WEALTH & OTHER VICES #2. WHY LIQUIDITY IS BECOMING A LUXURY

Having a nine-figure net worth means surprisingly little when your capital is trapped in illiquid private funds, forcing family offices into a $150 billion NAV lending market just to borrow cash against their own wealth. This issue of Wealth & Other Vices exposes why true financial power is not measured by a portfolio's paper value, but by the strategic freedom of liquidity. We explore everything from crossing the critical $1 million watershed where compounding capital finally replaces active labor, to surviving the $83 trillion generational wealth transfer where 33% of family fortunes implode simply because no one talks about money. Ultimately, as traditional luxury shifts from isolated materialism to curating your own mobile universe for the people who matter, liquidity emerges as the ultimate power: the ability to act, connect, and say "yes" without waiting for anyone's permission.

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WEALTH & OTHER VICES #1. THE FRICTION PREMIUM

Money stopped being about things a long time ago. It buys time, access, privacy, health, experiences — and increasingly, the luxury of not having to deal with things you don't want to deal with. WEALTH & OTHER VICES is about what happens next. We write about money and investing, but not just markets; luxury, but not just watches and hotels; health, but without the green-juice sermon; technology, travel, property, food, people, pleasure and the increasingly strange ways affluent people choose to spend their money and their lives. We’re interested in what sits underneath the obvious story: where capital is moving, what wealthy people are suddenly willing to pay for, which habits are changing, and which businesses will benefit when they do. Some of it will make you money. Some of it will make you think. Some of it you may simply want. Welcome to W&OV.

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