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The four universal fragility cycles whose cadence capital inherits unless it is decoupled from them: financial (markets and credit conditions), political (electoral terms and budget rounds), capability (staff turnover and knowledge loss) and civic (attention and public sentiment). Δ is satisfied only when capital availability is insensitive to all four.
A nonprofit dependent on annual grants runs on the political cycle: one budget round or donor exit changes what is available, whatever its mission cycle requires.
Alignment Capital §2