:root{--paper: #FAFAF7;--ink: #121417;--ink-2: #2A2F36;--ink-3: #4A5059;--muted: #646A73;--line: #E2E2DC;--line-2: #ECECE6;--axis: #A9ADB3;--up: #B42318;--up-tint: #FBEAE8;--down: #1E56C8;--down-tint: #E8EFFC;--flat-tint: #EEEEEA;--mixed: #8A5A00;--mixed-tint: #F6EEDC;--hl: #F3E3C7;--serif: "Hahmlet", "Noto Serif KR", serif;--sans: "IBM Plex Sans KR", system-ui, -apple-system, "Apple SD Gothic Neo", sans-serif;--mono: "IBM Plex Mono", ui-monospace, "SFMono-Regular", monospace;color-scheme:light;font-family:var(--sans);color:var(--ink);background:var(--paper);line-height:1.6;-webkit-text-size-adjust:100%}*{box-sizing:border-box}body{margin:0;background:var(--paper)}a{color:var(--ink)}a:hover{color:var(--down)}button{font:inherit}:focus-visible{outline:2px solid var(--down);outline-offset:2px}.mono{font-family:var(--mono)}.serif{font-family:var(--serif)}.muted{color:var(--muted)}.small{font-size:13px}.nowrap{white-space:nowrap}.num{text-align:right}.pad{padding:48px 0}.pad-top{padding-top:40px}.sr-only{position:absolute;width:1px;height:1px;overflow:hidden;clip:rect(0 0 0 0);white-space:nowrap}.skip{position:absolute;left:-9999px}.skip:focus{left:16px;top:16px;background:var(--ink);color:var(--paper);padding:10px 14px;z-index:10}.page{max-width:1120px;margin:0 auto;padding:0 24px}.page.narrow{max-width:720px;padding-top:40px;padding-bottom:64px}@media(max-width:480px){.page{padding:0 16px}}.masthead{display:flex;flex-wrap:wrap;align-items:center;justify-content:space-between;gap:8px 16px;padding:24px 0 14px}.wordmark{display:flex;align-items:baseline;gap:2px;text-decoration:none}.wordmark .serif{font-size:26px;font-weight:700;letter-spacing:-.02em}.wordmark .mono{font-size:22px;font-weight:600}.nav{display:flex;flex-wrap:wrap;align-items:center;gap:0 22px;font-size:15px}.nav a{text-decoration:none;color:var(--ink-3);padding:12px 0}.nav a[aria-current=page]{color:var(--ink);font-weight:600}.rule-double{border-top:3px solid var(--ink);border-bottom:1px solid var(--ink);height:3px}.dateline{display:flex;flex-wrap:wrap;justify-content:space-between;gap:4px 24px;padding:12px 0;border-bottom:1px solid var(--line);font-size:13px;color:var(--ink-3)}.btn{display:inline-flex;align-items:center;justify-content:center;min-height:44px;padding:0 18px;border:1px solid var(--ink);border-radius:2px;background:var(--ink);color:var(--paper);font-weight:600;text-decoration:none;cursor:pointer}.btn:hover{color:var(--paper);background:var(--ink-2)}.btn.ghost{background:transparent;color:var(--ink)}.btn.ghost:hover{background:var(--flat-tint);color:var(--ink)}.btn:disabled{opacity:.45;cursor:default}.nav .small-btn{color:var(--paper);padding:0 16px}.chip{display:inline-flex;align-items:center;gap:7px;align-self:flex-start;font-weight:700;font-size:13px;padding:4px 10px;border-radius:2px}.chip-up{color:var(--up);background:var(--up-tint)}.chip-down{color:var(--down);background:var(--down-tint)}.chip-mixed{color:var(--mixed);background:var(--mixed-tint)}.chip-flat{color:var(--muted);background:var(--flat-tint)}.dot{display:inline-block;width:8px;height:8px;border-radius:50%;margin-right:7px;vertical-align:1px;background:var(--axis)}.dot.up{background:var(--up)}.dot.down{background:var(--down)}.dot.ink{background:var(--ink);width:10px;height:10px}.ref{font-family:var(--mono);font-size:.68em;font-weight:500;color:var(--ink-3);text-decoration:none;border-bottom:1px solid #C9CBC4;padding:0 1px;margin-left:2px;vertical-align:.35em;line-height:0}.ref:hover{color:var(--down);border-color:var(--down)}td .ref{vertical-align:0}.lead{display:flex;flex-wrap:wrap;gap:40px 56px;padding:44px 0 40px;border-bottom:1px solid var(--line)}.lead-main{flex:999 1 560px;min-width:0}.lead-meta{display:flex;flex-wrap:wrap;align-items:center;gap:12px 16px;margin-bottom:20px}.stance{display:flex;align-items:center;gap:10px;font-size:13px;color:var(--ink-3)}.stance-bar{display:flex;gap:3px}.seg{width:22px;height:8px;background:#c3c6cc}.seg-bullish{background:var(--up)}.seg-bearish{background:var(--down)}.headline{font-family:var(--serif);font-weight:600;font-size:clamp(34px,5.2vw,62px);line-height:1.12;letter-spacing:-.025em;margin:0 0 24px;text-wrap:balance}.headline.small-head{font-size:clamp(28px,4vw,40px)}.deck{font-size:19px;line-height:1.7;color:var(--ink-2);max-width:640px;margin:0 0 28px}.deck p{margin:0 0 10px}.points{list-style:none;margin:0;padding:0;border-top:1px solid var(--ink)}.points li{display:flex;gap:18px;padding:14px 0;border-bottom:1px solid var(--line);font-size:16px;line-height:1.55}.points .mono{font-size:13px;padding-top:3px;flex:0 0 22px}.figures{flex:1 1 300px;min-width:0}.kicker{font-family:var(--mono);font-size:12px;letter-spacing:.08em;color:var(--muted);padding-bottom:10px;border-bottom:1px solid var(--ink)}.kicker.split{display:flex;justify-content:space-between;gap:8px;padding-top:22px}.page.narrow>.kicker,.page>.kicker.pad-top{border:0;padding-bottom:8px}.figure{display:grid;grid-template-columns:minmax(0,1fr) auto;align-items:baseline;gap:2px 12px;padding:14px 0;border-bottom:1px solid var(--line)}.figure-label{font-size:14px;color:var(--ink-3)}.figure-change{font-size:13px;font-weight:500;text-align:right}.figure-change.up{color:var(--up)}.figure-change.down{color:var(--down)}.figure-value{grid-column:1 / -1;font-size:26px;font-weight:500;letter-spacing:-.02em}.note{font-size:12px;color:var(--muted);line-height:1.6;margin:10px 0 0}.bars{padding:6px 0 2px}.bar-row{display:grid;align-items:center;gap:0 8px;padding:7px 0}.bar-label{font-size:13px;color:var(--ink-2);white-space:nowrap;overflow:hidden;text-overflow:ellipsis}.bar-value{font-size:13px;font-weight:500;text-align:right}.half{display:flex;align-items:center;height:22px}.half.neg{justify-content:flex-end}.half.pos{border-left:1px solid var(--axis)}.bar{display:block;height:14px}.bar.up{background:var(--up);border-radius:0 4px 4px 0}.bar.down{background:var(--down);border-radius:4px 0 0 4px}.bar.ink{background:#3b4048;border-radius:0 4px 4px 0}.axis{padding:0;font-size:11px;color:var(--muted)}.axis-r{display:flex;justify-content:space-between}.readout{font-size:12px;color:var(--ink-3);min-height:18px;padding-top:8px;margin-top:4px;border-top:1px solid var(--line)}.block{padding:44px 0;border-bottom:1px solid var(--line)}.block-head{display:flex;flex-wrap:wrap;align-items:baseline;gap:6px 14px;margin-bottom:22px}.block-head.spread{justify-content:space-between}.block-head.ruled{padding-bottom:12px;margin-bottom:0;border-bottom:1px solid var(--ink)}.block-head h3{font-size:15px;font-weight:600;margin:0}.label{font-family:var(--serif);font-size:15px;font-weight:700;margin:0}.quiet{font-size:14px;color:var(--ink-3);padding:12px 0}.row{display:flex;flex-wrap:wrap;gap:36px 56px}.chart{flex:1 1 380px;min-width:0;margin:0}.chart-head{display:flex;justify-content:space-between;align-items:baseline;gap:8px;padding-bottom:10px;border-bottom:1px solid var(--ink);font-size:15px;font-weight:600}.table-wrap{overflow-x:auto;margin-top:36px}.cite-map .table-wrap{margin-top:0}table.data{width:100%;min-width:520px;border-collapse:collapse;font-size:14px}table.data caption{text-align:left;font-size:15px;font-weight:600;padding-bottom:10px}table.data thead tr{border-top:1px solid var(--ink);border-bottom:1px solid var(--ink)}table.data thead th{text-align:left;font-weight:500;font-size:12px;color:var(--muted);padding:10px 12px 10px 0}table.data thead th.num{text-align:right}table.data tbody tr{border-bottom:1px solid var(--line)}table.data tbody tr.group-start{border-top:1px solid var(--ink)}table.data tbody th{text-align:left;font-weight:500;padding:11px 12px 11px 0}table.data td{padding:11px 12px 11px 0}table.data td.num,table.data th.num{padding-right:0;padding-left:12px}table.cites{font-size:13px}table.cites th.cite-col{text-align:center;width:36px;padding:10px 0;color:var(--ink-2)}table.cites .hl{background:var(--hl);font-weight:700}table.cites td.cite{text-align:center;padding:0;height:40px}.pip{display:inline-block;width:10px;height:10px;border-radius:50%;background:var(--ink)}.dash{display:inline-block;width:6px;height:1px;background:#c9cbc4;vertical-align:middle}.cite-map{margin-top:40px}.cite-map .block-head{margin-bottom:10px}.legend{display:inline-flex;flex-wrap:wrap;gap:6px 14px;font-size:12px;color:var(--ink-3)}.legend>span{display:inline-flex;align-items:center}.swatch{display:inline-block;width:14px;height:14px;background:var(--hl);margin-right:7px}.consensus{display:flex;flex-wrap:wrap;gap:32px 56px}.consensus-main{flex:999 1 520px;min-width:0}.consensus-main .label{margin-bottom:14px}.big{font-family:var(--serif);font-size:24px;font-weight:500;line-height:1.55;letter-spacing:-.01em}.big p{margin:0 0 10px}.consensus-diff{flex:1 1 320px;min-width:0;border-left:1px solid var(--line);padding-left:28px;font-size:15px;line-height:1.65}.consensus-diff .label{margin-bottom:12px}.consensus-diff ul{margin:0;padding-left:18px}.consensus-diff li{margin-bottom:12px}@media(max-width:640px){.consensus-diff{border-left:0;padding-left:0;border-top:1px solid var(--line);padding-top:24px}}.cards{display:grid;grid-template-columns:repeat(auto-fit,minmax(190px,1fr));border-top:1px solid var(--ink)}.cards.wide{grid-template-columns:repeat(auto-fit,minmax(260px,1fr));margin:8px 0 0}.card{padding:20px 18px 22px 0;border-bottom:1px solid var(--line);display:flex;flex-direction:column;gap:12px}.card p{margin:0;font-size:15px;line-height:1.6;color:var(--ink-2)}.who{display:flex;align-items:center;gap:12px}.name{font-size:16px;font-weight:700}.mono-gram{width:42px;height:42px;flex:0 0 42px;border-radius:50%;border:1px solid var(--ink);display:flex;align-items:center;justify-content:center;font-family:var(--serif);font-size:18px;font-weight:600}.mono-gram.large{width:56px;height:56px;flex-basis:56px;font-size:24px}.section{display:flex;flex-wrap:wrap;gap:12px 56px;padding:36px 0;border-bottom:1px solid var(--line)}.section header{flex:1 1 240px;min-width:0}.section h2{font-family:var(--serif);font-size:26px;font-weight:600;letter-spacing:-.01em;margin:6px 0 10px}.owner{color:var(--ink-3)}.prose{flex:999 1 560px;min-width:0;max-width:680px;font-size:17px;line-height:1.8;color:#1f2329}.prose p{margin:0 0 14px}.prose ul,.prose ol{padding-left:20px;margin:0 0 14px}.sources{border-bottom:0;padding-bottom:56px}.mix{display:flex;flex-wrap:wrap;gap:10px 32px;padding:16px 0;border-bottom:1px solid var(--line)}.mix-row{flex:1 1 200px;min-width:0;display:grid;grid-template-columns:76px minmax(0,1fr) 28px;align-items:center;gap:0 10px}.track{display:flex;align-items:center;height:14px;background:var(--line-2);border-radius:0 