An introduction to why the size of a holding affects portfolio outcomes, and to the concepts commonly used to describe sizing.
Discussions of crypto usually focus on which assets people hold. This miniclass looks at a different variable: how large a holding is relative to everything else, and why that changes the arithmetic of a portfolio.
It introduces the language used around sizing, including conviction, volatility, liquidity, and concentration limits, and explains the assumptions behind each. Historical collapses are described to illustrate how concentration affected outcomes, not to model a course of action.
No formula, size, or number in this lesson is a recommendation. Sizing concepts describe risk, they do not remove it, and no framework can make an uncertain market predictable.
A short introduction to how portfolios are structured: position roles, correlation, storage, and rebalancing as general concepts.
An introduction to the indicators people use to describe where a market cycle may be, and to how unreliable those signals are.
A general explanation of why crypto activity can create tax obligations, and why rules differ by country and change over time.