https://www.outerlands.io/researchblog daily 0.75 2025-09-22 https://www.outerlands.io/researchblog/governance-tokens monthly 0.5 2025-09-22 https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/759022af-010c-4ef8-bf9b-5b4b86368a59/governance_token_performance.png Research Posts - An Evaluation Framework for Governance Tokens - Make it stand out Source: @tradetheflow_, Outerlands Capital Research https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/406338fc-5f16-4027-82b1-78303aff69be/Vitalik+Tweet.png Research Posts - An Evaluation Framework for Governance Tokens - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/2a944dfe-d43d-469d-bbe6-939018c3f51a/Outerlands+Capital+-+Governance+Framework+Quadrant.png Research Posts - An Evaluation Framework for Governance Tokens - Make it stand out Source: Outerlands Capital Research https://www.outerlands.io/researchblog/positioning-digital-assets-in-an-institutional-portfolio monthly 0.5 2024-10-17 https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/8893afe7-6666-4795-9368-a3de89d3e6c2/Optimization_Simple_3_web.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Source: Outerlands Capital Research, S&P Global, CoinGecko, Yahoo Finance Note: Expected return = average monthly return from Jan-2014 to Dec-2023; 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EM = Emerging Market; FM = Frontier Market https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/d153e611-a217-4ebe-928f-f7cb86151473/Optimization_Long_2_Sharpe_vs_Return_Chart.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/a427f415-295a-416a-bafd-195a47d4ef63/Optimization_Long_2_BDM_Sharpe_Return_Table.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Source: Outerlands Capital Research, CoinGecko, Yahoo Finance, Bloomberg https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/6efcae87-3186-458b-a21a-a90be44ba94b/Optimization_Long_3_BTC_Risk_Contribution.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/981f2730-d66d-4536-9bc4-7cc17431598b/Optimization_long_3_BTC_Risk_Contribution_Table.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Source: Outerlands Capital Research, CoinGecko, Yahoo Finance, Bloomberg https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/414d8b32-63ba-42bb-b898-a8f4bf98b953/Optimization_Long_3_BDM_Sharpe_Return_RIsk.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/2debe15b-be32-4bd8-8f27-0c864437bbcd/Optimization_Long_3_BDM_Sharpe_Return_Risk_Table.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Source: Outerlands Capital Research, CoinGecko, Yahoo Finance, Bloomberg, S&P Global https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/6090bef4-4d33-4ac4-80f1-c103df7431dc/Multi+Asset+Class+Menu+-+2000.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Source: Outerlands Capital Research, CoinGecko, S&P Global, Yahoo Finance, MSCI, Bloomberg, Prequin, Credit Suisse https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/4984afb1-4a3d-4a74-9534-1b56b212434f/Optimization_Long_Multi_Chart.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/c2259522-1530-434e-9557-42f725b2a286/Optimization_Long_Multi_Summary_Table.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Source: Outerlands Capital Research, CoinGecko, S&P Global, Yahoo Finance, MSCI, Bloomberg, Prequin, Credit Suisse https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/7f34660b-76a1-470a-9f75-1afdc975abfd/Risk_Parity.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Source: Outerlands Capital Research, CoinGecko, S&P Global, Yahoo Finance, MSCI, Bloomberg, Prequin, Credit Suisse https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/a1023123-5db1-4355-9a1c-1f1643ed10b5/Risk_Parity_LiquidOnly.png Research Posts - Positioning Digital Assets in an Institutional Portfolio - Make it stand out Source: Outerlands Capital Research, CoinGecko, S&P Global, Yahoo Finance, MSCI, Bloomberg https://www.outerlands.io/researchblog/digital-assets-in-the-context-of-nascent-markets-in-history monthly 0.5 2024-01-24 https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/c3f9f863-644b-46be-82f0-997505b46100/heritage_J_H_Rennefeld_-_Formation_of_the_Dutch_East_India_Company_1602_c1870.jpg Research Posts - Digital Assets in the Context of Nascent Markets in History - Make it stand out Formation of the Dutch East India Company, 1602, (c1870). Artist: JH Rennefeld. The Print Collector / Heritage Images. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/67196d12-69aa-4085-bbaf-cd4d52824c68/HO_Neal_-_Jonathans_Coffee_House_or_an_analysis_of_Change_Alley.png Research Posts - Digital Assets in the Context of Nascent Markets in History - Make it stand out Jonathan’s Coffee House, London, 1763. ‘Jonathan’s Coffee House, or an analysis of Change Alley, with a group of characters from the life’. Foreigners discuss business in Jonathan’s Coffee House; Britannia swoons on the left and a devil views the scene with glee on right. Library of Congress Prints & Photographs Division. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/fa22f6da-8020-4f51-a585-db16e6add922/windhandel.jpg Research Posts - Digital Assets in the Context of Nascent Markets in History - Make it stand out A wind trader sits on a bag of shares held high only by the wind, 1720. Origin: Northern Netherlands. From The New York Public Library. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/911fb795-228b-466e-9e96-43dad9ff6702/NASDAQ_Chart.png Research Posts - Digital Assets in the Context of Nascent Markets in History - Make it stand out NASDAQ 100 Price Index. NASDAQ. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/044a5506-966b-458d-937f-199fbd2d1759/nyc_curb_market_nypl_digitalcollections.jpg Research Posts - Digital Assets in the Context of Nascent Markets in History - Make it stand out A busy day on the curb market. Frank Craig 1912. From the New York Public Library. