Wednesday links: the worst thing ever

MarketsEven after 2025, large cap stocks still lead the way over the past 10 years. (awealthofcommonsense.com)The last time emerging markets led global markets, it was 2017. (novelinvestor.com)FinanceThe U.S. Treasury basis trade is big and growing. (ft.com)Newly public Wealthfront ($WLTH) has some issues. (riabiz.com)Prediction marketsWhy Kalshi and Polymarket still differ in the U.S. (ft.com)Is listing contracts on military actions a good idea? (bloomberg.com)IranIran may be crushing dissent, but it's financial problems remain. (wsj.com)The U.S. has little effective influence over Iran. (danieldrezner.substack.com)HousingThe housing market is slowly loosening up. (axios.com)Why so few LA area houses have been rebuilt from the fires. (grist.org)Why the costs of replacing a roof are going up, think immigration. (nytimes.com)Why do elevators cost so much more in the U.S.? (youtube.com)EconomyWorkers took their smallest share of GDP since 1947. (fortune.com)How grocery prices have chang