/* ===== Transcript — minimalist finance reading room ===== */
:root{
  --paper:#ffffff;
  --paper-2:#fafafa;
  --ink:#141414;
  --muted:#6f6f6f;
  --faint:#9a9a9a;
  --line:#e9e9e9;
  --line-2:#f1f1f1;
  --accent:#34477a;          /* quiet slate-blue */
  --accent-deep:#232f56;
  --ui:'Hanken Grotesk',system-ui,-apple-system,sans-serif;
  --serif:'Spectral',Georgia,serif;
  --sp:clamp(1.1rem,4vw,2rem);
}
*{box-sizing:border-box;}
html{scroll-behavior:smooth;}
body{
  margin:0;background:var(--paper);color:var(--ink);
  font-family:var(--ui);font-size:17px;line-height:1.6;font-weight:400;
  -webkit-font-smoothing:antialiased;text-rendering:optimizeLegibility;
}
a{color:inherit;text-decoration:none;}
.wrap{width:min(940px,90vw);margin-inline:auto;}
.wrap--narrow{width:min(680px,90vw);margin-inline:auto;}
.label{font-family:var(--ui);font-size:.7rem;font-weight:600;letter-spacing:.18em;
  text-transform:uppercase;color:var(--muted);}
.accent{color:var(--accent);}
:focus-visible{outline:2px solid var(--accent);outline-offset:3px;border-radius:1px;}

/* ===== Cookie bar (CSS-only) ===== */
.cookie-toggle{position:absolute;opacity:0;pointer-events:none;}
.cookie-bar{position:fixed;left:0;right:0;bottom:0;z-index:50;display:flex;flex-wrap:wrap;
  align-items:center;gap:.7rem 1.25rem;padding:.8rem clamp(1rem,4vw,2rem);
  background:var(--paper);border-top:1px solid var(--line);font-size:.84rem;color:var(--muted);}
.cookie-bar p{margin:0;flex:1 1 260px;}
.cookie-bar .btns{display:flex;gap:.5rem;}
.cookie-bar label{cursor:pointer;font-family:var(--ui);font-size:.72rem;font-weight:600;letter-spacing:.08em;
  text-transform:uppercase;padding:.5rem 1.05rem;border-radius:2px;}
.cookie-bar label.accept{background:var(--ink);color:#fff;}
.cookie-bar label.accept:hover{background:var(--accent);}
.cookie-bar label.decline{color:var(--muted);}
.cookie-bar label.decline:hover{color:var(--ink);}
#cookie-dismiss:checked ~ .cookie-bar{display:none;}

/* ===== Nav ===== */
.site-nav{display:flex;align-items:center;justify-content:space-between;gap:1rem;
  padding:1.4rem 0;border-bottom:1px solid var(--line);position:sticky;top:0;z-index:40;
  background:color-mix(in srgb,var(--paper) 88%,transparent);backdrop-filter:blur(8px);}
.brand{display:flex;align-items:baseline;gap:.55rem;font-family:var(--ui);}
.brand b{font-weight:700;font-size:1.12rem;letter-spacing:-.01em;}
.brand .dot{width:6px;height:6px;border-radius:50%;background:var(--accent);display:inline-block;align-self:center;}
.brand small{font-family:var(--ui);font-size:.62rem;font-weight:600;letter-spacing:.14em;
  text-transform:uppercase;color:var(--faint);}
.nav-links{display:flex;gap:1.4rem;font-size:.82rem;font-weight:500;}
.nav-links a{color:var(--muted);}
.nav-links a:hover{color:var(--ink);}
.nav-links a.is-active{color:var(--ink);}

/* ===== Hero ===== */
.hero{padding:clamp(3.5rem,11vh,7rem) 0 clamp(2.5rem,6vh,4rem);}
.hero .label{margin-bottom:1.4rem;display:block;}
.hero h1{font-family:var(--serif);font-weight:400;font-size:clamp(2rem,4.6vw,3.25rem);
  line-height:1.14;letter-spacing:-.01em;margin:0;max-width:20ch;}
.hero h1 em{font-style:italic;color:var(--accent);}
.hero .lead{font-family:var(--ui);font-size:1.06rem;color:var(--muted);max-width:52ch;margin:1.5rem 0 0;}
.hero .scrolldown{margin-top:2.4rem;display:inline-flex;align-items:center;gap:.5rem;
  font-size:.82rem;font-weight:600;letter-spacing:.02em;color:var(--ink);}
.hero .scrolldown:hover{color:var(--accent);}
.hero .scrolldown .arw{transition:transform .25s ease;}
.hero .scrolldown:hover .arw{transform:translateY(2px);}

