Antifragile 3 Asset Portfolio With Over 4% Yields

seekingalpha02-29

An antifragile portfolio can thrive in times of systemic distress and still perform well during good times.The recommended portfolio consists of growth and quality equities via QQQ, Bitcoin as a hedge...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2416850697?lang=en_US&edition=full_marsco","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1862152516/image_1862152516.jpg","is_english":true,"pubTime":"2024-02-29 07:36","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"2416850697","market":"hk","top_or_hot":-1,"title":"Antifragile 3 Asset Portfolio With Over 4% Yields","media":"seekingalpha","content":"<div>\n<p>An antifragile portfolio can thrive in times of systemic distress and still perform well during good times.The recommended portfolio consists of growth and quality equities via QQQ, Bitcoin as a hedge...</p>\n\n<a href=\"https://seekingalpha.com/article/4674500-antifragile-3-asset-portfolio-with-over-4-percent-yields\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Antifragile 3 Asset Portfolio With Over 4% Yields</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAntifragile 3 Asset Portfolio With Over 4% Yields\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-29 07:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4674500-antifragile-3-asset-portfolio-with-over-4-percent-yields><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>An antifragile portfolio can thrive in times of systemic distress and still perform well during good times.The recommended portfolio consists of growth and quality equities via QQQ, Bitcoin as a hedge...</p>\n\n<a href=\"https://seekingalpha.com/article/4674500-antifragile-3-asset-portfolio-with-over-4-percent-yields\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4561","symbol_name":"索罗斯持仓","start_time":0,"source_url":"https://seekingalpha.com/article/4674500-antifragile-3-asset-portfolio-with-over-4-percent-yields","article_id":"2416850697","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1862152516/image_1862152516.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2416850697","pubTimestamp":1709163365,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"An antifragile portfolio can thrive in times of systemic distress and still perform well during good times.The recommended portfolio consists of growth and quality equities via QQQ, Bitcoin as a hedge","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4561":"索罗斯持仓","BK4581":"高盛持仓","FBTC":"Fidelity Wise Origin Bitcoin Fund","SVOL":"Simplify Volatility Premium ETF","SVXY":"0.5倍做空波动率指数短期期货ETF","TVIX":"二倍做多VIX波动率指数短期期权ETN","BK4593":"纳斯达克ETF","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","BK4594":"比特币ETF概念","IBIT":"iShares Bitcoin Trust","XLG":"Invesco S&P 500 Top 50 ETF","FDN":"First Trust Dow Jones Internet I","QQQ":"纳指100ETF","VIXY":"波动率短期期货指数ETF","VXX":"短期VIX期货ETN","BK4588":"碎股","BK4550":"红杉资本持仓","FRED":"弗雷德","UVXY":"1.5倍做多恐慌指数短期期货ETF"},"translate_title":"收益率超过4%的抗脆弱3资产组合","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XLG":1,"SVOL":1,"QQQ":1,"IBIT":1,"FBTC":1,"FRED":1,"BTCmain":0.9,"VXX":0.9,"TVIX":0.9,"XBTmain":0.9,"FDN":0.9,"VIXmain":0.6,"SVXY":0.6,"UVXY":0.6,"VIXY":0.6},"content_text":"An antifragile portfolio can thrive in times of systemic distress and still perform well during good times.The recommended portfolio consists of growth and quality equities via QQQ, Bitcoin as a hedge against the fiat currency system, and monetized volatility risk premium through VIX futures.The portfolio can generate a 4% annual yield and is designed for long-term investment, but may experience short-term volatility.I cover some variations to the volatility strategy that range from active to passive.   Parradee Kietsirikul/iStock via Getty ImagesRecently, I’ve been thinking about an antifragile portfolio. Nassim Taleb, author of the Incerto series, coined the term “antifragile” in his eponymous book Antifragile: Things That Gain From Disorder.  Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Yet, in spite of the ubiquity of the phenomenon, there is no word for the exact opposite of fragile. Let us call it antifragile. Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better. -Nassim Taleb, Prologue of Antifragile  So an antifragile portfolio could gain from any kind of serious systemic distress and still do well when times are good. I think such a portfolio only needs 2 different spot positions, and 1 rolling derivatives position. Let me start by saying that this will be pretty volatile. Equities are absolutely a part of the equation, but they are prone to terrible systemic shocks. The best approach for equities is to choose a mix of high growth and quality. Think of this as good cash flow yield (not dividend yield) with the ability to grow their cash flows. I think Bitcoin (BTC-USD) is the next part of the equation because, among many other things, it is first and foremost a long term bet against the existing fiat currency system. A true banking system failure should mean hyperinflation of the dollar and a move to either a gold or Bitcoin standard. The third part of the equation is to monetize volatility risk premia for relatively stable principal value and relatively high yields (over 4% of the portfolio’s value). There is the do-it-yourself (or DIY) option, which is actively managed and can be adjusted to get even higher yields. One can also use SVOL as a passive spot asset holding. So here are the 3 investment themes, which roughly translates to 3 assets:   Growth and quality equities mix: Invesco QQQ Trust ETF (QQQ), Invesco S&P 500 Top 50 ETF (XLG) - I prefer QQQ  Hard money alternative to the fiat system: BTC, gold - I strongly prefer BTC  Monetized volatility risk premium: DIY with futures and options, Simplify Volatility Premium ETF (SVOL) - I strongly prefer DIY  In summary, the 3-asset antifragile portfolio I am recommending contains: QQQ, BTC, and (actively managed) VIX futures. The logic is that if everything stays normal and there is no major problem with the state of the world reserve currency, then QQQ will continue to drive outperformance by tracking the outperforming U.S. equities. If the dollar fails for structural reasons, BTC can save the portfolio because it is most likely to aggressively benefit from such a scenario. And in times where risk assets sell off, the monetization of equity volatility can provide intermittent cash flows (more details on this below). Let’s dive into each of these assets. The Best Equities Mix It is no secret that big tech dominates the equities indices. Unlike other analysts, I tend to take the position that the market is generally correct. I don't think there is an overvaluation bubble going on due to AI hype, although I do think that sentiment can reverse and cause tech stocks to pull back. I think that bigger companies get better and even bigger because of the inherent centralization in today’s economy. Big tech companies have generally better credit ratings and profitability. This gives them access to lower costs of capital from both the equities and debt financing perspective. This better access to capital also allows them the resources to lobby lawmakers to gain more favorable regulatory treatment. All of this helps the big get bigger. Tech is also a unique sector with the highest operating leverage. Software is infinitely scalable, and subscription revenue models on something that can be duplicated endlessly is a wonderful business model. All enterprises rely on tech in some sense. The cloud computing arms of Microsoft, Amazon, and Google will continue to generate massive cash flows each year. The bottom line is that big tech and the Magnificent 7 should continue to be the most innovative and profitable businesses around because of these factors. QQQ is chosen because it contains the businesses that fit this bill. I think XLG is also a great alternative for the same reason. Both are market cap weighted ETFs. The top 10 stocks of XLG are 56% of the ETF. The top 10 stocks of QQQ (almost a complete overlap with XLG’s top 10) are 47% of the ETF. QQQ has less concentration because it owns 100 companies, while XLG holds the top 50 companies in the S&P 500. Both ETFs have the same 0.20% expense ratios. Overall, my only reason for preferring QQQ is that it has performed noticeably better than XLG over the years. Better diversification is a plus, but this didn’t really move the needle for me. QQQ, XLG, SP500 (Seeking Alpha)The Hard Money Alternative to Fiat The fiat standard has a lot of flaws. For one, it is a debt based monetary system which is designed to one day collapse because the compounding of debt always becomes unsustainable. The average lifespan of a fiat currency is 35 years. The government and central bank is always forced to step in and backstop a failing banking system. This happened in 2008 with QE. This happened in 2020 with the return of zero-interest rates and by expanding M0 by 50%. 2020 M0 expansion (FRED)This happened again in 2023 with BTFP, which allowed banks to not realize losses on a loss. This will continue to happen throughout this decade, because the rate of debt compounding will only get larger. At some point, the dollar will need to be restructured again. The previous restructurings include 1834, 1873, 1933, and 1971. Only the last three were due to profligate spending. 