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Don't Mistake Intrade for an Oracle

Posted on August 29, 2008

Barry Ritholtz is so sharp, but when it comes to event contracts or prediction markets like Intrade, he seems to have blinders on. Today he takes on Intrade's failure to accurately predict the Republican Veep nominee. Yep, up until yesterday it was all Romney. Then last night Pawlenty soared. And it wasn't until Sarah Palin was all but confirmed by the news media that her stock started to soar. True: Intrade didn't predict anything. But if Intrade was so wrong and so consistently wrong, then why isn't Barry Ritholtz an avid participant in these markets? Seriously, he should be making a d...

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