The four investor personas, and how the Reference Portfolio is built.
Advice needs two things: a read on the person, and a view on what a portfolio should look like. The first article, Meet the Cyborg Advisor, introduced the Cyborg Advisor. This one opens the two engines behind it.
One tells you who you are. The other tells you what good looks like this week. The briefing is the gap between them.
Part one: four personas, discovered not designed
Nobody was asked what kind of investor they are. The personas were found in the record: eight years of it, 2.3 billion behavioural data points on what real investors did while the market moved. The four groups are what came out when that record was clustered on shared traits.
The read follows three rules. Only your own actions count: buying, trading, timing. What you hold says nothing on its own. Recent behaviour counts more: it is read over a rolling twenty-six weeks so a decision from six months ago counts half as much as one from today. And nobody fills in a quiz. The profile is revealed preference, computed from the record.
Three dimensions are extracted for every investor:
| Dimension | What it measures |
|---|---|
| Turnover | How much you trade relative to what you hold |
| Regularity | Whether that activity is routine or arrives in bursts |
| Exposure | The share of your recent buying that went into Satellite |
Reserve is stablecoins and tokenised gold.
Core is the five largest tokens by market capitalisation, stablecoins excluded: today BTC, ETH, BNB, XRP and SOL.
Satellite is everything else. BORG stands on its own.
Capital Preserver · the steady holder
Turnover: low · Regularity: low · Exposure: low
Typical portfolio: Core 73% · Satellite 5% · Reserve 10% · BORG 11%
Buys Core, then holds the line. Built to survive a bad quarter rather than win a good week. The largest of the four by a wide margin: more than a third hold almost nothing but Core.
Long-term Builder · quiet conviction
Turnover: low · Regularity: low · Exposure: high
Typical portfolio: Core 44% · Satellite 35% · Reserve 4% · BORG 16%
Barely trades, but keeps buying, and keeps buying the frontier. The only persona with high Exposure, and the one that holds the least Reserve: most hold none at all.
Opportunistic Investor · the burst mover
Turnover: high · Regularity: low · Exposure: low
Typical portfolio: Core 54% · Satellite 16% · Reserve 17% · BORG 12%
Intense weeks, then silence. The highest turnover of the four, arriving in clusters with long gaps between them. Carries the most dry powder: Reserve has nearly tripled since late 2024 while Satellite fell by more than ten points.
Active Trader · the routine trader
Turnover: high · Regularity: high · Exposure: moderate
Typical portfolio: Core 53% · Satellite 18% · Reserve 12% · BORG 14%
The market is part of the week, every week. Regular rather than event-driven. The most diversified of the four, and the smallest group.
How the four separate
Low-turnover investors are separated by Exposure, which divides the Preserver from the Builder. High-turnover investors are separated by rhythm, which divides the Opportunistic Investor from the Active Trader. Two people can trade identical amounts and sit in different personas. The split between them is rhythm, not size.
What your persona does, and what it never does
The persona does not decide what the Advisor tells you. Attention comes from a separate, deterministic analysis of your current portfolio: a Capital Preserver with a heavily concentrated position gets the concentration flag exactly as an Active Trader would. What the persona sets is identity and peer group, never what is observed and never how plainly it is said.
There is no best persona and no ranking between the four. What there is, inside each one, is a distance between you and the best version of the investor you already are. Every persona has members who hold their shape through a bad quarter and members who drift away from it. The difference is rarely talent. Usually it is allocation and discipline, and whether anyone ever showed them the gap. A Preserver stays a Preserver. The aim is to put you among the strongest performers in your own category.
The place to start is usually the gap between what you say and what you do. You answer a suitability assessment describing the investor you believe you are. The record shows what you did. When the two diverge, the Advisor invites you to review your own assessment. It never concludes on your behalf.
Part two: the Reference Portfolio
An advisor that can describe your portfolio but has nothing to compare it to can only make observations. The Reference Portfolio is a model allocation, rebalanced weekly, built in three layers.
| Layer | What is in it | What it is for |
|---|---|---|
| Reserve | Stablecoins and tokenised gold, half and half | Dry powder: ready to invest, and where value is parked to protect it in a downtrend |
| Core | The largest coins | The engine of the portfolio |
| Satellite | A rotating basket of smaller coins | Where the upside is sought |
Two questions are answered, and they are kept strictly apart. How much should be invested at all? That is decided by macro and trend. Of the invested part, how much goes to Core and how much to Satellite? That is decided by rotation. Rotation never changes the amount invested. Macro and trend never choose between Core and Satellite. Keeping the two separate is what stops one strong signal from pushing every dial at once.
