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<a class="text-blackLight no-underline font-extrabold" style="font-weight: 800; color: #3C4857; text-decoration: none;">
TOGETHER WITH
</a>
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Hi Sarah, here's what you need to know for
<strong>
September 2nd
</strong>
in
<strong>
3:14 minutes
</strong>
.
</p>
</div>
</td>
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<span class="font-normal" style="font-weight: 400;">
Yale’s namesake investing strategy lost some prestige points, after private equity assets stopped beating the stock market
</span>
</li>
<li class="text-body leading-normal" style="margin-bottom: 8px; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; font-size: 16px; line-height: 1.5;">
<span class="font-normal" style="font-weight: 400;">
Jon found three opportunities where the prices might be right –
<a class="text-primary underline font-medium" style="font-weight: 500; color: #204CE9; text-decoration: underline;">
Read Now
</a>
</span>
</li>
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<span class="font-normal" style="font-weight: 400;">
Gold and silver both climbed up toward precious record highs
</span>
</li>
</ol>
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☕️ Finimized over an oat cortado at
<a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
Azmarino Coffee
</a>
in London, UK (🌨 16°C/61°F)
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<span class="text-heading1 text-black font-black" style="font-weight: 900; color: #283444; font-size: 24px;">
Snooty School Drop Out
</span>
</div>
</td>
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<img alt="Snooty School Drop Out" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-010925-Yale.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D01635b27417410eedf03aecc5137fb0f/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NTY4MDAzMzcuNDk0NjUxM30:1utM1J:jg0VA-MKoC-kvuua_Ext9-7kL_asm3z26RbCi-XvHp8" style="border:0;border-radius:4px;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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<h4 class="text-body" style="font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.25; margin-bottom: 16px; color: #171E27; font-size: 16px; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; margin-top: 0;">
</h4>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
</p>
<p data-block-key="71d7g" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="cr739" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
The “Yale Model” – an investment strategy centered around alternative assets – started flunking tests, challenging the University’s place in the Ivy League of investing.
</p>
<p data-block-key="drn8j" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
What does this mean?
</b>
</p>
<p data-block-key="clivu" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
The Yale endowment is known for spreading its bets across the likes of real estate, hedge funds, and private equity in particular. You know: where investors buy stakes in private companies – often using borrowed money – aiming to sell them later on at a profit.
</p>
<p data-block-key="e0uu6" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Yale’s model worked well when interest rates were falling. That made it cheaper for investors to borrow money and finance deals, which kept the private equity market moving. But rates are higher now, making deals more expensive, returns lower, and selling opportunities harder to find.
</p>
<p data-block-key="fk76d" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
Why should I care?
</b>
</p>
<p data-block-key="4047q" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
For you personally:
</i>
</b>
<i>
As Tina Turner (almost) said, sometimes “Simple’s The Best”.
</i>
</p>
<p data-block-key="7h6j9" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Private equity’s main draw is its ability to beat the stock market. But now, with the S&P 500 boasting record-breaking runs, those investments are falling behind. That’s forced Yale to sell nearly $3 billion of private equity assets in its first-ever sale on the secondary market (where investors trade existing private assets instead of buying stakes from companies directly).
</p>
<p data-block-key="cesp7" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Even if you haven’t invested in private equity, this serves as a reminder of how difficult it is to
<i>
consistently
</i>
beat the market with alternative assets.
</p>
<p data-block-key="6ehnh" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
Zooming out:
</i>
</b>
<i>
Winter’s coming… maybe.
</i>
</p>
<p data-block-key="6fv43" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
All that said, the S&P 500
<i>
is
</i>
flashing its own warning signs: the index is trading at lofty valuations not seen since the dot-com bubble. Plus, the biggest tech firms now make up nearly 40% of it – so if they trip up, they’ll drag the whole thing down.
</p>
<p data-block-key="a4g0p" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
September has historically been the stock market’s weakest month. So keep an eye on upcoming releases – jobs numbers, inflation readings, and the Federal Reserve’s rate decision – as they could indicate whether or not the current rally looks sustainable.
</p>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
</p>
</div>
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<p data-block-key="arelz" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
<b>
You might also like:
</b>
<a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
From Warren Buffett to the Ivy League... Six simple portfolios, ranked
</a>
.
</p>
</div>
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<td bgcolor="#f9f9f9" class="bg-offWhite px-2 py-1 rounded-sm inline-block" style="background-color: #f9f9f9; border-radius: 2px; display: inline-block; padding-top: 4px; padding-bottom: 4px; padding-left: 8px; padding-right: 8px;">
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<strong>
Copy to share story:
</strong>
<a class="text-black60 font-normal" style="text-decoration: underline; font-weight: 400; color: #71767B;" target="_blank">
https://app.finimize.com/content/snooty-school-drop-out
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FROM OUR RESEARCH DESK
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These Three Opportunities Stand Out In Today’s Expensive Markets
</h2>
<p style="line-height: 1.5; margin-top: 0; margin-bottom: 16px; font-family: Helvetica, Arial, sans-serif; font-size: 14px; color: #FFFFFF; margin: 0;">
Jonathan Hobbs, CFA
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<img alt="These Three Opportunities Stand Out In Today’s Expensive Markets" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-010925-3s.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D2ab5578aed902250d3234d74b4a3fe9c/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NTY4MDAzMzcuNDk0NzgzNn0:1utM1J:QJuYVKDhTUtfGbnf3ARZDjPp1w3yFv2GmfmOpKCSkDI" style="max-width: 300px; border-radius: 4px;" width="300"/>
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The Buffett Indicator – which compares the value of all US stocks to the size of the economy – is at 2.14, the highest reading on record.
