And while Kalshi and Polymarket may be better venues for "someone is wrong on the internet" proof-trading, ETFs offer clean, efficient ways to lose your money too. This toe-dip into matching flows with performance got me thinking about "the other big trade" of the last year or so that's not AI: Energy. That's where all the headlines about insider trading have been, so taking the cue from Eric, I had to figure out: have ETF investors been playing the energy trade this well? Two Regimes, Different WinnersBy my count—it'll change tomorrow—there are 128 U.S.-listed energy ETFs and ETNs holding about $109 billion (and there's been huge product churn, with at least 20 closures in the last year or two). The geared ETFs that have people like me hand-wringing?