{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Falphaexchange.simplecast.com%2Fepisodes%2Fdigital-gold-and-actual-gold-9KWjIpIi","width":444,"version":"1.0","type":"rich","title":"Digital Gold and Actual Gold","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/1f4671ad-c08e-4d33-affe-576e0f8c1d66/819ff055-1d73-4c26-a162-7dae36cfa8d1/1542210926artwork.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"<iframe src=\"https://player.simplecast.com/067395be-ad24-45fd-bd81-50bbc1e8d973\" height=\"200\" width=\"100%\" title=\"Digital Gold and Actual Gold\" frameborder=\"0\" scrolling=\"no\"></iframe>","height":200,"description":"Good listeners welcome to 2025 and at the risk of offending Larry David and violating his strict 3 day statute of limitations, I gotta wish you a Happy New Year.\n\nThe subject at hand is diversification. What composition of assets yields a favorable return with bearable drawdowns? After two straight years of 25+ percent returns on the SPX with just 13 vol, portfolio construction might be considered an open and shut case. But in this short podcast, I propose 3 assets to overlay on top of your base risk exposure: put spreads, gold and bitcoin. Together, this combination can play a role in managing drawdowns and also provide convex returns against a rising tide of doubt that the US fiscal problem can be addressed.\n\nI hope you enjoy the discussion and find it useful. I wish you the best this year."}