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Do not be fooled by the talking heads in Rome. The journalists handicapping the papal election may sound as confident as ever, authoritatively quoting anonymous cardinals and exclusive sources deep in Opus Dei. But our profession is in trouble. A specter is haunting the punditocracy - the specter ofIntrade
That's an online futures market, based in Dublin and used by more than 50,000 speculators worldwide who put their money where our mouths are. They're expected to spend at least $1 million on futures contracts tied to the election of the pope. And if recent history is any guide, their collective wisdom could be a lot more valuable than ours.
If you listened to journalists during last year's presidential campaign, you heard about a tight race with oscillating polls and shifting momentum. The weekend before the election, we painstakingly analyzed the battleground states and bravely proclaimed them too close to call.
But if you watched the Intrade market throughout the campaign, you saw the traders serenely betting on a Bush victory. Most remarkably, the weekend before the election, the traders correctly called the winner in every one of the 50 states.
For now, the Intrade speculators are expecting the white smoke to signal an Italian pope. The futures contract that pays off in the event any Italian wins was trading at one point yesterday at 41.9, which means the traders gave Italy a 41.9 percent chance, followed by Nigeria at 13. The individual favorite was Dionigi Tettamanzi of Milan, at 23, followed by Francis Arinze of Nigeria, at 14.
Do not be fooled by the talking heads in Rome. The journalists handicapping the papal election may sound as confident as ever, authoritatively quoting anonymous cardinals and exclusive sources deep in Opus Dei. But our profession is in trouble. A specter is haunting the punditocracy - the specter ofIntrade
That's an online futures market, based in Dublin and used by more than 50,000 speculators worldwide who put their money where our mouths are. They're expected to spend at least $1 million on futures contracts tied to the election of the pope. And if recent history is any guide, their collective wisdom could be a lot more valuable than ours.
If you listened to journalists during last year's presidential campaign, you heard about a tight race with oscillating polls and shifting momentum. The weekend before the election, we painstakingly analyzed the battleground states and bravely proclaimed them too close to call.
But if you watched the Intrade market throughout the campaign, you saw the traders serenely betting on a Bush victory. Most remarkably, the weekend before the election, the traders correctly called the winner in every one of the 50 states.
For now, the Intrade speculators are expecting the white smoke to signal an Italian pope. The futures contract that pays off in the event any Italian wins was trading at one point yesterday at 41.9, which means the traders gave Italy a 41.9 percent chance, followed by Nigeria at 13. The individual favorite was Dionigi Tettamanzi of Milan, at 23, followed by Francis Arinze of Nigeria, at 14.
