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CONSISTENCY OF FLOOR PRICE-IMPACT WITH THE 4.26% ATTENUATED RETURN
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  Historical real equity total return   ~ 6.5%
  Paper 2 attenuated return (Mode B)      = 4.26%
  Attenuation already taken               ~ 2.2pp

  Floor's own valuation impulse (f x M) as an annual return headwind:
                  multiplier M  impulse/yr   vs 2.2pp taken
        order-unity (Bouchaud)        0.4%           within
                    GK central        1.9%           within
                       GK high        3.1%          EXCEEDS

READING:
  At order-unity (M=1) and GK-central (M=5), the floor's annual valuation
  impulse (0.4-1.9%) is at or below the ~2.2pp
  attenuation Paper 2 already took -- so the attenuated return is consistent
  with, even conservative relative to, the floor's own price impact.
  Only at the GK-HIGH multiplier (M=8, 3.1%) does the one-year
  impulse exceed the attenuation -- but that is the impulse from a single
  year's flow, not a permanent annual drag (the premium stabilises via
  Paper 8's bounded fixed point), so it is an upper-corner caution, not a
  standing contradiction.

HONEST BOTTOM LINE: the 4.26% attenuation is broadly CONSISTENT with the
floor's empirical price impact across most of the multiplier range. The
inelastic-markets evidence (GK) pushes toward the conservative end of the
return band (3.30-5.03) rather than refuting it; the high-M corner is a
genuine caution worth stating, not a refutation. The buyback benchmark
(floor flow ~1/4 of buyback flow the market already absorbs) is the main
reason the impact is bounded in practice.
