Peak-concentration buyer base — record $20T foreign and $17T passive US-equity ownership vs active at multi-decade lows — frames a flow-reversal fragility, with USD as the transmission variable that amplifies any equity drawdown (price-blind passive becomes indiscriminate seller on reversal). Bears on ES (fast unwind risk; TME prefers put-spread structure vs outright short given geopolitical binary) and ZN (haven function impaired in supply-shock regime — exposed both ways).