diff --git a/docs/spec/slashing/state-machine.md b/docs/spec/slashing/state-machine.md
index b6bdf5820d..df849398bd 100644
--- a/docs/spec/slashing/state-machine.md
+++ b/docs/spec/slashing/state-machine.md
@@ -100,6 +100,17 @@ beforeValidatorSlashed(address sdk.ValAddress, fraction sdk.Rat, infractionHeigh
   continue with slashing
 ```
 
+##### Safety note
+
+Slashing is capped fractionally per period, but the amount of total bonded stake associated with any given validator can change (by an unbounded amount) over that period.
+
+For example, with MaxFractionSlashedPerPeriod = `0.5`, if a validator is initially slashed at `0.4` near the start of a period when they have 100 steak bonded,
+then later slashed at `0.4` when they have `1000` steak bonded, the total amount slashed is just `40 + 100 = 140` (since the latter slash is capped at `0.1`) - 
+whereas if they had `1000` steak bonded initially, the total amount slashed would have been `500`.
+
+This means that any slashing events which utilize the slashing period (are capped-per-period) **must** *also* jail the validator when the infraction is discovered.
+Otherwise it would be possible for a validator to slash themselves intentionally at a low bond, then increase their bond but no longer be at stake since they would have already hit the `SlashedSoFar` cap.
+
 ### State Cleanup
 
 Once no evidence for a given slashing period can possibly be valid (the end time plus the unbonding period is less than the current time),