/* Monval Capital · inside pages. Paper, Caslon, brass. */
@font-face{font-family:'Caslon Display';src:url('/fonts/caslon-display.woff2') format('woff2');font-weight:400;font-style:normal;font-display:swap}
@font-face{font-family:'Caslon Text';src:url('/fonts/caslon-text.woff2') format('woff2');font-weight:400;font-style:normal;font-display:swap}
@font-face{font-family:'Caslon Text';src:url('/fonts/caslon-text-bold.woff2') format('woff2');font-weight:700;font-style:normal;font-display:swap}
@font-face{font-family:'Caslon Text';src:url('/fonts/caslon-text-italic.woff2') format('woff2');font-weight:400;font-style:italic;font-display:swap}
@font-face{font-family:'Geist Mono';src:url('/fonts/geist-mono.woff2') format('woff2');font-weight:100 900;font-style:normal;font-display:swap}

:root{--paper:#F3EFE6;--ink:#16140F;--body:#24201A;--soft:#3A352D;--mute:#6E675C;--faint:#736C5F;--brass:#8A6434;--brass-l:#B8894E;--line:rgba(22,20,15,.14);--g:64px}
*,*::before,*::after{box-sizing:border-box}
html{-webkit-text-size-adjust:100%;scroll-behavior:smooth}
@media (prefers-reduced-motion:reduce){html{scroll-behavior:auto}*,*::before,*::after{animation:none!important;transition:none!important}}
body{margin:0;background:var(--paper);color:var(--ink);font:19px/1.6 'Caslon Text',Georgia,serif;-webkit-font-smoothing:antialiased;font-feature-settings:"kern","liga"}
body::before{content:"";position:fixed;inset:0;pointer-events:none;z-index:0;background:url(/img/paper.webp) 0 0/512px 512px repeat}
body>*{position:relative;z-index:1}
body>header{z-index:30}
a{color:inherit;text-decoration:none}
img{max-width:100%}
:focus-visible{outline:2px solid var(--brass-l);outline-offset:4px}
::selection{background:#E6D6BC}
.skip{position:absolute;left:16px;top:-60px;z-index:50;padding:10px 16px;background:var(--ink);color:var(--paper);font:13px 'Geist Mono',monospace}
.skip:focus{top:16px}
.m{font-family:'Geist Mono',ui-monospace,monospace;font-size:10.5px;letter-spacing:.2em;text-transform:uppercase;line-height:1.6}
.mut{color:var(--mute)}.br{color:var(--brass)}
.disp{font-family:'Caslon Display',Georgia,serif;font-weight:400;letter-spacing:-.022em;font-feature-settings:"kern","liga","dlig"}
.it{font-family:'Caslon Text',Georgia,serif;font-style:italic;color:var(--brass);letter-spacing:-.03em}
.ul{position:relative;padding:6px 0}
.ul::after{content:"";position:absolute;left:0;right:0;bottom:0;height:1px;background:currentColor;transform:scaleX(0);transform-origin:0 50%;transition:transform .45s cubic-bezier(.2,.7,.2,1)}
.ul:hover::after,.ul:focus-visible::after,.ul[aria-current]::after{transform:scaleX(1)}
.wrap{max-width:1440px;margin:0 auto;padding:0 var(--g)}
.rule{width:56px;height:1px;background:var(--brass-l)}
.lede{margin:0;font-size:23px;line-height:1.5;color:var(--soft);max-width:32ch}
.kick{display:block}
h1.big{margin:28px 0 0;font-size:clamp(64px,10.4vw,150px);line-height:.92}
.rise{animation:rise 1s cubic-bezier(.2,.75,.15,1) both}
@keyframes rise{from{opacity:0;transform:translateY(18px)}}

