Chapter 68

• Leila
• Every eye in the room swiveled to the back row. Ryan slowly set down his phone, shoving his hands in his pockets as he stood, swaying slightly. He didn't glance at the board or Cassius—instead, his gaze flicked to me, a hint of pride in his eyes. Then he spoke, his voice low but clear enough to reach every corner: "The equity premium is measured using real returns to avoid conflating price changes with general price-level movements. The premium has persisted for over a century—suggesting it is not a temporary anomaly, but a consistent reward for bearing market risk. Even in Lycan-dominated financial markets, this principle holds, because pack-led investments still carry underlying volatility..."
• He rambled on, not just answering the question but weaving in references to the Lycan financial system, his logic tight and coherent. Cassius' stern expression faltered, his mouth opening and closing as he struggled to respond. The classroom fell silent, students exchanging impressed glances. Even I was stunned—he'd spent the entire lecture texting me, not even taking notes, yet he'd mastered a topic most of us struggled with.