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   The World: Betting on everything
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   Plus, Trump’s pressure on Iran
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              By
              <a class="css-nanfcg" style="-webkit-text-decoration:underline;text-decoration:underline;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc;color:inherit">
               Katrin Bennhold
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          Good morning, world.
         </span>
         <span>
          After the U.S. attacked Iran, it emerged that the night before, hundreds of bets predicting the strike had been placed on Polymarket, a prediction market site. Those people made a lot of money — and left a lot of others wondering whether they had had inside information.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The same thing happened before U.S. Special Forces captured the Venezuelan president. And before the Oscars.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Prediction markets have become a big deal, and not just in America. As my colleague David Yaffe-Bellany explains, the companies are American, the regulatory battles are American, but the betting is global — and it’s changing the way people are thinking about wars, elections and the truth. You can read our conversation below.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump’s pressure on Iran
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                An Olympics ban on trans women
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                Irish kids going phone-free
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             <img alt="An ad for Kalshi is visible through the windows of a New York City subway car. " class="css-xsf469" height="625" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F27%252Fmultimedia%252F27int-theworld-prediction-markets-02-wgvb%252F27int-theworld-prediction-markets-02-wgvb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ1ODg1MjEuNDU4MzAzNX0:1w5zXV:9s0CUIc1kOzzI021MpGFFku1Nlenvu32vyxy0bCPN10" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Karsten Moran for The New York Times
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          Place your bets on everything
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          So, David, before we get into all of the controversies, what exactly are prediction markets? And why is everyone talking about them?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Basically, these are sites where people can bet on virtually anything. Sports, of course, but also: Will the U.S. strike Iran? When will Taylor Swift get married? Will this politician use that word in a speech tomorrow? You buy a contract priced between zero and a dollar, with the price reflecting the overall market odds. If you’re right, it pays out a dollar.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Have you ever done this?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The New York Times kindly staked me $20 to try on Polymarket to get some insight into how it operates. I was able to make a little money off bets on Manchester United, my favorite football team.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What struck me was how gamified these sites are. They’re designed to suck you in. I get emails all the time that basically say: “Look at this exciting thing that’s happening in the world! Why don’t you bet on it?’
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          So when did this grow from a niche internet thing into a big deal?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          These platforms
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exploded
         </a>
         <span>
          during the 2024 U.S. presidential election. Trump was posting the odds on Truth Social, Elon Musk was putting them on X. And they’ve been a little controversial from the start: There were questions over whether an individual was betting a huge amount of money on Trump. And then the concern was whether that could have an impact on how people viewed the race, and what they ultimately did at the ballot box.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it goes way beyond sports and politics. Nearly $12 billion was traded on Polymarket and Kalshi, the two biggest sites, in December alone. The Golden Globes featured Polymarket odds during the live telecast. They’re kind of everywhere now.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          And the day before the U.S. and Israel first hit Iran, more than 150 anonymous Polymarket accounts
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
          placed big bets correctly predicting the attack
         </a>
         <span style="font-weight:700">
          . How big a concern is insider trading?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a big concern. The platforms offer bets on just about everything, so there’s a lot of insider knowledge out there. You might be someone who knows
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          whether Jeff Bezos will attend the Super Bowl
         </a>
         <span>
          , for example. Around the time of the U.S. raid on Venezuela, a suspicious pattern of bets suggested someone cashed in on advance knowledge of the military operation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Is there any regulatory oversight?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There used to be more. In the U.S., prediction markets are regulated by the Commodity Futures Trading Commission, which has some rules designed to prevent insider trading. But it’s a gray area how those rules are applied.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Several years ago, Polymarket was fined by the C.F.T.C. for operating without proper registration and was pushed overseas. All the headline-grabbing markets — the bets on the Iran strikes, on Venezuela,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on the ayatollah’s fate
         </a>
         <span>
          — are available only on Polymarket’s overseas platform, though Americans can use them by hiding their location with a VPN. Polymarket’s U.S. site offers only sports bets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And under Trump, the regulatory landscape has become more favorable. Donald Trump Jr. is an adviser to both Polymarket and Kalshi.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Do we know if Trump himself, or his family, is making money on these prediction markets?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We don’t have evidence that anyone in the family is placing bets based on things they know from inside the White House. What we do know is that Trump Media — the company that owns Truth Social — is building its own prediction market, so there’s a pathway for the Trumps to make money as operators of one of these things.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          The other concern raised by your reporting is that these sites are becoming a source of misinformation. Polymarket calls itself “News 2.0.” What’s going on there?
