/* ————————————————————————————————————————————
   Paper-fund — institutional research aesthetic
   ———————————————————————————————————————————— */

:root {
  --paper: #edf1f4;
  --card: #ffffff;
  --ink: #11202b;
  --ink-soft: #4b5b6b;
  --ink-faint: #8595a3;
  --hairline: #d7dee5;
  --hairline-soft: #e6ebef;
  --navy: #0e4f5c;
  --accent: #0c8599;
  --gold: #e0a52b;
  --green: #0f8a55;
  --red: #c4384e;
  --serif: "Cormorant Garamond", Georgia, "Times New Roman", serif;
  --sans: "Inter", -apple-system, "Segoe UI", Roboto, sans-serif;
}

* { box-sizing: border-box; margin: 0; padding: 0; }

html { scroll-behavior: smooth; }

body {
  background: var(--paper);
  color: var(--ink);
  font-family: var(--sans);
  font-size: 16px;
  line-height: 1.55;
  -webkit-font-smoothing: antialiased;
}

::selection { background: var(--gold); color: #fff; }

a { color: inherit; text-decoration: none; }

.wrap { max-width: 1120px; margin: 0 auto; padding: 0 24px; }

.kicker {
  font-size: 11px;
  font-weight: 600;
  letter-spacing: 0.2em;
  text-transform: uppercase;
  color: var(--accent);
}

/* ——— header ——— */

header.site {
  position: sticky;
  top: 0;
  z-index: 50;
  background: rgba(237, 241, 244, 0.92);
  backdrop-filter: blur(8px);
  border-bottom: 1px solid var(--hairline);
}

.bar {
  display: flex;
  align-items: center;
  justify-content: space-between;
  height: 60px;
}

.brand {
  font-family: var(--serif);
  font-weight: 600;
  font-size: 20px;
  letter-spacing: 0.12em;
  text-transform: uppercase;
  color: var(--navy);
}

.site-nav { display: flex; gap: 28px; }

.site-nav a {
  font-size: 13px;
  font-weight: 500;
  letter-spacing: 0.08em;
  text-transform: uppercase;
  color: var(--ink-soft);
  transition: color 0.15s;
}

.site-nav a:hover { color: var(--navy); }

/* ——— hero ——— */

.hero { padding: 96px 0 84px; border-bottom: 1px solid var(--hairline); }

.hero h1 {
  font-family: var(--serif);
  font-weight: 500;
  font-size: clamp(2.7rem, 6vw, 4.4rem);
  line-height: 1.05;
  letter-spacing: 0.01em;
  color: var(--navy);
  margin: 18px 0 16px;
}

.tagline {
  font-size: 1.1rem;
  color: var(--ink-soft);
  max-width: 560px;
}

.hero-meta {
  margin-top: 18px;
  font-size: 13px;
  color: var(--ink-faint);
  letter-spacing: 0.02em;
  font-variant-numeric: tabular-nums;
}

.hero-actions { margin-top: 34px; display: flex; gap: 14px; flex-wrap: wrap; }

.btn {
  display: inline-block;
  padding: 12px 26px;
  font-size: 13px;
  font-weight: 600;
  letter-spacing: 0.1em;
  text-transform: uppercase;
  border: 1px solid var(--navy);
  transition: all 0.15s;
}

.btn.solid { background: var(--navy); color: #fff; }
.btn.solid:hover { background: #0a3a45; }
.btn.ghost { color: var(--navy); }
.btn.ghost:hover { background: var(--navy); color: #fff; }

/* ——— sections ——— */

.section { padding: 76px 0; }
.section + .section { border-top: 1px solid var(--hairline); }

.section-head { margin-bottom: 40px; }

.section-head h2 {
  font-family: var(--serif);
  font-weight: 500;
  font-size: 2.2rem;
  color: var(--navy);
  margin-top: 10px;
}

/* ——— research grid ——— */

.grid-posts {
  display: grid;
  grid-template-columns: repeat(auto-fill, minmax(300px, 1fr));
  gap: 30px;
}

.card {
  display: block;
  background: var(--card);
  border: 1px solid var(--hairline);
  box-shadow: 0 1px 2px rgba(24, 34, 48, 0.04);
  transition: transform 0.18s, box-shadow 0.18s, border-color 0.18s;
}

