Memory is a core component of conversational agents, enabling coherent and context-aware behavior over long interactions. Recent approaches commonly rely on LLM-based memory construction, where raw interactions are rewritten into structured memory units and later retrieved via a RAG pipeline. While effective in controlled settings, we show that this paradigm breaks down in long-horizon, high-entropy conversations: memory construction becomes increasingly lossy and unstable as context length and information complexity grow, and incurs prohibitive cost due to repeated LLM invocation. To address these limitations, we propose Threader, a memory system that shifts the focus from memory construction to efficient, structure-aware access over raw interactions. Instead of rewriting interactions, Threader preserves them as first-class memory, organizes them into topic-coherent segments via lightweight incremental segmentation, and enables accurate retrieval through multi-view representation. At query time, it performs multi-signal retrieval that combines segment-level access with localized evidence matching, ensuring both completeness and coherence. Extensive experiments demonstrate that Threader consistently improves answer accuracy and evidence recall, while significantly reducing the memory construction overhead.

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