A valuation/mechanics fragility case for US equities distinct from the passive-flow FOMO lens: extreme wealth/equity-ownership concentration (S&P correl to top-decile wealth ~+0.9), record-high long-horizon EPS-growth estimates, a 2yr-high real yield, and fading buyback support (announcements record but conversion collapsed to ~32% vs 82-86% in 2021-23) together leave the index asymmetrically exposed to ordinary misses. Real-yield leg bears bearishly on GC (~-0.8 historic correl). Bears on ES (asymmetric downside to misses) and GC (real-yield channel).