// 008
RN1 /
Conviction tilt
Dominance ratio · 38,975 markets
// Hedging vs leaning
A dimmer.
Not a switch.
He buys the structure cheaply, then
tilts
when he has a read. Above 2× the dominance ratio, he’s still hedged but expressing a directional view.
// Capital ratio · bigger side ÷ smaller side
Balanced
1.0× – 1.5×
25%
Leaning
2.0× – 3.0×
19%
Heavy conviction
5.0×+
23%
Source · paired-side capital ratio
Hedged structure · directional lean
Above 2× = expressing a view