Investment Strategy & Performance - Infrastructure asset class achieved double-digit returns this year [1] - A $5 billion secondary sale in the private equity portfolio recognized some losses but strengthens future returns [2] - Public equities have driven strong returns in the last three years, so a dramatic change isn't expected [5] - Over five, seven, or ten years, private markets have shown strong performance [6] Pension Fund Allocation - New York raised the limit for public pensions in alternatives from 25% to 35%, currently below 30% [3] - The city's pension and benefits account for as much as $21 billion of the budget [11] - 103% returns, beating the 7% benchmark, will save $22 billion that can be reinvested into the budget [11] New York City Budget & Efficiency - New York City's budget is around $115 billion with 327,000 employees [7] - The city paid out over $2 billion in claims last year [8] - Congestion pricing is ahead of schedule, delivering $15 billion for transit enhancements [12] Policy & Future Plans - There will be challenges with cuts coming from the federal budget [9] - Universal child care for every two and three-year-old will require raising revenue in Albany [20][21]

Big money is worried. Pensions and endowments say that retail cash moving into private equity may erode their returns and shrink their access to fee-free deals. https://t.co/pIWlE3sFMU ...

President Donald Trump signed an executive order on Thursday that will make it easier for 401(k)s and other employer-sponsored retirement plans to offer private equity, real estate, cryptocurrency, and other options. https://t.co/BuTqH8w2Hx ...

Carlyle AlpInvest bundled and sold private equity fund stakes in a $1.25 billion securitization, using a deal that’s grown popular with insurance companies looking to access to private markets https://t.co/wxOsGMVzcL ...

Regulatory Changes - President Trump signed an executive order to ease access to alternative assets like private equity, real estate, and cryptocurrency in 401(k)s [1] Investment Implications - The move potentially impacts retirement savings by allowing investment in alternative assets [1]

Market Trend & Investment Opportunity - President Trump is expected to sign an executive order allowing private and crypto assets into 401(k)s, potentially opening an $8 trillion market to private equity [1][7] - Private equity firms could gain access to a significant portion of the 401(k) market, potentially reaching 5%, or $400 billion [7] Risk Assessment & Concerns - Investing in private markets is significantly more complex than investing in public stock mutual funds, with increased risks related to liquidity and opacity [2][3] - Retail investors may not fully understand the illiquidity of private market assets, which are long-tailed and cannot be easily sold [9][10] - Diversification benefits in private markets may be limited during economic downturns, as private asset valuations may lag behind public market declines [11][12] - There are concerns about high and potentially hidden fees associated with private equity funds in 401(k)s, which could significantly exceed those of traditional index funds (100 basis points vs 3 basis points) [8][13] - The suitability of illiquid private investments for older investors and the challenges of inheriting such assets are questioned, especially regarding access to liquidity when needed [14][15] Alternative Investment Options - Individual investors already have access to alternative investments through platforms connecting asset managers to the RAIA community, albeit typically for larger allocations (e g, $500 thousand) [5] - Investors can gain exposure to private capital and credit through publicly traded vehicles like BDCs (Business Development Companies) such as ARIES and Six Street Lending [6][7] Investor Choice & Considerations - While offering investment choice is generally positive, the complexity and risks of private markets raise concerns about whether individual investors are adequately equipped to make informed decisions [2][4] - The potential for outperforming the S&P 500 through private equity investments in 401(k)s is questioned, with emphasis on the need for diversification and careful allocation (e g, 5%-10% max exposure) [8][9]

Market Trends & Tariffs Impact - The market has largely ignored tariffs for the past 3 months, but concerns are rising about their potential impact on corporate profits [1] - Fresh tariffs from the Trump administration have gone into effect, with rates ranging from 50% on goods from Brazil to 35% for Switzerland and 25% for India [1] - The market's upward movement is attributed to concentration in software companies and companies like Nvidia seeking exemptions [1] - The AI trade is driving a lot of market enthusiasm, making it hard to find bears in the tech sector [2] Company Performance & Strategies - Airbnb's Q2 earnings beat estimates with revenue up 13% and net income up 16%, but Q3 guidance is weaker due to tariffs and investments [3] - Airbnb is investing $200 million in new services and experiences, impacting profit margins [3] - Apple CEO Tim Cook presented President Trump with a gift and pledged to spend $100 billion more on US companies and suppliers over the next four years [1] - Apple warned that tariffs would negatively impact profits by $110 million [2][3] Economic Outlook & Investment Strategies - One perspective suggests tariffs are beneficial for the US economy in the long run by reducing the budget deficit and increasing private investment, potentially raising economic growth by 2% [1][2] - Another perspective views tariffs as unsustainable and believes the market has merely adjusted expectations from catastrophic levels to still-high levels [1] - The market is seen as a "seven stock market" concentrated in the MAG seven [1] - There's a debate on whether to allow private equity, real estate, and crypto in 401ks, raising concerns about increased risk in retirement savings [11][12]

what's going on with Warner Brothers. >> Hey Andrew Warner Brothers discovery out with earnings this morning. Earnings coming in at $0.63% a share.Revenue 9.8% billion. That was ahead of expectations. Total adjusted EBITDA grew 9% to $2 billion over the prior year, driven by growth in streaming and studio segments.Streaming numbers reached 125.7% million. That's slightly ahead of estimates. Joining us now is Rich Greenfield Lightshed partners.Rich, great to have you with us. What's your first reaction to th ...

NEWS: Donald Trump to sign executive order opening 401(k) access to crypto, real estate, and private equity this Thursday. https://t.co/VFw6BANUgc ...

Regulatory Changes - The U.S government plans to allow alternative assets like private equity, real estate, and cryptocurrencies in 401(k) retirement accounts [1] - The executive order instructs the Labor Department to reassess ERISA guidance [1] - The order also requires coordination with the Treasury and SEC on potential rule changes [1]