/* header */
.hd{display:grid;grid-template-columns:1fr auto 1fr;align-items:center;max-width:1440px;margin:0 auto;padding:36px var(--g) 0}
.hd-l,.hd-r{display:flex;gap:40px;color:var(--mute)}
.hd-r{justify-content:flex-end}
.hd-l a:hover,.hd-r a:hover,.hd [aria-current]{color:var(--ink)}
.hd-mark img{display:block;height:30px;width:auto}
.hd-menu{display:none;justify-self:end;min-width:44px;min-height:44px;padding:0;border:0;background:none;color:var(--ink);cursor:pointer}
.mnav{position:fixed;inset:0;z-index:40;display:flex;flex-direction:column;justify-content:center;gap:6px;padding:90px 24px 40px;background:var(--paper);opacity:0;visibility:hidden;transition:opacity .35s,visibility .35s}
.mnav.open{opacity:1;visibility:visible}
.mnav a{font:400 42px/1.2 'Caslon Display',Georgia,serif;letter-spacing:-.02em}
.mnav a.m{font:10.5px 'Geist Mono',monospace;letter-spacing:.2em;margin-top:30px;color:var(--mute)}
.mnav-x{position:absolute;top:22px;right:24px;min-width:44px;min-height:44px;border:0;background:none;color:var(--ink);cursor:pointer}

/* footer */
.ft{max-width:1440px;margin:160px auto 0;padding:0 var(--g) 44px}
.ft-top{display:flex;flex-direction:column;align-items:center;gap:30px;padding:110px 0 90px;border-top:1px solid var(--line);text-align:center}
.ft-top img{height:40px;width:auto}
.ft-motto{margin:0;max-width:100%;font-size:clamp(26px,2.7vw,40px);line-height:1.15;word-spacing:-.03em;text-wrap:balance}
.ft-motto .it{display:block;margin-top:.12em}
.hp{font-weight:inherit;margin-right:-.26em}
.ft-cos{display:flex;flex-wrap:wrap;justify-content:center;gap:12px 40px}
.ft-bot{display:flex;justify-content:space-between;gap:20px;flex-wrap:wrap;color:var(--faint)}
.ft-bot a:hover{color:var(--ink)}
.ft-legal{margin:34px 0 0;font-size:13px;line-height:1.6;color:var(--faint);font-style:italic;max-width:90ch}

/* buttons, fields */
.btn{display:inline-flex;align-items:center;gap:18px;padding:20px 30px;background:var(--ink);color:var(--paper);border:0;border-radius:0;cursor:pointer;font:10.5px 'Geist Mono',monospace;letter-spacing:.2em;text-transform:uppercase;transition:background .3s}
.btn:hover{background:var(--brass)}
.btn:disabled{opacity:.6;cursor:default}
.fld{display:flex;flex-direction:column;gap:12px}
.fld>span{font:10.5px 'Geist Mono',monospace;letter-spacing:.2em;text-transform:uppercase;color:var(--mute)}
.fld .req{color:var(--brass)}
.fld input,.fld select,.fld textarea{appearance:none;-webkit-appearance:none;width:100%;border:0;border-bottom:1px solid rgba(22,20,15,.28);border-radius:0;background:transparent;padding:6px 0 12px;font:20px/1.4 'Caslon Text',Georgia,serif;color:var(--ink);outline:0;transition:border-color .3s}
.fld textarea{min-height:150px;resize:vertical}
.fld input::placeholder,.fld textarea::placeholder{color:#8F877A}
.fld input:focus,.fld select:focus,.fld textarea:focus{border-bottom-color:var(--brass)}
.fld select{padding-right:24px;background-image:linear-gradient(45deg,transparent 50%,var(--mute) 50%),linear-gradient(135deg,var(--mute) 50%,transparent 50%);background-position:calc(100% - 10px) 16px,calc(100% - 5px) 16px;background-size:5px 5px;background-repeat:no-repeat}
.two{display:grid;grid-template-columns:1fr 1fr;gap:40px 48px}
.note{margin:24px 0 0;font-style:italic;color:var(--brass)}

/* page heads */
.ph{padding-top:150px}
.ph-split{display:grid;grid-template-columns:1fr 1fr;align-items:end;gap:64px}
.ph-split .lede{margin-bottom:14px}
.ph-c{display:flex;flex-direction:column;align-items:center;text-align:center}
.ph-c .lede{margin-top:30px;max-width:40ch}
.ph-c h1.big{font-size:clamp(52px,8.4vw,120px);line-height:.96}

