Your account size decides which picks are actually available to you
Crypto research is written as though every reader has the same amount of money. A pick is a pick, and what you do with it is your business.
But a position has to be closed eventually, and the cost of closing it depends entirely on your size relative to the pool you are closing into. A small holding leaves at close to the price you see. The same share of a much larger account can be a serious fraction of that pool, and getting out moves the price against you every step. At some size, a perfectly good token stops being something you can own ? and no research note mentions where that line is.
What Legba does
Legba runs twelve model portfolios: four account sizes, three risk appetites. Each is built from the same research the other desks publish, and each is held rather than traded ? repriced daily, measured against Bitcoin, with every decision written down as it happens.
The point is what happens between them. The same candidate appears in a smaller book and is absent from a larger one, and the reason is stated: the pool cannot absorb the exit at that size. That divergence is the thing this desk exists to make visible.
What you get
- Twelve portfolios you can compare side by side
- Every position, with what it cost to enter including friction
- Every candidate that was rejected, and the specific reason
- Return, drawdown, and return against Bitcoin, updated daily
- An append-only ledger ? nothing restated after the fact
Three rules that make the record mean something
Never restated. When the method improves it applies going forward. A track record that gets retroactively corrected is not a record.
Friction is charged. Entry and exit costs are deducted. Frictionless returns are a marketing device.
Failures stay visible. A position that goes to zero is marked at zero and remains in the ledger. Quietly dropping the losers is the most common dishonesty in published performance.
What it will not do
These are illustrations of a construction method, not advice and not managed money. No real capital is deployed, nothing here is a recommendation to buy anything, and twelve portfolios running through one market is twelve samples of one market ? it demonstrates an approach, it does not prove skill.
Who it is for
Anyone who has read a research note and wondered whether it applies at their size. Especially useful if your account has grown and the picks that used to work have stopped working.
Access
The live portfolios are available to members. Pricing and a free tier are on the sign-up page.
Educational and informational only. Not financial advice. Model portfolios are hypothetical and no capital is deployed. Crypto assets are volatile and can lose their entire value.