There was a time when the rules felt simpler.

The main runner (alpha) went to, say, 10m MC. You could then use the 10% rule of thumb: roughly 1m potential for the beta and 100k for the third runner.

Lately, I’ve seen plenty of examples where that logic just doesn’t hold up anymore.

Not sure what to make of it yet. Just journaling some patterns I’m noticing as the market changes.