:root {
  --paper: #f4f1ea;
  --paper-2: #ebe6db;
  --ink: #15171c;
  --ink-soft: #3d4450;
  --muted: #6b7280;
  --line: rgba(21, 23, 28, 0.12);
  --navy: #1f3360;
  --navy-hover: #17264a;
  --cream: #faf6ea;
  --red: #c8412b;
  --green: #1a3d32;
  --green-2: #245246;
  --max: 720px;
  --wide: 980px;
  --serif: "Newsreader", "Georgia", serif;
  --body: "Source Serif 4", "Georgia", serif;
  --mono: "IBM Plex Mono", ui-monospace, monospace;
}

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

html { scroll-behavior: smooth; }

body {
  font-family: var(--body);
  color: var(--ink);
  background-color: var(--paper);
  background-image:
    linear-gradient(rgba(21, 23, 28, 0.035) 1px, transparent 1px),
    linear-gradient(90deg, rgba(21, 23, 28, 0.035) 1px, transparent 1px);
  background-size: 28px 28px;
  line-height: 1.65;
  min-height: 100vh;
}

a { color: var(--navy); text-decoration: none; }
a:hover { color: var(--red); }

img { max-width: 100%; display: block; }

.skip {
  position: absolute;
  left: -999px;
  top: 0;
}
.skip:focus {
  left: 1rem;
  top: 1rem;
  z-index: 100;
  background: var(--ink);
  color: var(--cream);
  padding: 0.5rem 0.75rem;
  font-family: var(--mono);
  font-size: 0.75rem;
}

.wrap {
  width: min(var(--wide), calc(100% - 2.5rem));
  margin: 0 auto;
}

.wrap-narrow { width: min(var(--max), calc(100% - 2.5rem)); margin: 0 auto; }

/* Top bar */
.announcement {
  background: var(--ink);
  color: var(--cream);
  font-family: var(--mono);
  font-size: 0.72rem;
  letter-spacing: 0.02em;
  text-align: center;
  padding: 0.55rem 1rem;
}
.announcement a { color: var(--cream); text-decoration: underline; text-underline-offset: 2px; }
.announcement a:hover { color: #fff; }

/* Masthead */
.masthead {
  padding: 2.25rem 0 1.5rem;
  text-align: center;
  border-bottom: 1px solid var(--line);
  background: rgba(244, 241, 234, 0.88);
}

.logo {
  display: inline-flex;
  align-items: center;
  gap: 0.85rem;
  color: var(--ink);
}
.logo:hover { color: var(--ink); }

.mark {
  width: auto;
  height: 4.15rem;
  display: block;
  object-fit: contain;
  object-position: left center;
  flex-shrink: 0;
}

.logo-text { text-align: left; }
.logo-name {
  font-family: var(--serif);
  font-size: 2rem;
  font-weight: 600;
  letter-spacing: -0.02em;
  line-height: 1;
  display: block;
}
.logo-tag {
  display: block;
  font-family: var(--mono);
  font-size: 0.68rem;
  color: var(--muted);
  margin-top: 0.28rem;
  letter-spacing: 0.04em;
}

.masthead-kicker {
  font-family: var(--mono);
  font-size: 0.68rem;
  letter-spacing: 0.16em;
  text-transform: uppercase;
  color: var(--red);
  margin-bottom: 0.85rem;
}

/* Nav */
.site-nav {
  display: flex;
  align-items: center;
  justify-content: center;
  gap: 1.75rem;
  padding: 0.85rem 1.25rem;
  border-bottom: 1px solid var(--line);
  background: rgba(244, 241, 234, 0.92);
  position: sticky;
  top: 0;
  z-index: 20;
  font-family: var(--mono);
  font-size: 0.72rem;
  letter-spacing: 0.12em;
  text-transform: uppercase;
  flex-wrap: wrap;
}

.site-nav a { color: var(--ink-soft); }
.site-nav a:hover,
.site-nav a[aria-current="page"] { color: var(--ink); }

.nav-links {
  display: flex;
  align-items: center;
  gap: 1.75rem;
  flex-wrap: wrap;
  justify-content: center;
}

