Freakonomics Radio

654. Is the Public Ready for Private Equity?

A Trump executive order is giving retail investors more access to private markets. Is that a golden opportunity — or fool’s gold?   * SOURCES: * Elisabeth de Fontenay, [https://law.duke.edu/fac/defontenay/] professor of law at Duke University. * Steven Kaplan [https://www.chicagobooth.edu/faculty/directory/k/steven-neil-kaplan], professor of entrepreneurship and finance at the University of Chicago.   * RESOURCES: * "Democratizing Access to Alternative Assets for 401(k) Investors [https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401(k)-investors/]," (The White House, 2025). * "The (Heterogeneous) Economic Effects of Private Equity Buyouts [https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2021.03890]," by Steven J. Davis, John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda (Management Science, 2025). * "Risk-Adjusted Returns of Private Equity Funds: A New Approach [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4157952]," by Arthur G. Korteweg and Stefan Nagel (The Review of Financial Studies, 2025). * "The Effects of Management Buyouts on Operating Performance and Value [https://colab.ws/articles/10.1016%2F0304-405x%2889%2990047-0]," by Steven Kaplan (Journal of Financial Economics, 1989).   * EXTRAS: * "The Biden Policy That Trump Hasn't Touched [https://freakonomics.com/podcast/the-biden-policy-that-trump-hasnt-touched/]," by Freakonomics Radio (2025). * "Should Companies Be Owned by Their Workers? [https://freakonomics.com/podcast/should-companies-be-owned-by-their-workers/]" by Freakonomics Radio (2024). * "Do You Know Who Owns Your Vet? [https://freakonomics.com/podcast/do-you-know-who-owns-your-vet/]" by Freakonomics Radio (2023). * "Are Private Equity Firms Plundering the U.S. Economy? [https://freakonomics.com/podcast/are-private-equity-firms-plundering-the-u-s-economy/]" by Freakonomics Radio (2023). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

653. Does Horse Racing Have a Future?

Thoroughbred auction prices keep setting records. But tracks are closing, gambling revenues are falling, and the sport is increasingly reliant on subsidies. Is that the kind of long shot anybody wants? (Part three of a series, “The Horse Is Us [https://freakonomics.com/the-horse-is-us/].”)   * SOURCES: * Anne Archer Hinkle [https://www.hinklefarms.com/our-team.html], owner and director of Hinkle Farms. * Cormac Breathnach [https://www.keeneland.com/sales/sales-directory/], senior director of sales operations at Keeneland. * Emily Plant [https://emilyjplant.com/about/], thoroughbred researcher and statistician, associate professor of marketing at the University of Montana. * Mark Taylor [https://taylormadefarm.com/], president of Taylor Made Farm. * Marshall Gramm [https://www.rhodes.edu/bio/marshall-gramm], horse player, professor of economics at Rhodes College in Memphis, Tennessee. * Richard Migliore [https://www.equibase.com/profiles/Results.cfm?type=People&searchType=J&eID=1269&rbt=TB], head racing analyst for Fox Sports and New York Racing Association, retired jockey. * Sean Feld [https://feldfamilyracing.com/about-us/], bloodstock agent. * Scott Heider, managing principal of Chartwell Capital, thoroughbred investor. * Thomas Lambert [https://www.americangaming.org/wp-content/uploads/2025/05/AGA-State-of-the-States-2025.pdf], economist at the University of Louisville.   * RESOURCES: * Death of a Racehorse: An American Story [https://amzn.to/4oJ7gQa], by Katie Bo Lillis (2025). * "State of the States 2025: The AGA Analysis of the Commercial Casino Industry [https://www.americangaming.org/wp-content/uploads/2025/05/AGA-State-of-the-States-2025.pdf]," (American Gaming Association, 2025). * "An Empirical Analysis of Reputation Effects and Network Centrality in a Multi-Agency Context [https://uknowledge.uky.edu/cgi/viewcontent.cgi?params=/context/gradschool_diss/article/1016/&path_info=emily_plant.pdf]," by Emily Plant (University of Kentucky, 2010). * Calculated Bets: Computers, Gambling, and Mathematical Modeling to Win (Outlooks) [https://amzn.to/4oBzNXA], by Steven Skiena (2001). * Bill Oppenheim and Emily Plant's Thoroughbred Market Reports [https://billoppenheim.com/tmr/]. * Horseracing Integrity and Safety Authority [https://hisaus.org/]. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

