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Dear Readers,

Oh boy! It’s getting so close now, I can almost taste it.

With every passing week, the sheer scale and size of what will ultimately be a historic market peak looms larger.

And it all comes down to this simple fact.

It is becoming easier and easier for the majority to go all-in this time.

In fact, there will literally be no excuses anymore. As amazing as that sounds, I can come to no other form of conclusion. I mean, as of now, plans are afoot for retail investors to invest in companies that haven’t even floated on a stock exchange!
Source – Forbes

That’s right, as a retail investor, you can now have a chance to own part of arguably the single most important space company of the century.

What it ‘really’ means is this; an industry first, blockchain-based, fractional shares of Elon Musk’s private space company SpaceX.

The fractionalisation of a private company.

Told you there is no excuse not to be fully in now. So, let’s dive deeper into this trend. Is it a one-off, or a prelude to more similar offers?

And what does it all portend for the future?

Let’s begin.

Is this the innovation we want – or need?

Let’s start with the obvious here. One of the hallmarks of each successive real estate cycle, and the current one is no different, is a breakthrough in financial innovation that is at once groundbreaking and scalable.

From my point of view, what that innovation is for the current cycle cannot be clearer.

It is this. Blockchain, Fractional. Tokenized. For good and for bad. This is the financial change that this specific cycle has brought.

Now, to ask the question “Is this really the innovation we want now?” is perhaps a question for another day. The other question though is more instructive.

Is this not a huge validation of what bitcoin and the like represent? I’m unsure of that. I believe it’s more aligned with the regulatory changes occurring across the globe to bring cryptos and blockchain based applications under more legal scrutiny.

Always remember, what the government gives, they can very well take away again.

But I digress.

This week, investment platform Republic unveiled an industry first: blockchain-based fractional shares of Elon Musk’s private space company SpaceX. For the first time, retail investors—those without institutional backing or venture capital credentials—can gain exposure to one of the most sought-after private companies in the world.

The traditional way to have some equity in private companies was basically out of reach for most. We are speaking about the venture capital world, or high net worth individuals or family offices. Hedge funds and the likes. These would function as seed funding to get a private company up and running.

What Republic has done here is effectively represent a real-world asset on a blockchain. Tokenization is the process of converting ownership into a digital store of value. These tokens can represent physical or digital assets, from real estate properties to digital art. And now, public companies.

But all that glitters isn’t gold.

These tokens don’t confer voting rights or governance control. Investors won’t have a say in SpaceX’s strategic direction or Musk’s next launchpad move. What they do get is exposure to the company’s valuation growth—a potentially lucrative proposition, especially for those priced out of private equity until now.

But these tokens do give you a financial stake in the performance and ongoing valuation of the underlying company. It is the way we define ownership in the digital age, and that’s the outcome of this type of innovation.

All you really need, apart from a bit of capital, is your own crypto wallet. Plus be able to meet all the usual legal eligibility requirements.

But the timing of all this, right now, is no coincidence.
How can all this truly blast off’.

Even if you don’t read or use any sort of social media yourself, I have no doubt you’ve heard of one of its great influencers, Elon Musk. Spiritual father of PayPal, owner of X (formerly Twitter), and both Tesla and SpaceX.

Recently, the great show that is Trump’s White House administration allegedly had a fall-out with his former DOGE (Dept. Of Government Efficiency) head, which of course went hopelessly viral everywhere.

What it did show though is the leverage Musk has with his online believers. And for me, it helps explain why, of all the private companies you could have decided to tokenize, Republic made the decision to align with SpaceX.

I mean, most people on earth know what SpaceX is, and what they do. And what an incredible rise it’s been. They have single handedly cornered the terrestrial based space delivered market, something close to 90% of all space launches in 2024 were made by SpaceX.

They have made the entire US government space programs redundant. NASA has zero hope of ever being able to scale up to the size that SpaceX promises. NASA, need I remind you, has dominated space travel and exploration ever since the end of WW2.

