Alternative Investing Report - November 12, 2025

*as of 11/11; Sources: S&P, BTC, FTSE, DJRE, CL50

With the housing market stagnating and the median age of first-time homebuyers hitting 40, President Trump floated the idea of a 50-year mortgage, significantly longer in duration than the standard 30-year mortgage, which was also a U.S. government creation. A 50-year mortgage would lower monthly payments, and the head of the FHFA called the proposal a “game-changer,” though economists and other experts have pointed out some clear shortcomings, such as the added interest paid over the life of the loan. After the widespread criticism, Trump himself seemed to have backed off of the idea.

➨ TAKEAWAY: Breaking down the numbers makes it clear that a 50-year mortgage is not a great economic choice for borrowers, despite a potentially slightly lower monthly payment. While a it is not likely to materialize anytime soon, and would require legislation to make it a viable option, even the suggestion of it makes it clear that housing affordability has become a significant issue. The most straightforward way to bring more buyers to the table would be to increase supply and lower prices, but any government assistance or incentives could also help both buyers and sellers.

In the latest episode of Smart Humans, Slava Rubin talks with Kraken co-CEO Arjun Sethi about Bitcoin and the importance of data-driven decision-making.

📃 Shutdown likely to end: The Senate made a deal to pass a funding bill to reopen the government, with the House scheduled to vote on the same bill today. The record-long shutdown has led to even more economic uncertainty and disruption and its end will likely be a positive for both public and private markets.

📊 Small business optimism: The NFIB Small Business Optimism Index fell in October by 0.6%, while the Uncertainty Index hit the lowest reading of the year, though the government re-opening could flip those numbers next month.

🤖 Meta losing AI scientist: Yann LeCun, the chief AI scientist for Meta, is reportedly leaving the company to found his own startup focusing on world models, an AI system that can simulate real-life scenarios and predict outcomes. Meta’s stock fell by 2% after the news came out but rebounded to only post a 0.7% loss on the day.

🪙 SoFi crypto trading: The fintech bank is bringing back crypto trading two years after shutting it down for regulatory reasons, with all 12.6 million of its retail customers poised to have access before the end of the year.

💎 Mellon Blue diamond: A 9.51-carat blue diamond sold for $25.6 million at Christie’s in Geneva, right in the middle of its estimated range but well below the $32.6 million the same stone sold for in 2014.

🎬 Wicked Witch hat: Next month, Heritage Auctions is selling the iconic hat worn by actress Margaret Hamilton in the 1939 classic “The Wizard of Oz,” which just sold last year for $2.93 million, in a test of the movie memorabilia market.

The native token of the decentralized exchange Uniswap surged this week after the organizations behind the exchange proposed a switch to its fee structure to benefit token holders. If the proposal is implemented, the exchange will use some of its $2 billion in current annualized fees to fund a perpetual token burn, lowering the supply of tokens. It will also retroactively burn 100 million tokens, which is more than $800 million in value at current prices. The price of UNI hit an all-time high of $18.64 last December and was still above $12 in August before falling below $5 last week. So while it has had a strong week, it is still below where it was six weeks ago, and the bump from this proposal may be short-lived.