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/246df8b7-a18f-486d-bbcf-cb8e7b6f7128/EM_Countries_1988_2023_wRemovals_v2_s.png Research Posts - Digital Assets in the Context of Nascent Markets in History - Make it stand out Map of the world highlighting original countries in the MSCI Emerging Markets Index (green), current (green, yellow), and countries added and removed over time (green and brown stripes). https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/e23e5879-3a31-4944-a413-3a76582ca709/EM_Chart.png Research Posts - Digital Assets in the Context of Nascent Markets in History - Make it stand out Growth in the MSCI Emerging Markets index over time, compared to global equties market and global GDP. MSCI, IMF. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/eb11ec89-15d5-40f5-a638-53aa74f38cea/DEC+PNL+for+ARD+Pitch.jpg Research Posts - Digital Assets in the Context of Nascent Markets in History - Make it stand out DEC’s estimated profit and loss statement in their original business plan. Digital Equipment Corporation. https://www.outerlands.io/researchblog/diversification-iii-factors monthly 0.5 2023-11-04 https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/bbe580b7-bf8e-4e99-a3f2-c3363a271c71/DivIII_Ex1a.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/133551dc-167d-4672-bbb4-0159367fbf45/DivIII_Ex1c.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/da7347f9-af5d-4cd8-8b11-2f07acb2b2d7/DivIII_Ex1b.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/cc65a7cf-539b-4e17-8b6c-8352e2064e3c/DivIII_Ex1d.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/e4370b62-61c9-42a4-bcfd-a843584d2f35/DivIII_Ex2a.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/45cfeab2-3239-4f1b-b242-70e6e8c01596/DivIII_Ex2b.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/402d24de-ba75-4cf8-ad89-dba6e5f45717/DivIII_Ex2c.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/271f5fed-10dd-49d2-9c12-5fe7a88ae18d/DivIII_Ex3a.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/ebf4245d-25f6-4d28-b8e2-c199aea32f44/DivIII_Ex3b.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/d98fe85e-9614-4bb4-bfc5-8f2ade5349a7/DivIII_Ex4.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/18af05ea-e53f-4f8a-b6de-cc5a357235e0/DivIII_Ex5.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/c5e10b25-7068-4f51-b626-d7e77b72c18d/DivIII_Ex6a.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/162ba2b1-f1e2-4342-8788-ef3cdb176409/DivIII_Ex6b.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/1e0d5dee-6e84-4e6a-8e32-d2825f431901/DivIII_Ex7a.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/50b63288-d9ed-4f07-a5a2-20dfac17e674/DivIII_Ex7c.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/2e37374b-6af9-47b3-9b37-dc7ace3ee6ae/DivIII_Ex7b.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/8e32946f-ad2f-4fd5-8468-520a27cbaf83/DivIII_Ex7d.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/a5b2fb54-c226-47ba-8bce-5f0d8987c35b/DivIII_Ex8.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/12da52ba-e6fc-4c5c-a5cc-d7bad8b1fb0e/Ex9a.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/d022fd80-3892-48c3-88fa-dcdb17138d37/Ex9b.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/9b1ef644-4055-450f-b5c6-6743b1067e2e/Ex10a.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/b89b2ae7-673c-4a07-94e7-7eb8510b30e3/Ex10b.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/1ce6995a-6df5-4952-acf1-5cb45dc28558/Ex10c.png Research Posts - Diversification Part III: Application of Systematic Quality Factors onto Broadly Diversified Token Portfolios - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.outerlands.io/researchblog/diversification-part-ii-why monthly 0.5 2023-09-08 https://www.outerlands.io/researchblog/diversification-i-performance monthly 0.5 2024-10-11 https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/804d0828-51d8-4ab2-ad54-149577b741d3/Ex1.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/d844a0b5-1871-42ee-a2ba-5256a0eec8d1/Ex2.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/a21ce21b-0a2d-4a05-8e88-b41fd781cdcd/Ex3a.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/14ee3cf5-840f-491d-9848-b6b9a1170e5e/Ex3b.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/6710f088-3ab4-456e-b8d8-1d158d79054e/Ex3c.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/49c9b359-9f08-49bc-9610-7cad6a925333/Ex3d.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/f7dfd90a-f9fe-4c76-9771-619954120102/Ex4a.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/f7493f07-6202-4fc0-a76e-76c8386e0a7e/Ex4b.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/82caa9cc-7ea8-4a93-b3e3-dadda1f7af4c/Ex4c.png Research Posts - 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Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/036d1e56-207a-4d1b-89a1-9fde43c06b27/Ex6b.png Research Posts - Diversification Part I: Performance - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/9bbe15d1-d2d4-45fa-b5aa-3438f3c11d86/Ex6c.png Research Posts - Diversification Part I: Performance - Make it stand out *4Q20-1Q21 excluded in row two to remove axis distortion https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/af827d95-05d8-494b-b92e-9f3ac6018cc1/Ex6d.png Research Posts - Diversification Part I: Performance - Make it stand out *4Q20-1Q21 excluded in row two to remove axis distortion https://images.squarespace-cdn.com/content/v1/637e931087699e73657eadfb/37df25a4-69b7-452e-a36b-a1a8b1091fad/Ex7a.png Research Posts - 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