         </span>
        </p>
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              The New York Times
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Polymarket says it’s an alternative source of truth. The argument is that the markets themselves give reasonably accurate forecasts on certain things. But its social media feed is very different: It’s full of quasi-breaking-news updates designed to get people betting. Our analysis found a pattern of intriguing but misleading statements, including some that are just plain wrong. There’s a perverse incentive loop — a false post moves the market, and when the market moves it draws more people in.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          So, David, to finish, what does the popularity of these prediction markets say about the cultural and political moment we’re in?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of Kalshi’s founders described his goal as “the financialization of everything,” which basically is the idea that every opinion, every decision, can be converted into a trade. To some people that’s exciting; to others there’s something dystopian about every corner of life boiling down to a profit opportunity.
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             <img alt="A broad view of Tehran with a highway, buildings, and a prominent spired tower. " class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F27%252Fmultimedia%252F27int-theworld-iran-trump-tlpj%252F27int-theworld-iran-trump-tlpj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ1ODg1MjEuNDU4ODI2M30:1w5zXV:-b3tW0C7nL5SSrUD2j0fj_dyRjorUTGtgIpEk8eeXos" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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              Tehran on Wednesday.
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Arash Khamooshi for The New York Times
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
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          Trump threatens Iran, extends deadline
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          piled pressure on Iran
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         <span>
          to accept his plan to end the war, warning that otherwise, “We’ll just keep blowing them away.” But he also extended a deadline for Iran to fully open the Strait of Hormuz, a vital shipping route, or face an attack on its power stations. In a social media post, Trump said the pause was “per Iranian Government request” and would end on April 6.
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          U.S. stocks tumbled 1.7 percent
         </a>
         <span>
          , their biggest drop since the beginning of the war, and oil prices continued rising, as investors fretted about when the war would end.
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          Earlier in the day, Israel said it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          killed a naval commander
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         <span>
          who had been leading Iran’s effort to close the Strait of Hormuz.
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          Other developments:
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                Kharg Island handles 90 percent of Iran’s crude oil exports. It’s also a potential U.S. target. Watch my colleague Peter Eavis explain
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the video below
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                .
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              Click to watch the video.
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             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              The New York Times
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Pakistan’s leaders, who are close to both Trump and the Iranian president, have been speaking to many other world leaders as they
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                try to mediate
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                between the U.S. and Iran.
               </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
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                European officials worry that Russia is preparing to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                deliver advanced drones to Iran
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Asian economies
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                are getting crushed
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                between oil prices and the dollar.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The war also has created a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                helium gas shortage
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that now threatens the A.I. chip industry.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Iran will allow
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Malaysian vessels to pass through
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the Strait of Hormuz, Malaysia’s prime minister said.
               </span>
              </li>
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            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="A woman in a black suit speaks at a podium. The Olympic rings are on the front of the podium. People in winter jackets are seated in the background." class="css-xsf469" height="624" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F25%252Fmultimedia%252F27int-theworld-olympics-transgender-ban-pkml%252F27int-theworld-olympics-transgender-ban-pkml-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5MDQ4NX0:1w5zXV:_W66yuay8zgrhrCO_xoR54KBvOQIoRKRTx_K5aLUlPk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Kirsty Coventry in February.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Vincent Alban/The New York Times
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        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          The Olympics barred trans women
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The International Olympic Committee
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          barred transgender athletes from competing in the women’s category
         </a>
         <span>
          at the Olympics. The rule will apply starting at the next Games, in Los Angeles in 2028.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          All athletes in women’s events will have to undergo genetic testing, the I.O.C. said. “At the Olympic Games, even the smallest margins can be the difference between victory and defeat,” said Kirsty Coventry, the I.O.C. president and a former Olympic swimmer. “So, it is absolutely clear that it would not be fair for biological males to compete in the female category. In addition, in some sports it would simply not be safe.”
