Once upon a time in Hollywood, the crew of the starship Enterprise traveled from the 23rd century to 1986 in order to save the future. Gen Zers aren't going back quite that far, but their willingness to check out the brands that styled teens of an earlier era is revitalizing boutique stores from PacSun to Abercrombie & Fitch that once dominated shopping malls.

Matt Hougan (Chief Investment Officer at Bitwise) says Bitcoin's $64K pancake is the most bullish thing happening in crypto right now. His logic: bear markets die in apathy, and you know they're dead when the market stops reacting to bad news. Bitcoin shrugged off the Situational-Awareness selloff, Saylor is unloading his bags, and the CLARITY Act got punted again - and BTC still won't budge. Matt thinks all that suppressed volatility gets released to the upside.

Matthew Sigel (Head of Digital Assets Research at VanEck) says there's a straightforward arbitrage sitting inside every mining rig right now. Miners turn electricity into Bitcoin, and AI hyperscalers turn that same electricity into AI tokens worth roughly 10x more per unit of power. That's why Anthropic just signed a $9B deal with Riot, a company that used to be a pure Bitcoin miner, and why GPUs are now debt-financeable in a way ASICs never were. Yes, this pulls hash rate off the Bitcoin network and turns miners into bigger BTC sellers, but Matthew calls it self-correcting once the economics shake out.

Kyle Reidhead (Co-Owner & Head Of Research at Milk Road) thinks the market still hasn't figured out what SpaceX actually is. His valuation model stacks compute, Starlink, apps (Grok and Cursor), and space revenue and lands on a $3.4T fundamental value by end of 2027 - before even adding an "Elon premium." Tack that on and you're at $4.75-5.95T, which would make it one of the largest companies on the planet. Kyle's still buying on red days even after the recent squeeze off $107, because the compute business alone went from basically zero two quarters ago to the majority of revenue.

John Gillen (Host, Milk Road Show) says everyone left the CLARITY Act for dead too early. The bill's been "declared dead nine or ten times" in Washington and it's still alive, with a Senate vote now teed up for September 15th. Because almost the entire market is pricing this thing to fail, there may be asymmetric upside for crypto if it passes.

Advisors look beyond bonds to generate income. August 16, 2026 PRESENTED BY Good morning and happy Sunday. Wealth managers are looking beyond fixed income products into private markets and exchange-traded funds. But first, a word from our sponsor, Morningstar . Private markets are showing up in more products every quarter: interval funds and nonlisted REITs are on platforms you already use, and semiliquid funds are raking in billions. But vetting them isn’t like vetting a mutual fund you might size up in your sleep: Performance runs on internal rates of return that do not compare cleanly to the total returns you know. Liquidity is capped quarterly , so a client wanting out mid-crunch may not get out. Fees can be layered across multiple structures, making the true cost of ownership difficult to identify. Morningstar’s latest research highlights the challenge: 30% of investors already own private equity or private debt, but only 24% say they understand how these investments work. What clients can’t see, they trust you to have checked. Morningstar’s insights on public/private markets convergence show how these vehicles price, where fees nest, and what the disclosures leave out. Take a

Many Americans are rejecting modernity and embracing tradition not by limiting screen time but by drinking their milk raw. Unlike the stuff sold in most grocery stores, raw milk isn't heated to kill harmful pathogens in a process known as pasteurization.

Public health authorities advise Americans to stay away from raw milk, due to the risk of illness—especially for children and pregnant women. But more people have been guzzling the untreated cow nectar: Farmers across the country reported growing raw milk sales in recent years, with gallons sometimes going for $20+.

Lawmakers in dozens of states are pushing to loosen restrictions on raw milk sales. And a bipartisan bill introduced in the House of Representatives this year would allow it to be sold across state lines, which federal law currently prohibits.

Why drink it raw?

While some people prefer raw milk's grassy creaminess, the craze is largely fueled by health influencers and anti-pasteurization advocates, many of whom are aligned with the Make America Healthy Again (MAHA) movement. They insist it's healthier than treated milk—a claim public health experts say isn't supported by evidence.

The drink has champions in high places:

• Health Secretary Robert F. Kennedy Jr. took a shot of raw milk at the White House while celebrating the release of a MAHA report that promoted it.
• Norwegian soccer superstar Erling Haaland recently said he drinks it all the time, claiming it's good for the stomach, skin, and bones.

Supporters argue that Americans should be able to weigh the risks for themselves.

What are those risks?

Between 1998 and 2019, bacterial outbreaks tied to raw milk have sickened 2,600 Americans and were linked to 225 hospitalizations, according to the CDC. Raw milk products are 45 times more likely than those from pasteurized milk to cause hospitalization, according to a different study.

Raw milk boosters claim that it's gotten safer due to many farmers adopting precautions, like testing for bacteria. The advocacy organization Raw Milk Institute—run by a California farmer who sells $30 million of it yearly—has created safety protocols for producers to follow. Still, the FDA linked nine recent E. coli food poisoning cases to raw milk and cheddar cheese from his farm this year.

As anyone who's ever taken a coffee order can tell you, there are a lot more milks out there than there used to be—soy, coconut, almond, cashew, oat, rice, banana, and even pea. But if you ask the dairy industry, those aren't milks at all. Not even a little. Not even 2%.

Dairy, dairy, quite contrary: According to dairy producers, milk is not milk unless a mammal gets milked (usually a cow). Therefore, they say, plant-based beverages shouldn't be able to use the term. But no one wants to be in the business of selling "pea water," so, sometimes, alternative milk companies fight back, and things get litigious:

• In February, the UK's Supreme Court ruled that Oatly can't use the word "milk" on its oat-based products.
• In March, a similar ruling emerged in Europe regarding plant-based beverage labeling standards.