Matt Frankel

Tyler, you're right that so far, all of the deregulation around any type of private assets have allowed managers and investment platforms to charge high fees to investors.

We've talked about this privately before, but there are funds out there that give investors exposure to private companies like SpaceX and OpenAI and charge, let's say, ridiculous fees.

But like you, I'm conflicted.

It's both an opportunity and a threat to the retirement security of people in these 401K plans.

The statement from the executive order that the president signed allowing this is misleading.

The standard products like S&P 500 index funds are, quote, not letting people achieve secure retirements.

The S&P 500 has been a great wealth builder over the long term.

The problem is that the average person doesn't save enough for retirement.

It's not that they haven't had opportunities to build wealth.

I have conflicted feelings about this.

Like John said, there is a right way and a wrong way to do it.

I'm going to talk about one of my longtime favorite real estate companies to follow, Empire State Realty Trust, ESRT.

They own the Empire State Building and a portfolio of about two dozen other primarily office buildings in Manhattan.

Not only is the stock about 35% below its 52-week high, despite pretty strong performance from its business and the observatory on the Empire State Building, but I'm seeing signs that the New York City office market could be stronger than most experts think.

Just consider that competitor SL Green just agreed to buy a 36-story office tower right near Park Avenue for $730 million.

It's a big bet that the New York City office market will strengthen in the years to come.

If it turns out they're paying the right price,

The Empire State Building alone could be worth more than the current market cap of the company.

Forget the other two dozen properties.

Talk about a hidden gem.