1834 was because the gold-silver ratio had organically moved. You will notice that these restructurings occur in 40-60 year increments, which means that if history is any guide, we’d be due for another restructuring of the dollar sometime in the next 15 years. This doesn’t mean the USD will undergo hyperinflation or that the U.S. will quickly descend into a state of abject poverty. America probably has the best foundations of any nation. It is insulated from the rest of the world, with friendly borders on the north and south. The east and west are both oceans, so it is logistically hard to attack the U.S., even if we ignored the fact that the U.S. military is the best in the world and that many American civilians are well-armed. America is abundant in land and natural resources. The rule of law allows for strong capital markets and property rights, which is a pre-requisite for efficient free markets. That said, anything can happen to fiat currencies. America could keep its wealth but lose its currency if the national debt spirals out of control. This happens numerous times, where a nation keeps its natural resources and land but moves to a new currency. America’s “wealth” is its abundance, natural barriers, and rule of law. The USD currency is just a social construct that helps people measure and transfer that wealth around. A complete failure of the U.S. banking system and of the dollar would mean a move to a new currency. The main candidate for that, in my view, is Bitcoin. I think gold also makes sense, but gold is slow for the digital age. Tokenized gold could serve as one solution, but it has the same issue that initially led to the fiat system: the fact that to spend gold efficiently, one needs to trust a custodian. Bitcoin is the currency that cannot be debased or controlled by anyone. It is also a digital bearer asset, meaning that it can move at light speed without needing to involve a trusted party that is neither the sender nor the receiver. Even without a collapse of the fiat system, BTC has proven to be an absolute outperformer over the last 10 years. Overall, BTC moves like a proxy for global fiat liquidity. The time series of global M2 moves pretty closely with the price of BTC. The same cannot be said for gold, which has largely stagnated over the last decade as the broad money supply has expanded. Bitcoin and Global M2 (lookintobitcoin)If you like gold, I think there is little harm in adding gold into the mix of hard money alternatives to fiat. Just note that if people do switch to BTC, then the risk here is that you did not allocate to BTC. The bottom line is don’t ignore BTC if you are trying to make an antifragile portfolio that can survive a collapse of the U.S. financial system. Fidelity Wise Origin Bitcoin Fund ETF (FBTC) and iShares Bitcoin Trust ETF (IBIT) are two of the spot ETFs which can be used to gain exposure. The Volatility Asset Class Looking at the performance of short VIX futures funds is perhaps most instructive to understanding the value of volatility as an asset class. SVIX is a -1x VIX futures fund. SVXY is a -0.5x VIX futures fund. SVOL is a more complicated product. It tries to be -0.2x to -0.3x VIX futures, but also uses VIX calls to hedge black swan events. SVOL also pays monthly distributions rather than rolling the returns into a bigger bet (which is what SVXY and SVIX does). short VIX funds, 2yr (Seeking Alpha)You can see that short volatility tends to outperform SPY over the last 2 years. The 5-year chart below also shows that SVXY outperforms SPY, though with much more volatility, thanks to March 2020. Note that for this chart, SVOL and SVIX launched in the middle of this 5 year time window. short VIX funds, 5yr (Seeking Alpha)The main takeaway is that systemically shorting VIX futures has a high chance of generating strong returns. This is basically the purest way of capturing the volatility risk premium of large cap U.S. equities, which is generally a positive risk premium for those who take on volatility risk. The VIX futures curve is generally in contango, which means that futures contracts which are expiring later trade at a premium to the futures expiring sooner. As the contract nears expiration, it begins to converge to the lower spot value of the VIX. This difference between the near-month and the back-month is a roll yield, because one buys to close the lower near-month contract and sells to open a higher back month contract. The short volatility trade is clearly very profitable. The main risk is that volatility can surge very quickly and blow up a trader who is not careful with stop losses. I find that the best luxury is the ability to take a loss early. I truly believe this is a bigger luxury than the ability to score an occasional big win because a big win doesn’t always move the needle in the long run, but a big loss can quickly end your account. The actively managed to VIX futures strategy is, to short the VIX contract expiring in the nearest month. For example, the March futures (expiring March 19) is at 14.050 and the current VIX is 13.59. If the VIX stays where it is today, then selling this contract will give you the difference as a profit. The risk is that the VIX might be much higher on March 19.   