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Art by Clark Miller.
Opinion

Fix Private Markets Before Small Investors Are Invited In

By Rett Wallace · Dec 30, 2025 8:00am PST · 16 comments
Wall Street’s latest push into private markets may give individual investors and their 401(k) accounts access to shares of unicorns like SpaceX and OpenAI. It may also allow them to add billions of additional dollars to the liquidity trap currently plaguing more sophisticated investors. Private markets have suffered from illiquidity, not lack of... Wall Street’s latest push into private markets may give individual investors and their 401(k)...
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The Information Finance

Predicting Prediction Markets Is a Tough Call

By Ken Brown · Dec 24, 2025 8:00am PST
The best prediction for 2025 would have been predicting the soaring growth of prediction markets. My prediction for 2026 is it will be a tough year for prediction markets.My colleagues Sara Germano and Yueqi Yang chronicled the stunning rise of these markets last weekend. They focused on the dramatic growth in sports betting and the tumult this... The best prediction for 2025 would have been predicting the soaring growth of prediction markets....
Art by Clark Miller
The Arena

Sports Betting Everywhere: Prediction Markets Explode

By Sara Germano and Yueqi Yang · Dec 20, 2025 6:00am PST · 3 comments
Prediction markets like Kalshi and Polymarket have gained popularity in the U.S. by letting people bet on everything from elections to Oscar winners to weather trends. But over the past year, a substantial portion of their wagers—and in Kalshi’s case the vast majority—have come from sports betting. And now traditional sportsbooks and... Prediction markets like Kalshi and Polymarket have gained popularity in the U.S. by letting...
Art via Getty Images
The Information Finance

Pre-IPO Betting Boom Hits Prediction Markets

By Yueqi Yang · May 27, 2026 8:18am PDT
Most everyday investors can’t buy shares of hot private companies like SpaceX and OpenAI before they go public. With potential mega-IPOs looming this year, prediction markets like Polymarket and Kalshi are turning that hype into tradable bets.  Users are flocking to yes-or-no bets on milestones like valuations and IPO timelines, betting... Most everyday investors can’t buy shares of hot private companies like SpaceX and OpenAI before...
Art: Clark Miller (Photo: Getty Images)
Policy

CFTC Chair Races to Stop States From Killing Prediction Markets

By Nancy Scola · May 2, 2026 7:04am PDT
When Michael Selig took up his new position as head of the Commodity Futures Trading Commission a few months ago, he quickly embarked on an effort that seems fitting for a Trump administration official who would like to make it possible for every American living room to become a wagering parlor. Selig is a sports fan, and he filled the space... When Michael Selig took up his new position as head of the Commodity Futures Trading Commission a...