/* insights */
.lead{display:grid;grid-template-columns:200px 1fr 220px;gap:48px;margin-top:100px;padding:56px 0 64px;border-top:1px solid var(--ink)}
.lead h2{margin:0 0 22px;font-size:clamp(44px,5vw,72px);line-height:1}
.lead p{margin:0;font-size:22px;line-height:1.5;color:var(--soft);max-width:46ch}
.lead .go{align-self:end;justify-self:end}
.lead:hover h2{color:var(--brass)}
.lead h2{transition:color .3s}
.fil{display:flex;flex-wrap:wrap;gap:12px 30px;padding:26px 0;border-top:1px solid var(--line);border-bottom:1px solid var(--line)}
.fil button{padding:0;border:0;background:none;cursor:pointer;color:var(--faint);font:inherit;letter-spacing:inherit;text-transform:inherit}
.fil button:hover,.fil button[aria-pressed="true"]{color:var(--ink)}
.row{display:grid;grid-template-columns:200px 1fr 200px;gap:48px;align-items:baseline;padding:34px 0;border-bottom:1px solid var(--line);transition:padding .4s cubic-bezier(.2,.7,.2,1)}
.row[hidden]{display:none}
.row h3{margin:0 0 8px;font:400 34px/1.12 'Caslon Display',Georgia,serif;letter-spacing:-.015em;transition:color .3s}
.row p{margin:0;font-size:17px;line-height:1.5;color:var(--mute);font-style:italic;max-width:70ch}
.row .c{text-align:right}
.row:hover{padding-left:16px}
.row:hover h3{color:var(--brass)}

/* newsletter */
.nl{display:grid;grid-template-columns:1fr 1fr;gap:64px;align-items:end;margin-top:160px;padding-top:56px;border-top:1px solid var(--ink)}
.nl h2{margin:0;font-size:clamp(44px,5.4vw,84px);line-height:.98}
.nl p{margin:0 0 26px;color:var(--soft);font-size:19px}
.nl form{display:grid;grid-template-columns:1fr auto;gap:28px;align-items:end}

/* essay */
.es{display:flex;flex-direction:column;align-items:center;padding-top:150px;text-align:center}
.es h1{margin:34px 0 0;font-size:clamp(44px,5.9vw,84px);line-height:1.02;max-width:17ch;text-wrap:balance}
.es .by{display:flex;flex-wrap:wrap;justify-content:center;gap:10px 28px;margin-top:44px;color:var(--mute)}
.es .rule{margin-top:64px}
.prose{max-width:660px;margin:90px auto 0;font-size:21px;line-height:1.72;color:var(--body);font-feature-settings:"kern","liga","onum"}
.prose p{margin:0 0 1.15em;text-wrap:pretty}
.prose .article-lede::first-letter{float:left;font-family:'Caslon Display',Georgia,serif;font-size:118px;line-height:.8;padding:10px 14px 0 0;color:var(--brass)}
.prose h2{margin:2.2em 0 .7em;font:400 34px/1.15 'Caslon Display',Georgia,serif;letter-spacing:-.015em;color:var(--ink)}
.prose strong{font-weight:700;color:var(--ink)}
.prose a{text-decoration:underline;text-decoration-thickness:1px;text-underline-offset:3px;text-decoration-color:var(--brass-l)}
.prose a:hover{color:var(--brass)}
.prose ul{margin:0 0 1.2em;padding-left:1.1em}
.prose li{margin:0 0 .5em}
.prose li::marker{color:var(--brass)}
.prose .article-sources{font-size:16px;line-height:1.6;color:var(--mute);word-break:break-word}
.prose hr{border:0;height:1px;background:var(--line);margin:2.6em 0}
.prose img{display:block;width:100%;height:auto;margin:1.6em 0}
.prose .article-blockquote{margin:1.6em -120px;padding:46px 0;border-top:1px solid rgba(22,20,15,.18);border-bottom:1px solid rgba(22,20,15,.18);text-align:center}
.prose .article-blockquote p{margin:0;font:400 clamp(28px,3.2vw,44px)/1.18 'Caslon Display',Georgia,serif;letter-spacing:-.015em;color:var(--ink)}
.after{max-width:660px;margin:70px auto 0}
.tags{display:flex;flex-wrap:wrap;gap:10px 22px;color:var(--mute)}
.share{display:flex;align-items:center;gap:28px;margin-top:22px;color:var(--mute)}
.share button{padding:6px 0;border:0;background:none;cursor:pointer;color:inherit;font:inherit;letter-spacing:inherit;text-transform:inherit}
.share a:hover,.share button:hover{color:var(--ink)}
.sig{display:flex;align-items:center;gap:22px;margin-top:44px;padding-top:34px;border-top:1px solid var(--line)}
.sig img{width:64px;height:64px;border-radius:50%;object-fit:cover;filter:grayscale(1) contrast(1.05)}
.sig b{display:block;font:italic 400 28px/1.2 'Caslon Text',Georgia,serif;color:var(--brass)}
.sig span{display:block;font-size:16px;line-height:1.5;color:var(--mute)}
.nx{display:grid;grid-template-columns:1fr 1fr;margin-top:140px;border-top:1px solid var(--ink)}
.nx a{display:block;padding:44px 40px 0 0}
.nx a+a{text-align:right;border-left:1px solid var(--line);padding:44px 0 0 40px}
.nx h3{margin:16px 0 0;font:400 32px/1.15 'Caslon Display',Georgia,serif;letter-spacing:-.015em;transition:color .3s}
.nx a:hover h3{color:var(--brass)}

