Roundhill Investments has asked the US Securities and Exchange Commission for permission to launch six ETFs that would let investors wager on US election outcomes through standard brokerage accounts — the most ambitious attempt yet to bring prediction markets into mainstream finance. The proposed exchange-traded funds, disclosed in a filing on Feb. 13, cover presidential, Senate and House races ac...
Roundhill Investments has asked the US Securities and Exchange Commission for permission to launch six ETFs that would let investors wager on US election outcomes through standard brokerage accounts — the most ambitious attempt yet to bring prediction markets into mainstream finance. The proposed exchange-traded funds, disclosed in a filing on Feb. 13, cover presidential, Senate and House races across both parties. The tickers — BLUP, REDP, BLUS, REDS, BLUH and REDH — track funds with names like Roundhill Democratic President ETF and Roundhill Republican Senate ETF. Each fund would hold event contracts, a class of derivatives that settle at either $1 or $0. Pick the winning party and the contract pays out. Pick wrong and the contracts settle at zero, but the fund rolls into the next election cycle and resets — presidential ETFs from 2028 into 2032, congressional funds from 2026 midterms into 2028. “This is yet another example of pushing the ETF envelope,” said Todd Sohn , chief ETF strategist for Strategas. “ETFs are usually involved whenever there is a ‘hot’ asset or new way to gain exposure. It just takes one filing to get the ball rolling and prediction markets are the next forefront.” The filing comes after the Commodity Futures Trading Commission on Feb. 4 formally withdrew a Biden-era proposal that would have banned political event contracts, with Chairman Michael Selig saying the prior administration had overstepped by trying to ban the contracts outright. He pledged new rules grounded in “responsible innovation.” On Monday, Selig went further, writing in the Wall Street Journal that the CFTC would file a friend-of-the-court brief supporting Crypto.com against state regulators seeking to shut down event-contract markets. On Tuesday, the official X account of Selig posted a video warning that anyone seeking to challenge the commission’s authority would face legal action, saying: “We’ll see you in court.” Prediction markets have already proved demand for tradin...
Andreypopov | Istock | Getty Images The Trump administration has identified more than 40,000 borrowers eligible for federal student loan forgiveness in January, a recent court filing revealed . More than 10,800 of the borrowers who qualified for the debt cancellation were enrolled in the U.S. Department of Education's Income-Based Repayment Plan ; another over 10,700 were in the Income-Contingent ...
Andreypopov | Istock | Getty Images The Trump administration has identified more than 40,000 borrowers eligible for federal student loan forgiveness in January, a recent court filing revealed . More than 10,800 of the borrowers who qualified for the debt cancellation were enrolled in the U.S. Department of Education's Income-Based Repayment Plan ; another over 10,700 were in the Income-Contingent Repayment Plan ; and 820 borrowers were enrolled in the Pay as You Earn Repayment Plan . Those three programs are all known as income-driven repayment plans . IDRs limit a borrower's monthly bill to a share of their discretionary income and cancel any remaining debt after a certain period, typically 20 or 25 years. Another 18,160 federal student loan borrowers had their debts cancelled in January through the Public Service Loan Forgiveness program, the Education Department said in its recent court filing. Signed into law in 2007 by President George W. Bush, PSLF offers debt cancellation to those who've worked for 10 years at certain not-for-profit organizations or the federal government. Read more CNBC personal finance coverage Parents with student debt face deadline to secure affordable repayment, forgiveness Secure 2.0 let employers pair emergency savings and 401(k)s, but few have done so Home sellers start getting lower prices at 70, research shows — here's why Average IRS tax refund is up 10.9% so far this season, early filing data shows Early estimates point to lower Social Security COLA for 2027 Senators call for longer Social Security Fairness Act lump-sum payment timeline Here's the inflation breakdown for January 2026 — in one chart Average tax refund is up 22%, Bessent says — what filers can expect this season K-shaped economy looks like 'jaws of a crocodile,' economist says: Here's why How EPA 'endangerment finding' repeal could impact your wallet Medical emergencies can lead to debt and bankruptcy — even for insured Americans Bigger tax refunds may be coming — b...
If you are wondering whether Palantir Technologies at US$131.41 is priced for perfection or still has room to run, you are asking the right question and valuation is where that answer starts. The stock has recently been volatile, with a 5.8% decline over the last 7 days, a 23.1% decline over 30 days and a 21.7% decline year to date, although the 1 year return is 5.4% and the 3 year return is very ...
If you are wondering whether Palantir Technologies at US$131.41 is priced for perfection or still has room to run, you are asking the right question and valuation is where that answer starts. The stock has recently been volatile, with a 5.8% decline over the last 7 days, a 23.1% decline over 30 days and a 21.7% decline year to date, although the 1 year return is 5.4% and the 3 year return is very large. Recent headlines have continued to focus on Palantir's role in software for government...
Leon Cooperman's Omega Advisors built out a monster stake in Rocket Companies in the final months of 2025. Cooperman bought more than $375 million worth of shares in the Detroit-based mortgage provider during the fourth quarter of last year, according to regulatory fillings . Rocket is now the fund's largest holding, valued at nearly $407 million, data from Insider Score shows. RKT 1Y mountain Roc...
