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Alternative Investments
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Whisky world at war as tech allows spirits to be ‘aged’ instantly

The only mystery is why we should wait 100 years for a technique whose point is to save time!

https://www.ft.com/content/faf7f7e5-d36e-4484-af19-7493d5d04d6a

Bryan Davis, Los Angeles-based distiller and lifelong Wells admirer, has not quite accomplished this feat. But he claims to have achieved something that is — in the drinks world at least — almost as remarkable: he can put spirits through decades’ worth of ageing in just a few days using heat and light.

The co-founder of the Lost Spirits distillery is perhaps the highest-profile of a group of whisky and rum makers who believe science can help them bypass the barrel-ageing process. “It’s very likely that this will end up being the way everybody makes [aged spirits] 100 years from now,” Davis claims.

If this can be applied to wine, better get shorting those Bordeaux & Burgundy wine indices:

https://www.liv-ex.com/news-insights/indices/

 

Is it time for a RV special episode on investing in wine?

Oliver Anderson
Non-Scripted TV Showrunner

The Wild Market in Magic: The Gathering Cards (w/ charts!)

Hey! So all the talk of a rise in the price of NFT’s and collectibles reminded me of a game I played all through high school and for periods after college - Magic: The Gathering. While financial assets have gone up, a select group of rare MTG cards have also seen an equally dramatic price increase in the last 12 months. I’ve noticed a small RV contingent might already be aware of it. Lynn Alden and @Travis Kimmel, I’m looking at you! 

I sat down with a friend and investor, Alex Foffonoff to talk about the thriving secondary market in MTG cards, how he approaches investing in the space, and the causes for their post-March spike in value. 

This was such a good reminder that you don’t have to own equities in this market to find some alpha (or beta, or revised… get it?).  Sometimes the best thing is to invest in what you know. 

 

https://vimeo.com/538450431

 

And because we love charts, below are some charts tracking the price of 3 cards on the ‘reserve list’ that we talk about in the video. 

 

 

Fellow exchangers, what is an alternative or niche market you are seeing opportunity in? The weirder the better please. 

Weston NakamuraVisionary
Real Vision Exchange Manager, Programming and Community Engagement

Diversity of Thought: Haley Draznin on The Exchange

Welcome @Haley Draznin for her first video appearance on the Exchange, where we discuss her off-camera / behind-the-scenes role at RV (the literal reason we subscribe to RV), the $60 trillion generational wealth transfer underway, alternative investments / death of 60/40. And by far the most important topic addressed on the Exchange, the critical need for women - not just in financial markets, but on the Exchange itself.

Haley’s Interviews on Alternative Investments

Arlan Hamilton, founder and managing partner of Backstage Capital - as they say (nobody says this), when life hands you lemons homelessness, build a VC out of sheer will, determination and intellect. This is what real power (and real “ESG”) looks like. (Link to video here)

Catharine Dockery Vice Ventures early stage VC in “vice industries” - sex, drinking, smoking, gambling, in other words - Long: Recession-proof industries via the real “consumer staples” (Link to video here)

•Eva Moskowitz CEO of Success Academy, NYC’s largest & highest performing free charter school network - Long: Educating the future of America (Link to video here)

Jonathan Sandelman CEO of Ayr Strategies, after spending 3 decades in institutional finance accumulating knowledge is now running an MSO - Long: Vertically Integrated Cannabis (Link to video here)

Mike Boyd, specialist on multi-generational wealth management, on the largest generational wealth transfer in history from baby boomers → millennials. Long: paying very close attention to $60 trillion in wealth changing hands... (More)

Sam ColtExChangemaker
"So called Business Engineer"

Content/ Guest Request: Ludovic Phalippou. Topic: Private Equity

As the SEC is making it easier for retail to access Private Equity directly and big groups like Vanguard are working on PE products for retail. The PE propaganda has been deployed to talk about the asset class outperformance vs the public markets. As seasoned investors know one of the important rules in investing is Caveat Emptor. Nonetheless, just a few people take the time to look at these outperformance claims critically.

In comes Ludovic Phalippou, a french academic at Oxford (+++ points for being open-minded and self-critical). Ludo has (I guess unwillingly) specialised in BS detection in Private Equity (PE).

He recently published this paper:
An Inconvenient Fact: Private Equity Returns & The Billionaire Factory
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3623820

The paper is pretty long but worth the read if you consider investing in PE or if you own shares in a company like Appolo, Carlyle, KKR, Blackstone. These companies all responded to the article and the author discusses these. But if you are short on reading time I would recommend to at least read the introduction.

What Ludo tries to highlight in the research is "the window-dressed performance information and incomplete fee information" . And “All private equity managers can claim their funds are top quartile performers because there is insufficient rigour around the presentation of their data.,” in this FT article.(paywall removed)

The interviews with Dan Rasmussen regarding private credit were really good and I think this interview can be a continuation of the scrutinization of the... (More)