I think it’s time to revisit the accredited investor laws in the US. Companies are staying private longer, where only accredited investors (aka rich people!) can invest. Retail investors can only come in after IPO, when much of the upside has already been captured. These rules were created with the best of intentions, to protect regular people from scams - a noble idea. Unfortunately, in practice they've often made it illegal to get richer, unless you're already rich. A regressive tax! We have to judge policies based on their outcomes, not on their intentions. These are two possible routes I see: 1) Replace the rule with something merit-based, like a financial literacy test. Pass it and you're accredited. Having a qualification based on competency rather than your bank balance or income seems far more fair. 2) Remove the rule entirely. Let consenting adults assess their own risk. Disclosure requirements stay and fraud enforcement stays to punish bad actors.

Chart from Ed Young at Morgan Stanley... Kalshi now accounts for ~10% of US sports betting market

I'm not a securities lawyer, but I think they may technically have to file an updated prospectus with this guidance. Also, I think there's no safe harbor here as there would be with regular guidance. Fun times.

Stretch currently offers a 11.50% annual dividend rate, paid monthly. $STRC

Elon is a trillionaire with 69B in 2028 Ebitda between all of his dogshit businesses Truly the greatest financial engineer of our time

SpaceX’s IPO has attracted more than $70 billion in orders from retail investors, according to people familiar with the matter, as the potentially record-breaking debut enters the home stretch bloomberg.com/news/articles/…

“Well hold out until the common is $0 and roll the debt”

NEWS: A judge in district court in Lubbock County, Texas, has granted the injunction requested by Texas Tech QB Brendan Sorsby. He’s set to be eligible for the 2026 season.

Airports really need to reach a consensus on whether we’re leaving laptops in the bag in the security line.

SpaceX just paid for the X.ai acquisition many times over.

SHOCKER: S&P 500 will NOT fast track SpaceX. So it will take AT LEAST a year, probably more. This is wild considering every other big boy index is 5-15 days. This could create significant return dispersion bt 'passive' indexes. Choose wisely.

If you think SpaceX is a rocket company with an internet business, you're basically valuing Amazon on book sales in 2005.

Rule changes for the SpaceX $SPCX IPO: Index providers waived the profitability requirement and cut the seasoning window from 90 days to 5. This forces over $30 trillion in passive 401k and retirement money to buy SpaceX at IPO valuations. Bloomberg Intelligence estimates S&P 500 funds must absorb 19% of SpaceX's float within 6 months. Russell 1000 and Nasdaq 100 funds will absorb 24%. The rules built to protect passive investors: 1. S&P 500 has required 12 months of trading and 4 quarters of GAAP profitability since 2002. Both waived. 2. Nasdaq cut its inclusion window from 90 trading days to 15. 3. FTSE Russell cut its to 5. All three benchmarks are now structured to buy SpaceX at IPO pricing.

There has been another death associated with the Isle of Mann TT. I think this video gives you an idea of how that can happen. I’ve seen darn near every form of racing, and nothing is as insane as this.

Sports as a % of total trading volume on Kalshi has been consistently falling since the start of the 2025 NFL season. Sports is now roughly 58% of the total volume. A large part of this is the rise of crypto-related markets. Over time, as new categories emerge, I would argue this drops to teens and then maybe even single digits.