin-bottom: 0.8rem;
}

.thesis-id {
  font-family: 'JetBrains Mono', monospace;
  background: var(--bg);
  padding: 0.1rem 0.45rem;
  border-radius: 3px;
  color: var(--ink-soft);
}

.badge {
  font-size: 0.7rem;
  text-transform: uppercase;
  letter-spacing: 0.1em;
  padding: 0.15rem 0.5rem;
  border-radius: 999px;
  font-weight: 500;
}
.badge-active { background: rgba(47, 107, 62, 0.12); color: var(--pos); }
.badge-watching { background: rgba(176, 135, 57, 0.15); color: var(--watch); }
.badge-falsified { background: rgba(150, 58, 46, 0.12); color: var(--neg); }

.conviction { font-size: 0.7rem; letter-spacing: 0.2em; color: var(--accent); }
.horizon { font-style: italic; }

.thesis-title {
  font-family: 'Fraunces', Georgia, serif;
  font-weight: 500;
  font-size: 1.25rem;
  line-height: 1.3;
  margin: 0 0 0.8rem;
  color: var(--ink);
  letter-spacing: -0.005em;
}

.claim {
  font-size: 0.94rem;
  color: var(--ink-soft);
  margin: 0 0 0.9rem;
}
.claim em { color: var(--ink-mute); font-style: italic; }

.thesis-card details > summary {
  cursor: pointer;
  font-size: 0.85rem;
  color: var(--accent);
  list-style: none;
  padding: 0.4rem 0;
  border-top: 1px dashed var(--rule);
  user-select: none;
}
.thesis-card details > summary::before {
  content: "▸ ";
  display: inline-block;
  transition: transform 0.15s;
}
.thesis-card details[open] > summary::before { content: "▾ "; }

.thesis-body {
  padding-top: 0.6rem;
  font-size: 0.9rem;
}

.thesis-body h4 {
  margin: 1.4rem 0 0.5rem;
  font-size: 0.78rem;
  text-transform: uppercase;
  letter-spacing: 0.12em;
  color: var(--ink-mute);
  font-weight: 600;
}

.tickers-list, .evidence-list, .falsifier-list {
  list-style: none;
  padding: 0;
  margin: 0;
}
.tickers-list li, .falsifier-list li {
  padding: 0.45rem 0;
  border-bottom: 1px dotted var(--rule);
}
.tickers-list li:last-child, .falsifier-list li:last-child { border-bottom: none; }

.role {
  display: inline-block;
  font-size: 0.66rem;
  text-transform: uppercase;
  letter-spacing: 0.1em;
  padding: 0.08rem 0.4rem;
  border-radius: 3px;
  margin: 0 0.3rem;
  background: var(--bg);
  color: var(--ink-mute);
}
.role-core { background: rgba(122, 91, 72, 0.15); color: var(--accent); }
.role-speculative { background: rgba(176, 135, 57, 0.15); color: var(--watch); }
.role-watching { background: var(--bg); color: var(--ink-mute); }
.role-benchmark { background: rgba(79, 111, 138, 0.12); color: #4f6f8a; }

.evidence-list li {
  padding: 0.55rem 0;
  border-bottom: 1px dotted var(--rule);
  border-left: 3px solid transparent;
  padding-left: 0.7rem;
  margin-left: -0.7rem;
}
.ev-supports { border-left-color: var(--pos) !important; }
.ev-falsifies { border-left-color: var(--neg) !important; }
.ev-neutral { border-left-color: var(--ink-mute) !important; }
.ev-date { font-family: 'JetBrains Mono', monospace; font-size: 0.74rem; color: var(--ink-mute); margin-right: 0.5rem; }
.ev-claim { font-size: 0.85rem; color: var(--ink-soft); display:block; margin-top: 0.15rem; }

.thesis-foot {
  margin-top: 1rem;
  padding-top: 0.8rem;
  border-top: 1px solid var(--rule);
  font-size: 0.78rem;
  color: var(--ink-mute);
}
.ticker-chip {
  font-family: 'JetBrains Mono', monospace;
  font-size: 0.78rem;
  background: var(--bg);
  padding: 0.15rem 0.5rem;
  border-radius: 3px;
  margin-right: 0.3rem;
  border-bottom: none;
  display: inline-block;
}
.ticker-chip:hover { background: var(--accent); color: var(--bg); }

/* PORTFOLIO */
.portfolio-summary {
  display: grid;
  grid-template-columns: repeat(auto-fit, minmax(160px, 1fr));
  gap: 1.5rem;
  margin-bottom: 2.5rem;
}

.stat {
  border-left: 2px solid var(--accent);
  padding: 0.2rem 0 0.2rem 1rem;
}
.stat-label {
  font-size: 0.72rem;
  text-transform: uppercase;
  letter-spacing: 0.14em;
  color: var(--ink-mute);
  margin: 0 0 0.2rem;
}
.stat-value {
  font-family: 'Fraunces', Georgia, serif;
  font-size: 1.6rem;
  font-weight: 500;
  margin: 0;
  letter-spacing: -0.01em;
}
.stat-value small { font-size: 0.85rem; color: var(--ink-mute); }

.alloc-bar {
  display: flex;
  height: 14px;
  border-radius: 3px;
  overflow: hidden;
  margin: 1.5rem 0 1rem;
  border: 1px solid var(--rule);
}
.alloc-bar .seg { height: 100%; }
.alloc-legend {
  list-style: none;
  padding: 0;
  display: flex;
  flex-wrap: wrap;
  gap: 0.7rem 1.2rem;
  margin: 0 0 2rem;
  font-size: 0.82rem;
  color: var(--ink-soft);
}
.alloc-legend li { display: flex; align-items: center; gap: 0.4rem; }
.swatch {
  display: inline-block;
  width: 12px;
  height: 12px;
  border-radius: 2px;
}
.legend-pct { color: var(--ink-mute); font-family: 'JetBrains Mono', monospace; font-size: 0.78rem; }

table.portfolio {
  width: 100%;
  border-collapse: collapse;
  font-size: 0.9rem;
  margin-top: 1rem;
}
.portfolio th, .portfolio td {
  text-align: left;
  padding: 0.7rem 0.6rem;
  border-bottom: 1px solid var(--rule);
}
.portfolio th {
  font-size: 0.72rem;
  text-transform: uppercase;
  letter-spacing: 0.12em;
  color: var(--ink-mute);
  font-weight: 500;
  background: var(--bg-soft);
}
.portfolio td.num { text-align: right; font-family: 'JetBrains Mono', monospace; font-size: 0.86rem; }
.pos-name { font-size: 0.74rem; color: var(--ink-mute); font-weight: 400; }
.thesis-link {
  display: inline-block;
  font-family: 'JetBrains Mono', monospace;
  font-size: 0.74rem;
  background: var(--bg-soft);
  padding: 0.1rem 0.4rem;
  border-radius: 3px;
  margin-right: 0.2rem;
  border-bottom: none;
}
.pl-pos { color: var(--pos); }
.pl-neg { color: var(--neg); }

/* FOOTER */
footer.site {
  border-top: 1px solid var(--rule);
  padding-top: 2.5rem;
  margin-top: 5rem;
  font-size: 0.85rem;
  color: var(--ink-mute);
}
footer.site p { margin: 0.4rem 0; }