It’s Friday, so I’ll confess to a weakness: I don’t dislike index funds.

Owning 10,000+ companies globally at near-zero cost and with perfect liquidity is hard to give up. I know it dilutes returns a bit, and I try to keep it minimal… but I just can’t quit fully just yet.

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My thinking on dilution:

Global equities: ~10% CAGR.

Bitcoin: ~30% CAGR.

Every 5% you shift from BTC to stocks costs ~1% in return.

80/20 BTC/stocks ≈ 26% CAGR.

I can live with that.

How much are you paying for your bad habits?