Leon Cooperman's Omega Advisors built out a monster stake in Rocket Companies in the final months of 2025. Cooperman bought more than $375 million worth of shares in the Detroit-based mortgage provider during the fourth quarter of last year, according to regulatory fillings . Rocket is now the fund's largest holding, valued at nearly $407 million, data from Insider Score shows. RKT 1Y mountain Rocket, 1-year Rocket shares were only marginally lower in the fourth quarter of 2025, but they managed to surge nearly 72% over the course of the year. While the stock is down 4% in 2026, analysts polled by LSEG see a rebound ahead. Though most have a hold rating, the average price target suggests more than 15% in upside. Cooperman more than doubled his stake in Occidental Petroleum , bringing it to more than $28 million. The Omega Family Office chair hiked his position in KBR by more than 20%, driving its worth above $85 million. But the billionaire investor zeroed out his ArriVent Biopharma holding. The Goldman Sachs alum also whittled down his positions in DiaMedica Therapeutics and OneMain Holdings by more than 38% and 16%, respectively.
Mininyx Doodle/iStock via Getty Images Crass and mercantile though this may sound, the endgame for a business is to make money, and a business that fails this simple test cannot survive for long, no matter how noble its social mission, how great its products, and how much they are loved by its customers and employees. In this post, I start with a defense of this mercantile objective and argue that...
Mininyx Doodle/iStock via Getty Images Crass and mercantile though this may sound, the endgame for a business is to make money, and a business that fails this simple test cannot survive for long, no matter how noble its social mission, how great its products, and how much they are loved by its customers and employees. In this post, I start with a defense of this mercantile objective and argue that attempts to expand it to incorporate social good leave both businesses and societies worse off. I look at business profitability, first in absolute terms in 2025, and then relative to revenues, examining why profit margins vary across businesses and sectors. I then raise the ante and argue that making money is too low a standard to hold companies to, since the capital invested in these companies can generate returns elsewhere, opening the door to bringing in the opportunity costs (costs of equity and capital) that I introduced in my last post . The Business Endgame In 1970, Milton Friedman argued in a New York Times article that the social responsibility of a business is to deliver (and increase) profits. That view has come under attack in recent decades, but even in the immediate aftermath of the article’s appearance, there was some pushback. Some came from people who argued that Friedman was missing details, with a few noting that it is cash flows, not earnings, that businesses should focus on, and others arguing that it is profits over the long term, not just immediate profits, that should be the focus of a business. My guess is that Professor Friedman would have agreed on both fronts, arguing that he was talking about economic, not accounting, profits, and that there was nothing in his mission statement that foreclosed a focus on long-term profits. In the decades since, there has been a more fundamental critique of the Friedman business endgame, coming from those who believe that his view is far too cramped and narrow a vision for a business and that businesses have ob...
Dr_Microbe/iStock via Getty Images Overview My last evaluation of Krystal ’s stock ( KRYS ) was in November 2025 and followed its Q3 earnings. Krystal markets VYJUVEK–a topically applied gene therapy for wounds associated with dystrophic epidermolysis bullosa, or DEB. While I’ve always been bullish on VYJUVEK, in July 2024 I "stepped on the brakes" on KRYS due to its high valuation. Seeking Alpha ...
Dr_Microbe/iStock via Getty Images Overview My last evaluation of Krystal ’s stock ( KRYS ) was in November 2025 and followed its Q3 earnings. Krystal markets VYJUVEK–a topically applied gene therapy for wounds associated with dystrophic epidermolysis bullosa, or DEB. While I’ve always been bullish on VYJUVEK, in July 2024 I "stepped on the brakes" on KRYS due to its high valuation. Seeking Alpha Between the “Hold” and “Buy” ratings, KRYS returned just -5%. I became bullish again on KRYS because its pipeline beyond VYJUVEK was more in focus – especially after the company received the FDA’s Platform Technology Designation for its non-replicating HSV-1 vector (i.e., KB801 in neurotrophic keratitis). I also noted some upcoming catalysts (e.g., Cystic Fibrosis data), which I believed "could be what’s needed to take KRYS (...) >$200/share)." Krystal has since revealed Phase 1 Cystic Fibrosis data and reported Q4/FY25 earnings–meriting another look. Cystic Fibrosis Valued at ~$8 billion (market capitalization), VYJUVEK is fully priced. So the onus is on Krystal’s ability to prove that it's capable of replicating (pun intended) success. Although early, Krystal’s Phase 1 Cystic Fibrosis data ( deck ) served the purpose. Now, CORAL-1 is a small, open-label trial. Data so far is focused on the assessment of KB407 transduction and CFTR transgene expression in the lung after one inhalation–as evaluated by bronchoscopy. For context, the delivery of functional genetic material directly to the lungs is challenging due to delivery and stability hurdles. The largest takeaway so far from CORAL-1 is that KB407 is now the first gene therapy to provide molecular confirmation of wild-type CFTR protein expression in Cystic Fibrosis lungs. All six patients in Cohort 3 showed transduction levels >29% with broad distribution. Krystal Krystal is targeting the patients that do not respond to the current CFTR modulators (like Vertex’s TRIKAFTA). They believe there's a $2 billion-plus market opp...
The Depository Trust & Clearing Corporation (DTCC) plays a major role in the plumbing of the US financial system as the central clearing and settlement hub for equities and fixed-income products. In December, the SEC granted permission to allow the firm to custody and recognize tokenized equities and other real-world assets on-chain. The move gives the DTCC the ability to offer tokenization servic...
The Depository Trust & Clearing Corporation (DTCC) plays a major role in the plumbing of the US financial system as the central clearing and settlement hub for equities and fixed-income products. In December, the SEC granted permission to allow the firm to custody and recognize tokenized equities and other real-world assets on-chain. The move gives the DTCC the ability to offer tokenization services on pre-approved blockchains for three years. Frank La Salla, president and CEO of DTCC, joins Scarlet Fu and Tim Stenovec on "Bloomberg Crypto" to discuss tokenization. The firm’s ultimate aspiration is to add its entire depository, which represents $100 trillion in securities, to the blockchain, a move that would require further action from the SEC. (Source: Bloomberg)