Has anything interesting happened around the world over the last week? All quiet then? Let’s go 🚀
Not an Altea member yet? You’re missing out! Join today for only $99.
As ever, always do your own research, nothing here is financial advice, and stay safe out there, kids.
Table of Contents
Meetups? Meetups!
Today’s update is slightly briefer than usual because the belligerent London Alteans kept me out until 1 a.m. last night, ahead of my 5:40 a.m. flight.
Some highlights.
We met at Chequers pub in St James, where Nicho (our mustachioed art broker) prepped the crew for our two gallery visits.
Bella from Ben Hunter Gallery took us around her gallery and HHH, nearby, to give us some firsthand insights into the contemporary art scene—what’s hot, what’s not, and what’s about to take off.
Elaine, from Carnation Capital, was kind enough to ply us with wine while walking the crew through the ins and outs of wine trade finance.
Pro Tip: Don’t touch the snacks before you drink the wine. Elaine will shout at you.
Finally, we popped next door to Maison Francois, where Marina, from legendary auction house Bonhams, dropped by to give us the inside track into this season’s hottest pieces.
If you haven’t already RSVP’d for our upcoming meetups in the US, do that before spaces run out.
- 🗽 NYC Altea Meetup – April 28th – RSVP
- Roundtable will include private credit, the weird world of trading card games, wealth management tips, and the NYC contemporary art season
- 🍑 Atlanta Altea Meetup – April 30th – RSVP
- 🌴 Los Angeles Altea Meetup – May 1st – RSVP
Altea members join free, while non-members are asked to contribute $95 to the tab.
Not an Altea member yet? Join today for only $99.
🚢 I’m sick of tariffs too, but…
I hate talking about macro—digging into tequila, racehorses, or the economics of dried paint is more interesting—but it’s unavoidable right now.
This week, I published a piece on the current environment and a few ideas I’ve had for making the most of it.
It includes some potential SPVs for the back half of 2025, so click in if you want to have a say in what we build.
🍿 Film I’s second close
Our second deal has round-tripped with Ninja Magic’s loan being repaid last night. The total annualised IRR over just under four months was 62%.
👉 We’re launching tranche II of Film I in May. Make sure to express interest here if you want to get invested.
⏰ This month
🏇🏻 Horse Pinhooking | 40% IRR – Closes April 30
The worry for everyone right now is how American Chaos will impact investments going forward. No one really knows, of course, but focusing on assets that are exposed as little as possible makes sense to me.
While this one faces some exposure, it’s less than, say, equities.
April 30 – All paperwork and funds due
The Equus team is hosting potential investors at auctions in March and April. Please note it in the EOI below or email me if you’d like to attend.
Discussions
- Brian proposes a 2×2 matrix for alternative investments, and discusses the $ILS catastrophe bond ETF, which went live without a market maker.
- Yusuf is looking for investors for his community clinic designed to assist the vulnerable people and refugees in northern Nigeria.
- Stefan has a travel recommendation (and potential investment opportunity) in modern Scandinavian glass igloos.
For those who enjoyed our recent issue on glamping, there seems like an extraordinary arbitrage opportunity here… These units are not big, would not cost very much to build, and [the resort] is charging $1,000/night based solely on how freaking cool they are inside & outside. – Stefan
👋 New Members
- Umair is a supply chain pro
- Benjia is a software developer
- Phemelo is an explorer and dealmaker from South Africa
📚 New Book Recommendations
The Great Crash 1929
Euphoria. Leverage. Fraud. Rinse and repeat.
John Kenneth Galbraith’s forensic breakdown of the 1929 crash reads like a playbook for every financial crisis since.
That’s it for this week. Please let me know your questions, comments, or suggestions.
Cheers,
Wyatt