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The U.S. is pressuring Ukraine to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                surrender the Donbas region
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in exchange for security guarantees, President Volodymyr Zelensky said in a Reuters interview.
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump is set to become, later this year, the first sitting president to have his signature
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                appear on the U.S. dollar
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A U.S. blockade is
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                crippling Cuba’s health care system
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , an institution once considered a triumph for a poor nation.
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              <li style="margin:0 0 10px 0;line-height:27.5px">
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                Many Catholic churches across the U.S. are welcoming
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                high numbers of new converts
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Bishops are confounded by what is behind the trend.
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Millions of dollars’ worth of U.S.A.I.D.-funded contraceptives once destined for Africa
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                are going bad in Belgium
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                after the aid program was dismantled.
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                The OnlyFans owner Leonid Radvinsky, who turned the website into a porn powerhouse,
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                died at 43
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         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             SPORTS
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Football:
         </span>
         <span>
          Italy defeated Northern Ireland to put the team
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          one win from qualifying
         </a>
         <span>
          for its first World Cup since 2014.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Tennis:
         </span>
         <span>
          Arthur Fils
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          saved four consecutive match points
         </a>
         <span>
          to advance to the Miami Open semifinals. The men’s final is on Sunday.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="border-top:0 solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1175355%2526li%253DWOR%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DWOR_20260327%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5MTUxNX0:1w5zXV:3oFE2ZQ0AZBcSKo19sjAmuBeb2ESEik-gXlAPHrDkOg" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1175351%2526li%253DWOR%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DWOR_20260327%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5MjU2Mn0:1w5zXV:uBr2Bj35Fm-h8tMkrqCVjwot6bXN-GiohouFDA67FGI" style="display:block;width:100%;max-width:600px" width="600"/>
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1175351%2526li%253DWOR%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DWOR_20260327%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5MzU5Nn0:1w5zXV:PtCIz77F9yBxf0JpY5a347I9bjDZG-pkZxqSGAnxLpk" style="display:block;width:100%;max-width:480px" width="480"/>
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              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             ADVICE OF THE DAY
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="A person shears off a last section of hair above a man’s ear, leaving him bald. " class="css-xsf469" height="874" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F26%252Fmultimedia%252F27int-theworld-bald-reddit%252F27int-theworld-bald-reddit-jumbo.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5NDU5fQ:1w5zXV:vQHaYYbnHHhBZtZvWuqUhV83MMmkEaWlZwhh8kS0rMc" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Michael Swenson for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          Shave it all off
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For balding men, deciding whether to accept thinning hair or fight their fate can feel existential. In one corner of the internet — the Reddit forum r/Bald — users are cheered and congratulated
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          for reaching for the clippers
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             MORNING READ
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="A man in a dark blazer standing in front of a green chalkboard speaks to young students with a microphone." class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F26%252Fmultimedia%252F27int-theworld-china-influencer%252F27int-theworld-china-influencer-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5NTYxOH0:1w5zXV:TVdoX2vCmpM4U2_9kV0Ja8oQrm7VVUcUfdpDj9WxNPQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Feature China/Future Publishing, via Getty Images
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zhang Xuefeng became China’s best-known education influencer thanks to his no-nonsense advice about how to succeed in the country’s educational grind. He would say, for example, that liberal arts studies were good only for service jobs, and that pursuing a career in finance was pointless without family connections.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When Zhang died this week at 41 of cardiac arrest, the news prompted an outpouring of shock but also of reflection. On Chinese social media, people asked: Had he steered Chinese youth to better lives or preyed on their anxiety? And if life was so unpredictable, did planning so carefully even matter?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