4px 4px 0}.source-list{list-style:none;margin:0;padding:0;display:grid;grid-template-columns:repeat(auto-fill,minmax(300px,1fr));column-gap:32px}.source-list li{display:flex;gap:12px;padding:10px 0;border-bottom:1px solid var(--line-2);font-size:13px;line-height:1.5;scroll-margin-top:24px}.source-list li:target{background:var(--hl)}.source-list .n{flex:0 0 22px;text-align:right}.source-list a{text-decoration:none;color:#1f2329}.source-list a:hover{color:var(--down);text-decoration:underline}.band{background:var(--ink);color:var(--paper)}.band-inner{max-width:1120px;margin:0 auto;padding:56px 24px;display:flex;flex-wrap:wrap;align-items:center;gap:28px 56px}.band-copy{flex:1 1 380px;min-width:0}.band h2{font-family:var(--serif);font-size:34px;font-weight:600;letter-spacing:-.02em;line-height:1.25;margin:0 0 10px}.band p{margin:0;color:#b8bdc5;font-size:15px;line-height:1.6}.subscribe-form{flex:1 1 420px;min-width:0;display:flex;flex-wrap:wrap;gap:10px;margin:8px 0 0}.subscribe-form label{flex:1 1 100%;font-size:13px;color:var(--ink-3)}.subscribe-form input{flex:1 1 240px;min-width:0;height:52px;padding:0 16px;border:1px solid var(--ink-3);background:#fff;color:var(--ink);font-size:16px;border-radius:2px;font-family:inherit}.subscribe-form button{flex:0 0 auto;height:52px;padding:0 24px;border:0;background:var(--ink);color:var(--paper);font-size:16px;font-weight:700;border-radius:2px;cursor:pointer}.subscribe-form button:disabled{opacity:.6;cursor:default}.subscribe-form.on-dark label{color:#b8bdc5}.subscribe-form.on-dark input{background:#1c1f24;border-color:#4a5059;color:var(--paper)}.subscribe-form.on-dark button{background:var(--paper);color:var(--ink)}.form-error{flex:1 1 100%;margin:0;font-size:14px;color:var(--up)}.subscribe-form.on-dark .form-error{color:#f4a9a0}.form-done{margin:8px 0 0;padding:16px 18px;border:1px solid var(--ink);font-size:15px}.form-done.on-dark{flex:1 1 420px;border-color:#4a5059;color:var(--paper)}.pillars{list-style:none;margin:0 0 32px;padding:0;border-top:1px solid var(--ink)}.pillars li{display:flex;gap:18px;padding:18px 0;border-bottom:1px solid var(--line)}.pillars .mono{font-size:13px;padding-top:2px;flex:0 0 22px}.pillars p{margin:4px 0 0;font-size:15px;color:var(--ink-3);line-height:1.6}.notice{border:1px solid var(--mixed);background:var(--mixed-tint);padding:14px 16px;margin-bottom:28px;font-size:14px;line-height:1.6}.facts{margin:0 0 28px;border-top:1px solid var(--ink)}.facts>div{display:flex;flex-wrap:wrap;gap:4px 24px;padding:14px 0;border-bottom:1px solid var(--line)}.facts dt{flex:0 0 96px;color:var(--muted);font-size:14px}.facts dd{margin:0;font-size:15px}.empty{padding-top:64px;padding-bottom:80px;max-width:720px}.empty-actions{display:flex;flex-wrap:wrap;gap:10px;margin-top:24px}.archive{list-style:none;margin:0;padding:0;border-top:1px solid var(--ink)}.archive li{border-bottom:1px solid var(--line)}.archive a{display:flex;flex-wrap:wrap;align-items:center;gap:8px 12px;padding:18px 0;text-decoration:none}.archive strong{flex-basis:100%;font-family:var(--serif);font-size:22px;font-weight:600;letter-spacing:-.01em}.archive a:hover strong{color:var(--down)}.pager{display:flex;gap:14px;align-items:center;justify-content:center;padding:28px 0 56px}.footer{padding-top:28px;padding-bottom:48px;font-size:13px;line-height:1.8;color:var(--ink-3)}.footer p{margin:0}.footer-nav{display:flex;flex-wrap:wrap;gap:0 20px;margin-top:10px}.footer-nav a{color:var(--ink-3);padding:12px 0}