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One portfolio saw 40% of shares requested for buyback in a quarter.

Weight doubled in a decade while earnings barely moved.

Over half now exceed the threshold regulators watch closest.

The largest Fed-day jump since March 2008.

The premium investors earn has almost nowhere left to fall.

The math shifted when Tokyo started selling to defend the yen.

Warsh wants to shrink it. The plumbing says not yet.

Accuracy drifts without a public price to push back.

Fewer buyers showed up, and the pattern started in March.

Private balance sheets absorbed it all. Stress days tell the rest.

The mandate requires 77%. The distance is still real.

Almost no loans are late, but that measures the wrong thing.