/* investors */
.iv{display:grid;grid-template-columns:5fr 6fr;gap:120px;padding-top:150px}
.iv h1{margin:28px 0 40px;font-size:clamp(64px,7.8vw,112px);line-height:.98}
.iv .lede{max-width:30ch}
.steps{margin:80px 0 0;padding:0;list-style:none;border-top:1px solid var(--line)}
.steps li{display:grid;grid-template-columns:64px 1fr;padding:26px 0;border-bottom:1px solid var(--line);font-size:19px;line-height:1.45}
.steps li .m{padding-top:5px}
.side-note{margin:40px 0 0;font-size:15px;line-height:1.6;color:var(--mute);font-style:italic;max-width:42ch}
.side-note a{text-decoration:underline;text-underline-offset:3px;text-decoration-color:var(--brass-l)}
.iv form{padding-top:8px}
.iv fieldset{border:0;margin:0 0 76px;padding:0;min-width:0}
.iv legend{display:flex;gap:22px;width:100%;padding:0 0 22px;margin-bottom:34px;border-bottom:1px solid var(--ink);font:10.5px 'Geist Mono',monospace;letter-spacing:.2em;text-transform:uppercase}
.opt{display:grid;grid-template-columns:28px 1fr;gap:18px;padding:22px 0;border-bottom:1px solid var(--line);cursor:pointer;font-size:17px;line-height:1.5;color:var(--soft)}
.opt input{appearance:none;-webkit-appearance:none;width:18px;height:18px;margin:4px 0 0;border:1px solid rgba(22,20,15,.4);border-radius:50%;display:grid;place-content:center;cursor:pointer}
.opt input::after{content:"";width:8px;height:8px;border-radius:50%;background:var(--brass);transform:scale(0);transition:transform .2s}
.opt input:checked::after{transform:scale(1)}
.opt input:checked{border-color:var(--brass)}
.opt b{font:400 21px 'Caslon Display',Georgia,serif;color:var(--ink);margin-right:6px}
.opt:hover b{color:var(--brass)}
.send{display:flex;flex-wrap:wrap;align-items:center;justify-content:space-between;gap:24px 30px}
.legal-sm{margin:40px 0 0;font-size:13px;line-height:1.65;color:var(--faint);max-width:64ch}

