A public field in white and orange, a sign-in field that fits a phone, and research costs from measured spreads

What changed for people using Bellwether

• A lighter public field. The landing page, the sign-in, invite and reset pages, the offline page and the not-found page now sit on a white field with fine Claude-orange points that drift together and part around your pointer. With reduced motion switched on in your device, the same picture is shown still.
• Signing in from a phone. On a phone, and when Bellwether is saved to the home screen, the sign-in card keeps a clear area around it and the points gather round the card, not behind it. The keyboard no longer pushes the card off screen, and the phone's top and bottom safe areas are respected.
• Backtests charge the spread they would really pay. The research Lab and the evidence pages now estimate the bid-ask spread from each stock's own price history by liquidity bucket, instead of one flat 4 basis points for everything. Thinly traded names cost more to trade in a backtest than they did before; the largest names cost about the same.
• Small marks that show the desk is working. The Overview's mind card, the Consult box and the Guidance box show a small thinking mark while the desk is reading or answering, and the Overview's positions can be switched between a list and rings; your choice is remembered on that browser.

What you may notice

• Three help articles were updated with this release: reading the mind card (the thinking mark), the portfolio page (the book on one line and the list or rings choice), and the question about the glow behind the pages.
• The research pages gained this cycle's retired ideas with their numbers: trend following across asset classes as a separate sleeve, and a first evidence pass on writing options against holdings. Nothing trades options; that stays switched off.
• Nothing in this release changes what the desk buys or sells.

Switched on

• Nothing that changes live trading is switched on. The Consult evidence digest (what earlier turns looked up, carried under each past turn), the Portfolio Manager's session shape choices, the analysis workspace arms and the selection basket all ship switched off and stay off.

Known gaps and what’s next

• The scene on the landing page where the desk argues with itself is being rebuilt as one composition, phone first.
• The help pages are catching up with releases 38 to 42; about a third of recent changes are not yet described there.
• Console tidy-up is under way: fewer background points, a paged Research feed, panels and a reading width on Performance, a sectioned Settings page, and the Review page folded into Overview and Inbox.
• The second and third batches of the platform review (the after-cost line against the market on the Overview, typed guidance that changes what is traded, honest small books, daily limits as money) land next.