Hello and welcome to Alts Cafe:
The most important alternative investing stories each week, customized to your liking, best enjoyed over a cup of coffee.
Highlights:
- International Investing: Balkan countries are leading Europe’s economic surge
- Artwork: Trump has exempted precious metals from reciprocal tariffs
- Crypto: BlackRock added Bitcoin to its iShares Bitcoin Trust, and launched a Bitcoin ETP in Europe
- Music & Film: China hits the pause button on Hollywood
- Collectibles: SEC hits Collector’s Coffee with $70m fine over fake Jackie Robinson investments
- Luxury Goods: Hermès surpassed LVMH and announced plans to pass tariff costs on to customers
- Artwork: The contemporary art market may be bifurcating
- Private Equity: Blackstone reported muted exits during Q1
- Wine, Whiskey & Spirits: The luxury white wine market is projected to grow 5.4% annually through 2031, driven by demand for organic and biodynamic wines.
Let’s go.
Table of Contents
International Investing
Around the world…
- 🇨🇳 Chinese investors diversified into European markets from US assets, Deutsche Bank reported.
- 🇨🇬 Congo announced plans to triple LNG production to 3 million tonnes annually by late 2025 and target 500,000 barrels per day oil production by 2027.
- 🇷🇺 Russian oil revenues dropped $50 billion as crude prices fell from $83 to $64 per barrel since January.
- 🇪🇺 The ECB cut rates as the growth outlook deteriorated due to rising trade tensions and market volatility.
Discuss
Balkan countries are leading Europe’s economic surge
- Eastern European countries have seen the largest increases in living standards—or real economic productivity—since 2014.
- The entire Balkan region, and former Soviet bloc countries, have seen their per capita GDPs rise between 25–50% since 2014.
- The only Western European country that has seen such a big change is Ireland.
Precious Metals and Gems
Bullish news
- Trump has exempted precious metals from reciprocal tariffs
- Swiss gold imports from the US jumped to a 13-month high after President Trump excluded precious metals from tariffs.
- Electric Royalties reported portfolio gains as Green Technology Metals targeted 2027 production at Seymour Lake.
Bearish news
- China is limiting the export of rare earth metals to the US, creating a potential national security issue
Learn more
Rare earth metals aren’t all that rare.
In fact, the US Geological Survey notes that rare earths are “relatively abundant in the Earth’s crust.”
But they aren’t concentrated in one place, they’re widely dispersed around the globe.
Oh, and China China completely dominates the refinement market.
“China has strategically flooded the global market with rare earths at subsidized prices, driven out competitors, and deterred new market entrants.”
– 2018 US Dept. of Defense report
Crypto
Bullish news
- BlackRock added Bitcoin to its iShares Bitcoin Trust, and launched a Bitcoin ETP in Europe
- HashKey Capital launched Asia’s first regulated XRP fund with initial investment from Ripple.
- Hidden Road secured FINRA approval to operate as a broker-dealer after Ripple’s $1.25 billion acquisition.
- Arizona’s Digital Asset Reserve bill advanced to final vote, allowing up to 10% investment in digital assets.
Bearish news
- Oregon Attorney General sued Coinbase over unregistered crypto sales tied to investor losses.
- FTX filed a $1.76 billion lawsuit against Binance executives, winning approval to serve them via email.
- Bitcoin dropped about 20% since President Trump’s inauguration, with Coinbase warning of a prolonged downturn.
Join the Discussion
BlackRock just launched its iShares Bitcoin ETP across Germany, France, and the Netherlands, marking a major crypto push in Europe.
Modeled after its $50B U.S. ETF, the new product undercuts rivals with a rock-bottom 0.15% fee (waived until end of 2025).
Backed by Coinbase custody and issued via a Swiss SPV, it’s available to both institutional and retail investors.
Music and Film
Bullish news
- “The Eminem Show” surpassed 8 billion streams on Spotify
- Spotify suffered a major outage on Wednesday
Bearish news
- China hits the pause button on Hollywood
Join the Discussion
In retaliation for Trump’s 125% tariffs on Chinese imports, China’s Film Administration is slashing the number of American movies allowed to screen in the country effective immediately.
But here’s the plot twist: US movies were already bombing at China’s box office.
Collectibles
Bullish news
- SEC hits Collector’s Coffee with $70m fine over fake Jackie Robinson investments
- A rare Lou Gehrig game-used bat from 1925 sold at Heritage Auctions.
