{
  "version": "continuous_constant_exposure_log_growth_v2_three_assets",
  "horizon_years": 10,
  "risky_assets": [
    "btc",
    "equity",
    "bond"
  ],
  "funding": "Continuously rolled nominal money-market account; expected short rate from AssetModel. This is borrowing cash, not shorting the stochastic SHV ETF.",
  "constraints": "Nonnegative risky holdings; no upper limit on total exposure. BTC weight strictly below one follows from the modeled complete-loss event and log utility.",
  "objective": "Expected log terminal net wealth under continuously rebalanced constant net-wealth exposures over the next ten years. On BTC failure, BTC is not bought again; non-BTC target exposures are maintained and the funding account adjusts.",
  "display": "Divide the optimized risky holdings by their sum to show a fully invested composition without borrowing. This normalized composition is fractional Kelly, not the no-borrowing constrained optimum.",
  "information": "Calendar date and current BTC/world-household-wealth share. Moment coefficients use conditional ensemble averages; an individual future path never chooses its own weights.",
  "training_paths": 65536,
  "audit_paths": 65536,
  "training_seed": 2026110701,
  "audit_seed": 2026110702,
  "conditional_bins": 10,
  "funding_spread_sensitivities": [
    0,
    0.005,
    0.01
  ],
  "integration": "Monthly survival-weighted drift and diffusion moment quadrature. Compare trapezoid with left-endpoint quadrature, independent ensembles and closed-form continuous-time fixtures. No annual leveraged lognormal portfolio return is clipped or treated as always solvent.",
  "limits": [
    "Continuous trading and frictionless funding are idealizations; gap moves outside the separate BTC failure event, margin calls, taxes and fees are omitted.",
    "Short-rate and CPI realization uncertainty affect wealth paths; log utility removes the common CPI deflator from the optimal choice.",
    "Finite differences and independent ensembles test numerical accuracy, not the truth of expected returns or permanent-failure probabilities."
  ],
  "snapshot_schedule": "Anchor 2026-11-01 at 00:00 UTC, then January 1 from 2028 onward. The first holding period is about 1.17 years; the current ten-period policy ends 2037-01-01, about 10.17 years from the anchor.",
  "market_recording": "The shared joint-market simulator retains gold as an unused factor for cache compatibility; optimization uses only BTC, equity and Treasury marginal drifts and covariances."
}