:root {
      --blue: #213b55;
      --blue-dark: #0f2b46;
      --accent: #3498db;
      --white: #ffffff;
      --page: #fbfcfd;
      --surface: #f5f8fb;
      --border: #dfe7ef;
      --text: #182736;
      --muted: #566777;
      --positive: #1f7a3b;
      --negative: #b23838;
      --container: 820px;
      --radius: 8px;
    }

    * {
      box-sizing: border-box;
    }

    html {
      scroll-behavior: smooth;
    }

    body {
      margin: 0;
      color: var(--text);
      background: var(--page);
      font-family: "Inter", Arial, Helvetica, sans-serif;
      line-height: 1.58;
      letter-spacing: 0;
      overflow-x: hidden;
    }

    img,
    svg {
      display: block;
    }

    img {
      max-width: 100%;
    }

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

    a:focus-visible,
    button:focus-visible {
      outline: 3px solid rgba(52, 152, 219, 0.55);
      outline-offset: 4px;
    }

    .wrap {
      width: min(var(--container), calc(100% - 40px));
      margin: 0 auto;
    }

    .letter-shell {
      padding-bottom: 28px;
    }

    .edition-bar {
      background: var(--blue-dark);
      color: var(--white);
    }

    .edition-bar-inner {
      min-height: 78px;
      display: flex;
      align-items: center;
      justify-content: space-between;
      gap: 28px;
    }

    .edition-logo {
      width: 210px;
      height: auto;
    }

    .edition-meta {
      display: flex;
      align-items: center;
      gap: 14px;
      color: rgba(255, 255, 255, 0.92);
      font-size: 0.82rem;
      font-weight: 600;
      letter-spacing: 0.08em;
      text-transform: uppercase;
      white-space: nowrap;
    }

    .edition-meta span + span {
      position: relative;
      padding-left: 15px;
    }

    .edition-meta span + span::before {
      content: "";
      position: absolute;
      left: 0;
      top: 50%;
      width: 1px;
      height: 18px;
      background: rgba(255, 255, 255, 0.42);
      transform: translateY(-50%);
    }

    .hero {
      padding: 48px 0 28px;
      background: var(--white);
    }

    .hero h1,
    .letter-title,
    .article-card h3 {
      font-family: "Cormorant Garamond", Georgia, "Times New Roman", serif;
      font-weight: 500;
      letter-spacing: 0;
      color: var(--blue-dark);
    }

    .hero h1 {
      margin: 0;
      font-size: clamp(3.8rem, 10vw, 5.8rem);
      line-height: 0.94;
      overflow-wrap: normal;
    }

    .hero h1 span {
      display: inline;
    }

    .title-rule {
      width: 74px;
      height: 3px;
      margin: 20px 0 14px;
      background: var(--accent);
    }

    .subtitle {
      margin: 0;
      color: var(--text);
      font-size: clamp(1rem, 2.5vw, 1.16rem);
    }

    .opening {
      padding: 20px 0 34px;
      background: var(--white);
    }

    .opening p {
      max-width: 760px;
      margin: 0 0 16px;
      font-size: 1rem;
      color: #172433;
    }

    .opening p:last-child {
      margin-bottom: 0;
    }

    .section {
      padding: 24px 0;
      background: var(--white);
    }

    .strategies-section {
      padding-top: 14px;
      padding-bottom: 30px;
    }

    .strategies-section + .opening {
      padding-top: 26px;
    }

    .section-heading-row {
      display: flex;
      align-items: flex-end;
      justify-content: space-between;
      gap: 18px;
      margin-bottom: 16px;
    }

    .section-title {
      margin: 0;
      color: var(--blue-dark);
      font-size: 1.05rem;
      line-height: 1.25;
      font-weight: 700;
      letter-spacing: 0.06em;
      text-transform: uppercase;
    }

    .text-link {
      display: inline-flex;
      align-items: center;
      gap: 7px;
      min-height: 44px;
      color: #1d5fa8;
      font-size: 0.88rem;
      font-weight: 600;
    }

    .text-link:hover {
      color: var(--accent);
    }

    .issue-box,
    .portfolio-move,
    .institutional-note {
      border: 1px solid var(--border);
      border-radius: var(--radius);
      background: var(--surface);
    }

