What locked
Portfolio and category compression replays show Perceived Insecurity elevated while Adaptation and Courage sit depleted — the arc that precedes write-downs and crowded-category resets by months, while dashboards still report through.
_Vertical watchlist on the desk. Company Index on the portco. Same Index either way._
What we will not claim
- This is structural classification — not a dated forecast, not an allocation signal, not a return claim.
- Scoring is deterministic under sealed physics. AI structures evidence into that formula and can read the face. It does not write the number.
Data in. Score out — no AI in the number.
Full sealed case
View the engine backtest · V5-lock note · Venture desk playbook.