Hi, @franklin. I would be very interested to hear a proposal from you regarding the best path forward for the Treasury. You are unquestionably the person closest to the situation and you seem more than equipped to make good judgments about portfolio construction.
My 2 cents: the goal should be anti-fragility. That means having enough cash to pay expenses over an extended bear market, diversity in the portfolio (note: the marginal benefits of diversification asymptote to about zero after 12 positions), exposure to non-correlated assets during black-swan events, and perhaps even some strategic investments (modeled somewhat after Chinese tech companies that have done a good job of deploying their balance sheets strategically).
Would you be in favor of using non-stable proceeds to buy a mixture of YFI/ETH, and then keeping the proceeds of the stable vaults and placing them into a vault(s)
Example:
Proceeds from all non-stablecoin vaults are sold to buy 80% YFI, 20% ETH
Proceeds from all stablecoin vaults are held in a vault owned by the multi-sig? (maybe consolidate the various stablecoins to 3 or 4) We could continue this until we had achieved the desired diversification. (50% YFI, 20% ETH, 30% stables?)
That would slowly diversify the treasury without adding any selling pressure to YFI. (It would reduce the buying pressure though)
I’m very Bullish on YFI and ETH, but I also don’t want to have to sell a ton of YFI/ETH if we go through a prolonged bear market just to keep everything running smoothly.