The world has changed since Modern Portfolio Theory first revolutionized asset allocation strategies back in the 1950s. Monetary policy decisions have elevated traditional financial asset valuations across the risk curve. High valuations have exacerbated the problem of falling expected returns. Data from Callan show that investors hoping to make a steady return have had to take on additional risk over the past three decades, including from illiquid private market alternatives with greater portfolio volatility. In our latest report, Grayscale Research explores a framework for asset allocators to use crypto assets as a new portfolio construction tool. We call it Postmodern Portfolio Theory.