Alternative Investing Report - October 27, 2025

*as of 10/26, Sources: S&P, BTC, FTSE, DJRE, GOLD

After a government shutdown-induced delay, the Consumer Price Index (CPI) inflation report was released on Friday, and it showed a 0.3% monthly gain and a 3% annual gain, slightly below expectations. The core reading, which excludes food and energy, showed a 0.2% monthly gain and identical 3% annual gain. Both the public equities and crypto markets reacted positively to the report, as it contained nothing likely to dissuade the Fed from cutting rates when it meets this week.

➨ TAKEAWAY: While inflation is slowly rising and remains above the Fed’s elusive 2% target, the cooling labor market could shift its priorities. The CME’s FedWatch tool pegs the chance of a 25 basis point cut on Wednesday at 96.7%, and the likelihood of another 25 basis point cut in December at 95.8%. With the shutdown ongoing, this is likely to be the last inflation report for awhile, as data is not being collected during the shutdown, and this is the only official economic report that has been released thus far.

In the latest episode of Smart Humans, Slava Rubin talks with Heron Finance's CEO and Founder Mike Sall about the world of private credit and how it compares to public markets and Heron’s unique approach to private credit investing.

🏡 Consistent rent growth: Only nine of the top 50 U.S. markets have seen rent growth every month for the past five years, led by Virginia Beach, Cincinnati, and Columbus, with six of the nine cities in the Midwest. While the nine saw significantly less variance than the U.S. average, they also had a lower five-year growth rate than average as well.

🪙 CFTC chair nominee: President Trump is nominating Mike Selig, currently at the SEC, to lead the Commodity Futures Trading Commission (CFTC), which is expected to be a leading regulator of the crypto market. Selig is known to be pro-crypto and should follow the administration’s pro-crypto agenda.

🤖 Crusoe fundraise: The AI data center developer Crusoe just raised $1.4 billion at a $10 billion valuation, nearly four times its previous valuation of $2.8 billion last December.

⚾ $4 million Ruth rookie: Normally, a $4 million sale of a sports card would be a major highlight for the hobby, but a 1914 Baltimore News Babe Ruth card just sold for that number and was a disappointment — because it had previously traded for $7.2 million in 2023.

💵 Private credit transparency: Many managers in the notoriously opaque asset class are starting to mark the value of their portfolios on a more regular basis as a way to attract more retail investors, bringing more transparency to pricing.

🎨 Huge Picasso sale: His 1943 painting “Bust of a Woman with a Flowered Hat (Dora Maar),” which hadn’t been seen publicly in more than 80 years, sold for $37 million at auction, surpassing expectations.

This week: The World Series between the Los Angeles Dodgers and Toronto Blue Jays continues; Five of the “Magnificent Seven” tech companies report earnings - Alphabet, Meta, Microsoft, Apple, and Amazon.

Tuesday: S&P Case-Shiller home price index and FHFA house price index released (pending government shutdown).

Wednesday: The Federal Reserve announces its interest rate decision, widely expected to be a 25 basis point reduction; Sotheby’s Film Memorabilia auction, featuring Christopher Reeves’ screen-worn Superman costume.

Friday: Personal Consumption Expenditures (PCE) and Core PCE indices, the Fed’s preferred inflation metrics, released (pending government shutdown).

Saturday: Goldin’s 2025 October Legends Auction, featuring a number of high-value Shohei Ohtani cards.