VIX term structure (vixcentral.com)The trick is to use stop losses. Your edge as a short volatility trader is that implied volatility tends to be higher than the future realized volatility. When this ends up being true for your trade, you will make money. When this ends up being false for your trade, you will lose money. The stop loss ensures that when this ends up being false in a very big way, you are already out of the trade. When the VIX really surges, it is often profitable to short the futures that are a little further out in time. Usually, when the market is in a sign of high distress, you will see a lot of traders doing this, and it causes the VIX futures term structure to be in backwardation. And counter-intuitively, shorting into a backwardated term structure is often still profitable because the VIX is already so elevated that by the time the contract converges to the spot value, the VIX would have come back down due to mean reversion. I just want to re-emphasize that short volatility is a great way to generate income. The returns of those short VIX futures funds is a clear example of this. However, there are risks and if you are going to DIY, you absolutely must have stop losses. If you don’t want to DIY, I recommend buying SVOL as the purely passive volatility asset exposure. SVOL is the least risky. First, the target exposure to VIX futures is low. Second, it also uses VIX call options to hedge against black swan events. Third, it gives trading profits back to you in the form of monthly distributions. Something like SVIX would probably suffer a massive drawdown in a black swan event, which I cover here. However, SVIX would offer fantastic unrealized gains for as long as there is no black swan event - this is exactly what has been happening in the last few years. One way to be a little less active than a DIY futures strategy but more active than passively holding SVOL would be to go long SVIX and slowly sell your shares to notionally represent a distribution. I favor the DIY futures strategy mainly because you have the benefit of “stacking returns” using the futures buying power offered by the other assets in this portfolio: QQQ and BTC (although if you want to have BTC give you extra buying power, you might need a spot ETF instead). Stacking returns means that you can put 50% in QQQ and 50% in BTC (read: FBTC or IBIT). Then use the buying power to sell VIX futures yourself, generating returns on top of the 100% allocation to both QQQ and BTC. In contrast, owning a separate spot position such as SVOL means that you will have less than 100% in both QQQ and BTC, which could cut down your potential for returns. DIY also gives you much more control. Let’s say you want to generate more cash flow over the next few months. You can sell more contracts (take more risk) to do so. Because of the edge in selling IV, you will most likely be able to realize the goal of extra cash flow. Let’s say you have a view about how the term structure will move. You can alter which contracts you sell. Note that this isn’t market timing per se - it can very well be statistical analysis based on how VIX contracts at different maturities respond to each other. The term structure will show patterns over time, and trading these patterns isn’t itself market timing. But DIY also lets you market time too. Let’s say you really believe the VIX will rally in the next month. Well, you can choose to buy back month VIX futures. Since margin requirements are deducted from the buying power offered by your spot positions, you can easily make this bet with no need for extra capital whatsoever. Bulletproofing With Some Protection The yield generated by the VIX strategy can and should be used to buy some protection. I think far OTM VIX calls will generally suffice. Another possibility is long-dated far OTM QQQ or BTC puts, as these assets are the rest of the portfolio. It is up to you. The reality is this portfolio is only antifragile in a long-term sense. If the dollar collapses, BTC will have a lot more purchasing power than it does right now, but QQQ could suffer. As long as the status quo remains, QQQ can drive continued outperformance. It is antifragile in the sense that either long-term possibility is beneficial. In the short term, however, this portfolio is highly volatile because it is a hyper-concentrated bet on two big risk assets. Interest rates, for example, have an effect on risk assets. Rising rates - as long as it coincides with status quo behavior and not collapse of the U.S. dollar behavior - could cause this portfolio to have some serious drawdowns in the short term. This is why protection is important. Note that protection