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button{display:flex;width:100%;align-items:center;gap:16px;text-align:left;background:transparent;border:0;padding:17px 0;font-size:20px;letter-spacing:-.02em}.thesis-variation .tv-opportunity button:hover{color:#fff}.thesis-variation .tv-opportunity-number{font:9px ui-monospace,monospace;color:var(--tv-muted)}.thesis-variation .tv-opportunity-symbol{margin-left:auto;font:21px/1 ui-monospace,monospace;color:var(--tv-red)}.thesis-variation .tv-opportunity>div>p{padding:0 25px 22px 32px;font-size:15px;line-height:1.85;color:var(--tv-soft);max-width:550px}.thesis-variation .tv-opportunity [hidden]{display:none}.thesis-variation.tv-voyage{background:#03080d}.thesis-variation .tv-voyage-nav{position:sticky;top:var(--thesis-nav-top, 78px);z-index:5;height:66px;display:flex;justify-content:space-between;align-items:center;padding:0 var(--tv-gutter);border-block:1px solid var(--tv-rule);background:#040a10e0;-webkit-backdrop-filter:blur(16px);backdrop-filter:blur(16px)}.thesis-variation .tv-voyage-nav-label{font:9px ui-monospace,monospace;letter-spacing:.16em;color:var(--tv-muted)}.thesis-variation .tv-voyage-nav>div{display:flex;height:100%;gap:clamp(25px,4vw,66px)}.thesis-variation .tv-voyage-nav a{position:relative;display:flex;align-items:center;gap:12px;color:#91a2ad;font-size:12px;white-space:nowrap;transition:color .2s}.thesis-variation .tv-voyage-nav a span{font:8px ui-monospace,monospace;opacity:.75}.thesis-variation .tv-voyage-nav a i{position:absolute;bottom:-1px;height:2px;left:0;right:0;background:var(--tv-red);transform:scaleX(0);transform-origin:left;transition:transform .3s ease}.thesis-variation .tv-voyage-nav a[aria-current]{color:#fff}.thesis-variation .tv-voyage-nav a[aria-current] span{color:var(--tv-red)}.thesis-variation .tv-voyage-nav a[aria-current] i{transform:scaleX(1)}.thesis-variation .tv-voyage-leg{position:relative;border-bottom:1px solid var(--tv-rule);scroll-margin-top:0}.thesis-variation .tv-voyage-backdrop{position:sticky;top:0;height:100svh;min-height:670px;margin-bottom:-100svh;overflow:hidden}.thesis-variation .tv-voyage-shade{position:absolute;top:0;right:0;bottom:0;left:0;background:linear-gradient(90deg,rgba(2,7,12,.93) 0%,rgba(2,7,12,.65) 29%,rgba(2,7,12,.1) 64%,transparent 100%),linear-gradient(0deg,#03080d 0%,transparent 17%,transparent 91%,rgba(3,8,13,.4) 100%)}.thesis-variation .tv-voyage-reticle{position:absolute;right:6.5%;bottom:8%;display:flex;align-items:center;gap:15px;font:9px ui-monospace,monospace;color:#a8b7c0;text-transform:uppercase;letter-spacing:.15em}.thesis-variation .tv-voyage-reticle i{width:27px;height:27px;border:1px solid rgba(211,225,232,.4);border-radius:50%;position:relative}.thesis-variation .tv-voyage-reticle i:before,.thesis-variation .tv-voyage-reticle i:after{content:"";position:absolute;background:#d1e1e8;opacity:.65}.thesis-variation .tv-voyage-reticle i:before{width:35px;height:1px;top:12px;left:-5px}.thesis-variation .tv-voyage-reticle i:after{width:1px;height:35px;top:-5px;left:12px}.thesis-variation .tv-voyage-reticle b{font-weight:400;margin-left:28px;color:#697e8d}.thesis-variation .tv-voyage-story{position:relative;z-index:2;padding-inline:var(--tv-gutter);pointer-events:none}.thesis-variation .tv-voyage-story>div{pointer-events:auto}.thesis-variation .tv-voyage-opening{min-height:100svh;max-width:625px;width:50%;display:flex;flex-direction:column;justify-content:center;padding:130px 0 100px}.thesis-variation .tv-voyage-opening h2{font-size:clamp(40px,4.6vw,70px);font-weight:400;line-height:1.055;letter-spacing:-.055em;margin:25px 0 28px;text-wrap:balance}.thesis-variation .tv-voyage-premise{max-width:540px;font-size:clamp(16px,1.48vw,20px);line-height:1.8;color:#c8d1d6}.thesis-variation .tv-read-down{width:max-content;margin-top:38px;display:flex;gap:32px;align-items:center;border-bottom:1px solid rgba(186,207,220,.32);padding-bottom:12px;font-size:12px}.thesis-variation .tv-read-down span{color:var(--tv-red);font-size:22px}.thesis-variation .tv-voyage-reasoning{width:49%;max-width:610px;min-height:100svh;padding:120px 0 130px;display:flex;flex-direction:column;justify-content:center;gap:38px;scroll-margin-top:90px}.thesis-variation .tv-voyage-mechanism>p{margin-top:17px;font-size:19px;line-height:1.8;color:#dae0e3}.thesis-variation .tv-voyage-question{padding:0 0 0 23px;border-left:1px solid var(--tv-red)}.thesis-variation .tv-voyage-question p{font-size:19px;line-height:1.6;letter-spacing:-.015em;margin-top:13px;max-width:535px}.thesis-variation .tv-voyage-leg:last-child{border-bottom:0}.thesis-variation.tv-explorer{background:#03080d;overflow:hidden;padding:32px var(--tv-gutter) 0;min-height:100svh}.thesis-variation .tv-explorer-scene{position:absolute;top:0;right:0;bottom:0;left:0;overflow:hidden;z-index:-1}.thesis-variation .tv-explorer-shade{position:absolute;top:0;right:0;bottom:0;left:0;background:linear-gradient(90deg,#03080df5,#03080db0 34%,#03080d08 75%),linear-gradient(0deg,#040b12 0%,rgba(4,11,18,.9) 20%,transparent 48%)}.thesis-variation .tv-explorer-topline{display:flex;justify-content:space-between;gap:24px;padding-bottom:28px;font:8px/1.5 ui-monospace,monospace;color:#6c8290;letter-spacing:.14em}.thesis-variation .tv-destination-tabs{display:grid;grid-template-columns:repeat(3,1fr);border-block:1px solid var(--tv-rule);position:relative}.thesis-variation .tv-destination-tabs:before{content:"";position:absolute;left:0;right:0;height:1px;top:50%;background:var(--tv-rule);pointer-events:none;z-index:-1}.thesis-variation .tv-destination-tabs button{display:flex;align-items:center;position:relative;gap:13px;padding:21px 25px;border:0;border-right:1px solid var(--tv-rule);background:#040a11c2;text-align:left;font-size:15px;color:#8b9ca8}.thesis-variation .tv-destination-tabs button:last-child{border-right:0}.thesis-variation .tv-destination-tabs button:after{content:"";position:absolute;bottom:-1px;left:0;right:0;height:2px;background:var(--tv-red);transform:scaleX(0);transform-origin:left;transition:transform .3s}.thesis-variation .tv-destination-tabs button[aria-selected=true]{color:#fff;background:#2a394480}.thesis-variation .tv-destination-tabs button[aria-selected=true]:after{transform:scaleX(1)}.thesis-variation .tv-destination-tabs button:hover{background:#2a394480;color:#fff}.thesis-variation .tv-destination-dot{height:8px;width:8px;border:1px solid #708491;border-radius:50%;margin-right:7px}.thesis-variation .tv-destination-tabs [aria-selected=true] .tv-destination-dot{border-color:var(--tv-red);background:var(--tv-red);box-shadow:0 0 0 5px #ff593f1a}.thesis-variation .tv-destination-tabs small{font:9px ui-monospace,monospace;margin-left:auto;opacity:.65}.thesis-variation .tv-explorer-panel{outline-offset:10px}.thesis-variation .tv-explorer-intro{position:relative;min-height:670px;display:flex;align-items:center;padding-block:68px 80px}.thesis-variation .tv-explorer-copy{width:50%;max-width:625px;animation:tv-copy-reveal .45s ease both}.thesis-variation .tv-explorer-copy h2{font-size:clamp(39px,4.1vw,62px);letter-spacing:-.05em;font-weight:400;line-height:1.09;margin:22px 0 26px;text-wrap:balance}.thesis-variation .tv-explorer-premise{font-size:18px;line-height:1.8;color:#d0d8dd}.thesis-variation .tv-explorer-mechanism{color:#93a5b2;font-size:14px;line-height:1.95;margin-top:22px;max-width:580px}.thesis-variation .tv-scene-caption{position:absolute;right:0;bottom:88px;width:34%;display:flex;gap:18px;align-items:center;color:#9dabb5;font:8px/1.9 ui-monospace,monospace;letter-spacing:.13em}.thesis-variation .tv-caption-cross{font-size:28px;color:#c6d8e2;font-weight:100}.thesis-variation .tv-scene-caption>i{height:1px;flex:1;background:linear-gradient(90deg,#556e7e,transparent)}.thesis-variation .tv-explorer-underwriting{display:grid;grid-template-columns:.9fr 1.15fr 1.2fr;gap:clamp(28px,4.5vw,65px);padding:33px 0 36px;border-block:1px solid var(--tv-rule);position:relative}.thesis-variation .tv-entry-points{min-width:0}.thesis-variation .tv-entry-points h3{margin-bottom:13px}.thesis-variation .tv-entry-points button{width:100%;display:flex;align-items:center;border:0;border-bottom:1px solid var(--tv-rule);gap:14px;padding:14px 0;background:none;text-align:left;font-size:15px;color:#8a9aa7}.thesis-variation .tv-entry-points button>span:first-child{font:8px ui-monospace,monospace;color:#657b8a}.thesis-variation .tv-entry-points button svg{width:18px;height:18px;margin-left:auto;stroke:currentColor;stroke-width:1.3;fill:none;opacity:0;transform:translate(-6px);transition:opacity .2s,transform .2s}.thesis-variation .tv-entry-points button[aria-pressed=true]{color:#fff}.thesis-variation .tv-entry-points button[aria-pressed=true]>span:first-child{color:var(--tv-red)}.thesis-variation .tv-entry-points button[aria-pressed=true] svg,.thesis-variation .tv-entry-points button:hover svg{opacity:1;transform:translate(0);color:var(--tv-red)}.thesis-variation .tv-explorer-detail h3{font-size:26px;letter-spacing:-.025em;font-weight:400;margin:18px 0 12px}.thesis-variation .tv-explorer-detail p{color:#a4b3be;font-size:14px;line-height:1.9}.thesis-variation .tv-explorer-question{position:relative;padding-left:28px;border-left:1px solid var(--tv-rule)}.thesis-variation .tv-explorer-question p{margin-top:18px;font-size:21px;line-height:1.6;letter-spacing:-.025em;color:#d7dfe4}.thesis-variation .tv-question-rule{width:35px;height:2px;display:block;background:var(--tv-red);margin-top:22px}.thesis-variation .tv-explorer-bottomline{display:flex;align-items:center;justify-content:space-between;padding-block:22px}.thesis-variation .tv-explorer-bottomline>span{font:9px ui-monospace,monospace;color:#6b7e8e;letter-spacing:.15em}.thesis-variation .tv-explorer-bottomline button{display:flex;align-items:center;gap:25px;background:none;border:0;font-size:12px}.thesis-variation .tv-explorer-bottomline svg{width:24px;height:24px;stroke:var(--tv-red);stroke-width:1.2;fill:none}.thesis-variation.tv-dossier{--tv-text: #203334;--tv-soft: #526465;--tv-muted: #667572;--tv-rule: rgba(33,63,62,.21);--tv-red: #b64027;background:#e8e8dd;color:var(--tv-text);padding-inline:var(--tv-gutter)}.thesis-variation .tv-dossier-masthead{display:flex;justify-content:space-between;gap:20px;padding:31px 0 24px;border-bottom:1px solid #9aa8a0;font:8px/1.6 ui-monospace,monospace;letter-spacing:.13em;color:#526762}.thesis-variation .tv-dossier-opening{display:flex;gap:65px;align-items:flex-end;justify-content:space-between;padding:65px 0 45px}.thesis-variation .tv-dossier-opening h2{font-size:clamp(44px,6vw,87px);line-height:.98;font-weight:400;letter-spacing:-.065em;max-width:590px}.thesis-variation .tv-dossier-opening p{max-width:345px;width:34%;font-size:17px;line-height:1.75;color:#61706a;padding-bottom:5px}.thesis-variation .tv-dossier-index{display:grid;grid-template-columns:repeat(3,1fr);border-block:1px solid var(--tv-rule)}.thesis-variation .tv-dossier-index a{display:flex;align-items:center;gap:20px;padding:21px 22px;font-size:14px;border-right:1px solid var(--tv-rule)}.thesis-variation .tv-dossier-index a:first-child{padding-left:0}.thesis-variation .tv-dossier-index a:last-child{border-right:0;padding-right:0}.thesis-variation .tv-dossier-index a>span{color:var(--tv-red);font:9px ui-monospace,monospace}.thesis-variation .tv-dossier-index a>svg{margin-left:auto;width:23px;height:23px;fill:none;stroke:currentColor;stroke-width:1}.thesis-variation .tv-dossier-index a:hover{color:var(--tv-red)}.thesis-variation .tv-dossier-chapter{padding-block:55px 70px;border-bottom:1px solid #93a29a;scroll-margin-top:94px}.thesis-variation .tv-dossier-chapter-label{display:flex;align-items:center;gap:18px;margin-bottom:31px}.thesis-variation .tv-dossier-chapter-label>span:first-child{font:12px ui-monospace,monospace;color:var(--tv-red)}.thesis-variation .tv-dossier-chapter-label h3{text-transform:uppercase;font:11px ui-monospace,monospace;letter-spacing:.14em}.thesis-variation .tv-dossier-chapter-label>span:last-child{margin-left:auto;font:8px ui-monospace,monospace;letter-spacing:.1em;color:#7c8980}.thesis-variation .tv-dossier-argument{display:grid;grid-template-columns:.92fr 1.08fr;gap:6%;align-items:center}.thesis-variation .tv-dossier-text h2{font-size:clamp(32px,3.5vw,51px);font-weight:400;letter-spacing:-.045em;line-height:1.08;text-wrap:balance}.thesis-variation .tv-dossier-premise{margin-top:26px;font-size:18px;line-height:1.8;color:#526761}.thesis-variation .tv-dossier-argument figure{min-width:0}.thesis-variation .tv-causal-diagram{width:100%;height:auto;display:block;color:#627c72;overflow:visible}.thesis-variation .tv-diagram-registration{stroke:#8b9f94;fill:none;stroke-width:1}.thesis-variation .tv-diagram-lines{stroke:#657e73;fill:none;stroke-width:1.25}.thesis-variation .tv-diagram-node{stroke:#6f897b;fill:#e8e8dd;stroke-width:1}.thesis-variation .tv-diagram-hub{stroke:#627d6e;fill:#d7dfd2;stroke-width:1}.thesis-variation .tv-diagram-final{stroke:#28453a;fill:#28453a;stroke-width:1}.thesis-variation .tv-diagram-label{font-size:13px;fill:#2f4a40;font-family:inherit;letter-spacing:-.02em}.thesis-variation .tv-diagram-small{font:8px ui-monospace,monospace;letter-spacing:.1em;fill:#829185}.thesis-variation .tv-diagram-light{fill:#e8e8dd}.thesis-variation .tv-diagram-constraint{stroke:#b24b30;fill:#e8e8dd;stroke-width:1.2}.thesis-variation .tv-diagram-orbit{fill:none;stroke:#718d7d;stroke-width:.8;stroke-dasharray:2 6;opacity:.55}.thesis-variation .tv-diagram-return{fill:none;stroke:#657e73;stroke-width:1;stroke-dasharray:3 5}.thesis-variation .tv-dossier-argument figcaption{margin-top:16px;font-size:10px;line-height:1.7;color:#7a887e;display:flex;gap:12px}.thesis-variation .tv-dossier-argument figcaption>span{flex-shrink:0;font-family:ui-monospace,monospace;color:#b34a32}.thesis-variation .tv-dossier-mechanism{display:grid;grid-template-columns:170px 1fr;gap:30px;border-block:1px solid var(--tv-rule);margin-top:36px;padding:26px 0}.thesis-variation .tv-dossier-mechanism>span{padding-top:4px}.thesis-variation .tv-dossier-mechanism>p{font-size:17px;line-height:1.85;color:#425f55;max-width:875px}.thesis-variation .tv-dossier-underwriting{display:grid;grid-template-columns:1.2fr .8fr;gap:10%;margin-top:35px}.thesis-variation .tv-dossier-areas>h3{margin-bottom:14px}.thesis-variation .tv-dossier-area{border-top:1px solid var(--tv-rule)}.thesis-variation .tv-dossier-area:last-child{border-bottom:1px solid var(--tv-rule)}.thesis-variation .tv-dossier-area summary{cursor:pointer;display:flex;align-items:center;padding:17px 0;gap:18px;list-style:none}.thesis-variation .tv-dossier-area summary::-webkit-details-marker{display:none}.thesis-variation .tv-dossier-area summary>span{font:9px ui-monospace,monospace;color:#829187}.thesis-variation .tv-dossier-area summary h4{font-size:21px;letter-spacing:-.03em;font-weight:400}.thesis-variation .tv-dossier-area summary i{margin-left:auto;width:13px;height:13px;position:relative}.thesis-variation .tv-dossier-area summary i:before,.thesis-variation .tv-dossier-area summary i:after{content:"";position:absolute;background:#b34a32}.thesis-variation .tv-dossier-area summary i:before{height:1px;width:13px;top:6px}.thesis-variation .tv-dossier-area summary i:after{height:13px;width:1px;left:6px}.thesis-variation .tv-dossier-area[open] summary i:after{display:none}.thesis-variation .tv-dossier-area>p{color:#576f63;padding:0 28px 22px 33px;font-size:15px;line-height:1.85}.thesis-variation .tv-dossier-question{position:relative;align-self:center;padding:0 0 0 26px}.thesis-variation .tv-dossier-question>p{margin-top:18px;font-family:Georgia,Times New Roman,serif;font-size:27px;line-height:1.5;letter-spacing:-.025em;color:#365b49}.thesis-variation .tv-dossier-bracket{position:absolute;font:90px/1 Georgia,serif;color:#bf4b2f;left:-17px;top:27px;opacity:.65}.thesis-variation .tv-dossier-end{display:flex;align-items:center;justify-content:space-between;padding:29px 0;gap:25px;font:8px/1.5 ui-monospace,monospace;color:#6d8174;letter-spacing:.1em}@keyframes tv-copy-reveal{0%{opacity:.2;transform:translateY(12px)}to{opacity:1;transform:translateY(0)}}@media (min-width: 1600px){.thesis-variation .tv-voyage-opening{max-width:680px}.thesis-variation .tv-voyage-reasoning{max-width:660px}.thesis-variation .tv-voyage-shade{background:linear-gradient(90deg,rgba(2,7,12,.92),rgba(2,7,12,.55) 24%,transparent 64%),linear-gradient(0deg,#03080d,transparent 17%)}}@media (max-width: 1100px){.thesis-variation{--tv-gutter: 5vw}.thesis-variation .tv-voyage-opening{width:55%}.thesis-variation .tv-voyage-reasoning{width:54%}.thesis-variation .tv-voyage-opening h2{font-size:48px}.thesis-variation .tv-voyage-mechanism>p{font-size:17px}.thesis-variation .tv-voyage-reticle b{display:none}.thesis-variation .tv-explorer-copy{width:55%}.thesis-variation .tv-explorer-copy