Markets Edge

ReadingThe Great Wealth Transfer is not a theory anymore. It is a season. Institutions that move assets for families have just proven they can do it at scale, cleanly, without the discount fire sales that haunted 2022.

ReadingThe music industry stopped being a record label business in 2023. It became a direct-to-fan asset class. Swift proved the unit economics. Every other artist and label is now repricing their own catalog against her valuation.

ReadingAsian wealth is decoupling from Western consumer theory. Infrastructure plays outrank luxury. Mukesh Ambani is a reminder that the old ranking system is recalibrating.

ReadingThe ultra-wealthy stopped shopping for homes. They now bid for estates. Traditional brokerage lost the $50M+ segment to auction houses. The MLS will not get those listings back.

ReadingLuxury brokers have become IPO tracking operations. They know the carry of a freshly-minted founder better than the founder does. The listing arrives before the press release.

ReadingThe institutional crypto thesis was never conviction. It was portfolio architecture. When the spreadsheet changed, the bid dried up. Retail is not enough to hold these positions.

ReadingAge as a proxy for experience is defunct. Capital simply moved to people with access to compute and training data, regardless of how many birthdays they have seen. Watch whether this valuation holds through a funding round.