/* ===== Index list ===== */
.index{padding:clamp(2rem,6vh,4rem) 0 4rem;}
.index-head{display:flex;align-items:baseline;justify-content:space-between;gap:1rem;flex-wrap:wrap;
  padding-bottom:1rem;border-bottom:1px solid var(--ink);margin-bottom:.4rem;}
.index-head h2{font-family:var(--ui);font-weight:700;font-size:1.05rem;letter-spacing:.01em;margin:0;}
.index-head .count{font-size:.8rem;color:var(--faint);}

.entries{list-style:none;margin:0;padding:0;}
.entry{display:grid;grid-template-columns:auto 1fr auto;gap:clamp(1rem,3vw,2.2rem);align-items:baseline;
  padding:1.5rem 0;border-bottom:1px solid var(--line);transition:padding .25s ease;}
.entry:hover{padding-left:.4rem;}
.entry .num{font-family:var(--ui);font-weight:300;font-size:1.5rem;color:var(--faint);
  min-width:2.4ch;font-variant-numeric:tabular-nums;transition:color .25s ease;}
.entry:hover .num{color:var(--accent);}
.entry-main{min-width:0;}
.entry-main h3{font-family:var(--serif);font-weight:500;font-size:1.3rem;letter-spacing:-.01em;margin:0 0 .25rem;}
.entry-main h3 a:hover{color:var(--accent);}
.entry-main .dek{font-family:var(--ui);color:var(--muted);font-size:.95rem;margin:0;max-width:64ch;}
.entry-main .meta{font-family:var(--ui);font-size:.72rem;font-weight:600;letter-spacing:.1em;
  text-transform:uppercase;color:var(--faint);margin:.5rem 0 0;}
.read{font-family:var(--ui);font-size:.8rem;font-weight:600;letter-spacing:.02em;color:var(--accent);
  white-space:nowrap;display:inline-flex;align-items:center;gap:.35rem;}
.read .arw{transition:transform .25s ease;}
.entry:hover .read .arw{transform:translateX(3px);}

/* ===== Article (detail pages) ===== */
.article{padding:clamp(2.5rem,7vh,4.5rem) 0 clamp(3rem,8vh,5rem);}
.backlink{font-family:var(--ui);font-size:.8rem;font-weight:600;color:var(--muted);
  display:inline-flex;align-items:center;gap:.4rem;margin-bottom:2.4rem;}
.backlink:hover{color:var(--ink);}
.article .a-meta{font-family:var(--ui);font-size:.72rem;font-weight:600;letter-spacing:.1em;
  text-transform:uppercase;color:var(--accent);display:flex;flex-wrap:wrap;gap:.6rem;margin-bottom:1rem;}
.article .a-meta i{color:var(--faint);font-style:normal;}
.article h1{font-family:var(--serif);font-weight:500;font-size:clamp(1.9rem,4.2vw,2.8rem);
  line-height:1.12;letter-spacing:-.015em;margin:0;}
.article .a-lead{font-family:var(--serif);font-style:italic;font-size:1.3rem;color:var(--accent);
  line-height:1.4;margin:1.1rem 0 0;max-width:40ch;}
.article .a-body{margin-top:2.4rem;}
.article .a-body p{font-family:var(--serif);font-size:1.14rem;line-height:1.72;margin:0 0 1.3rem;}
.article .a-body p:first-child::first-letter{font-weight:600;}
.hear{margin:2.6rem 0 0;padding:1.6rem 0 .4rem;border-top:1px solid var(--line);}
.hear h4{font-family:var(--ui);font-size:.72rem;font-weight:700;letter-spacing:.14em;text-transform:uppercase;
  color:var(--muted);margin:0 0 1rem;}
.hear ul{list-style:none;margin:0;padding:0;}
.hear li{font-family:var(--ui);font-size:1rem;padding:.55rem 0 .55rem 1.6rem;position:relative;border-bottom:1px solid var(--line-2);}
.hear li:last-child{border-bottom:none;}
.hear li::before{content:"";position:absolute;left:0;top:1.05rem;width:8px;height:8px;
  border:1.5px solid var(--accent);border-radius:50%;}