.nav-subscribe {
  background: var(--navy);
  color: var(--cream) !important;
  padding: 0.45rem 0.9rem;
  border-radius: 999px;
  letter-spacing: 0.1em;
}
.nav-subscribe:hover { background: var(--navy-hover); color: var(--cream) !important; }

.nav-toggle {
  display: none;
  background: none;
  border: 0;
  font-family: var(--mono);
  font-size: 0.8rem;
  letter-spacing: 0.08em;
  text-transform: uppercase;
  cursor: pointer;
  color: var(--ink);
}

/* Issue banner */
.issue-banner {
  padding: 2.5rem 0 1.5rem;
  border-bottom: 1px solid var(--line);
}

.issue-meta {
  display: flex;
  flex-wrap: wrap;
  gap: 0.45rem 1.1rem;
  font-family: var(--mono);
  font-size: 0.72rem;
  letter-spacing: 0.08em;
  text-transform: uppercase;
  color: var(--muted);
  margin-bottom: 0.65rem;
}
.issue-meta .issue-no { color: var(--red); font-weight: 600; }
.issue-tag {
  font-family: var(--mono);
  font-size: 0.78rem;
  color: var(--ink-soft);
  letter-spacing: 0.01em;
  text-transform: none;
}

.read-time {
  font-family: var(--mono);
  font-size: 0.68rem;
  color: var(--muted);
  letter-spacing: 0.08em;
  text-transform: uppercase;
  margin-top: 0.85rem;
}

/* Sections */
.issue-body { padding: 0 0 4rem; }

.section {
  padding: 2.35rem 0;
  border-bottom: 1px solid var(--line);
}

.section-label {
  font-family: var(--mono);
  font-size: 0.68rem;
  letter-spacing: 0.16em;
  text-transform: uppercase;
  color: var(--red);
  margin-bottom: 0.7rem;
  display: flex;
  align-items: baseline;
  gap: 0.65rem;
}

.section-label .num { font-weight: 600; }

.section h2 {
  font-family: var(--serif);
  font-size: clamp(1.65rem, 3.4vw, 2.15rem);
  font-weight: 600;
  letter-spacing: -0.02em;
  line-height: 1.2;
  margin-bottom: 1.15rem;
}

.takeaway p {
  font-size: 1.08rem;
  margin-bottom: 1rem;
  color: var(--ink);
}
.takeaway p:last-child { margin-bottom: 0; }

/* Market signals */
.signal-list {
  list-style: none;
  display: grid;
  gap: 1.15rem;
}

.signal-list li {
  display: grid;
  grid-template-columns: 1.6rem 1fr;
  gap: 0.75rem;
  align-items: start;
}

.signal-n {
  font-family: var(--mono);
  font-size: 0.72rem;
  color: var(--red);
  font-weight: 600;
  padding-top: 0.28rem;
}

.signal-list h3 {
  font-family: var(--mono);
  font-size: 0.72rem;
  letter-spacing: 0.1em;
  text-transform: uppercase;
  margin-bottom: 0.25rem;
}

.signal-list p {
  font-size: 0.98rem;
  color: var(--ink-soft);
}

/* Deals */
.deal-list { list-style: none; display: grid; gap: 1.25rem; }

.deal {
  display: grid;
  grid-template-columns: 7.5rem 1fr;
  gap: 1rem;
  padding-bottom: 1.25rem;
  border-bottom: 1px solid var(--line);
}
.deal:last-child { border-bottom: 0; padding-bottom: 0; }

.deal-kicker {
  font-family: var(--mono);
  font-size: 0.68rem;
  letter-spacing: 0.08em;
  text-transform: uppercase;
  color: var(--red);
  padding-top: 0.2rem;
}

.deal h3 {
  font-family: var(--serif);
  font-size: 1.15rem;
  font-weight: 600;
  line-height: 1.3;
  margin-bottom: 0.3rem;
}

.deal p { font-size: 0.98rem; color: var(--ink-soft); }

/* Data point */
.datapoint {
  background: var(--green);
  color: var(--cream);
  padding: 2rem 1.6rem;
  margin-top: 0.5rem;
}

