Crypto risk · Research note 01
Does Ethereum diversify Bitcoin downside?
The daily 50/50 mix had a deeper drawdown. Covariance explains why adding an asset failed to reduce risk.
2024–2025 sample · 9 Sep 2026
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Did Ethereum make
Bitcoin safer?
Maximum closing drawdown · 2024–2025
BTC −32.1%
50/50 −48.1%
The 50/50 mix increased downside risk.
731 daily returns. One clearly defined benchmark.
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Equities · Research note 02
Microsoft: strong business, insufficient margin of safety
A $427 base valuation, a $340 entry threshold, and the cash recovery needed to support both.
Year ended 30 Jun 2026 · 9 Sep 2026
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