# Performance Review

_Performance, key learnings, and portfolio management strategy.  _

July 15, 2026 • Michael Nadeau

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# Performance Review

## Performance, key learnings, and portfolio management strategy.

Michael Nadeau
 July 15, 2026

 Hello readers,

 It’s been nearly one year since we launched TDR Pro. As such, it’s time for our first *performance review.* 

 In this week’s report, we share Realized & Unrealized P&L, cover our wins and losses, the current portfolio, allocations, strategy, and key learnings as crypto investors over the past few cycles.

 Topics covered:

- [Performance & Reporting](#performance)

- [The Current Portfolio & Strategy](#the-current-portfolio-strategy)

- [Key Learnings](#invert-always-invert)

- [Price Targets](#price-targets)

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

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 Let’s go.

# Performance

## TDR Pro

 Upgrade to finish reading the report.

[Upgrade to TDR Pro](https://thedefireport.beehiiv.com/upgrade)

 Already a paying subscriber? [Sign In](https://thedefireport.beehiiv.com/login).

#### TDR Pro Members Receive:

-  • Macro + onchain data "cycle awareness" updates
-  • Full access to our portfolio positions
-  • Email notifications when we make changes
-  • Average entry price for each position
-  • % of the portfolio in each position (including cash)
-  • Weekly update on what we are buying/selling
-  • Clear thesis & supporting analysis for any portfolio changes