If you want to know how Private Market Assets will trade digitally go to 39:50 of the All in Podcast #133 and Friedberg is describing the Inveniam Data Architecture for Private Market assets. This is what Tim Berners-Lee wrote about in his Scientific American Article in 2001. This is a decentralized data environment. The unlocking of AI's potential in the broader public's psyche has opened this structure to becoming the reality for data architecture. I wrote about this here (https://bit.ly/3CGZ2S8), here (https://bit.ly/44dA34K), here (https://bit.ly/3XlvanL), and here(https://bit.ly/3qWEPoP). This link - https://apple.co/468wRca - is me talking about it with Anthony Pompliano 4 years ago.

Data rich, low frequency traded assets will be transformed by real time price discovery which will drive more transactions, which will get the flywheel spinning with more accurate and more frequent price discovery.

This is all driven by data pulled into a compute function like a smart contract or a legacy system with out a central data repository. The removal of the central friction point will drive more frequent marks on assets, Thus will make the V&A business of Cushman & Wakefield, ValuStrat, Deloitte and others look more like Moody's Corporation and S&P Global as these assets are denominated, marked, and traded in new ways. This decentralized data structure will explode innovation and new market dominant players in private markets. Tokens which allow pre-trade compliance, digital trading, and automated post trade servicing will be the norm.

This is how assets will be known and the capital stack traded ...