</p>
<p data-block-key="672bu" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
In plain English, it means the market is worth more than double the entire US economy.
</p>
<p data-block-key="4fbtv" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
That’s expensive. So
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
Jon’s been scouring the charts to find some relief – and he’s found three opportunities that could turn out to be bargains
</a>
.
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Read or listen to the Insight here
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<b>
Insure your bitcoin like it’s your most valuable asset – because it probably is
</b>
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Your bitcoin stack could well be worth more than your car, your furniture… maybe even your house. And
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
life insurance that’s priced in bitcoin could help you protect it
</a>
, pass it on, and even unlock liquidity when you need it – all without selling a single sat. So spend 30 minutes with us and Meanwhile’s Jason Leibowitz to find out how.
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Grab Your Free Ticket
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Precious Few
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<b>
What’s going on here?
</b>
</p>
<p data-block-key="f6ujq" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Gold and silver did precious metals proud, with investors sending the duo up toward record highs on Monday.
</p>
<p data-block-key="9c4l0" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
What does this mean?
</b>
</p>
<p data-block-key="15sds" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Silver passed $40 an ounce for the first time since 2011 after investors nudged it up 2%. That means the metal’s up 40% this year – beating gold’s 30%. Although the traditionally first-place metal is hardly struggling: gold’s only a touch shy of its $3,500 record price.
</p>
<p data-block-key="5avi1" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
This latest boost to both metals is thanks to interest rate expectations. See, traders are now predicting a trim in September – and lower rates would reduce the “opportunity cost” of buying assets that don’t pay interest, like gold and silver, making them look more attractive.
</p>
<p data-block-key="6lplq" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
Why should I care?
</b>
</p>
<p data-block-key="ei7i3" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
Zooming out:
</i>
</b>
<i>
Gold-plated portfolios.
</i>
</p>
<p data-block-key="3kqfv" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Right now, US inflation’s still stubborn and government debt is at a record high. On top of that, political pressure has pulled the Federal Reserve’s independence into question, hampering trust in American investments.
</p>
<p data-block-key="9krqg" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
► So traders are looking toward precious metals for some extra protection. Gold and silver have a reputation for keeping their value during periods of volatility, moving separately from stocks. That means holding even a small slice of either metal can help smooth out swings and cushion losses, reducing reliance on any one market.
</p>
<p data-block-key="8gr16" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
► Foreign central banks have blinged up, too: their reserves are now heavier on gold than US bonds for the first time since 1996. If they keep shifting away from American assets and toward gold, this rally could go on for some time.
</p>
<p data-block-key="9i00v" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
For you personally:
</i>
</b>
<i>
What do your jewelry and eco-friendly tech have in common?
</i>
</p>
<p data-block-key="6n21u" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Central banks might be leaning toward gold, but silver has plenty of fans too. The metal’s rife in clean-energy tech like solar panels, and silver ETFs have proven popular too. In fact, investors have piled into them for seven months in a row now. The result: silver’s demand has outstripped supply for five years running.
</p>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
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<b>
You might also like:
</b>
<a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
Why gold is (kind of) the world’s new reserve currency
</a>
.
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<strong>
Copy to share story:
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https://app.finimize.com/content/precious-few
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QUOTE OF THE DAY
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<p class="font-heading font-bold text-navy leading-snug mb-2 text-subtitle" data-block-key="cygyq" style="margin-top: 0; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.375; margin-bottom: 8px; color: #0C73EC; font-size: 20px;">
"A person who won't read has no advantage over one who can't read."
</p>
<span class="text-caption font-normal text-blackLight leading-normal" style="font-weight: 400; line-height: 1.5; color: #3C4857; font-size: 12px;">
– Mark Twain (an American writer and humorist)
</span>
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🎯 On Our Radar
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1.
<b>
Burning Man’s gone biblical – in the worst way.
</b>
This year has been
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
the festival’s weirdest one yet
</a>
– from apocalyptic weather to hidden pregnancies and homicide.
</p>
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2.
<b>
Botox can’t help you now.
</b>
If climate change doesn’t scare you,
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
maybe premature aging will
</a>
.
</p>
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3.
<b>
Get the lowdown on AI.
</b>
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
Check out our handy guide
</a>
to this game-changing technology.
</p>
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4.
<b>
Everyone’s either in Japan or running a marathon.
</b>
If you’re more into devouring calories than burning them, check out
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
the best restaurants in Tokyo.
</a>
</p>
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5.
<b>
Nvidia has secret admirers.
</b>
Two mystery customers made up nearly
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
40% of the chip company’s revenue
</a>
.
</p>
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🎙 Finimize Live
</p>
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Grab your free tickets...
</h4>
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🔎
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
Decoding Market Winners and Losers
</a>
: September 2nd
</p>
<p data-block-key="2cj2j" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
📋
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
Wealth Planning For This Generation And Beyond
</a>
: September 16th
</p>
<p data-block-key="5vbv0" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
🔑
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
The New Rules of Investing
</a>
: September 30th
</p>
<p data-block-key="f5ipl" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
🔭
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
How To Spot The US Market’s Hidden Gems
</a>
: October 7th
</p>
<p data-block-key="5qpiq" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
🚀
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
Modern Investor Summit 2025
</a>
: December 2nd and 3rd
</p>
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