/* the block */
.street{--h:calc((min(100vw,1440px) - 2*var(--g)) / 8.3);display:flex;align-items:flex-end;justify-content:center;max-width:1440px;margin:110px auto 0;padding:0 var(--g)}
.street-in{display:flex;align-items:flex-end;border-bottom:1px solid var(--ink)}
.street a{display:block;flex:none}
.street img{display:block;width:auto;height:calc(var(--h) * var(--r));transition:filter .5s,transform .5s cubic-bezier(.2,.7,.2,1)}
@media (hover:hover){.street-in:hover img{filter:grayscale(1) opacity(.35)}.street-in a:hover img{filter:none;transform:translateY(-6px)}}
.idx{display:grid;grid-template-columns:repeat(4,1fr);border-left:1px solid var(--line)}
.idx>div{padding:34px 28px 40px;border-right:1px solid var(--line);border-bottom:1px solid var(--line);scroll-margin-top:40px}
.idx h3{margin:0 0 10px;font:400 32px/1.1 'Caslon Display',Georgia,serif;letter-spacing:-.015em}
.idx p{margin:16px 0 0;font-size:16px;line-height:1.5;color:var(--mute);font-style:italic}
.idx .s{display:block;margin-top:22px}
.idx a.s:hover{color:var(--ink)}
.idx>div:target h3{color:var(--brass)}
.cta{display:flex;flex-direction:column;align-items:center;gap:30px;margin-top:150px;text-align:center}
.cta h2{margin:0;font-size:clamp(48px,5.9vw,84px);line-height:.98}

/* contact */
.ct{display:grid;grid-template-columns:1fr 1fr;gap:120px;padding-top:150px}
.ct h1.big{margin-bottom:36px}
.rt{margin-top:80px;border-top:1px solid var(--ink)}
.rt a{display:grid;grid-template-columns:1fr auto;align-items:baseline;padding:26px 0;border-bottom:1px solid var(--line);transition:padding .4s cubic-bezier(.2,.7,.2,1)}
.rt a:hover{padding-left:14px}
.rt b{display:block;font:400 30px/1.2 'Caslon Display',Georgia,serif;letter-spacing:-.015em;transition:color .3s}
.rt a:hover b{color:var(--brass)}
.rt i{font-size:16px;color:var(--mute)}
.addr{display:flex;flex-wrap:wrap;gap:30px 60px;margin-top:60px}
.addr p{margin:10px 0 0;font-size:19px;line-height:1.5}
.ct form{display:flex;flex-direction:column;gap:40px;padding-top:60px}

/* legal */
.legal{max-width:720px;margin:90px auto 0;font-size:18px;line-height:1.7;color:var(--body)}
.legal h2,.legal h3{margin:2em 0 .6em;font:400 28px/1.2 'Caslon Display',Georgia,serif;letter-spacing:-.01em;color:var(--ink)}
.legal h3{font-size:22px}
.legal a{text-decoration:underline;text-underline-offset:3px;text-decoration-color:var(--brass-l)}
.legal ul{padding-left:1.1em}

@media (max-width:1100px){
  :root{--g:40px}
  .hd-l,.hd-r{gap:26px}
  .iv,.ct{gap:72px}
  .idx{grid-template-columns:repeat(2,1fr)}
}
@media (max-width:960px){
  :root{--g:24px}
  body{font-size:18px}
  .lede,.lead p{font-size:19px}
  .lead h2{font-size:38px}
  .hd{grid-template-columns:1fr auto;padding-top:20px}
  .hd-l,.hd-r{display:none}
  .hd-menu{display:block}
  .hd-mark img{height:26px}
  .ph,.es,.iv,.ct{padding-top:90px}
  .ph-split,.iv,.ct,.nl{grid-template-columns:1fr;gap:40px}
  .lead{grid-template-columns:1fr;gap:20px;margin-top:70px}
  .lead .go{justify-self:start}
  .row{grid-template-columns:1fr;gap:10px;padding:28px 0}
  .row h3{font-size:27px}
  .row .c{display:none}
  .row:hover{padding-left:0}
  .prose{margin-top:56px;font-size:18px;line-height:1.68}
  .prose .article-lede::first-letter{font-size:84px;padding:8px 10px 0 0}
  .prose h2{font-size:27px}
  .prose .article-blockquote{margin:1.5em 0;padding:32px 0}
  .nx{grid-template-columns:1fr;margin-top:90px}
  .nx a+a{text-align:left;border-left:0;border-top:1px solid var(--line);padding:30px 0 0;margin-top:30px}
  .nx a{padding:30px 0 0}
  .nx h3{font-size:26px}
  .steps{margin-top:50px}
  .iv fieldset{margin-bottom:56px}
  .two{grid-template-columns:1fr;gap:34px}
  .nl form{grid-template-columns:1fr}
  .street{--h:150px;justify-content:flex-start;overflow-x:auto;-webkit-overflow-scrolling:touch;scrollbar-width:none;margin-top:70px}
  .street::-webkit-scrollbar{display:none}
  .idx{grid-template-columns:1fr}
  .idx>div{padding:28px 0;border-right:0}
  .idx{border-left:0;padding:0 var(--g)}
  .cta{margin-top:100px}
  .rt{margin-top:50px}
  .rt b{font-size:26px}
  .ct form{padding-top:0}
  .ft{margin-top:100px}
  .ft-top{padding:70px 0 56px;gap:24px}
  .ft-cos{gap:12px 22px}
  .ft-bot{flex-direction:column;align-items:center;text-align:center}
  .ft-legal{text-align:center}
  .legal{margin-top:56px;font-size:17px}
}

