Hello there,
Welcome to the best of the Alts Community.
Performance update:
This week:
- Whisky I due diligence and Q&A session with Wyatt + dekantā
- Introducing Altea Flight Nights: starting at a NYC Penthouse
- Big discussion on undervalued apartments in the US
- A community member with new book coming out
Let’s go 🚀
Table of Contents
Live Deals
⛩️ Whisky I: Due diligence + Q&A session
Last week I hosted a Q&A session with Ronan and Samuel from dekantā. It’s a good background listen if you’re interested in our Whisky I SPV.
In addition, Mandar Mirashi put together a helpful due diligence checklist for the deal — a simple framework to understand risk and structure more clearly.
Not to be outdone, Travis Mitchell added some questions of his own.
Full deal memo coming this week.
In the meantime, if you’re accredited, express interest below.
👋 New Members
Welcome to the 120 new members since last week 👋
A few notable members..
🇪🇸 Benedict Maynard is a derivatives strategist who lives in Spain. He literally wrote the book on options trading. You can get a taste of his analysis here.
🇩🇰 Matthew Hurst is a “set it and forget it” kind of investor from Copenhagen. He’s curious and has always been interested in alternative vehicles. He also loves fermentation, so the opportunity to invest in some sounds very exciting.
💬 New Discussions
- Morgan Keim discusses US apartment market, highlighting a structural housing shortage despite high vacancy rates in luxury apartments.
“Two numbers that shouldn’t exist at the same time.
The stock market is trading at 28x what companies actually earn. The long-term median is about 18x. It’s over 55% more expensive than usual.
Meanwhile, apartment buildings in high-demand places like Phoenix, Dallas and Atlanta are selling for 20-40% less than they were three years ago.
One thing most Americans own (stocks) has never been pricier. One thing far fewer people think about (apartments) has never been cheaper relative to where it was.
That gap (and the why behind it) is the story. And for those even remotely interested in real estate, this is one worth watching closely.” – Morgan Keim
- Alla Adam gave a TED Talk on the serendipitous, transformative power of hobbies
“The most successful investors and founders I know trace major turning points in their lives back to something that started as a hobby.
Not as entertainment…but as environments where curiosity compounds, skills cross-pollinate, and entirely new paths emerge.” – Alla Adam
- Matt Belcher shared a webinar on net leases and how they work
- The Fed survey of consumer expectations (the Super Bowl for nerds like me) has just come out, and the results are historically bad.
- Tariffs are totally working. Or maybe not.
- The US is planning a Peace Corps-style “Tech Corps” to counter China’s AI exports
“I’ve had plenty of success using Kimi and Qwen for longer running agentic tasks and some experiments with openclaw. I definitely won’t be persuaded by Tech Corps propaganda when I can slash my costs with alternatives.” – Bryan Cooley
🥂 New Meetups
🗽 NYC: Tequila Masterclass in FiDi Penthouse
Altea Flight Nights is a new event series in designed for small, high-signal gatherings around rare spirits, alternative assets, and great conversation.
The first edition takes place in NYC on Monday, March 30, Leading the masterclass will be our good friend Miguel Ortiz, one of the most knowledgeable figures in the world of rare agave spirits.
This will be at a luxurious penthouse suite in lower Manhattan, with an outdoor terrace overlooking the city. It’s a comfortable setting for a small group gathering where the focus is conversation, discovery, and great tequila.
📍 Details
- Event: Altea Flight Nights — Tequila Masterclass
- Date: Monday, March 30
- Time: 6:00pm – 8:30pm
- Location:to be provided to confirmed attendees
- Capacity: ~10–12
- Hosts: Altea City Captains Kaylock and Valerie, in partnership with House of Rare.
- Cost: Free for Altea members | $99 for guests
Only a dozen seats are available, and it’s already half-filled.
🇨🇭 Zurich Meetup (Mar 19)
Angels House and the Alts Community invite a curated group of founders, family offices, and private investors to gather inside the Breitling Flagship Store in Zurich for an event dedicated to alternative asset investing.
📍 Details
- Date: Thursday, March 19, 6:30 pm
- Location: Breitling Boutique, Zurich
- Host: Alts community member Adriana Crovetto, founding partner of Angels House
🛥️ Baltimore Meetup (Apr 6)
Join Altea members and friends for an exclusive waterfront meetup in Baltimore, hosted aboard FLOHOM — the company redefining marinas as luxury on-water resorts and residences.
📍 Details
- Date: Monday, April 6th, 5–8pm
- Location: FLOHOM at Inner Harbor Marina & Baltimore Peninsula
- Hosts: Altea DMV City Captain Alairé Jameson, with special guest Brian Meyer, CEO of FLOHOM
- Cost: Free for Altea members | $99 for guests & non-members
📚 New Book Recommendations
Venture Capital Without Unicorns: A New Architecture for Startup Finance
James Thomason from Nextwave Partners has a book coming out on March 25th.
Everyone is chasing unicorns. But should we?
For decades, the venture capital industry has operated on a single premise. Back a portfolio of high-risk startups, accept that most will fail, and hope that one or two massive exits make up for everything else.
But what if the celebrated power law of venture investing is as much an artifact of financial design as it is a market phenomenon? Change the instrument and you change the distribution.
James Thomason dismantles the mythology of modern startup financing. This book is both a critique and a blueprint for a better system.
Thomason introduces the SAFER (Simple Agreement for Future Equity with Repurchase), an open-source financial instrument engineered to fix the misalignment between founders and investors.
See you next week, Wyatt
