The true pivot towards scarce investments is yet to come! Family offices typically exhibit a much more forward-thinking approach compared to traditional wealth managers and private banks, resulting in better-diversified portfolios. However, what stands out is the disproportionately small allocation to scarce investments such as gold, precious metals, and Bitcoin. According to 'The European Family Office Report' by Campden Wealth, the allocation to gold/precious metals and Bitcoin/cryptocurrency stands at a mere 2%. Alternatives that receive the most allocation are private markets such as Private Equity and Private Debt. However, there are two crucial caveats to consider regarding private markets. First, with so many companies raising funds to access the 'best' investments, actually finding and selecting those investments becomes increasingly challenging. Second, 'volatility laundering,' where the volatility of private markets is intentionally presented as too low due to infrequent and subjective valuations, is a serious issue. In contrast to scarce investments like gold and Bitcoin, private markets offer limited diversification benefits and no volatility dampening within a multi-asset portfolio. I anticipate that family offices and, ultimately, other institutional investors will continue to seek alternatives that provide genuine diversification. For me, these primarily include physical gold and Bitcoin. Hence, these assets are included alongside Quality Stocks in the Blokland Smart Multi-Asset Fund. With this fund, investors are ahead of a trend that, in my opinion, is unstoppable: fewer bonds and more scarce investments. To learn more or to participate, visit the website bloklandfund.com/eng/ or send an email to jeroen@bloklandfund.com. To read the full article on the asset mix of family offices and the implications for scarce investments, subscribe to the newsletter: bloklandfunde.substack.com/