标题： 简单有效的加密资产组合构建 显示英文标题

标题： Simple and Effective Portfolio Construction with Crypto Assets

摘要： 我们考虑构建一个将传统金融资产与加密资产相结合的投资组合的问题。 我们表明，尽管加密资产具有高波动性、厚尾、超额峰度和偏度等已记录的特性，但传统风险配置的简单扩展可以为将这些新兴资产整合到更广泛的投资策略中提供稳健的解决方案。 对风险配置头寸的检查表明，有一种更简单的方法，类似于传统的60/40股票/债券配置，涉及对加密资产和传统资产的固定配置，通过现金动态稀释以达到目标风险水平。 显示英文摘要

摘要： We consider the problem of constructing a portfolio that combines traditional financial assets with crypto assets. We show that despite the documented attributes of crypto assets, such as high volatility, heavy tails, excess kurtosis, and skewness, a simple extension of traditional risk allocation provides robust solutions for integrating these emerging assets into broader investment strategies. Examination of the risk allocation holdings suggests an even simpler method, analogous to the traditional 60/40 stocks/bonds allocation, involving a fixed allocation to crypto and traditional assets, dynamically diluted with cash to achieve a target risk level.