.card:hover {
  transform: translateY(-3px);
  border-color: var(--gold);
  box-shadow: 0 10px 28px rgba(24, 34, 48, 0.1);
}

.thumb {
  aspect-ratio: 16 / 9;
  overflow: hidden;
  border-bottom: 1px solid var(--hairline-soft);
  background: var(--navy);
}

.thumb img {
  width: 100%;
  height: 100%;
  object-fit: cover;
  display: block;
  transition: transform 0.4s ease;
}

.card:hover .thumb img { transform: scale(1.035); }

.card-body { padding: 20px 22px 22px; }

.card-meta {
  display: flex;
  justify-content: space-between;
  font-size: 11px;
  font-weight: 600;
  letter-spacing: 0.14em;
  text-transform: uppercase;
  color: var(--accent);
  margin-bottom: 10px;
}

.card-meta .date { color: var(--ink-faint); }

.card h3 {
  font-family: var(--serif);
  font-weight: 600;
  font-size: 1.45rem;
  line-height: 1.2;
  color: var(--ink);
  margin-bottom: 8px;
}

.card p {
  font-size: 0.92rem;
  color: var(--ink-soft);
  display: -webkit-box;
  -webkit-line-clamp: 2;
  -webkit-box-orient: vertical;
  overflow: hidden;
}

.card-read {
  display: inline-block;
  margin-top: 14px;
  font-size: 12px;
  font-weight: 600;
  letter-spacing: 0.1em;
  text-transform: uppercase;
  color: var(--navy);
}

/* ——— stats ——— */

.stats {
  display: grid;
  grid-template-columns: repeat(auto-fit, minmax(170px, 1fr));
  gap: 18px;
  margin-bottom: 30px;
}

.stat {
  background: var(--card);
  border: 1px solid var(--hairline);
  padding: 18px 20px;
}

.stat .label {
  font-size: 10.5px;
  font-weight: 600;
  letter-spacing: 0.16em;
  text-transform: uppercase;
  color: var(--ink-faint);
  margin-bottom: 8px;
}

.stat .value {
  font-size: 1.55rem;
  font-weight: 600;
  font-variant-numeric: tabular-nums;
  letter-spacing: -0.01em;
  color: var(--ink);
}

.stat .value .unit-tag {
  font-size: 0.55em;
  font-weight: 600;
  color: var(--ink-faint);
  letter-spacing: 0.04em;
  margin-left: 2px;
}

.stat .sub {
  margin-top: 4px;
  font-size: 12px;
  color: var(--ink-faint);
  font-variant-numeric: tabular-nums;
}

.pos { color: var(--green) !important; }
.neg { color: var(--red) !important; }

/* ——— controls ——— */

.controls {
  display: flex;
  justify-content: space-between;
  align-items: center;
  gap: 18px;
  flex-wrap: wrap;
  margin-bottom: 18px;
}

.seg { display: inline-flex; border: 1px solid var(--hairline); background: var(--card); }

.seg button {
  appearance: none;
  border: 0;
  background: transparent;
  padding: 8px 16px;
  font-family: var(--sans);
  font-size: 12px;
  font-weight: 600;
  letter-spacing: 0.08em;
  color: var(--ink-soft);
  cursor: pointer;
  border-right: 1px solid var(--hairline-soft);
  transition: all 0.12s;
}

.seg button:last-child { border-right: 0; }
.seg button:hover { color: var(--navy); }
.seg button.active { background: var(--navy); color: #fff; }

.chips { display: flex; gap: 8px; flex-wrap: wrap; }

.chips button {
  appearance: none;
  border: 1px solid var(--hairline);
  background: var(--card);
  border-radius: 999px;
  padding: 7px 16px;
  font-family: var(--sans);
  font-size: 12px;
  font-weight: 600;
  letter-spacing: 0.06em;
  color: var(--ink-soft);
  cursor: pointer;
  transition: all 0.12s;
}

.chips button:hover { border-color: var(--accent); color: var(--accent); }
.chips button.active { background: var(--accent); border-color: var(--accent); color: #fff; }

/* ——— chart ——— */

.chart-card {
  background: var(--card);
  border: 1px solid var(--hairline);
  padding: 18px 18px 10px;
  margin-bottom: 36px;
}

.chart-head {
  display: flex;
  gap: 22px;
  flex-wrap: wrap;
  padding: 2px 6px 12px;
  font-size: 12.5px;
  color: var(--ink-soft);
  font-variant-numeric: tabular-nums;
}

