The Rollup Jeff Park on Why the 60/40 Portfolio Is Already Over
Mar 28, 2026
A deep dive into a portfolio rethink that challenges the old 60/40 playbook. Discussion of Bitcoin vs gold and signs of seller exhaustion. Examination of STRK’s product-market fit and legal quirks. Takes on why private credit can hide tail risk. Exploration of tokenization opening liquidity for illiquid assets and interesting plays in emerging crypto infrastructure.
AI Snips
Chapters
Transcript
Episode notes
STRK As A Purpose Built Bitcoin Funding Tool
- STRK (Saylor's PREP structure) is purpose-built to lower the cost of capital for Bitcoin accumulation while offering variable, deferrable coupon features unlike traditional credit.
- Jeff Park highlights preferred equity's legal differences from credit and says investors like earning 10%+ on Bitcoin-related risks, making STRK popular.
Bitcoin Showing Seller Exhaustion And Independent Behavior
- Bitcoin has been resilient amid peak global uncertainty and often moves independently from bonds, equities, or gold as it is price-determined by marginal buyers.
- Park notes Bitcoin's local bottom on Feb 28 after the Iran war announcement and argues seller exhaustion means remaining investors are likely committed.
Radical Portfolio Theory Replaces 60/40 With Resistance Assets
- Radical Portfolio Theory splits assets into compliance (bonds/equities tied to global liquidity) and resistance assets (removed from that system) to diversify true risk exposure.
- Park argues U.S. Treasuries are a 'risk-full rate' and generational monetary resets mean younger investors need resistance assets like Bitcoin.