Bonds vs Managed Futures + Tail Hedge

I've been working on a policy manual for a DIY hedge fund concept. As part of the process, I wrote a position paper on ballast. It's my way to make sure I'm not being sloppy in my reasoning. Thought I'd share, maybe this helps some of you review your own thinking about this. Feedback is welcome and appreciated. Bonds historically became the default ballast for good reasons, including lower volatility than equities, contractual cash flows, liquidity, and strong performance during disinflationar

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