Market Structure

Nov 28, 2025

My prediction: Secondaries replace IPOs. Here's the data that convinced me.

I'm betting on Option C at 70% confidence. Data-backed reasoning, where I could be wrong, and your turn to predict or debate.

Nov 26, 2025

Goldman Sachs paid $965M for a secondary market firm. Here's why Wall Street is betting IPOs won't come back.

When the smartest money bets against traditional exits, infrastructure wins. Today's clue - follow the pipes.