This is surprisingly dumb from the perspective of the Efficient Frontier Theory that Vanguard has based their entire existence on. A mix of all assets are part of the theoretical market portfolio, the only reason not to include an asset would be from outsized transaction, holding, or other cost inefficiencies.
A small proportion of cryptocurrency indexing is appropriate for a well diversified portfolio.
Do they fit in efficient portfolio theory? I would argue no, but they are traditionally hedges (and very low cost, like 0.15%). Bitcoin is no hedge.
@ericjmorey @neffo @axios Gold and silver, unlike integers, have actual use value.
@ericjmorey @axios Utter horseshit, it has zero expected return, probably negative given the costs to hold the assets in custodian accounts (with high-risk businesses, i.e.crypto exchanges).
This is a good decision by Vanguard.