You let the cursor blink for a moment longer, then begin typing, choosing your words with more care than speed. Subject: Re: Portfolio Exposure – Pharma Concentration Hi Isabella, Thank you for the response, I appreciate the context. Out of curiosity, and purely from a timing perspective, are adjustments something that tends to be considered proactively in situations like this, or only once there is clearer confirmation on the policy side? I’m trying to get a better sense of how early sentiment typically feeds into internal positioning decisions, especially in cases where expectations may already be partially priced in. Best regards, Elliot You read it once more before sending. It doesn’t push too far, not directly, but it leans just enough to test the boundary. You send it anyway. You wait. The reply comes quicker than you expect. [[Unread message - Isabella|Read Isabella's reply]]