Friday links: unexamined beliefs

RegulationThe SEC has dramatically cut back on enforcement actions. (ft.com)Lax enforcement is allowing some ETFs to exceed position limits for private shares. (ft.com)Prediction marketsWhat's the argument for a prediction markets ETF? (joesaluzzi.substack.com)Is journalism infused with prediction markets better? (niemanlab.org)Private assetsSigns of deterioration in private credit quality. (morningstar.com)Private asset managers are being forced to comment on their stock prices. (ft.com)How 'NAV squeezing' works. (ft.com)TariffsThe Supreme Courts struck down Trump's 'emergency' tariffs. (npr.org)The court's ruling leaves a lot of open questions. (washingtonpost.com)How imports are affected. (nytimes.com)But there are some obvious winners. (frontofficesports.com)IranOn the strategic incoherence of Trump's Iran policy. (danieldrezner.substack.com)Iran's opposition is splintered. (theatlantic.com)MisconductOther countries take official misconduct seriously. (axios.com)Forget pardons, no