How much is invested: macro against trend
Two families of signal vote, and they are allowed to disagree.
Macro asks what the world is doing to money. Slow, moving in weeks and months, indifferent to what crypto did yesterday.
- Net liquidity. The Fed balance sheet minus the Treasury account minus reverse repo, read over four weeks. More dollars in the system supports risk assets. Fewer drains them.
- The 10-year real yield. What cash earns after inflation, read over three months. When holding cash pays well, cash competes with crypto.
Trend asks what the market is actually doing. Fast, and it does not care why.
- Trend phase. Total market cap against its 200-day average, combined with 30-day momentum. When both timeframes agree, the uptrend is confirmed.
- RSI band. RSI(50) on total market cap, against a neutral band. Above confirms risk-on, below confirms risk-off, inside says nothing.
Each signal reads risk-on or risk-off, and together they set the invested share. Macro and trend are independent by design: a market rising while liquidity tightens does not get the same allocation as a market rising while liquidity expands, even though the chart looks identical. One signal firing is not a regime. Several agreeing is.
What is not invested goes to Reserve. Half of it is held in gold, because sitting out should not mean sitting entirely in cash.
The rotation: where the invested part goes
One signal decides the shape of the invested part. It reads the share of the market held by the top five coins, excluding stablecoins, and the direction that share has moved over thirty days. When the top five are losing share during an uptrend, money is moving down the risk curve, and the model tilts toward Satellite. When they are gaining share, the tilt goes back toward Core.
Three things about it are worth noticing. It reads participation, not price: where inside the market the money is going, whatever the index is doing. It only works with the trend: a rotation into smaller coins while the trend is broken is not an opportunity. And it only moves the split. The total is set elsewhere, so in a weak regime the model can be tilted toward Satellite and still be mostly in Reserve.
The rules that keep it honest
A model that can do anything in response to a signal is not a model, it is an opinion with a schedule. The Reference Portfolio runs inside fixed constraints.
| Rule | Setting |
|---|---|
| Reserve composition | Half stablecoin, half gold |
| Rebalancing | Every Monday, or sooner if BTC moves 5% |
Satellite membership follows the same selection logic as SwissBorg Bundles, which weights market capitalisation and performance. Newly listed tokens are not included.
The long-term aim is plainly stated: over a full cycle, the Reference Portfolio is built to beat BTC and gold, after fees. That is the single model. The next step, coming shortly, is a version of it adjusted to each persona, so the reference you are measured against is the one that fits how you actually invest.
Where the two halves meet
Your weekly briefing puts your own layers next to the reference, in percentage points, with how the reference performed and how you performed.
A number and a gap. Your Satellite layer is 67%, the reference this week is 34%, and here is what closing that would look like with the SwissBorg tools you already have.
The line holds in both directions. More risk means more Core, more Satellite. Less risk means more Core, more Reserve. More Satellite exposure without picking names means a Bundle. The Advisor will tell you the shape it thinks fits you. It will not tell you what to own, it never names the trade, and every suggestion ends the same way.
Your call to make.
The Cyborg Advisor is an advisory service available to investors who have completed a suitability assessment and accepted the applicable terms. It provides personal recommendations at portfolio-allocation level and never places orders: every order is placed by you. Investor personas are descriptions of observed behaviour computed from platform activity. They are not a suitability assessment, a risk profile within the meaning of applicable financial-services regulation, or a prediction of future behaviour or performance. All investors receiving the service share the risk band established by their own suitability assessment; the persona measures describe behaviour within that band and never modify it. The Reference Portfolio is a model allocation provided for comparison. It is not a managed product, it is not available to invest in directly, and it is not a promise of performance. Any objective stated for it is an aim, not a commitment. Historical results are replayed on past data, are shown after fees, and do not predict future results. Crypto-asset investments carry a high degree of risk, including the possible loss of the entire amount invested. AI-generated content may contain errors.