*as of 1/11, Sources: S&P, BTC, FTSE, DJRE, GOLD

Last week, President Trump said that he will pursue a ban on institutional investors purchasing single-family homes. While details are scarce, such a ban would be addressing an issue that has gained focus in the past few years as the country deals with a lack of housing affordability. Blackstone, one of the institutions in question, saw its stock fall more than 5% in response before rebounding slightly at the end of the week. It does not appear as if a ban will force the sale of current holdings, just prevent any additional purchases.

➨ TAKEAWAY: Major institutional investors only own around 1% of the housing stock in the country, so it is not likely that this potential ban will have much of an effect on housing prices, though it could clear out some competition for smaller investors. If the ban applied to smaller investors or “mom-and-pop” operators, that could shake things up significantly, but that is unlikely to be the case. Ultimately, the clearest way to address affordability is to increase housing supply and incentivize development.

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In this mini-episode of Smart Humans, Vincent co-founders Slava Rubin and Adam Katz preview the pre-IPO sector, talking about which major companies may IPO and which sectors investors should watch in the upcoming year. Look for previews of other asset classes to drop over the next week.

📊 Jobs data mixed: The U.S. added 50,000 jobs in December, below expectations, but the unemployment rate fell from 4.5% to 4.4%, a strong enough result that most traders now do not expect a Fed rate cut before April.

🦸‍♂️ Record comic book sale: A copy of Action Comics #1, the debut of Superman, sold for $15 million in a private sale last week, shattering the previous all-time record for a comic book of $9.1 million set only last year.

🏢 Retail deal volume up: Single-tenant net lease retail deals were up 18% in 2025, as buyers flock to the predictable and reliable cash flow and low expenses of the properties in that sector.

📈 Consumer sentiment rises: The University of Michigan's consumer sentiment index hit 54.0, up from 52.9 in December, above expectations and the highest mark in four months. However, it is still down from 71.7 this time last year, with rising prices and a soft labor market tempering expectations.

🚀 Cyera fundraise: The data cybersecurity startup raised a $400 million funding round at a $9 billion valuation, a gain of 50% in just six months, as the cybersecurity sector stays hot.

🥃 Great American whiskey collection: Later this month, 360 bottles of whiskey will be auctioned at Sotheby’s in the most valuable single-owner collection to ever be sold, including a number of bottles never sold publicly before.

This week: The six major U.S. banks will report earnings.

Tuesday: Consumer Price Index (CPI) and core CPI inflation reports; NFIB Small Business Optimism Index; new home sales reports released.

Wednesday: Producer Price Index (PPI) and core PPI inflation reports; U.S. retail sales; existing home sales reports released.

Thursday: Mile High’s Winter 2026 Premium Catalog Auction, featuring a number of early 20th century vintage baseball cards.