The Cockroach Approach

Mutiny Funds

Jason Buck

Research

86 Pages

This paper argues for a portfolio strategy focused on durability, drawing lessons from decades of macro volatility, market crashes, and investor missteps. The “Cockroach Portfolio” aims to survive across market regimes through structural balance and exposure to both offensive and defensive assets.

Key Takeaways

Survival is the goal: The Cockroach Portfolio is built to endure market extremes, not to optimize short-term returns
Volatility-aware diversification: Equal exposure to equities, trend, income, volatility, and fiat hedges reduces reliance on any single regime
Avoid illusion of safety: Chasing returns through concentration or recency bias can undermine long-term outcomes, especially in uncertain markets
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