.legend-item { display: inline-flex; align-items: center; gap: 8px; }

.legend-swatch { width: 18px; height: 0; border-top: 2.5px solid; display: inline-block; }
.legend-swatch.dashed { border-top-style: dashed; }

.chart-host { position: relative; width: 100%; height: 380px; }

.chart-host svg { display: block; }

.chart-tip {
  position: absolute;
  pointer-events: none;
  background: #ffffff;
  border: 1px solid var(--hairline);
  box-shadow: 0 6px 20px rgba(24, 34, 48, 0.12);
  padding: 9px 12px;
  font-size: 12px;
  line-height: 1.5;
  font-variant-numeric: tabular-nums;
  white-space: nowrap;
  z-index: 5;
  display: none;
}

.chart-tip .tip-date { font-weight: 600; color: var(--ink); margin-bottom: 3px; }
.chart-tip .tip-row { display: flex; align-items: center; gap: 7px; color: var(--ink-soft); }
.chart-tip .tip-dot { width: 8px; height: 8px; border-radius: 50%; display: inline-block; }
.chart-tip .tip-val { margin-left: auto; padding-left: 14px; font-weight: 600; color: var(--ink); }

/* ——— tables ——— */

.tables { display: grid; gap: 40px; }

.table-title {
  font-family: var(--serif);
  font-weight: 600;
  font-size: 1.4rem;
  color: var(--navy);
  margin-bottom: 14px;
}

.table-sub {
  font-family: var(--sans);
  font-size: 12.5px;
  font-weight: 500;
  color: var(--ink-faint);
  margin-left: 10px;
  font-variant-numeric: tabular-nums;
}

.table-scroll { overflow-x: auto; border: 1px solid var(--hairline); background: var(--card); }

table { width: 100%; border-collapse: collapse; font-size: 13.5px; min-width: 720px; }

thead th {
  text-align: left;
  font-size: 10.5px;
  font-weight: 600;
  letter-spacing: 0.14em;
  text-transform: uppercase;
  color: var(--ink-faint);
  padding: 12px 14px;
  border-bottom: 1px solid var(--hairline);
  white-space: nowrap;
}

tbody td {
  padding: 12px 14px;
  border-bottom: 1px solid var(--hairline-soft);
  font-variant-numeric: tabular-nums;
  white-space: nowrap;
}

tbody tr:last-child td { border-bottom: 0; }
tbody tr:hover td { background: rgba(14, 79, 92, 0.05); }

td.num, th.num { text-align: right; }

.sym { font-weight: 600; color: var(--ink); }
.sym-name { display: block; font-size: 11.5px; font-weight: 400; color: var(--ink-faint); }

.side {
  display: inline-block;
  font-size: 10px;
  font-weight: 600;
  letter-spacing: 0.1em;
  padding: 2px 8px;
  border-radius: 2px;
  text-transform: uppercase;
}

.side.long { color: var(--green); border: 1px solid rgba(46, 110, 78, 0.35); }
.side.short { color: var(--red); border: 1px solid rgba(158, 59, 59, 0.35); }

.thesis-link {
  font-size: 12px;
  font-weight: 600;
  letter-spacing: 0.06em;
  color: var(--accent);
  text-transform: uppercase;
}

.thesis-link:hover { text-decoration: underline; }

.empty-row td { text-align: center; color: var(--ink-faint); padding: 26px; }

/* ——— banner / notices ——— */

.notice {
  border: 1px solid var(--gold);
  background: rgba(224, 165, 43, 0.12);
  color: #8a6310;
  font-size: 13px;
  padding: 10px 16px;
  margin-bottom: 22px;
}

.notice.error { border-color: var(--red); background: rgba(158, 59, 59, 0.07); color: var(--red); }

/* ——— footer ——— */

.site-foot { border-top: 1px solid var(--hairline); padding: 44px 0 56px; }

.disclaimer { font-size: 12.5px; color: var(--ink-faint); max-width: 760px; line-height: 1.6; }

.stamp { margin-top: 14px; font-size: 12px; color: var(--ink-faint); font-variant-numeric: tabular-nums; }

/* ——— responsive ——— */

/* ——— article page ——— */

.article { padding: 56px 0 40px; }
.article .loading { max-width: 760px; margin: 40px auto; padding: 0 24px; color: var(--ink-faint); }
.art-wrap { max-width: 760px; }

