The point
Operational reality is part of investment design, not an implementation detail after the thesis is written.
Market access is only one part of an investable universe. The holding also needs a custody path, reliable pricing, sensible liquidity, and a way to be verified when the market is under stress.
That is why eligibility screens sit at the beginning of the construction sequence. A thesis that cannot survive the operational layer is not yet a portfolio thesis.
The result is a narrower universe, but a more honest one. The assets that remain are selected not just for narrative relevance, but for the ability to be held and governed consistently.
“A better allocation begins with a better explanation.”
Qatobit principle
Published construction. Fixed cadence. Versioned control.