WEBVTT

cue-001
00:00:00.240 --> 00:00:02.841
Risk moves as one connected book.

cue-002
00:00:03.350 --> 00:00:06.473
Every position feeds the same exposure, carry, and

cue-003
00:00:06.473 --> 00:00:08.458
duration totals.

cue-004
00:00:09.500 --> 00:00:11.543
Trim the largest Treasury.

cue-005
00:00:11.950 --> 00:00:15.340
Risk totals recompute. Concentration clears.

cue-006
00:00:17.480 --> 00:00:19.570
One change. The book follows.