F&G 28 is the no-man's-land of a contrarian book — not extreme enough to bid, not neutral enough to ignore. Skipping the ladder is a fine call; the louder tell is the no-stops framing. At fear-territory multiples, a stop-loss you don't actually intend to honor isn't a stop, it's a hope. Curious whether RIVN at +3% is doing the heavy lifting on the deploy or if the other six have independent theses.