.datapoint .section-label { color: #e8c4b8; }
.datapoint h2 { color: var(--cream); margin-bottom: 0.35rem; }
.datapoint .stat {
  font-family: var(--serif);
  font-size: clamp(2.6rem, 8vw, 4.4rem);
  font-weight: 600;
  letter-spacing: -0.03em;
  line-height: 1;
  margin: 0.4rem 0 0.85rem;
}
.datapoint p { font-size: 1.05rem; color: rgba(250, 246, 234, 0.88); max-width: 38rem; }
.datapoint .stat-note {
  font-family: var(--mono);
  font-size: 0.68rem;
  letter-spacing: 0.08em;
  text-transform: uppercase;
  color: rgba(250, 246, 234, 0.65);
  margin-top: 1rem;
}

/* Sources */
.issue-notes {
  padding: 1.5rem 0 0;
  font-size: 0.85rem;
  color: var(--muted);
}
.issue-notes strong {
  font-family: var(--mono);
  font-size: 0.68rem;
  letter-spacing: 0.12em;
  text-transform: uppercase;
  color: var(--ink-soft);
  display: block;
  margin-bottom: 0.4rem;
  font-weight: 500;
}

.disclaimer {
  margin-top: 1rem;
  font-size: 0.8rem;
  color: var(--muted);
}

/* Subscribe band */
.subscribe-band {
  background: var(--navy);
  color: var(--cream);
  padding: 3.25rem 0;
}

.subscribe-band h2 {
  font-family: var(--serif);
  font-size: clamp(1.6rem, 3vw, 2.1rem);
  font-weight: 600;
  letter-spacing: -0.02em;
  margin-bottom: 0.6rem;
}

.subscribe-band p { color: rgba(250, 246, 234, 0.82); margin-bottom: 1.25rem; max-width: 34rem; }

.beehiiv-embed {
  max-width: 32rem;
  min-height: 4.5rem;
}

.beehiiv-embed iframe,
.beehiiv-embed [data-beehiiv-embed] {
  max-width: 100%;
}

.subscribe-form {
  display: flex;
  gap: 0.5rem;
  flex-wrap: wrap;
  max-width: 32rem;
}

.subscribe-form input[type="email"] {
  flex: 1 1 14rem;
  padding: 0.8rem 0.9rem;
  border: 1px solid rgba(250, 246, 234, 0.25);
  background: rgba(255, 255, 255, 0.06);
  color: var(--cream);
  font-family: var(--mono);
  font-size: 0.85rem;
}

.subscribe-form input[type="email"]::placeholder { color: rgba(250, 246, 234, 0.45); }
.subscribe-form input[type="email"]:focus {
  outline: 1px solid var(--cream);
  background: rgba(255, 255, 255, 0.1);
}

.subscribe-form button {
  font-family: var(--mono);
  font-size: 0.72rem;
  letter-spacing: 0.12em;
  text-transform: uppercase;
  background: var(--cream);
  color: var(--navy);
  border: 0;
  padding: 0.8rem 1.15rem;
  cursor: pointer;
  font-weight: 600;
}
.subscribe-form button:hover { background: #fff; }

.hp {
  position: absolute;
  width: 1px;
  height: 1px;
  padding: 0;
  margin: -1px;
  overflow: hidden;
  clip: rect(0, 0, 0, 0);
  white-space: nowrap;
  border: 0;
}

.form-note {
  font-family: var(--mono);
  font-size: 0.68rem;
  color: rgba(250, 246, 234, 0.55);
  margin-top: 0.75rem;
}
.form-note a { color: var(--cream); text-decoration: underline; text-underline-offset: 2px; }

.form-success {
  display: none;
  font-family: var(--mono);
  font-size: 0.85rem;
  color: var(--cream);
  border: 1px solid rgba(250, 246, 234, 0.3);
  padding: 0.9rem 1rem;
  max-width: 32rem;
}
.form-success.show { display: block; }