What Happens When You Turn 20

The world has changed a good bit since Freakonomics was first published. In this live anniversary episode, Stephen Dubner tells Geoff Bennett of PBS NewsHour everything he has learned since then. Happy birthday, Freakonomics.   * SOURCES: * Geoff Bennett [https://www.pbs.org/newshour/author/geoff-bennett], co-anchor and co-managing editor of PBS News Hour.   * RESOURCES: * Freakonomics Twentieth Anniversary Edition: A Rogue Economist Explores the Hidden Side of Everything [https://amzn.to/4nMhL3G], by Stephen Dubner and Steve Levitt (2025). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

652. Inside the Horse-Industrial Complex

How does Kentucky keep itself atop the thoroughbred industry? Is a champion stallion really worth $200,000 per date? And how many hands can one jockey have? (Part two of a series, “The Horse Is Us. [https://freakonomics.com/the-horse-is-us/]”)   * SOURCES: * Emily Plant [https://emilyjplant.com/about/], thoroughbred researcher and statistician. * Jill Stowe [https://agecon.mgcafe.uky.edu/directory/jill-stowe], professor of economics at the University of Kentucky. * Mark Taylor [https://taylormadefarm.com/], president of Taylor Made Farm. * Oscar Gonzales [https://www.chrb.ca.gov/board_members.html], vice chair of the California Horse Racing Board. * Richard Migliore [https://www.equibase.com/profiles/Results.cfm?type=People&searchType=J&eID=1269&rbt=TB], head racing analyst for Fox Sports and New York Racing Association, retired jockey.   * RESOURCES: * "Horse racing industry braces for crackdown on illegal immigration [https://www.npr.org/2025/05/19/nx-s1-5385010/trump-immigration-enforcement-horse-racing]," by Ximena Bustillo (NPR, 2025). * "Conceptualizing the Kentucky Horse Industry as an Economic Cluster [https://elcr.org/wp-content/uploads/2014/03/EconomicClustersFINAL.pdf]," by Lori Garkovich (Bluegrass Equine Digest, 2009). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

651. The Ultimate Dance Partner

For most of human history, horsepower made the world go. Then came the machines. So why are there still seven million horses in America? (Part one of a series, “The Horse Is Us [https://freakonomics.com/the-horse-is-us/].”)   * SOURCES: * Ann N. Greene [https://philadelphiaencyclopedia.org/authors/ann-norton-greene/], historian of 19th century America, retired professor at the University of Pennsylvania. * Constance Hunter [https://www.eiu.com/n/people/constance-hunter/], chief economist at the Economist Intelligence Unit. * Elizabeth Bortuzzo, professional horse rider. * Mark Paul [https://bloustein.rutgers.edu/people/paul/], professor of economics at Rutgers University. * Peter Frankopan [https://www.peterfrankopan.com/], professor of global history at Oxford History.   * RESOURCES: * "2023 Economic Impact Study of the U.S. Horse Industry [https://drive.google.com/file/d/1wNEqiJ6rpx3KzwqE0nUtq55TLzHQQsxk/view]," (American Horse Council Foundation, 2024). * Riding to Arms [https://amzn.to/4ns7wRR], by Charles Caramello (2022). * The Horse in the City [https://amzn.to/49zWWVA], by Clay McShane and Joel Tarr (2011). * Horses at Work [https://amzn.to/3Wt1qWz], by Ann Norton Greene (2008). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.