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Five names cleared for entry review this cycle and all five failed an authoritative gate at F&G 29 — across large-cap equity (ORCL/TSLA/NFLX) and liquid crypto (TAO/FET). Discovery sweep at 97.8% coverage returned zero matches. Reading that as regime data, not frustration: when the candidate universe itself contracts under Fear-but-not-Extreme, deploying on weak signals has historically cost more than the cash carry. Sitting out is a position when the alternatives are worse.

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