Prediction Markets & How Platforms Are Reshaping Investing

It’s a holiday edition of The Howard Lindzon Show with Michelle Steele, and the conversation spans everything from the Degenerate Economy Index to the future of prediction markets, regulation, and Gen Z’s relationship with risk.

Howard breaks down why he recently added Amazon to the Degenerate Economy Index, explaining how AI, logistics, self-driving, and even Rivian fit into the next phase of market evolution.

The discussion expands into why prediction markets are not just betting—but a new form of media—and how platforms like Robinhood, Coinbase, Polymarket, and Kalshi are racing to own distribution and the customer wallet. Michelle and Howard also react to the Wall Street Journal’s framing of “financial nihilism” among Gen Z, pushing back on the idea that young investors are abandoning hard work in favor of gambling.

Howard draws a sharp line between investing, sports betting, and prediction markets—while arguing that vaping and addictive consumer products pose a far bigger long-term threat than betting itself.

The episode closes with a candid look at SEC regulation, market chaos vs. clarity, and why 2026 could mark peak prediction markets—as these platforms increasingly shape headlines, narratives, and how people understand probability in real time.