.art-back {
  display: inline-block;
  font-size: 12px;
  font-weight: 600;
  letter-spacing: 0.1em;
  text-transform: uppercase;
  color: var(--ink-soft);
  margin-bottom: 30px;
}
.art-back:hover { color: var(--navy); }

.art-kicker { display: flex; align-items: center; gap: 14px; margin-bottom: 14px; }
.art-ticker {
  font-size: 12px;
  font-weight: 600;
  letter-spacing: 0.16em;
  color: var(--accent);
}
.art-date { font-size: 12px; color: var(--ink-faint); letter-spacing: 0.04em; }

.art-head h1 {
  font-family: var(--serif);
  font-weight: 600;
  font-size: clamp(2.2rem, 5vw, 3.1rem);
  line-height: 1.08;
  color: var(--navy);
}

.art-meta {
  margin-top: 14px;
  font-size: 14px;
  color: var(--ink-soft);
  font-variant-numeric: tabular-nums;
  padding-bottom: 26px;
  border-bottom: 1px solid var(--hairline);
}

.art-cover {
  margin: 30px 0 8px;
  border: 1px solid var(--hairline);
  overflow: hidden;
  aspect-ratio: 16 / 9;
  background: var(--navy);
}
.art-cover img { width: 100%; height: 100%; object-fit: cover; display: block; }

.art-body { margin-top: 22px; }

.art-body h2 {
  font-family: var(--serif);
  font-weight: 600;
  font-size: 1.65rem;
  color: var(--navy);
  margin: 34px 0 12px;
}

.art-body p {
  font-size: 1.06rem;
  line-height: 1.72;
  color: #283643;
  margin-bottom: 18px;
}

.art-body p.art-note {
  font-size: 0.92rem;
  color: var(--ink-soft);
  background: rgba(224, 165, 43, 0.1);
  border-left: 2px solid var(--gold);
  padding: 10px 16px;
  font-variant-numeric: tabular-nums;
}

.art-body ul, .art-body ol { margin: 6px 0 22px; padding-left: 0; list-style: none; }

.art-body ul li {
  position: relative;
  padding-left: 22px;
  margin-bottom: 12px;
  font-size: 1.04rem;
  line-height: 1.65;
  color: #283643;
}
.art-body ul li::before {
  content: "";
  position: absolute;
  left: 2px; top: 11px;
  width: 6px; height: 6px;
  background: var(--gold);
  transform: rotate(45deg);
}

.art-body ol { counter-reset: art; }
.art-body ol li {
  counter-increment: art;
  position: relative;
  padding-left: 42px;
  margin-bottom: 20px;
}
.art-body ol li::before {
  content: counter(art);
  position: absolute;
  left: 0; top: 0;
  width: 28px; height: 28px;
  display: flex; align-items: center; justify-content: center;
  border: 1px solid var(--navy);
  color: var(--navy);
  font-size: 13px;
  font-weight: 600;
  font-variant-numeric: tabular-nums;
}
.ol-title { display: block; font-weight: 600; color: var(--ink); margin-bottom: 4px; }
.ol-body { display: block; font-size: 1.0rem; line-height: 1.65; color: #283643; }

table.scenario {
  width: 100%;
  min-width: 0;
  border: 1px solid var(--hairline);
  margin: 8px 0 26px;
  font-size: 14px;
}
table.scenario thead th {
  background: rgba(14, 79, 92, 0.05);
  padding: 11px 16px;
}
table.scenario td { padding: 11px 16px; }

.art-foot {
  margin-top: 40px;
  padding-top: 22px;
  border-top: 1px solid var(--hairline);
}
.art-foot a {
  font-size: 13px;
  font-weight: 600;
  letter-spacing: 0.06em;
  text-transform: uppercase;
  color: var(--accent);
}
.art-foot a:hover { text-decoration: underline; }

/* ——— responsive ——— */

@media (max-width: 640px) {
  .hero { padding: 64px 0 56px; }
  .section { padding: 56px 0; }
  .site-nav { gap: 16px; }
  .site-nav a { font-size: 11.5px; }
  .chart-host { height: 300px; }
  .controls { flex-direction: column; align-items: flex-start; }
  .art-body p, .art-body ul li, .ol-body { font-size: 1.0rem; }
}