A prediction market is nothing more or less than a wager on Monday Night Football. Whether the subject is an election, an economic report, or a celebrity outcome, the structure is identical: two parties take opposite sides of a binary event. One wins. One loses.

This research note is based on the 2025 Alts Leaders Survey. Respondents include the majority of wirehouse/regional firms, all the top independent broker-dealers, and a growing share of the National RIA firms. The survey captures 65.9% of all known capital flows to private market alternatives in the private wealth segment.

I received inquiries regarding my recommendation quoted above from my OpEd of November 6th, which can be found on Investment News or on my website, AltsMI opinion section, inquiring as to how to monitor flows.

Markets love familiar villains. In private credit, the usual suspects are non-accruals, covenant breaks, and credit losses.

This research note uses data from the 2025 Alts Leaders Survey, which tracks product approval activity across leading distribution platforms in the Wirehouse/Regional, Independent Broker-Dealer, and National RIA channels.

This research note is based on the combined data of the 2025 Alts Leaders Survey for the years 2025 and 2026, as well as Robert A. Stanger & Company for 2020–2024 data.

This research note is based on the 2025 Alts Leaders Survey. Respondents included wirehouse/regional firms, all the top independent broker-dealers, and a growing representative portion of the National RIA firms.

This research note is based on the 2025 Alts Leaders Survey. The charts below reflect the weighted average responses delineated by peer group.

Recency Bias is a cognitive bias where we often place too much significance on the latest data or experience.

The journey from introduction to approval consists of three major milestones: Introduced, Reviewed, and Approved. Each stage sharply narrows the field, and conversion rates vary dramatically by channel.

While factors like track record and asset class are broadly important, their weight varies significantly by gatekeeper. These distinctions have real implications for how managers approach product presentation, resource allocation, and engagement strategy.

The landscape of alternative investments continues to evolve rapidly. This research note explores the accelerating adoption of alternatives and larger allocations in portfolios across key distribution channels, including Banks, RIAs, and Independent Broker-Dealers.

Over the past five decades, investing in America’s public markets has transformed profoundly.

Amid calls to “blend in” socialism, we’ve forgotten capitalism’s true strength: individual freedom secured by property rights. Capitalism fuels innovation, jobs, and prosperity, while government overreach—redistribution, price controls, selective regulation—erodes rights and market efficiency. To preserve opportunity, we must reaffirm capitalist principles and teach them to the next generation.

In 1934, the SEC was charged with protecting investors through clear disclosures. Yet after 90 years of resisting change, prospectuses have swelled 1,000%, costing $20–30 B in compliance as public listings halve. Like Ahab chasing Moby Dick, the SEC clings to pages of redundant text, adding 200 pages on average, while video and interactive tools flourish elsewhere. Its budget rises, but true modernization remains stalled.

December 2023’s SEC review of Accredited Investor rules kept high income/net worth thresholds, cutting 16.8 million households off from private deals. Yet private assets often outperform public ones. The definition ignores true savvy — a wealthy 18-year-old qualifies, while a knowledgeable finance professor does not. A better path: SEC-certified, asset-class courses to empower all investors.

Mark Goldberg, president of investment management at W.P. Carey and former broker-dealer CEO, cautions that the DOL’s new fiduciary rule treats any IRA advice, fixed, level, or commission fees, as fiduciary acts. He debunks the “BICE lite” exemption myth, insists fee-based platforms must comply, predicts standardized fee schedules, and urges broker-dealers to adopt clear compliance processes.

Regulatory Notice 2014-006 introduces major upgrades to disclosures on client statements for unlisted REITs and direct participation programs—from clear cost breakdowns and consistent valuation methods to independent confirmation and more frequent NAV determinations. As the SEC moves to adopt these amendments, critics overlook a thorough four-year review. FINRA’s balanced, investor-centric rulemaking merits applause.

Stock markets climb while growth lags, and derivatives, once hedges, now outpace real assets, like a frog unaware it’s in a pot heating to boil. From early mutual funds to $600 trillion in paper assets, synthetic exposures blur wealth creation and mere wagering. Advisors must heed these gradual shifts before the water truly simmers.