The risk curve model is only valid if you have a normal distribution, the efficient frontier graph is a consequence of the modern portfolio theory framework
MPT is as good as astrology at approximating the optimal portfolio
Most distribution in finance follow power laws with an undefined variance
A small number of assets account for the returns, many other assets will go to ~zero but you don’t know which
Using a normal distribution to model this is a bad idea as 3-6 sigma events may happen at higher probabilities than what a normal distribution would predict
DeFi protocols or fund managers that underprice this risk will eventually implode
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