My side quest during the holiday.

The industry accepts a false dichotomy because it shares a flawed assumption: capital must be organized by assets.

This framework rejects that assumption.

Instead of concentrating capital in what we own, we concentrate capital in when and how it interacts—all within the benchmark itself.

The benchmark isn’t escaped/beat. It’s segmented.

Capital is assigned roles, not opinions:

• Development capital engages the benchmark at key pivots where variance collapses and structure is formed.

• Transition capital moves between states.

• Harvest capital extracts small, repeatable gains and suppresses variance by design.

All segments operate on the same benchmark, but they are never doing the same job at the same time.

This architecture solves the scaling problem:

• Diversification comes from role separation, not asset sprawl.

• Concentration exists in development phases, not oversized exposure.

• Benchmark drift is avoided by operating inside the benchmark rather than approximating it.

• Risk is reframed—not as volatility or drawdown, but as pathway failure.

No single trade, idea, or phase can dominate outcomes. There is no binary bet to be wrong about.