Core Insights - Gold and Bitcoin have both outperformed the S&P 500 index year to date, with Bitcoin up approximately 17% and the S&P 500 up about 14%, while gold has surged 60% since the beginning of the year [1] Group 1: Nature of Assets - Gold was historically used as a universal currency and is now primarily a store of value, rarely used as a medium of exchange [3] - Bitcoin, created in 2009, was intended to replace fiat currencies but is now also viewed more as a store of value and speculative investment rather than a currency [4][5] - Both gold and Bitcoin are considered primarily stores of value, with Bitcoin exhibiting much higher price volatility compared to gold [7] Group 2: Market Dynamics - Gold's price increase is driven by significant central bank buying and its status as a safe haven during financial stress, influenced by geopolitical tensions and high inflation [8] - Bitcoin's value is characterized by extreme volatility, making it less practical as a currency compared to more stable fiat currencies [6]

Core Insights - Morningstar has launched the Morningstar PitchBook US Modern Market 100 Index, which tracks 100 top public and private market companies, including 90 publicly traded and 10 venture-backed firms like SpaceX and OpenAI [1][2] Group 1: Index Structure and Purpose - The index's 90/10 mix reflects the actual structure of the modern equity landscape, utilizing secondary market transactions for private equity data and official exchanges for public companies [2] - The inclusion of private companies in investment portfolios is essential, as they represent some of the fastest-growing and most dynamic companies [3][4] Group 2: Investment Accessibility - Retail investors face challenges in buying shares of private companies due to securities laws that restrict private firms from selling securities to the general public [5] - Investment in private companies is generally limited to accredited investors, who are defined as individuals or entities with a net worth of at least $1 million, excluding their primary residence [6] Group 3: Types of Private Investments - Private investing can take various forms, including angel investing for early-stage startups, venture capital for growth support, and late-stage investments known as private equity investing [7]