.prevnext{display:grid;grid-template-columns:1fr 1fr;gap:1rem;margin-top:3rem;
  padding-top:1.6rem;border-top:1px solid var(--ink);}
.prevnext a{display:flex;flex-direction:column;gap:.3rem;padding:1rem 0;}
.prevnext .np{font-family:var(--ui);font-size:.7rem;font-weight:600;letter-spacing:.12em;text-transform:uppercase;color:var(--faint);}
.prevnext .nt{font-family:var(--serif);font-size:1.05rem;color:var(--ink);}
.prevnext a:hover .nt{color:var(--accent);}
.prevnext .next{text-align:right;}

/* ===== Interior prose pages ===== */
.subhero{padding:clamp(2.5rem,8vh,4.5rem) 0 clamp(1rem,3vh,2rem);}
.subhero .label{display:block;margin-bottom:1rem;}
.subhero h1{font-family:var(--serif);font-weight:400;font-size:clamp(1.9rem,4.4vw,3rem);
  line-height:1.12;letter-spacing:-.01em;margin:0;max-width:20ch;}
.subhero h1 em{font-style:italic;color:var(--accent);}
.subhero .lead{font-family:var(--ui);color:var(--muted);max-width:54ch;margin:1.1rem 0 0;font-size:1.05rem;}
.prose{padding:1rem 0 clamp(3rem,8vh,5rem);}
.prose h2{font-family:var(--ui);font-weight:700;font-size:1.05rem;letter-spacing:.01em;margin:2.4rem 0 .6rem;}
.prose h2:first-child{margin-top:.5rem;}
.prose h3{font-family:var(--ui);font-weight:700;font-size:.95rem;margin:1.6rem 0 .4rem;}
.prose p{font-family:var(--serif);font-size:1.1rem;line-height:1.7;margin:0 0 1.05rem;}
.prose ul{font-family:var(--serif);font-size:1.1rem;margin:0 0 1.1rem;padding-left:1.2rem;}
.prose li{margin:.4rem 0;}
.prose a{color:var(--accent);text-decoration:underline;text-underline-offset:3px;text-decoration-thickness:1px;}
.prose a:hover{color:var(--accent-deep);}
.prose .updated{font-family:var(--ui);font-size:.74rem;font-weight:600;letter-spacing:.06em;color:var(--faint);
  text-transform:uppercase;margin-bottom:2rem;}

.contact-grid{display:grid;grid-template-columns:1fr 1fr;gap:1rem 2.4rem;margin:.5rem 0 clamp(3rem,8vh,5rem);}
.contact-block h3{font-family:var(--ui);font-weight:700;font-size:.95rem;margin:0 0 .5rem;}
.contact-block p{font-family:var(--serif);color:var(--ink);margin:0 0 .3rem;font-size:1.05rem;line-height:1.55;}
.contact-block a{color:var(--accent);text-decoration:underline;text-underline-offset:3px;}
.contact-block address{font-style:normal;font-family:var(--serif);font-size:1.05rem;line-height:1.6;color:var(--ink);}

/* 404 */
.notfound{min-height:60vh;display:flex;flex-direction:column;align-items:center;justify-content:center;
  text-align:center;gap:1.1rem;padding:4rem 0;}
.notfound .big{font-family:var(--serif);font-weight:400;font-size:clamp(3.5rem,14vw,7rem);line-height:1;color:var(--accent);}
.notfound p{font-family:var(--serif);color:var(--muted);max-width:38ch;margin:0;font-size:1.1rem;}

