{"podcast":{"title":"Uncapped with Jack Altman","slug":"uncapped-with-jack-altman-7251833","podcast_index_feed_id":7251833,"rss_url":"https://feeds.megaphone.fm/PDP4191604852","website_url":null,"image_url":"https://megaphone.imgix.net/podcasts/4f59e046-fc65-11ef-95e4-6f1fe969e3f6/image/f476884f6c283614adac9f78c6a206ec.png?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress","author":"Alt Capital","episode_count":54,"summary":"Conversations with people I admire about things I’m genuinely interested in.","last_synced_at":"2026-07-15T04:17:37.114625+00:00","page_url":"https://stenobird.com/podcast/uncapped-with-jack-altman-7251833"},"episode":{"title":"Uncapped #48 | Tarek Mansour from Kalshi","slug":"uncapped-48-tarek-mansour-from-kalshi","published_at":"2026-04-29T09:00:00+00:00","page_url":"https://stenobird.com/podcast/uncapped-with-jack-altman-7251833/uncapped-48-tarek-mansour-from-kalshi","show_page_url":"https://stenobird.com/podcast/uncapped-with-jack-altman-7251833","url":"https://traffic.megaphone.fm/PDP4044936269.mp3?updated=1777442679","audio_url":"https://traffic.megaphone.fm/PDP4044936269.mp3?updated=1777442679","summary":"Tarek Mansour is the co-founder and CEO of Kalshi. Kalshi is a regulated prediction market exchange valued at $22B in 2026 where people trade on the outcomes of real-world events – things like inflation prints, Fed decisions, elections, or weather events. Instead of betting against a house, users trade against each other in a market, and prices reflect the collective probability of an outcome happening. Before starting Kalshi, Tarek worked as a quantitative trader at Goldman Sachs as a structured credit and equities analyst and at Citadel as a global macro trader. During his time at these firms, he realized a common thread: a lot of trading stemmed from an opinion on a future event. We covered the idea behind prediction markets and how they offer a more direct way to trade on beliefs about the future. The conversation follows the long, difficult path to building a regulated exchange in the U.S., from early skepticism to ultimately winning a landmark legal battle. We also discuss how these markets can improve forecasting, enable new forms of hedging, and change how information gets priced. --- Timestamps: (0:00) Intro (0:23) Kalshi’s genesis (5:05) Regulation-focused from inception (11:06) Suing the government (18:02) Gambling vs. financial markets (20:58) Defining insider trading (25:38) Incentive structure of the system (32:40) Investing vs. trading (35:31) Hedging use cases (41:38) Scaling a lean team (44:02) Defining Kalshi’s culture --- Links: https://x.com/jaltma https://x.com/mansourtarek_ https://kalshi.com/ https://uncappedpod.com/ --- friends@uncappedpod.com","meta_description":"Tarek Mansour is the co-founder and CEO of Kalshi. Kalshi is a regulated prediction market exchange valued at $22B in 2026 where people trade on the outco…","key_points":[],"chapters":[],"topics":[],"duration_seconds":2869,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/uncapped-with-jack-altman-7251833/episodes/uncapped-48-tarek-mansour-from-kalshi/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/uncapped-with-jack-altman-7251833/uncapped-48-tarek-mansour-from-kalshi.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}