- Victor Wembanyama’s 2023 Crown Royale Gold card achieved strong results at Goldin auction,
Bearish news
- “American Pickers” star Mike Wolfe closed his Nashville antiques store after 15 years due to complaints about pricing and selection.
Learn more
Pokémon Go just sold to the Saudis for $3.5B — but this story goes way beyond gaming.
We explore the rise of Pokémon as a global brand, its sale to the Saudis, and what it all means for privacy and investing.
Podcast
Check out the fun bonus chat I recorded with Michael Thompson from the Fear & Greed podcast. We talk about chasing digital creatures through the streets of Santa Monica, and how he’d be retired by now if he could only find his holographic Charizard.
Luxury Goods
Bullish news
- Hermès surpassed LVMH to become Europe’s most valuable luxury company with a market value of €247 billion.
- Mytheresa received regulatory approval to acquire YNAP, creating a three billion euro luxury platform.
Bearish news
Hermès announced plans to pass tariff costs to customers starting May 1.
Artwork
Bullish news
- Is the contemporary art market bifurcating?
- A rare Basquiat family portrait heads to Christie’s with an estimate of $20 million to $30 million.
- Christie’s will auction Monet’s Peupliers masterpiece with estimates reaching $50 million.
Bearish news
- Global art market sales declined to $57.5 billion in 2024, with large galleries seeing the steepest drops.
- Crypto entrepreneur Justin Sun and David Geffen are in legal dispute over a $78.4 million Giacometti sculpture.
London meetup 🇬🇧
Last week, Altea members met at Chequers pub in St James, London, where Nicho (our mustachioed art broker) prepped the crew for our two art 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.
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.
Startups & VC
Bullish news
- Peter Thiel’s Founders Fund closed a $4.6 billion growth fund, beating its $3 billion target with 270 LPs.
Bearish news
- FINRA ordered Robinhood to pay $3.75 million to customers and fined the company $26 million, causing its stock to fall nearly 20%.
Private Equity & Private Credit
Bullish News
- KKR announced a $3.1 billion acquisition of OSTTRA, which processes over 80 million trades monthly.
Bearish News
- Blackstone reported muted exits for key businesses during Q1 2025.
- PE firms are going ”risk off”
- Senators Warren and Banks launched an investigation into private equity’s role in soaring fire truck costs and extended delivery times.
Farmland
Bullish News
- Warakirri Asset Management expanded its farmland portfolio with a kiwifruit acquisition.
- Connecticut awarded grants to 21 agricultural enhancement projects.
- Indiana reduced farmland property taxes
Bearish news
- Central Illinois farmland values are dropping
- Minnesota’s median net farm income fell to its lowest level this century.
- Nearly one-fifth of global agricultural land is contaminated by toxic metals.
Wine, Whiskey & Spirits
Bullish news
- The luxury white wine market is projected to grow 5.4% annually through 2031, driven by demand for organic and biodynamic wines.
Bearish news
- Constellation Brands projected a 17 to 20% sales drop in wine and spirits for 2026, forcing brand divestments.
- The founders of 21 Seeds sued Diageo for allegedly sabotaging their brand to develop a competitor.
Real Estate
Bullish news
- Manhattan’s luxury residential sales jumped 29% YoY
- Indiana enacted a property tax relief package
Bearish news
- Jacksonville’s home prices dropped 1.8% in March despite a 35.7% sales surge.
- Airbnb faced potential millions in fines under new Irish regulations threatening the short-term rental market.
- NYC mayoral candidates criticized Andrew Cuomo for losing 66,000 rent-stabilized apartments in his final year as governor.
Classic Cars
Bullish news
- Bonhams Cars’ Grand Palais auction achieved €18 million in sales with a 91% sell-through rate.
- A 1938 Horch 830 BL sold for $241,600 — 12x its estimate
Bearish news
- Classic cars escaped President Trump’s 25% tariff, but models under 25 years still face steep duties.
- California’s “Leno’s Law” leaves classic owners struggling with parts restrictions despite smog exemptions.
Learn more
How do stock markets influence classic car prices?
This privately published paper investigates the connection between the classic car market and financial markets globally.
Using a 23-year monthly database, the author applies cointegration analysis to answer the question.
That’s all for this week
Cheers,
Wyatt
Disclosures
- Altea has no holdings in any companies mentioned in this issue
- This issue was sponsored by KingsCrowd
- This issue contains no affiliate links