/* ===== Subscribe ===== */
.subscribe{padding:0 0 clamp(3rem,8vh,5rem);}
.panel{border-top:1px solid var(--ink);border-bottom:1px solid var(--ink);padding:clamp(2rem,5vw,3rem) 0;
  display:grid;grid-template-columns:1fr 1fr;gap:2rem;align-items:center;}
.panel h2{font-family:var(--serif);font-weight:500;font-size:clamp(1.5rem,3vw,2rem);margin:.3rem 0 .5rem;letter-spacing:-.01em;}
.panel p{font-family:var(--ui);color:var(--muted);margin:0;max-width:40ch;font-size:.95rem;}
.sub-form{display:flex;flex-direction:column;gap:.7rem;}
.sub-form .field{display:flex;gap:.5rem;flex-wrap:wrap;border-bottom:1px solid var(--ink);padding-bottom:.5rem;}
.sub-form input{flex:1 1 180px;min-width:0;background:transparent;border:none;color:var(--ink);
  font-family:var(--ui);font-size:1rem;padding:.5rem .2rem;}
.sub-form input::placeholder{color:var(--faint);}
.sub-form input:focus{outline:none;}
.sub-form button{background:none;border:none;cursor:pointer;font-family:var(--ui);font-weight:700;
  font-size:.8rem;letter-spacing:.06em;text-transform:uppercase;color:var(--accent);padding:.5rem .2rem;}
.sub-form button:hover{color:var(--accent-deep);}
.sub-thanks{font-family:var(--ui);font-size:.85rem;color:var(--accent);height:0;opacity:0;overflow:hidden;
  transition:opacity .4s ease,height .4s ease;}
#subscribed:target .sub-thanks{height:auto;opacity:1;margin-top:.2rem;}

/* ===== Footer ===== */
footer{border-top:1px solid var(--line);padding:clamp(2.5rem,6vh,4rem) 0 2rem;}
.foot-grid{display:grid;grid-template-columns:1.6fr 1fr 1fr 1.4fr;gap:2rem;}
.foot-brand .brand{margin-bottom:.9rem;}
.foot-brand p{font-family:var(--ui);color:var(--muted);font-size:.92rem;margin:0;max-width:32ch;}
footer h4{font-family:var(--ui);font-size:.7rem;font-weight:700;letter-spacing:.14em;text-transform:uppercase;color:var(--faint);margin:0 0 1rem;}
footer ul{list-style:none;margin:0;padding:0;display:flex;flex-direction:column;gap:.5rem;}
footer ul a{font-family:var(--ui);color:var(--muted);font-size:.86rem;}
footer ul a:hover{color:var(--ink);}
footer address{font-style:normal;font-family:var(--ui);font-size:.86rem;color:var(--muted);line-height:1.7;}
footer address a:hover{color:var(--ink);}
.foot-bottom{margin-top:2.6rem;padding-top:1.3rem;border-top:1px solid var(--line);display:flex;
  justify-content:space-between;gap:1rem;flex-wrap:wrap;font-family:var(--ui);font-size:.78rem;color:var(--faint);}
.foot-bottom .disc{max-width:60ch;}

/* ===== Reveal (progressive, no JS) ===== */
@supports (animation-timeline: view()){
  @media (prefers-reduced-motion: no-preference){
    .entry{opacity:0;transform:translateY(14px);animation:reveal both linear;
      animation-timeline:view();animation-range:entry 0% cover 16%;}
    @keyframes reveal{to{opacity:1;transform:none;}}
  }
}
@media (prefers-reduced-motion: no-preference){
  .hero .wrap>*{animation:rise .7s cubic-bezier(.2,.7,.2,1) both;}
  .hero .label{animation-delay:.04s;} .hero h1{animation-delay:.12s;}
  .hero .lead{animation-delay:.22s;} .hero .scrolldown{animation-delay:.3s;}
  @keyframes rise{from{opacity:0;transform:translateY(12px);}to{opacity:1;transform:none;}}
}

/* ===== Responsive ===== */
@media (max-width:760px){
  .panel{grid-template-columns:1fr;} .foot-grid{grid-template-columns:1fr 1fr;}
  .contact-grid{grid-template-columns:1fr;}
}
@media (max-width:560px){
  .nav-links{gap:1rem;font-size:.78rem;} .brand small{display:none;}
  .entry{grid-template-columns:auto 1fr;grid-template-areas:"num main" "gap read";row-gap:.6rem;}
  .entry .num{grid-area:num;} .entry-main{grid-area:main;} .entry .read{grid-area:read;justify-self:start;}
  .prevnext{grid-template-columns:1fr;} .prevnext .next{text-align:left;}
  .foot-grid{grid-template-columns:1fr;gap:1.6rem;}
}
@media (prefers-reduced-motion: reduce){
  *{animation:none !important;}
  .entry{opacity:1 !important;transform:none !important;}
}


/* ---- Ledger skin ---- */
:root{--accent:#0f766e;--accent-deep:#0b544e;--ui:'Hanken Grotesk',system-ui,sans-serif;--serif:'Spectral',Georgia,serif;}