    .issue-box {
      padding: 22px 24px;
    }

    .issue-grid {
      display: grid;
      grid-template-columns: repeat(3, minmax(0, 1fr));
      gap: 22px;
      margin-top: 16px;
    }

    .issue-item {
      display: grid;
      grid-template-columns: 44px minmax(0, 1fr);
      gap: 14px;
      align-items: center;
      min-width: 0;
    }

    .issue-item + .issue-item {
      border-left: 1px solid rgba(15, 43, 70, 0.22);
      padding-left: 22px;
    }

    .line-icon {
      width: 44px;
      height: 44px;
      color: var(--blue-dark);
      stroke: currentColor;
      stroke-width: 1.8;
      fill: none;
      stroke-linecap: round;
      stroke-linejoin: round;
      flex: none;
    }

    .issue-item p {
      margin: 0;
      color: var(--text);
      font-size: 0.86rem;
      line-height: 1.42;
      font-weight: 600;
    }

    .strategy-table {
      border: 1px solid var(--border);
      border-radius: var(--radius);
      overflow: hidden;
      background: var(--white);
    }

    .strategy-header,
    .strategy-row {
      display: grid;
      grid-template-columns: 90px minmax(185px, 1.25fr) minmax(360px, 2.48fr) 42px;
      align-items: center;
    }

    .strategy-header {
      min-height: 36px;
      border-bottom: 1px solid var(--border);
      color: var(--muted);
      font-size: 0.72rem;
      font-weight: 700;
      letter-spacing: 0.04em;
      text-transform: uppercase;
    }

    .strategy-header > span:nth-child(-n+2) {
      visibility: hidden;
    }

    .strategy-metrics,
    .strategy-metric-headings {
      display: grid;
      grid-template-columns: repeat(4, minmax(0, 1fr));
      align-items: center;
    }

    .strategy-row {
      min-height: 82px;
      border-bottom: 1px solid var(--border);
    }

    .strategy-row:last-child {
      border-bottom: 0;
    }

    .strategy-icon-cell {
      align-self: stretch;
      display: grid;
      place-items: center;
      background: linear-gradient(135deg, var(--blue-dark), #2c5f95);
      color: var(--white);
    }

    .strategy-icon-cell svg {
      width: 40px;
      height: 40px;
      stroke: currentColor;
      stroke-width: 1.8;
      fill: none;
      stroke-linecap: round;
      stroke-linejoin: round;
    }

    .strategy-copy {
      padding: 16px 18px;
      min-width: 0;
    }

    .strategy-name {
      display: block;
      color: var(--blue-dark);
      font-size: 1.04rem;
      line-height: 1.2;
      font-weight: 700;
    }

    .strategy-description {
      display: block;
      margin-top: 3px;
      color: var(--text);
      font-size: 0.84rem;
      line-height: 1.38;
    }

    .metric {
      padding: 0 10px;
      font-size: 0.98rem;
      line-height: 1.2;
      font-weight: 600;
      white-space: nowrap;
    }

    .metric-label {
      display: none;
    }

    .positive {
      color: var(--positive);
    }

    .negative {
      color: var(--negative);
    }

    .row-arrow {
      display: grid;
      place-items: center;
      min-height: 44px;
      color: #315b82;
      font-size: 1.32rem;
    }

    .note {
      margin: 12px 0 0;
      color: var(--muted);
      font-size: 0.76rem;
    }

    .portfolio-move {
      display: grid;
      grid-template-columns: 54px minmax(0, 1fr) auto;
      gap: 16px;
      align-items: center;
      padding: 20px 24px;
    }

    .portfolio-move p {
      margin: 3px 0 0;
      color: var(--text);
      font-size: 0.91rem;
      line-height: 1.5;
    }

    .signals {
      border-top: 1px solid var(--border);
    }

    .signal-item {
      border-bottom: 1px solid var(--border);
    }

    .signal-trigger {
      width: 100%;
      min-height: 62px;
      display: grid;
      grid-template-columns: 48px minmax(0, 1fr) 44px;
      gap: 8px;
      align-items: center;
      padding: 10px 0;
      color: inherit;
      background: transparent;
      border: 0;
      font: inherit;
      text-align: left;
      cursor: pointer;
    }

