A Trump executive order is giving retail investors more access to private markets. Is that a golden opportunity — or fool’s gold?

SOURCES:
- Elisabeth de Fontenay, professor of law at Duke University.
- Steven Kaplan, professor of entrepreneurship and finance at the University of Chicago.

RESOURCES:
- "Democratizing Access to Alternative Assets for 401(k) Investors," (The White House, 2025).
- "The (Heterogeneous) Economic Effects of Private Equity Buyouts," by Steven J. Davis, John Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda (Management Science, 2025).
- "Risk-Adjusted Returns of Private Equity Funds: A New Approach," by Arthur G. Korteweg and Stefan Nagel (The Review of Financial Studies, 2025).
- "The Effects of Management Buyouts on Operating Performance and Value," by Steven Kaplan (Journal of Financial Economics, 1989).

EXTRAS:
- "The Biden Policy That Trump Hasn't Touched," by Freakonomics Radio (2025).
- "Should Companies Be Owned by Their Workers?" by Freakonomics Radio (2024).
- "Do You Know Who Owns Your Vet?" by Freakonomics Radio (2023).
- "Are Private Equity Firms Plundering the U.S. Economy?" by Freakonomics Radio (2023).

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