In partnership with

Crash Expert: “This Looks Like 1929” → 71,105 Diversifying Here

Mark Spitznagel, who made $1B in a single day during the 2015 flash crash, warned markets are mimicking 1929. Seems extreme but we did just see the worst quarter for the S&P since 2022.

So it’s not so surprising that Vanguard and Goldman Sachs forecasted 5% and 3% annual S&P returns respectively for 2024-2034.

Late last year, Apollo’s chief economist Torsten Slok put it this way: "expect zero in return in the S&P 500 over the coming decade."

So, what’s something investors can actually do to diversify this week?

Almost no one knows this, but postwar and contemporary art appreciated 10.2% annually with near-zero correlation to equities from 1995–2025 overall.*

And sure… billionaires like Bezos can make headlines at auction, but what about the rest of us?

Masterworks makes it possible to invest in legendary artworks by Banksy, Basquiat, Picasso, and more – without spending millions.

29 exits. Net annualized returns like 16.5%, 17.6%, and 17.8% on works held over 1 year+. $1.3 billion invested. 500+ offerings.*

Shares in new offerings can sell quickly but…

👉 My subscribers skip the waitlist.*

^{*According to Masterworks data. Past performance is not indicative of future returns. Investing involves risk. Important Reg A disclosures: masterworks.com/cd.}

GET IT RIGHT 🎯 

The Assets Nobody Could Touch. Until Now.        

Part 8 of The Tokenization Files — Solid Right's ongoing series on the restructuring of global finance.

Private equity. Private credit. Real estate. The most valuable asset classes in the world have been locked behind minimums most investors will never meet — millions of dollars to get in the door, years before you can get out, and institutional relationships required just to find out the fund exists.

Tokenization does not just make these assets more efficient. It changes who can access them.

The Transformation

KKR moved first in a meaningful way, tokenizing its Health Care Strategic Growth Fund II on the Avalanche blockchain through Securitize. The fund had closed at $4 billion. Tokenization did not change the underlying assets — it changed the entry point. Hamilton Lane went further, launching an infrastructure fund on the Republic platform with a minimum entry of $500. The distance between a $5 million institutional minimum and a $500 retail entry is not incremental. It is a structural transformation of who participates in private markets.

The private credit story may ultimately be more significant than private equity in terms of total market size. Private credit — the $1.7 trillion market of direct loans, trade finance, and alternative lending that sits outside traditional banking channels — grew dramatically as rising interest rates made it attractive relative to public debt. Bringing it on-chain adds programmable yield distribution, automated compliance, fractional ownership, and the possibility of secondary market liquidity for assets that have historically been locked until maturity.

The Potential

Real estate is the asset class with the most obvious consumer-facing potential and the most regulatory complexity. The total value of global real estate exceeds $300 trillion. Bringing even a fraction of that on-chain requires solving legal title questions, compliance across jurisdictions, and custody arrangements for physical assets that blockchains cannot hold directly. The early movers have proved the model works. The institutional version is still being built.

The honest complexity of Phase 3 is that the legal framework has not fully caught up with the technology. Tokenization does not automatically create liquid markets. It creates the possibility of liquid markets — which is a different thing.

The Takeaway

What is not in question is the direction. Apollo, Franklin Templeton, KKR, Morgan Stanley, Fidelity, and Hamilton Lane are all now participants in shared blockchain infrastructure for private market workflows. The largest alternative asset managers in the world are not building in this direction because it is interesting. They are building because the access case — reaching the trillions in private wealth that currently cannot participate in private markets — is too large to ignore.

COIN SPOTLIGHT 🔍️ 

GARAGE LOGIC ☕️

A Message From Our Sponsor … 🚀 

The Supplements Your Doctor Wishes You Knew About. 
Now you do.