    .signal-number {
      display: grid;
      place-items: center;
      width: 40px;
      height: 40px;
      border-radius: 4px;
      background: var(--blue-dark);
      color: var(--white);
      font-weight: 700;
    }

    .signal-title {
      display: block;
      color: var(--blue-dark);
      font-size: 0.95rem;
      font-weight: 700;
      line-height: 1.25;
    }

    .signal-preview {
      display: block;
      margin-top: 2px;
      color: var(--muted);
      font-size: 0.86rem;
      line-height: 1.35;
    }

    .chevron {
      width: 18px;
      height: 18px;
      justify-self: end;
      color: #335c82;
      transition: transform 160ms ease;
    }

    .signal-trigger[aria-expanded="true"] .chevron {
      transform: rotate(180deg);
    }

    .signal-panel {
      display: grid;
      grid-template-rows: 0fr;
      transition: grid-template-rows 160ms ease;
    }

    .signal-panel[aria-hidden="false"] {
      grid-template-rows: 1fr;
    }

    .signal-panel-inner {
      overflow: hidden;
    }

    .signal-panel p {
      margin: 0;
      padding: 0 54px 18px 56px;
      color: var(--text);
      font-size: 0.9rem;
    }

    .article-list {
      display: grid;
      gap: 14px;
    }

    .article-card {
      display: grid;
      grid-template-columns: minmax(0, 1fr) 235px;
      min-height: 190px;
      border: 1px solid var(--border);
      border-radius: var(--radius);
      overflow: hidden;
      background: var(--surface);
    }

    .article-body {
      padding: 22px 26px;
    }

    .eyebrow {
      margin: 0 0 6px;
      color: #1f68b1;
      font-size: 0.78rem;
      font-weight: 700;
      letter-spacing: 0.06em;
      text-transform: uppercase;
    }

    .article-card h3 {
      margin: 0 0 9px;
      font-size: clamp(1.65rem, 4vw, 2rem);
      line-height: 1.08;
    }

    .article-card p {
      margin: 0 0 12px;
      color: var(--text);
      font-size: 0.91rem;
      line-height: 1.55;
    }

    .article-photo {
      min-height: 190px;
      background: #dbe5ef;
      overflow: hidden;
    }

    .article-photo img {
      width: 100%;
      height: 100%;
      object-fit: cover;
      object-position: center top;
      filter: grayscale(1) sepia(0.18) hue-rotate(170deg) saturate(0.75);
    }

    .institutional-note {
      display: grid;
      grid-template-columns: 52px minmax(0, 1fr);
      gap: 16px;
      align-items: center;
      padding: 22px 26px;
    }

    .institutional-note p {
      margin: 0;
      color: var(--text);
      font-size: 0.91rem;
      line-height: 1.55;
    }

    .letter-footer-main {
      margin-top: 20px;
      background: var(--blue-dark);
      color: var(--white);
    }

    .letter-footer-inner {
      min-height: 74px;
      display: flex;
      align-items: center;
      justify-content: space-between;
      gap: 22px;
    }

    .footer-logo {
      width: 210px;
      height: auto;
    }

    .footer-contact {
      display: flex;
      align-items: center;
      gap: 24px;
      color: rgba(255, 255, 255, 0.94);
      font-size: 0.91rem;
      font-weight: 600;
    }

    .footer-contact a {
      display: inline-flex;
      align-items: center;
      gap: 8px;
      min-height: 44px;
    }

    .footer-contact svg {
      width: 19px;
      height: 19px;
      stroke: currentColor;
      fill: none;
      stroke-width: 1.8;
    }

    .footer-disclaimer {
      padding: 18px 0 0;
      color: #768493;
      text-align: center;
      font-size: 0.82rem;
      line-height: 1.45;
    }

    .footer-disclaimer p {
      margin: 0;
    }

    .sr-only {
      position: absolute;
      width: 1px;
      height: 1px;
      padding: 0;
      margin: -1px;
      overflow: hidden;
      clip: rect(0, 0, 0, 0);
      white-space: nowrap;
      border: 0;
    }