In most respects, it truly is a no-brainer. But it’s only half the story. Because behind the incredible technology and achievements to date, there lies an army of on-line supporters who aggregate and support every single thing and word that comes out of Elon Musk’s mouth.

So, every time a new Starlink satellite train gets launched or yet another aspirational comment about Musk wanting to use SpaceX to get to Mars, a veritable army of social media followers explode with manic glee about every proclamation. A crescendo of groupthink rarely seen before.

And, as it turns out, one of the best forms of advertising a token exchange could possibly wish for. A powerful amalgam of rising public interest in both space and alternate assets.

This has taken SpaceX from a technology company into a cultural phenomenon. Until now, all you could really do was watch each space launch they did via X. Now, you can actually bathe in the mystic of being a part owner. And the hubris grows.

But is that all there is? Or are we at the frontlines of a true explosion of tokenizing the world’s most famous and off-limit private companies? Say, OpenAI, or Shein and Bytedance?

An entrepreneurial revolution?

Perhaps it is best if I come out and say it. Is this the end of the stock market? Is there, in fact, any future need for it? Can you avoid all the commissions, the insider, and algorithmic trading that individual retail investors have no chance against?

After all, what Republic has offered here sees SpaceX issue no stock. No stock, no need for a stock market. In fact, you can argue the bond market will also not be needed, as no debt will need to be created and offered to institutional investors to get the next technology company up and running.

It will simply be tokenized.

So then, this isn’t just about stablecoins or digital tokens – it’s about revolution!

Well, now, let me introduce you to someone. I call him the real estate cycle. And it’s here that some hard truths must be faced. Everything I wrote to you today relies on one fundamental fact. All of it needs land.

SpaceX needs real estate for its rockets to take off from and land again. Republic and the like need vast data centers and access to reliable energy to maintain the blockchain 24/7. What do they sit on? That’s right, land.

Now, here’s another fun fact. By studying land, you can time the economy. And what have I told you in countless previous newsletters about this timing? That in a year, maybe two, that same land market will peak. And with it, the world you and I exist in – changes. Irrevocably.

And so, we must be all-in, otherwise it isn’t a peak, right? And for me, the entire crypto/blockchain ecosystem has reached a point that can singularly allow this.

For all the apparent good tokenizing assets like this may bring, father time is undefeated. And in a few short months from today, time will, via the 18.6-year Real Estate Cycle, hand down its final judgment.

But heh! It’s not all bad! You can be ready for it by becoming our latest Boom Bust Bulletin (BBB) member. Let the BBB guide you on the inherent timing of the economy only knowledge of the land market can give you.

Each month this history and knowledge will be yours via monthly written editions and video postcards that will help explain the real estate cycle like never before.

Do not underestimate the manic emotion that will sweep most of us up with it, and the pressure exerted by believers to never sell (looking at you BTC).

This is about avoiding the majority who will stare up into the clear blue and seemingly endless sky whilst below you the tectonic plates move and pull further apart.

Before you know it, the ground below your feet is no longer there. This newsletter was never a soliloquy about the new way to invest. It is instead a warning that you need to know your timing, so you can protect what is worth protecting in your life. Your health, your family and friends, your financial future.

It’s too late to escape what’s coming now. As aspirational as all this sounds, arguably it’s the next real estate cycle that will see the benefits of this. Or not.

But you absolutely cannot afford to align with the group-think that’s becoming an echo chamber about things like tokenization and cryptos, to name but two.

You must get ready now.

I can think of no better way to start than with the BBB.

Sign up now.
Best wishes,
Darren J Wilson
and your Property Sharemarket Economics Team

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This content is not personal or general advice. If you are in doubt as to how to apply or even should be applying the content in this document to your own personal situation, we recommend you seek professional financial advice. Feel free to forward this email to any other person whom you think should read it.