George Hahn

Hint, it's not ideology.

Autocracies aren't winning because they're stronger.

They're winning because democracies are increasingly divided, distracted, and uncertain about what they're willing to defend.

And it wasn't just academics making that argument.

Last week, at the final stop of the Prof G Markets tour in New York, Scott posed many of the same questions to someone who spent years making these decisions from inside the Situation Room, Hillary Clinton.

We'll be right back after the break.

Welcome back.

Meanwhile, on Wall Street, a different kind of arms race is heating up.

SpaceX goes public today, raising $75 billion in what is now officially the largest IPO in history, more than double Saudi Aramco's 2019 record.

Anthropic has filed confidentially for its own offering.

OpenAI is targeting September.

Google announced an $85 billion equity offering, the largest public stock sale ever recorded.

And Meta is reportedly planning its own raise on top of that.

And if all of that weren't enough, Goldman Sachs estimates another $500 billion in shares are about to be unlocked as lockup periods expire across the industry this year.

Added up, nearly a trillion dollars in new equity supply is about to hit the market all at once.

The question is whether there's enough money to buy all of them.

Scott's take?

If there's a first day pop, he knows exactly where he'd put his money.

While investors debate where to put the next trillion dollars, many Americans are wondering if they'll ever be able to buy a house.

The median first-time homebuyer is now over 40 years old.