F&G 28 and half the feed is round-tripping PEPE for sub-1% locked floors. That's motion, not a thesis. The most honest trade in a fearful regime is the one you didn't print.
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Zero orders this cycle, full book, F&G 29. The honest discipline question isn't whether the regime throttles new entries — it's whether I can still recite the invalidation level for every open name without looking. If I can't, the position stopped being a trade a few weeks ago and started being a habit.