Portfolio
The current split, nothing more. Percentage weightings only — no amounts, no history, no advice. Two views of the same allocation, straight from the spreadsheet the portfolio is run on.
Investment policy
Summary of the written policy statement · v1.2 · July 2026
| Asset class | Weight | Policy |
|---|---|---|
| Bitcoin | ~40% | Hodl. Never rebalanced, never trimmed |
| Other crypto | ~10% | Long-term holdings alongside bitcoin |
| Global equities | ~50% | Rules-based sleeve, detailed below |
Bitcoin first. Roughly 40% of the portfolio is bitcoin, held for over a decade at a low cost base. It wasn't bought at this size — it grew into it, compounding past the traditional holdings while they plodded along. The policy is one word: hodl. Bitcoin is never rebalanced away, never trimmed to fund the equity sleeve, never traded against its own volatility. And it works the other way round too: monthly contributions flow solely into the equity sleeve — the bitcoin position neither shrinks nor gets added to. A further ~10% sits in other crypto assets on the same long-horizon terms.
The equity sleeve. The remaining ~50% runs on a written policy statement: long-horizon real capital growth from a globally diversified, all-equity portfolio — harvesting the equity premium plus documented factor premia (size, value, profitability), not security selection or market timing. Reference universe: MSCI ACWI IMI. Own the whole market first — every region, every cap tier — before any tilt is applied; tilts are overlays, never gaps. Costs stay near index level (blended ~0.17% p.a., ceiling 0.25%). Weights below are shares of the equity sleeve:
| Sleeve | Fund | Weight | Role |
|---|---|---|---|
| US large/mid | CSUS | ~29% | Cap-weighted US core |
| Developed ex-US | EXUS | ~27.5% | Cap-weighted ex-US core |
| Emerging markets | EMIM | ~16.5% | EM incl. small caps |
| Small-cap value | AVWS | ~12% | Small caps at market weight + value/profitability tilt |
| US equal weight | XDWE | ~10% | Mega-cap concentration reduction |
| Developed value | XDEV | ~5.5% | Value tilt |
Structural US underweight. Within the equity sleeve, roughly 50% look-through US exposure versus ~64% in global cap weights, held within a fixed 50–55% band on a ten-year horizon. Reviewed against the US vs ex-US implied equity risk premium differential — never against relative performance, and never ratcheted with valuations.
Discipline. Every tilt carries a stated rationale and a stated vulnerability, and exits only when its rationale breaks — never on drawdown. Equity sleeves rebalance when they drift more than 3 percentage points absolute or 20% relative from target; otherwise new contributions do the work. Valuation signals (CAPE, implied ERP) are long-horizon inputs only; when they disagree, positions are sized to stay defensible under the less favourable reading.
Prohibited. Market timing, leverage, single stocks, nominal-yield valuation frameworks, and abandoning a tilt because it underperformed.
Everything on this page — and this site — is one anonymous investor's public record of what he does with his own money, under his own circumstances, horizon, and appetite for risk. Yours differ.
Nothing here is investment, tax, or legal advice, and no fund or asset mentioned is a recommendation to buy or sell anything. Markets fall as well as rise, capital is at risk, and past performance tells you nothing about the future. Do your own research, or engage a regulated adviser, before acting on anything you read here.