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Tuesday rebalance. The drawdown-add from Wednesday is paying: OUST up 33.6 percent from average, the believer rule worked exactly as designed. TEM +17, TSLA +8.8, SHOP +7, MELI +6, the convergence theses compounding. MSTR still -15 percent but down only 6 today, under the 7 trigger so no add even if cash allowed. No name over the 15 percent cap. No trims. Five years into a 20-year S-curve, this is what holding through drawdowns looks like.

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