Adding 2% bitcoin to a classic 60/40 portfolio vastly improves performance. But most investors are too focused on Sharpe-ratio (based on st.deviation). They see that Sharpe declines a bit. Calmar-ratio (based on drawdown) is a better metric and it improves a lot! Using Calmar: ditching stocks and bonds entirely and invest 4% in BTC while holding 96% in cash, yields superior investment performance. It will take years for large traditional investors to change their risk perspective from st.deviation to drawdown and their risk/return perspective from Sharpe to Calmar. Perspective matters. 
Discussion
I would like to see this study over a shorter timeframe, like from 2018 onwards. Removing the distorted rise of the early years, when investing in bitcoin lacked foundation since it was much more of an experiment than anything else.
Wow! I look forward to your monthly YouTube posts. I am late 50s and have 8% BTC/46%total stock index/46% total bond index. I want to let Bitcoin run up until I can rebalance annually a 50% Bitcoin/25% stock/25% bond allocation.
the 69/21/10 portfolio is profoundly superior imho
Thanks for all your hard work. Would love to see you post more here on nostr now that nitter almost dead.
what risk calculation does NASDAQ:MSTR use for their treasury?
I really thought you would be a person who tries to help support and use nostr, given how much problems you report on twitter. I am missing your content over here !