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in sample, and short. 134 monthly observations is about one and a half bitcoin cycles. There are no bonds in the data, so the traditional base is 60% equities and 40% gold. Sortino penalises only downside deviation, which flatters a positively skewed asset; both it and Sharpe are reported so the gap is visible. Every series is a monthly average, because the equity and gold series can only be that; averaging smooths, so volatility and drawdown are understated for all assets alike. Nothing here is a recommendation, and past distributions are not 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