/* Page heroes (about / archive / subscribe) */
.page-hero {
  padding: 3rem 0 2rem;
  border-bottom: 1px solid var(--line);
}
.page-hero h1 {
  font-family: var(--serif);
  font-size: clamp(2rem, 5vw, 3.1rem);
  font-weight: 600;
  letter-spacing: -0.03em;
  line-height: 1.15;
  margin: 0.4rem 0 0.9rem;
}
.page-hero p { font-size: 1.12rem; color: var(--ink-soft); max-width: 38rem; }

.prose { padding: 2.5rem 0 4rem; }
.prose h2 {
  font-family: var(--serif);
  font-size: 1.55rem;
  margin: 2rem 0 0.7rem;
}
.prose p { margin-bottom: 1rem; font-size: 1.05rem; }
.prose ul { margin: 0 0 1rem 1.2rem; }
.prose li { margin-bottom: 0.4rem; }

.stat-row {
  display: grid;
  grid-template-columns: repeat(3, 1fr);
  gap: 1px;
  background: var(--line);
  border: 1px solid var(--line);
  margin: 2rem 0;
}
.stat-row div {
  background: var(--paper);
  padding: 1.15rem 1rem;
}
.stat-row strong {
  display: block;
  font-family: var(--serif);
  font-size: 1.45rem;
  font-weight: 600;
}
.stat-row span {
  font-family: var(--mono);
  font-size: 0.68rem;
  letter-spacing: 0.08em;
  text-transform: uppercase;
  color: var(--muted);
}

/* Archive */
.archive-list { list-style: none; padding: 2.5rem 0 4rem; }
.archive-item {
  display: grid;
  grid-template-columns: 7rem 1fr auto;
  gap: 1rem;
  padding: 1.25rem 0;
  border-bottom: 1px solid var(--line);
  align-items: baseline;
  color: inherit;
}
.archive-item:hover { color: inherit; }
.archive-date {
  font-family: var(--mono);
  font-size: 0.72rem;
  color: var(--muted);
  letter-spacing: 0.06em;
  text-transform: uppercase;
}
.archive-item h2 {
  font-family: var(--serif);
  font-size: 1.35rem;
  font-weight: 600;
}
.archive-issue {
  font-family: var(--mono);
  font-size: 0.72rem;
  color: var(--red);
}

/* Footer */
.site-footer {
  border-top: 1px solid var(--line);
  padding: 2rem 0 2.5rem;
  font-family: var(--mono);
  font-size: 0.72rem;
  color: var(--muted);
}
.footer-inner {
  display: flex;
  justify-content: space-between;
  gap: 1.5rem;
  flex-wrap: wrap;
  align-items: baseline;
}
.footer-links { display: flex; gap: 1.1rem; flex-wrap: wrap; }
.footer-links a { color: var(--ink-soft); }
.oc-credit a { color: var(--green); }

/* Subscribe page form (light) */
.form-light .subscribe-form input[type="email"] {
  background: #fff;
  color: var(--ink);
  border: 1px solid var(--line);
}
.form-light .subscribe-form input[type="email"]::placeholder { color: var(--muted); }
.form-light .subscribe-form button {
  background: var(--navy);
  color: var(--cream);
}
.form-light .form-note { color: var(--muted); }
.form-light .form-note a { color: var(--navy); }
.form-light .form-success {
  color: var(--green);
  border-color: var(--line);
  background: #fff;
}

@media (max-width: 720px) {
  .deal { grid-template-columns: 1fr; gap: 0.25rem; }
  .archive-item { grid-template-columns: 1fr; gap: 0.25rem; }
  .stat-row { grid-template-columns: 1fr; }
  .nav-toggle { display: block; }
  .site-nav { justify-content: space-between; }
  .site-nav .nav-links {
    display: none;
    width: 100%;
    flex-direction: column;
    align-items: flex-start;
    gap: 0.85rem;
    padding: 0.5rem 0 0.25rem;
  }
  .site-nav.open .nav-links { display: flex; }
  .logo-name { font-size: 1.65rem; }
  .mark { height: 3.4rem; }
}

@media print {
  .announcement, .site-nav, .subscribe-band, .site-footer, .nav-toggle { display: none !important; }
  body { background: #fff; }
  .datapoint { -webkit-print-color-adjust: exact; print-color-adjust: exact; }
  a { color: inherit; }
}