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  "limitations": [
    "Retrospective modern adjusted-close proxy, not PIT data-vendor archive",
    "No personal tax or FX",
    "Estimated equal volatility is not equal crisis loss",
    "No 20-year return window",
    "No forecast of 8% or 10%",
    "C6 untouched; target-weight execution differs from frozen-quantity C6"
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}