Issue 3 of 2026 takes inspiration from the 1999 film The Matrix - and particularly Lawrence Fishburne’s portrayal of Morpheus.
The start of 2026 has seemingly reopened investor minds to the challenges of packaging illiquid underlying assets into semi-liquid structural wrappers - leaving many with a Keanu Reeves-style awakening (“No…I don’t believe…it’s impossible…stop…let me out…let me out!”).
Illiquidity is not inherently bad, but misunderstanding any investment’s structural pros and cons is a recipe for future problems. Is an estimated NAV real? Are returns real if not realized? Is volatility real?
Issue 3 also gives an update on EquipmentShare.com after its IPO in January. Onward to 2Q!
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