# Constructing a Portfolio

_The assets we like, and the prices we'd like to pay for them. _

January 21, 2026 • Michael Nadeau

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# Constructing a Portfolio

## The assets we like, and the prices we'd like to pay for them.

Michael Nadeau
 January 21, 2026

 Hello readers,

 At the time of writing, BTC is down 29% from its all-time high. ETH is down 39%. SOL is down 55%. And HYPE is down 63%.

 We’re now three + months out from BTC’s all-time high. Key bull market support zones have been broken. Long-term holders continue to exit the market. Social interest is at a six-year low. And demand for BTC and other crypto assets from new market entrants remains impaired.

 While some of you may disagree, the probability that ‘26 is a *bear market* year for crypto remains our base case.

 That’s why we’re doing the work *now*. So that we can be greedy when others are fearful *later. *

 To that end, this week we are providing an update on Portfolio Construction while sharing some learnings over the years.

 Topics covered:

- [Portfolio Construction Notes](#portfolio-construction-notes)

- [Bitcoin](#bitcoin)

- [Core Assets](#core-assets)

- [Long-Term Holds](#long-term-holds)

- [“Risk-On” Assets (high beta)](#risk-on-assets-high-beta)

- [Closing Thoughts](#closing-thoughts-portfolio-manageme)

***Disclaimer:**** Views expressed are the author’s personal views and should not be relied upon as investment advice. *

 Let’s go.

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