comes at the cost of dragging down long-term returns if nothing happens over the long term. Now, if you are holding for the long term (9+ years timeline), then I believe it is likely that there is nothing to be afraid of. Keep selling the futures, following your stop losses, and piling the returns back into QQQ and BTC. What you are invested in is a basket of the most innovative and profitable companies in the world, and an antifragile heir-apparent to the fiat crown. These things will have big volatility, but the long term trend is higher. Yield Discussion Depending on how one structures the VIX strategy, the portfolio can have some nice yields: 4% annual “cash dividend” yield being easily attainable. If even a quarter of the portfolio was allocated to SVOL, this would reach 4%. The yield on implementing DIY futures could be much bigger. The easiest reference point for the upper boundary for this yield is probably the annual return of SVIX. SVIX is the result when you allocate 100% of your portfolio value into selling VIX futures. So if your portfolio value comprises QQQ and BTC and both assets are marginable, then you can get a yield similar to if you had your whole portfolio invested in SVIX; this would be something like 90% based on what happened in the last 2 years, though realistically one should factor a theoretical near wipeout event. If only QQQ is marginable, then you’d only have that annual return multiplied by the portion that is allocated to QQQ. This is a very, very rough approximation, and at any rate it’s better to not get too carried away on trade size. 4% cash yield is definitely doable with minimal risk. If SVOL yields 16% and it is only -0.3x the VIX futures, then you can get 4% (a quarter of 16%) without using more than 7% (a quarter of 0.3) of your marginable portfolio value on these futures. Risks The antifragile 3-asset portfolio is only meant to be antifragile in the long term. Short term antifragility generally requires a robust hedging strategy with derivatives. The \"Bulletproofing\" section above only covers this superficially. The biggest risk of this portfolio is that it can go through enormous drawdowns. BTC is known for its over 60% drawdowns. QQQ has gone through sizeable drawdowns as well. These two have also been pretty correlated, historically speaking. As mentioned, higher rates could cause some pain. The other big risk has to do with making a mistake with the DIY futures. I stress that this isn't complicated, but it could be a bit of a learning curve for beginners. The most unfortunate mistake would be to take on too much risk after a few successful rounds of closing futures at a profit. This is something that happens often for beginner short-volatility traders. They think it is free money, and they lose their better sense that free lunches don't exist. The volatility risk premium is a risk premium because the trade is risky. You are effectively selling insurance and the insurance company always has to pay at some point. The purpose of stop losses is to get out before getting ruined. But even stop losses won't help much if the trading size is too big. A big long-term risk is that the underlying thesis of BTC and QQQ that I have presented here is not sound. BTC might not catch on. The businesses in QQQ could get disrupted. Personally, I think the biggest risk to Bitcoin (and somewhat of a risk to QQQ) is a fiscally responsible United States Government. The need for an alternative to the fiat currency system is substantially reduced if the government behind the world's current reserve currency was not totally dependent on money printing and rapidly compounding piles of debt. Many U.S. businesses also depend on a persistent U.S. budget deficit. After all, GDP is a sum that comprises of government expenditures, so if the U.S. government were to act fiscally responsible, this would absolutely shrink U.S. GDP by a non-trivial figure. Such macro shocks will impact QQQ too. As long as this is not true: as long as the U.S. government continues on its path of profligacy, and the resulting debasement of the dollar continues, then the big long-term risk for this portfolio is, in my view, almost entirely mitigated. Summary  I've introduced an antifragile, three asset portfolios which can generate a 4% annual yield. The antifragility exists because the two spot assets, QQQ and BTC will together benefit over almost all long term outcomes. Volatility, as expressed through VIX derivatives, serves as the third asset class and a means to generate adjustable cash flows. Overall, I expect this portfolio to do very well in any 5-year period, although it will certainly be volatile at times.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"CCBot/2.0 (https://commoncrawl.org/faq/)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2416850697"}