Guides

How alternative markets actually work

Primers and how-tos for the asset classes that don’t show up on a 401(k) statement. Written the way the newsletter is — numbers over adjectives, sources over opinions.

• Primer

  What Are Alternative Investments, Really?

  A working definition that goes beyond 'anything that isn't a stock or a bond' — and why the category is eating the portfolio.

  7 min read

• How-To

  How to Read an Auction Result

  Hammer price, premium, estimate, provenance — what the numbers in an auction headline actually tell you about a market.

  6 min read