Fig 3Godwit's four clocksclick a clock0 active clocks → exposure 0%
Exposure needle: the one lit readingEngaged clock: latch up, hand turningGate key: opens the market gateFour clocks, one per horizon (7, 30, 90 and 180 days). Each holds the strongest liquid coin over its horizon or stays in cash. With K clocks active the book invests sqrt(K/4) of its money: 0, 50, 71, 87 or 100 percent. The market gate must be open for any clock to engage.