diff --git a/docs/plan/level-assets.md b/docs/plan/level-assets.md
index 78b0c55..c3da0bb 100644
--- a/docs/plan/level-assets.md
+++ b/docs/plan/level-assets.md
@@ -2072,3 +2072,37 @@ been measured.
 Recorded rather than claimed as progress: ranking by size is the wrong first cut,
 and the reason is a confound that would have made the result look better than it
 was.
+
+### The size-independent statistic: the 394 does not survive
+
+Run it, and the confound db1e69c predicted is confirmed. Bucketing every level-0
+function by how many distinct immediates it carries, and taking the rate at which
+each bucket contains `0xc0`:
+
+    distinct immediates   with 0xc0 / total   rate
+            0- 15            72 /  1,082       6.7%
+           16- 31           119 /    713      16.7%
+           32- 47           104 /    291      35.7%
+           48- 63            39 /    119      32.8%
+           64- 79            31 /     59      52.5%
+           80- 95            13 /     25      52.0%
+          112- 127            3 /      7      42.9%
+          624+                1 /      1     100%
+
+The rate rises monotonically with set size, from 6.7% to over 50%. That is
+pigeonhole: a function with hundreds of distinct immediates has more chances to
+contain any particular value. **The 394 is mostly a list of large functions**, and
+"394 of 2,323" was never a shortlist. db1e69c was right and 3ea5ab7's framing was
+wrong.
+
+This does **not** retract the neighbour result. `0xc0` being enriched over
+0xb8-0xc8 and `0xc0` being enriched in bigger functions are two different claims
+and both can hold. What it retracts is the inference that the 394 are candidates
+for anything.
+
+**The control that would settle it, not yet run:** `0xc0`'s rate against a
+*specific neighbour's* rate **within the same set-size bucket**. If `0xc0` runs at
+35.7% in the 32-47 bucket while `0xb9` runs at 3% in that same bucket, the
+enrichment is size-independent and real. Until that is measured the honest summary
+is that the loader hunt has a robust *fact* (the constant is used far more than
+adjacent constants) and no *shortlist*.