*as of 6/8; Sources: S&P, BTC, FTSE, DJRE, GOLD

Ferris Bueller’s Vest (Sotheby’s)

Over the past few years, movie and TV memorabilia has become a bigger part of the collectibles world, culminating in the record-shattering $32.5 million sale of a pair of ruby slippers from the “Wizard of Oz” last December. Goldin auctions is counting on the sector to keep growing, and just purchased Studio Auctions which focuses on rare film props.

➨ TAKEAWAY: The growth of the memorabilia asset class is evidenced by the major entertainment auctions seemingly every month. There are a number coming up, with the David Lynch auction next week, followed by Sotheby’s offering an iconic Ferris Bueller prop that could sell for $600,000 or more. July will see one of three known “Rosebud” sleds from Citizen Kane offered at Heritage Auctions, which will easily fetch six figures. Finally, September will bring the sale of Indiana Jones’ whip set from “The Last Crusade,” itself estimated to bring in $500,000.

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In this episode of Smart Humans, Slava Rubin talks with EquityMultiple CEO Charles Clinton about the importance of diversification, the impact of interest rates, and the state of the real estate market. Charles also gives his markets to watch and markets to avoid.

A disagreement between President Trump and Elon Musk that started over a spending bill spiraled into a full-blown feud over the past few days, and it could have significant ramifications for Musk’s businesses. The entrepreneur just left his role in the administration and has been a vocal backer of the President, but Trump has now said the relationship is over and promised consequences if Musk defects to the Democrats.

➨ TAKEAWAY: Musk’s companies, including publicly-traded Tesla - which saw its stock fall by 14% before rebounding - and private startups xAI, Neuralink, and SpaceX, all are closely tied to the entrepreneur’s image. SpaceX, in particular, is reliant heavily on government contracts that Trump has already threatened to cut. Our Elon’s Empire virtual event - on Thursday at 11 AM ET - will focus on Elon’s network of companies and there will certainly be quite a bit to talk about. Sign up and bring your best questions.

🚀 Anduril’s big raise: Defense tech startup Anduril raised $2.5 billion at a $30.5 billion valuation, more than doubling its previous valuation in an 8x oversubscribed round. For a deeper look into the company, check out our latest pre-IPO briefing on Anduril.

🏡 Inventory is climbing: The number of homes for sale is up 31.5% year-over-year, with new listings up 7.2% but pending home sales down 2.5%, meaning that housing supply continues to outpace demand.

📊 Unemployment steady: The unemployment rate stayed at 4.2% in May, and the rate of hiring slowed only slightly from April, with nonfarm payrolls coming in at 139,000, down from 147,000 but above expectations. With the labor market staying strong, there is less pressure on the Fed to cut rates.

🤖 Meta eyeing Scale AI: Facebook’s parent company is reportedly considering an investment of up to $10 billion into the AI startup at a valuation presumably significantly higher than the $13.8 billion the company was valued at a year ago.

🏢 Retail investment trends: Private investors have been targeting two specific types of retail investments - Single-Tenant Net Lease (STNL) Properties and Multi-Tenant Strip Centers, both of which offer relatively low vacancy risk and can potentially act as inflation hedges.

👜 First Birkin bag: A prototype of the iconic original Hermes Birkin handbag will be auctioned off by Sotheby’s in Paris next month, and could produce a record-setting result.

This week: Fintech startup Chime is expected to IPO at a targeted $11.2 billion valuation.

Today: Christie’s Important Watches auction, featuring a rare Patek Phillippe watch with a $1.35 million high estimate.

Wednesday: Consumer Price Index (CPI) and Core CPI inflation reports released.

Thursday: Producer Price Index (PPI) and Core PPI inflation reports released; Tesla is expected to launch its robotaxi service in Austin, Texas; Sotheby’s Vintage Whiskey auction, featuring multiple pre-prohibition bottles.

Saturday: Goldin’s “Spring 100” auction, including a signed LeBron James & Kobe Bryant card expected to surpass $1 million.

Sunday: Father’s Day.