Alternative Investing Report - November 7, 2025

*as of 11/6; Sources: S&P, BTC, FTSE, DJRE, 30YM

The record-long government shutdown has led to the absence of official U.S. jobs reports, but two private reports released in the past two days shed light on the current state of the labor market. According to payroll processor ADP, private companies added 42,000 jobs last month, above expectations and a stark turnaround from the September report, which showed a loss of 29,000 jobs. On the other hand, a report from outplacement firm Challenger, Gray & Christmas showed that October had the highest rate of layoffs in more than two decades. There were more than 150,000 job cuts last month, a 175% surge compared to last year, and the total so far in 2025 has stands at 65% above 2024’s tally.

➨ TAKEAWAY: Because of the lack of any government jobs report, the market has looked to these private reports, and ADP’s report was followed by a strong showing in the equities markets on Wednesday, but stocks fell in response to Challenger’s report yesterday. One potential upside is that if the government reopens in time for any official reports to be issued before the next Fed meeting in December, is that a softening labor market is likely to lead to further interest rate cuts.

Heron Finance's Khang Nguyen, Lightstone Direct's Jonathan Spitz, and Alumni Ventures' Andy Ervin talked with Vincent CEO Eric Cantor about the growth of private markets, the importance of diversification, and the unique opportunities and risks associated with private credit, real estate, and venture capital.

🚀 Charles Schwab buys Forge: Just after Morgan Stanley bought pre-IPO trading platform EquityZen, another major financial institution is following suit, as Charles Schwab agreed to buy Forge Global in a deal valued at $660 million.

🏢 CRE investment surges: Total investment activity in the U.S. commercial real estate market hit $111.7 billion in Q3, up 15% year-over-year, led by the office and retail sectors, which saw gains of 38% and 24% respectively.

🎨 David Bowie cover: The cover photograph for the legendary musician’s “Aladdin Sane” album sold for $500,000, setting a new all-time record for the most expensive album artwork ever.

🏡 Investor purchases: The share of homes purchased by investors was steady at 10.8% of the total in Q2, but smaller investors now make up a higher share than bigger investors.

🪙 Canadian stablecoins: The Canadian government is planning to introduce legislation to create a regulatory framework for stablecoins backed by the Canadian dollar.

💵 Evergreen fund indices: Pitchbook and Morningstar are teaming up to launch new US Evergreen Fund Indexes in Q1 2026 that are designed to measure the performance of private market semi-liquid funds across asset classes.

Monday: 💻 Quantum computing, 🎨 $10 million gold toilet
Tuesday: 💵 M&A report, 🦸‍♂️ Record Superman comic
Wednesday: 🪙 Crypto slump, ❌ NY targets prediction markets
Thursday: 🪨 Rare earths, 🪙 Ripple fundraise

Have a great weekend!