Greetings! Happy National Hugging Day to those celebrating.

Let’s get into today’s top stories.

In 1999, the S&P 500 peaked. Then it took 14 years to gradually recover by 2013.

Today? Goldman Sachs sounds crazy forecasting 3% returns for 2024 to 2034.

But we’re currently seeing the highest price for the S&P 500 compared to earnings since the dot-com boom.

So, maybe that’s why they’re not alone; Vanguard projects about 5%.

In fact, now just about everything seems priced near all time highs. Equities, gold, crypto, etc.

But billionaires have long diversified a slice of their portfolios with one asset class that is poised to rebound.

It’s post war and contemporary art.

Sounds crazy, but over 70,000 investors have followed suit since 2019—with Masterworks.

You can invest in shares of artworks featuring Banksy, Basquiat, Picasso, and more.

24 exits later, results speak for themselves: net annualized returns like 14.6%, 17.6%, and 17.8%.*

My subscribers can skip the waitlist.

Skip waitlist

_{*Investing involves risk. Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.}

🇬🇱 Trump drops Greenland tariffs after NATO agrees Arctic talks. President Donald Trump reversed his threat to slap new tariffs on eight European countries. He announced the climbdown during a Davos appearance. Trump said the North Atlantic Treaty Organization (NATO) agreed to a framework for future Arctic security talks. The tariffs had been tied to his push for American control of Greenland. NATO Secretary General Mark Rutte met with Trump alongside the announcement. Trump still floated building more American military bases on Greenland. He also teased a $175B “Golden Dome” missile-defense plan. The message was détente, with a shopping list attached. Markets heard relief, then immediately heard “next round".

🇸🇾 An American shift helped topple Syria’s Kurdish-led power. The Syrian Democratic Forces (SDF) spent years as a key partner against the Islamic State group. Then Washington’s posture changed, and the floor moved. Fighting near Aleppo on January 6th exposed how fast protection can vanish. Turkish-backed forces pushed hard, forcing the SDF to defend multiple fronts. Kurdish official Elham Ahmad said the group faced pressure without a safety net. Analyst Noah Bonsey of the International Crisis Group called it a strategic reset. A deal to dissolve the SDF followed, framed as “integration,” felt as surrender. Prison security now looks shakier, with Islamic State detainees still a live risk. Syria’s map did not just redraw, it re-priced alliances.

🗽 New York judge scrambles lines for a key House seat. A judge ordered revisions to New York City’s only Republican-held House district. The seat belongs to Representative Nicole Malliotakis. It covers Staten Island plus a slice of Brooklyn. Justice Jeffrey Pearlman said the current map broke legal guardrails. The ruling drops New York into early redistricting trench warfare. A special master must rework the lines quickly. A draft map is due by February 6th. Both parties see the stakes as national, not local. One borough boundary just became a battlefield.

🚨 Former Uvalde officer acquitted over Robb Elementary response. A jury in Corpus Christi acquitted former officer Adrián Gonzales. He once worked for the Uvalde Consolidated Independent School District police. Prosecutors said he failed to confront the Robb Elementary shooter. The May 24th, 2022 massacre killed 19 students and two teachers. The verdict came after about seven hours of deliberations. Special prosecutor Bill Turner said the case tested accountability in uniform. The defense argued the chaos was systemic, not one man’s crime. Families watched another legal chapter close without relief. Uvalde remains a name that still breaks the air.

🧾 IRS shake-up hits right before the 2026 tax rush. The Internal Revenue Service (IRS) faces a leadership reshuffle days before filing season. Officials expect roughly 164M returns this year. Last year, the agency processed about 160M returns. Treasury Secretary Scott Bessent said refunds rose under current policies. The average refund last year was $3,138. Total refunds topped about $370B. The IRS says it has been testing new tools and workflows. Critics worry turbulence means slower answers for taxpayers. Supporters say the changes could streamline a creaky system. Either way, the first audit is always your patience.

⚖️ Supreme Court skepticism threatens Trump’s tariff playbook. Supreme Court justices signaled doubt about unilateral, sweeping tariffs. The case is a high-stakes test of presidential power. President Donald Trump built tariffs into the spine of his agenda. The legal question is who gets to tax imports, and how. Several justices appeared wary of executive improvisation. The dispute could reshape trade policy overnight. It also puts businesses in limbo, pricing uncertainty as policy. Even supporters of tough trade talk want clear rules. The court’s tone sounded like a speed bump, not a green light. If tariffs are a lever, the court may demand a handrail.

Help better understand our audience. Take this 1-minute survey here so we can provide our community with the best content, news, and stories that matter to you most.

Feel free to reply with your feedback. PM reads and responds to every email. :)

That’s all for today!

Much obliged and many thanks for reading and sharing today’s newsletter.

See you tomorrow!