Reasons For Tactical Caution Despite a Constructive Macro Backdrop (Core Strategy Rebalance)
Nov 12, 2025
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Core Strategy
Crypto Equities Portfolio
I discuss the changes to both portfolios at the end of this note.
A Recap
Before explaining my tactical shift, it is worth revisiting why I entered Q4 with a constructive stance on crypto and why I have maintained that view in recent weeks:
Policy Framework: As I have discussed since the summer months, the administration’s current playbook aims to (1) rebalance trade, (2) reduce fiscal deficits, and (3) lower the debt-to-GDP ratio. This relies on a combination of tariffs, ...