deploy: 1e887a7

Author: sankalpgambhir

index.html

@@ -112,10 +112,15 @@ <h2>The benchmark is not arbitrary.</h2>
               <p class="eyebrow">Act 3 &middot; Divergence hypothesis</p>
               <h2>The gap opens when we change the measure.</h2>
               <p>
-                The central hypothesis is not that Europe stopped producing
-                output. It is that output growth translated less cleanly into
-                public-market returns. The scatter view makes that split visible:
-                prosperity growth on one axis, ETF growth on the other.
+                This leads us to the hypothesis that it isn't that Europe
+                stopped producing output, it is that output growth diverged from
+                broader market indicators. We apply a break-fit test to find
+                divergence points in various metrics, and find that candidate
+                break years cluster around the 2008 crisis window. The
+                normalization view lets you explore these critical years and
+                view the apparent divergence - much wider for ETF data and
+                market cap, but much narrower for GDP, and especially after
+                adjusting for PPP.
               </p>
               <div class="story-stat-row">
                 <span><strong>2.51x</strong> US ETF</span>