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The Last Time Stocks Were This Expensive Was December 1999.
"Right now, it's good. But it was in '72, '86, 2000, and 2007." - Jamie Dimon, May 2026.
The Shiller CAPE ratio just hit 42.3. The only time in 140 years it's been higher? December 1999.
Stocks can stay expensive for a long time...
It’s one metric to consider, but when your portfolio is built around the most expensive equities in modern history, what else you diversify with could really matter.
Blue-chip contemporary and post war art has shown near-zero correlation with the S&P since 1995.* Prices are largely driven by private collectors competing for a fixed supply of artwork by artists like Banksy, Basquiat, and Picasso.
Masterworks lets you invest in shares of that market.
$1.3B deployed across 500+ artworks
29 exits to date
Net annualized returns like 16.5%, 17.6%, and 17.8%, not including those unsold
*According to Masterworks data. Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.
Good Morning,
As Nigeria grapples with a persistent housing deficit, the Federal Government is placing land administration at the absolute center of its national development strategy. The Federal Ministry of Housing and Urban Development has announced that it will lead high-level talks on comprehensive land reforms during the landmark 20th edition of the Africa International Housing Show (AIHS 2026), scheduled to take place from July 13 to 18 at the Transcorp Hilton, Abuja.
FG to Lead Land Reform Talks at AIHS 2026 to Boost Affordable Housing
The Federal Ministry of Housing and Urban Development (FMHUD) will spearhead high-level discussions on land administration and reform at the 20th Africa International Housing Show (AIHS 2026) as part of renewed efforts to improve access to land and accelerate affordable housing delivery in Nigeria and across Africa. The initiative reflects the Federal Government’s commitment to addressing one of the most persistent barriers to housing development through modernised land governance and stronger collaboration with public and private sector stakeholders.
Cross River Targets 1,500 Affordable Homes with New Housing Delivery Model
Cross River State has unveiled a new strategy to deliver 1,500 affordable housing units through an innovative Public-Private-Community Partnership (PPCP) model, marking a significant step in the state's efforts to improve access to quality housing. The initiative, introduced under Governor Bassey Otu's People First Agenda, aims to accelerate housing delivery by combining government leadership with private sector investment and community participation.
Land Crisis Leaves 18 Dead in Niger State Communities
At least 18 people have lost their lives following a violent land dispute between neighbouring communities in Niger State, underscoring the persistent challenges surrounding land ownership, boundary disagreements and communal conflict in parts of Nigeria. The incident has renewed calls for stronger land governance, effective dispute resolution mechanisms and improved security in rural communities.
The ops layer your portfolio never had.
Viktor runs the back office from one Slack thread: collects vendor quotes, reconciles rent against deposits, chases late payers, adjusts short-term rental pricing, and ships the owner report with a cash flow forecast. Managing 20 units now feels like managing 2. 3,200+ integrations.
LASEMA Debunks Report of Another Lagos Building Collapse
The Lagos State Emergency Management Agency (LASEMA) has dismissed reports alleging another building collapse in the Alakija area of Lagos, stating that emergency responders found no evidence to support the claims after conducting a comprehensive assessment of the reported location. The agency urged residents and media users to verify information before circulating emergency-related reports, warning that misinformation can disrupt rescue operations and divert critical resources.
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Nigerian Households Delay Home and Car Purchases Amid Rising Living Costs
Nigerian households are increasingly postponing plans to purchase homes and vehicles as persistent inflation and rising living costs continue to erode disposable incomes, according to a new report by Credit Direct. The findings highlight a shift in consumer spending behaviour, with families prioritising essential needs such as food, transportation, healthcare and education over major capital purchases.
CBN Revokes Licences of 46 Microfinance Banks Nationwide
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country, citing failure to meet regulatory requirements for continued operation. The decision, which took effect on July 1, 2026, forms part of the apex bank's ongoing efforts to strengthen financial sector oversight, protect depositors and ensure that licensed financial institutions comply with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Quote of the day:
“Progress begins the moment systems replace shortcuts, and accountability becomes the standard.”
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