Newsletter 7: Inflation, Rearmament, Gold, Private Equity, Events & More
Traditional investments are losing ground. Discover why and how to future-proof your portfolio.
Welcome to my monthly newsletter!
Curious about the latest trends in financial markets and how to grow your wealth smartly? In this newsletter, I share exactly that.
Each month, alongside my regular posts, I provide updates on the Blokland Smart Multi-Asset Fund, insights into current developments in global markets, and practical tips to help you grow and protect your capital.
Interested in benefiting from these smart investment opportunities? Schedule a free consultation or get in touch to discover how the Blokland Smart Multi-Asset Fund can help grow your capital.
Enjoy the read!
Jeroen Blokland
1. Appointment of New Board Member
Ingmar van der Waaij has joined the board of the Stichting Juridisch Eigendom Blokland Smart Multi-Asset Fund.
Ingmar is a tax advisor at BDO Accountancy, Tax & Legal and brings sharp insight into constantly evolving regulations. His expertise is vital in today’s increasingly complex and regulated financial sector.
His appointment strengthens the fund’s continuity and protects the interests of our clients. With his knowledge and experience, we ensure stability and security for our participants—today and in the future.
2. Sentiment Reversal
Market sentiment has recently deteriorated due to geopolitical tensions and concerns about the U.S. economy. The MSCI World Index fell about 10% from its February peak, partly due to the euro appreciating 5.5% against the dollar.
Last week, I shared an update on the fund’s positioning amid these developments. Since then, one notable change: gold has rebounded strongly. More on this later.
3. Meet Me Live This Saturday
For those in The Netherlands: Are you looking for authentic, alternative investment strategies and a way to protect yourself from the purchasing power erosion caused by inflation?
Tired of the marketing myths around private equity, "risk-free" bonds, and finfluencers who clearly aren’t as good at investing as they claim? Then, join me at the BeursBites Investor Event.
I'll be presenting the Blokland Smart Multi-Asset Fund this Saturday, March 22, and answering all your questions about this unique strategy.
Not a bad way to spend a Saturday afternoon, right? [Register here via this link].
4. Consumer Prices in the Netherlands Up 24% (!) in Four Years
Inflation is a key reason to explore alternative investment solutions like the Blokland Smart Multi-Asset Fund.
Policymakers typically focus on year-over-year price changes when discussing inflation. But what actually matters to people is the price level itself. By looking only at one year, a lot can be masked.
That’s why I’m sharing this chart showing the average price level in the Netherlands and the eurozone. In the past four years, the price level in the Netherlands has risen by a staggering 24%.
In my view, inflation is a silent killer that investors should avoid at all costs. Keeping your excess cash in the bank is almost guaranteed to lose value.
My advice to policymakers and central bankers: pay more attention to the price level, not just annual changes.
5. European Rearmament?
The EU plans to invest up to €800 billion to rearm itself. While this is a positive sign of long-overdue action, serious questions exist.
Why are European leaders not taking responsibility for their delayed response—not only in defense but also in the economic fallout from the war in Ukraine?
And what happened to the €800 billion Draghi once proposed to boost competitiveness, which was also dropped by the same leadership?
The consequences:
Massive budget deficits
An even larger debt mountain
Intense pressure on the ECB to keep rates low
Higher inflation
So again, why invest in French government bonds?
6. France’s Credit Outlook Cut
Standard & Poor’s has revised France’s credit outlook to negative due to deteriorating public finances.
France has a worse fiscal track record than Italy, and the list of countries with a better credit rating continues to grow.
7. U.S. Inflation
A quick update from the U.S., where Trump’s new trade war is progressing steadily. More regions are responding to Trump’s tariffs while inflation remains around 3% (headline inflation 2.8%, core inflation 3.1%).
8. Gold Price Keeps Climbing
As you know, gold is a core pillar of the Blokland Smart Multi-Asset Fund strategy.
For the first time ever, the price of one troy ounce of gold surpassed $3,000.
Given this performance, it’s worth questioning the relevance of the traditional 60-40 portfolio model. The volatility of French bonds, for example, has increased significantly, making them twice as risky relative to equities compared to the past 20 years.
Rising bond risks are having a material impact on portfolio stability.
9. Private Equity & Private Debt Are Market Bubbles
The hype around private equity and private debt is largely based on reduced transparency and liquidity, not true innovation.
The supposed benefits—like lower risk—are questionable and often marketing-driven. In fact, illiquidity raises risk, while the flood of capital chasing these assets depresses returns and can even result in idle capital.
Many U.S. family offices now hold more private equity than public equities. And as shown by the Financial Times chart, this leads to massive underperformance—even if you still mark assets at an artificial book value of 100.
10. Trump Establishes Bitcoin Reserve
Trump has officially created a Strategic Bitcoin Reserve, a historic move that gives Bitcoin further global legitimacy.
This forces policymakers and investors to take Bitcoin seriously and underscores the distinction between Bitcoin and broader crypto assets.
Some speculate that the U.S. might sell gold to buy Bitcoin, but that’s incorrect. The decree explicitly calls Bitcoin "digital gold" intended to complement, not replace, physical reserves.
Moreover, future purchases must be budget-neutral, meaning no additional debt is created. This clearly positions Bitcoin as a recognized store of value.
11. Column: Stagflation Stress
In my latest column for Investment Officer, I cover current fears of stagflation. Concerns are rising due to geopolitical tensions, weak economic data (e.g. ISM Manufacturing New Orders Index at 48.6), and an unexpected uptick in inflation metrics (ISM Prices Paid Index at its highest since June 2022).
Even the Atlanta Fed's GDP forecast has flipped from growth to nearly -3% contraction. Bond and currency markets signal recession, yet strong U.S. income growth continues. Meanwhile, inflation remains a long-term risk that’s largely being ignored.
12. Meetups, Events & Media Appearances
March and April are packed with events. I recently spoke at the Genootschap ‘43, part of Stichting Erasmushuis, a society of 70 academics that hosts 10 lectures a year.
I’ll also be a guest on BNR’s Cryptocast on March 26 and AMDAX's podcast. On April 1, I’ll deliver a keynote at the Mining Forum Europe 2025 in Zurich.
I’ll discuss why traditional investors remain hesitant to include gold in their portfolios despite massive debt levels, structurally higher inflation risks, and waning faith in the U.S. dollar.
I’ll also conduct a full audit of the fund’s gold holdings, securely stored in a vault in Zurich.
If you’re a (U)HNWI wealth manager, asset manager, family office, or institutional investor interested in working with the Blokland Smart Multi-Asset Fund, don’t hesitate to reach out. I’ll be in Zurich from March 31 to April 2.
Finally, I’ll speak at the Financial Investigator webinar "Investing in Crypto" on April 9, 1:00–2:00 PM.
Also, don’t forget to enjoy life: a few weeks ago, I visited FC Liverpool with the Rotterdam Business Association.
13. Meme of the Month: Canada as the 51st State?
Is Trump looking for a new battleground state?
📢 I regularly post memes on my Instagram page. Check them out here!
14. Contact me directly
Are you interested in the Blokland Smart Multi-Asset Fund? You can schedule a call directly via this link! Beforehand, feel free to review the terms in the fund presentation, which you can find here.
You can also reach me at:
Phone number: +31 6 14 37 19 35
Email: jeroen@bloklandfund.com
Online meeting: Schedule an appointment here
That’s all for this edition. As always, feel free to reach out if you have any questions or would like to discuss your investment strategy further.
Let’s invest together!
Kind regards,
Jeroen