/* sell */
.crit,.how{margin-top:130px}
.crit h2,.how h2{margin:0 0 0;padding-bottom:22px;border-bottom:1px solid var(--ink);font-weight:400}
.crit ol,.how ol{margin:0;padding:0;list-style:none}
.crit li{display:grid;grid-template-columns:200px 1fr;gap:48px;align-items:baseline;padding:34px 0;border-bottom:1px solid var(--line)}
.crit b{display:block;font:400 34px/1.15 'Caslon Display',Georgia,serif;letter-spacing:-.015em}
.crit p{margin:10px 0 0;font-size:19px;line-height:1.55;color:var(--mute);font-style:italic;max-width:56ch}
.how ol{display:grid;grid-template-columns:repeat(4,1fr);border-left:1px solid var(--line)}
.how li{padding:34px 28px 44px;border-right:1px solid var(--line);border-bottom:1px solid var(--line)}
.how b{display:block;margin-top:26px;font:400 28px/1.15 'Caslon Display',Georgia,serif;letter-spacing:-.015em}
.how p{margin:12px 0 0;font-size:17px;line-height:1.5;color:var(--mute);font-style:italic}
.sell-f{display:grid;grid-template-columns:5fr 6fr;gap:120px;margin-top:150px;padding-top:56px;border-top:1px solid var(--ink)}
.sell-f h2{margin:0 0 30px;font-size:clamp(44px,5.4vw,80px);line-height:.98}
.sell-f form{display:flex;flex-direction:column;gap:40px}
@media (max-width:1100px){.how ol{grid-template-columns:repeat(2,1fr)}.sell-f{gap:72px}}
@media (max-width:960px){
  .crit,.how{margin-top:90px}
  .crit li{grid-template-columns:1fr;gap:12px;padding:28px 0}
  .crit b{font-size:27px}
  .how ol{grid-template-columns:1fr;border-left:0}
  .how li{border-right:0;padding:28px 0}
  .how b{margin-top:14px;font-size:25px}
  .sell-f{grid-template-columns:1fr;gap:40px;margin-top:100px}
}

/* letter */
.letter h2{font-size:38px}
.letter h2 .it{letter-spacing:-.02em}
.ltr-sig b{font-size:36px}

/* page fades; the header stays put */
@view-transition{navigation:auto}
.hd{view-transition-name:hd}
::view-transition-old(root),::view-transition-new(root){animation-duration:.45s;animation-timing-function:cubic-bezier(.2,.7,.2,1)}
@media (prefers-reduced-motion:reduce){@view-transition{navigation:none}}

/* when the essay links end the page, frame them and let the footer follow */
.nx a{padding-bottom:48px}
main:has(>.nx:last-child)+.ft{margin-top:0}
@media (max-width:960px){.nx a{padding-bottom:30px}.nx a+a{padding-bottom:36px}}