The Indicator from Planet Money Do traders who place big bets make big money?
42 snips
Feb 24, 2026 
Ricky Mulvey, co-host of This Time Is Different and frequent Planet Money contributor, joins to talk options whales. They explain what options are and why short-term contracts exploded. Listeners hear how institutions hedge, how algorithmic traders move markets, and how unusually large bets can signal insider timing or spectacular losses.
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Options Let Traders Make Big Bets Without Owning Stock
- Options give the right to buy or sell an asset at a set price before an expiration date.
- Ricky Mulvey explains whales place massive options bets that can be pure speculation rather than owning the stock itself.
Options Market Exploded Since 2019
- Options trading volume has surged from about 5 billion U.S.-listed contracts in 2019 to over 15 billion recently.
- Amy Wu Silverman attributes much of the growth to post-COVID market structure changes and new shorter-dated option products.
Weekly And Daily Options Enable Shorter Speculation
- New products like weekly and daily options let traders speculate on much shorter timeframes.
- Amy Wu Silverman notes traders can now place bets for as little as one day instead of being forced into one-to-three month horizons.