The Crypto Math Nobody Shows You + Where 64 Cents of Every Dollar Goes | Complete Guide to Investing Parts 5 & 6

<p></p><p>Bitcoin has had 87%, 84%, and 77% drawdowns. A 5% allocation contributes 27% of your total portfolio risk. In Parts 5 and 6 of the Complete Guide to Investing, I cover the real math on crypto, what the &quot;digital gold&quot; narrative gets wrong, and then move into alternatives where hedge fund investors give up 64 cents of every dollar earned to managers. The advertised fee is 2-and-20. The actual fee is closer to 50%.</p><p><strong>Podcast Notes:</strong></p><ul><li>If you&#39;re combining crypto + alternatives into one podcast episode, the natural break point is after the crypto outro (&quot;position size accordingly&quot;). You could do a quick &quot;part two of today&#39;s episode&quot; transition.</li><li>If splitting them, crypto stands alone well at ~9 min and alternatives at ~8-10 min.</li><li>The 5% allocation = 27% risk stat is the most counterintuitive and clip-worthy moment from crypto.</li><li>The NBER 64-cents stat is the killer hook for alternatives. Lead the second half with it.</li><li>For crypto, the Canadian-specific ETF callouts (BTCX.B, ETHX.B for TFSA/estate tax) are high value for your audience and differentiate from US content.</li><li>Double check if the &quot;$3.4 billion stolen in 2025&quot; figure needs updating since we wrote the script in February.</li></ul><p></p>