diff --git a/src/commands/projections.zig b/src/commands/projections.zig
index 3400e64..9971535 100644
--- a/src/commands/projections.zig
+++ b/src/commands/projections.zig
@@ -1633,9 +1633,11 @@ pub fn renderKeyComparisonRows(
     now: KeyMetrics,
     events_enabled: bool,
 ) !void {
-    // `then` and `now` are computed against the same projections.srf
-    // (REPORT.md §4 - the "then" side reuses today's config), so
-    // their horizons agree. Use whichever side is convenient.
+    // `then` and `now` are computed against the same projections.srf:
+    // the historical side re-runs today's config against the older
+    // portfolio snapshot rather than trying to recover the config as it
+    // was then (which isn't recorded anywhere). So both sides share a
+    // horizon, and either one can supply the label.
     const events_label: []const u8 = if (events_enabled) "included" else "excluded";
     try cli.printFg(out, color, cli.CLR_MUTED, "  ({d}-year horizon, lifecycle events {s})\n", .{ now.horizon_years, events_label });