Market exchanges are cheap after Calshi selloff
The bull case for financial exchanges is that their recent steep selloff triggered by the Calshi listing ruling is an overreaction, making these high-quality businesses cheap.
The argument
The host argued that exchanges like CME and Nasdaq are trading at attractive valuations after getting 'crushed' on fears of prediction market competition, which they argue is not a significant threat to their core businesses.
The thesis, stress-tested
✓ What validates it
- ✓Stabilization of exchange stock prices and strong volume metrics in monthly reports
- ✓Evidence that prediction markets fail to attract institutional volume away from traditional exchanges
▸ Risks discussed
- ▸Regulatory shifts allowing alternative listing venues to gain meaningful market share
- ▸Declining trading volumes across major asset classes
Hear it yourself
"So c CME, CBL Nasdaq, CBL ICE. They're all down huge. And a little bit different a little bit away, but S and P and Moody's also got crushed. But what do you think about, like, the exchanges?"
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