From Yahoo Finance, or your favorite data provider, download the following series: Bitcoin (BTC-USD), S&P500 Exchange Traded Fund (VOO), US Bonds ETF (AGG). Download 5 years of monthly data.

1. Calculate the returns, standard deviations and correlations across the assets. What do you observe?

2. Calculate the weights of the Minimum Variance Portfolio (MVP), and comment on what you find.

3. Assume now that the risk-free rate is 0.01. Calculate the weights of the Mean Variance Efficient portfolio (MVE). Comment on what you find.

4. Repeat point 3 but under the assumption that it is prohibitively costly to take short positions, and so the weights must all be non-negative. Comment on what you find.

5. Repeat points (1-4) but only using the last two years of data. Comment on the difference in the conclusions that you draw from the data.