The old alarm clock on the table is two minutes slow again.

As I adjust the time, I think about LST and re-staking: the returns are basically just two things, the "system salary" that the underlying staked assets give you, plus the premium gained from taking the same security and doing more deals with it (re-staking / various strategies).
The problem is right here—more deals mean more blame, contract risks, penalties, liquidity runs, and if the market suddenly panics, LST discounts can run faster than the clock's hands.
Recently, everyone has been fixated on staking unlocks and token unlock calendars. I understand that anxiety about selling pressure, but I care more about: who is actually paying for these returns, and at which point does it turn into cash flow that "someone must take over"?
Anyway, I’d rather earn a little less now and first straighten out the risk chain before adding more positions. It’s okay to go slow.