h2{font-size:44px}.thesis-variation .tv-explorer-underwriting{gap:28px;grid-template-columns:.9fr 1.1fr 1.1fr}.thesis-variation .tv-explorer-question{padding-left:20px}.thesis-variation .tv-explorer-question p{font-size:19px}.thesis-variation .tv-dossier-opening{gap:40px}.thesis-variation .tv-dossier-argument{gap:4%}.thesis-variation .tv-dossier-text h2{font-size:37px}.thesis-variation .tv-dossier-premise{font-size:16px}.thesis-variation .tv-dossier-mechanism{grid-template-columns:140px 1fr;gap:22px}.thesis-variation 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.delta-hero-details{animation:none}}.sav-experience[data-edition=delta][data-layout] .experience-content{background:transparent}.sav-experience[data-edition=delta] .experience-team{background:#07090c}.delta-investment{--feature-padding: clamp(28px, 4vw, 64px);--investment-stage-height: clamp(520px, calc(100svh - 48px) , 820px);padding:32px clamp(18px,3.5vw,60px) 80px;background:transparent}.delta-investment .editorial-orbit-track{height:calc(var(--investment-stage-height) + 150svh)}.delta-investment .editorial-investment-stage{position:sticky;top:24px;height:var(--investment-stage-height);padding:40px var(--feature-padding) 42px;background:#080d14;border:1px solid #ffffff1c;border-radius:16px;box-shadow:0 28px 100px #0009,0 3px 16px #0008}.delta-investment-label{position:relative;z-index:2;align-self:start}.delta-investment .editorial-company-wordmark{top:90px;left:var(--feature-padding);width:min(33%,240px)}.delta-investment .editorial-investment-copy{width:36%;max-width:300px;padding:0}.delta-investment h2{font-size:clamp(42px,4.2vw,64px);margin:0 0 18px}.delta-investment-description{font:16px/1.55 Geist,sans-serif;color:#d9dfe7;max-width:270px}.delta-investment .delta-investment-rationale{font:13px/1.65 Geist,sans-serif;color:#aab5c4;max-width:270px;margin-top:22px}.delta-investment-rationale>span{display:block;font-size:10px;color:#d5dce6;margin-bottom:6px}.delta-investment .editorial-investment-copy>.editorial-link{margin-top:18px}.delta-investment .gg-scene-caption{right:var(--feature-padding);bottom:24px}@media (max-width: 1050px){.delta-investment .editorial-investment-copy{width:42%}}@media (max-width: 760px){.delta-investment{--feature-padding: 24px;--investment-stage-height: max(760px, calc(100svh - 32px) );padding:16px 12px 56px}.delta-investment .editorial-investment-stage{top:16px;padding:28px var(--feature-padding) 50px;border-radius:12px}.delta-investment .editorial-company-wordmark{top:78px;width:min(74%,220px)}.delta-investment .editorial-investment-copy{width:100%;max-width:380px}.delta-investment h2{font-size:40px;margin-bottom:12px}.delta-investment-description{font-size:15px;max-width:320px}.delta-investment .delta-investment-rationale{margin-top:16px;font-size:12px;max-width:320px}.delta-investment .editorial-investment-copy>.editorial-link{margin-top:12px}.delta-investment .gg-scene-caption{left:var(--feature-padding);right:auto;bottom:18px;font-size:9px}}@media (max-width: 760px) and (max-height: 790px),(min-width: 761px) and (max-height: 567px){.delta-investment .editorial-orbit-track{height:auto}.delta-investment .editorial-investment-stage{position:relative;top:0}}@media (prefers-reduced-motion: reduce){.delta-investment .editorial-orbit-track{height:auto}.delta-investment .editorial-investment-stage{position:relative;top:0}}