          Read about his legacy
         </a>
         <span style="font-weight:700">
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             AROUND THE WORLD
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="Children play on asphalt in front of single-story buildings." class="css-xsf469" height="500" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F25%252Fmultimedia%252F27int-theworld-ireland-phones-lhzq%252F25evening-nl-ireland-phones-lhzq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5NjY5OH0:1w5zXV:WA-DwufuANyONNYDQKglOelFuNrzDoInnkqX_SOQW6Q" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Therese Aherne for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
         <span>
          A phone-free childhood in an Irish town
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In Greystones, Ireland, just south of Dublin, kids stroll around town, hang out at the beach, play sports and collect coins. And, for the most part, they don’t carry smartphones.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Three years ago, parents and community leaders adopted a “no smart devices” code to try to free their children from the grip of social media. The voluntary effort appears to be working, mostly because nearly everyone has bought in. Charlie Hess, one of the young coin collectors, said he hoped to get a smartphone when he’s 15 or 16. Until then? “I think I have better things to do,” he said.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
          Read more about how the town made it work
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             RECIPE
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
             <img alt="Footage of a person baking a dessert with a cream and cherry compote filling. " class="css-xsf469" height="889" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F09%252F09%252Fmultimedia%252F27int-theworld-cherry-karpatka-qzfb%252F27int-theworld-cherry-karpatka-qzfb-jumbo-v2.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5NzczM30:1w5zXV:luceqRNRmZHzwJYVH-XMiUdWTJGhvB178qZe2-_WAiE" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
            </a>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Click to watch the video.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Karpatka, also known as Polish Mountain cake, gets its name from the Carpathian Mountains.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          This version
         </a>
         <span>
          of the dessert, a Polish bakery staple, adds an untraditional cherry compote to the creamy custard filling. Watch how to make it in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the video above
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             WHERE IS THIS?
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Two bikers between a row of palm trees biking along a waterfront at sunset. A mountain lies across the water." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F27%252Fmultimedia%252F27int-theworld-photo-quiz-pqjt%252F27int-theworld-photo-quiz-pqjt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzQ1ODg1MjEuNDU5ODczN30:1w5zXV:YP1P6MzV5wP2c3zNolll2I2S51DzAdfOMXvgsJM2914" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Chang W. Lee/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          Where is this coastline?
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#333;font:10px georgia,serif;text-align:left;padding-left:50px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Santa Barbara, Calif.
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Antalya, Turkey
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hualien, Taiwan
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hanalei Bay, Hawaii
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:14px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span style="font-weight:700">
             BEFORE YOU GO …
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Just a quick note that I’ll be away next week. My editor, Alicia Wittmeyer, will be your host until I’m back. You’re in great hands. I look forward to reading, rather than writing, the newsletter for a while!
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I’ll be skiing. It’s my favorite kind of family holiday. There’s something about being in the mountains: The rush of racing my 14-year-old daughter down the steepest black diamond run in the valley (I still win). The meditative humming of the chairlift as it slides up the mountain. But also, the intensity of ordinary feelings like hunger and physical exhaustion that my regular urban work life rarely allows. Eating and sleeping are so much better in the snow!
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Apropos of skiing, one of my all-time favorite films is set in a ski resort. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Force Majeure
         </a>
         <span>
          ” is a brilliantly dark comedy-drama about a seemingly perfect marriage ripped out of its complacency by an avalanche. No one dies — it’s more subtle than that. The dialogue is hilariously real, and real cringe.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          You can read my colleague’s review and see some clips
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          here
         </a>
         <span>
          . It’s by the Swedish director Ruben Ostlund, who also made “Triangle of Sadness,” which I’ve recommended here before.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One of my guilty pleasures is skiing with music in my ear. One song that will be on repeat next week is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
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