    @media (prefers-reduced-motion: reduce) {
      html {
        scroll-behavior: auto;
      }

      .chevron,
      .signal-panel {
        transition: none;
      }
    }

    @media (max-width: 860px) {
      .strategy-header {
        display: none;
      }

      .strategy-table {
        display: grid;
        gap: 12px;
        border: 0;
        background: transparent;
        overflow: visible;
      }

      .strategy-row {
        grid-template-columns: 74px minmax(0, 1fr) 44px;
        grid-template-rows: auto auto;
        min-height: 0;
        border: 1px solid var(--border);
        border-radius: var(--radius);
        overflow: hidden;
        background: var(--white);
      }

      .strategy-icon-cell {
        grid-row: span 2;
      }

      .strategy-copy {
        padding: 16px 14px 8px;
      }

      .strategy-metrics {
        grid-column: 2 / 4;
        grid-row: 2;
        grid-template-columns: repeat(2, minmax(0, 1fr));
        gap: 12px 18px;
        padding: 0 14px 16px;
      }

      .metric {
        padding: 0;
        white-space: normal;
      }

      .metric-label {
        display: block;
        margin-bottom: 3px;
        color: var(--muted);
        font-size: 0.66rem;
        font-weight: 700;
        letter-spacing: 0.04em;
        text-transform: uppercase;
      }

      .row-arrow {
        grid-column: 3;
        grid-row: 1;
        align-self: center;
      }
    }

    @media (max-width: 720px) {
      .wrap {
        width: min(var(--container), calc(100% - 30px));
      }

      .edition-bar-inner,
      .letter-footer-inner {
        align-items: flex-start;
        flex-direction: column;
        padding: 18px 0;
      }

      .edition-logo,
      .footer-logo {
        width: min(220px, 74vw);
      }

      .edition-meta {
        flex-wrap: wrap;
        gap: 8px 12px;
        white-space: normal;
      }

      .hero {
        padding-top: 38px;
      }

      .hero h1 {
        font-size: clamp(2.6rem, 11vw, 2.85rem);
        line-height: 1.02;
        max-width: 100%;
      }

      .hero h1 span {
        display: block;
      }

      .section-heading-row {
        align-items: flex-start;
        flex-direction: column;
        gap: 4px;
      }

      .issue-grid {
        grid-template-columns: 1fr;
        gap: 16px;
      }

      .issue-item + .issue-item {
        border-left: 0;
        border-top: 1px solid rgba(15, 43, 70, 0.16);
        padding-left: 0;
        padding-top: 16px;
      }

      .portfolio-move {
        grid-template-columns: 48px minmax(0, 1fr);
        padding: 18px;
      }

      .portfolio-move .text-link {
        grid-column: 2;
      }

      .article-card {
        grid-template-columns: 1fr;
      }

      .article-photo {
        order: -1;
        min-height: 250px;
      }

      .article-body {
        padding: 20px;
      }

      .institutional-note {
        grid-template-columns: 44px minmax(0, 1fr);
        padding: 18px;
      }

      .footer-contact {
        align-items: flex-start;
        flex-direction: column;
        gap: 4px;
        width: 100%;
      }
    }

    @media (max-width: 520px) {
      .wrap {
        width: min(362px, calc(100% - 28px));
        margin-left: 14px;
        margin-right: auto;
      }

      .edition-bar-inner {
        min-height: 0;
      }

      .subtitle,
      .opening p {
        font-size: 0.98rem;
        overflow-wrap: anywhere;
      }

      .issue-box {
        padding: 18px;
      }

      .strategy-row {
        grid-template-columns: 60px minmax(0, 1fr) 38px;
      }

      .strategy-icon-cell svg {
        width: 32px;
        height: 32px;
      }

      .strategy-name {
        font-size: 0.98rem;
      }

      .strategy-description {
        font-size: 0.8rem;
      }

      .metric {
        font-size: 0.88rem;
      }

      .signal-trigger {
        grid-template-columns: 44px minmax(0, 1fr) 32px;
      }

      .signal-panel p {
        padding: 0 0 18px 52px;
      }
    }