Welcome to the latest issue of Trading Updates – FREE Version.
Today’s asset is a bit of both.
We’re digging into a special piece of JFK / Jackie nostalgia: Inaugural Addresses of the Presidents of the U.S. inscribed by Jackie Kennedy. It will be trade on Rally May 27th, 2021 from 9:30 AM – 4 PM EST.
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Inaugural Addresses (Inscribed by Jackie)
What is the asset?
In 1963, John F. Kennedy Jr commissioned a limited edition set of 85 books containing the complete Inaugural Addresses for all American presidents up to and including himself. They were meant to be Christmas gifts for close friends, family, and other people Presidents are obliged to recognise at Christmastime.
JFK never made it to Christmas, of course. He was assassinated 22nd November 1963 while sat alongside his wife, Jacqueline Kennedy.
Jackie dutifully carried out her husband’s endeavour, personally inscribing each copy to the intended recipient, and delivered them in time for Christmas.
The copy on Rally was inscribed to journalist, artist, and incredibly interesting man, William Walton.
Walton:
- Parachuted into Normandy on D-day as a journalist
- Carried out secret spy missions to the Soviet Union for JFK’s brother, Robert
- Was mates with Ernest Hemingway
- Escorted Jackie to social events when JFK wasn’t available (ahem)
- Was a major factor in JFK’s presidential election, campaign, and transition
- Played a significant role arranging JFK’s funeral
Jackie’s inscription to Walton reads, “For Bill. Jack was going to give you this for Christmas. Please accept it now from me. With my love – for all you did for Jack. Jackie”
Jackie penned a unique inscription in each of the 85 books, and her note to Walton is both heartfelt and poignant given the sacrifice Walton made in the weeks after his good friend was killed. Despite existing “in a haze” those weeks, he took the burden of the funeral arrangements upon himself, leaving Jackie to grieve.
What is the current status of the asset?
The book IPO’ed June 2020 and has traded a few times since then. Its original market cap was set at $23k, and it’s available this week for $20k.
Category Performance
Since the end of the first quarter 2021, rare books have traded down an average of 14% (median -1%) during Rally’s trading windows. This follows an average advance of 14% in the first quarter (median nil).
Risk Profile
Standard deviation for all rare books trading on fractional marketplaces is 55%, which is about average.
Valuation and target share price
- Target Share Price: [Insiders Only]
Valuation details:
Asset Growth
This book has changed hands a couple times, nearly doubling in value since 2017.
Growth Outlook and Future Catalysts
Catalysts are slim for this item, and it’s not something that is likely to flip for a 300% profit in a few months, but it should appreciate at a steady clip for the foreseeable future. JFK and Jackie memorabilia are frequent favourites at auctions.
Final Thoughts
Researching this piece was a real insight into what it must have been like the days and weeks following JFK’s assassination. There were Christmas cards unsent, funerals to plan, and a dutiful wife doing what needed to be done. All this alongside a longtime and dear friend looking after Jackie, advising her family, and carrying out a spy mission to the Soviet Union.
From an investment point of view, this is a solid item that should maintain value and appreciate over time. There’s a decent chance it’ll dip a bit in trading Thursday, which may give investors an opportunity to pick up a few shares at a discount.
