The Latest From The Institute
The Spirit Collapse: When Blocking a Merger Eliminated the Competition It Aimed to Protect—and Multiplied the Damage
The shutdown of Spirit Airlines on May 1, 2026 is being described in many places as a market failure. That framing is incomplete. The market was already under pressure, but the outcome that ultimately occurred cannot be understood without looking directly at the policy decision that removed Spirit’s only viable path forward. What happened on…
The Pied-à-Terre Tax Is How You Break a Real Estate Market
New York is once again flirting with a policy that sounds good in a press release but collapses under even basic economic scrutiny. The proposed pied-à-terre tax—pushed by Zohran Mamdani and supported by Kathy Hochul—is being framed as a way to make wealthy second-home owners “pay their fair share.” In reality, it is a direct…
The Liquidity Illusion — and the Patience Premium: What the Blue Owl Redemption Debate Reveals About Private Credit
For more than a decade, private credit funds have been marketed as a stable alternative to the volatility of public markets. Investors were told they could earn equity-like returns with bond-like stability, while accessing investments traditionally reserved for institutions. What many investors did not fully appreciate, however, was the structural tension embedded within these vehicles:…
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Two Generations, One Country. Thousands of Questions – And a few Answers.
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