Research
Research papers, briefings and a podcast. Published without charge for any reader.
Research and financial education
An institute for the study of markets.
The Prehn Institute publishes research on the financial markets and provides instruction in how they work. It gives no financial advice.
Latest research
Research paper · 25 September 2026
The Hidden Regressive Tax
Monetary expansion, asset prices and the asset-poor in the United States, 2000 to 2026
Between January 2000 and June 2026 the US money stock grew four times faster than consumer prices. Asset values followed the expansion far more closely than the cost of living did.
Purpose
An institution for the study of finance.
The Institute exists to raise the standard of financial education available to the public. Instruction is given by people who have worked in professional markets, and the Institute's published research is open to any reader.
The Institute does not manage money and does not advise on investments. Its interest is in how markets work and in how professional practice may be taught.
Areas of work
The Institute's work
Education
A single programme of instruction, developed by Felix Prehn and taught by the Institute's faculty.
Scholarships
Funded places on the programme, awarded at the Institute's discretion to deserving and exceptional applicants.
Faculty
The faculty.
Practice
The faculty includes former hedge fund managers, institutional traders and market makers.
Teaching
Instruction is given by people who have worked in professional markets. No member of the faculty advises on what to buy or sell.
Scholarships
Funded places.
The Institute funds places on the programme, as places allow, for individuals who could not otherwise reach it. Most are young adults at the start of their working lives. Awards are made at the Institute's discretion, on the strength of a short written application.
The scholarship policy