Disclaimer

This blog is one person’s interpretation of public information. It may be wrong. It is not investment advice.

I show my reasoning so you can check it yourself. Every material figure is sourced to a named publication or official dataset. Where a number is my own estimate, I say so. Factual errors are corrected with a note appended to the original. Typos and style fixes are made silently.

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Last updated: April 2026