(1 of 9) Perpetual futures, or "perps," require some explanation before an informed judgment can be made about their threat to the regulated securities exchanges. To date, their sole allure seems to be with retail investors.

(8 of 9) In contrast, a perpetual has no expiration date. And there is no delivery of the underlying physical asset. Therefore, it can’t be used to hedge a business commitment or exposure, and is therefore useless for a commercial customer—and, more broadly, for the economy.

(1 of 6) It’s a rare public market investor who buys land. How would you even do it? It’s not an uncommon asset class among the extremely wealthy. We once listed the largest of them; it’s not a short list and they own a LOT of land. Why do you think that is?

(5 of 6) Or isolated from compute power for AI, which translates into demand for water to cool the electric power plants that provide the electricity for a multi-thousand-acre 10-gigawatt campus that could power 2x Chicago’s electricity demand.

(1 of 11) We’re not antagonistic—as some seem to believe—toward indexation as a concept, nor as it was first practiced in the 1970s by Vanguard’s founder, John Bogle. It can be a valuable tool, and did much good for many.

(10 of 11) Which is kind of weird. You once knew if your stocks were expensive or performing relatively well because they could be compared, arms-length-basis, to the whole market.