By Noah Lieberman

Ballotcraft is a fantasy politics game (think fantasy football, but for politics). Play against your friends and win by best predicting what’s going to happen in upcoming elections. Sign up and play here: www.ballotcraft.com.

This is part two of our three-part series analyzing Ballotcraft’s market data during the second Republican Presidential Debate. We’re looking at how a savvy investor could use this information to their advantage in the future.

While Fiorina’s dominance surely made her early backers happy throughout the night, those who put their credits behind another trendy candidate, like Ben Carson, Donald Trump, or John Kasich, were probably regretting that decision as the night went on. Unlike the last debate, where half of the candidates ended with a price higher than they had at the start of the debate, only three candidates, Jeb Bush, Marco Rubio, and Carly Fiorina, were able to improve as the CNN debate went on. And while those candidates saw incredible returns on investment, posting 77, 178, and 130 percent increases by the end of the night, all of the others but Christie saw losses of over 50 percent. Faring worst of all were the three other frontrunners before the night began, John Kasich, Ben Carson, and Donald Trump. Despite entering the night with the first, second, and fifth highest prices, each one performed terribly on the market, plummeting by 71, 81, and 84 percent respectively by the time they left the stage.

One more thing to note for future debates: while the first portion of the debate did little to separate the candidates, by the time we hit the one hour mark, every candidate who would end up improving on their initial price had already done so and every candidate who was destined to lose money in the long run had done so as well. And only Chris Christie, who had a phenomenal ten minute run towards the end of the night, passed back over that line at all once the 60 minute mark had been passed. So keep in mind that even in a field this crowded only a few candidates will really have a chance of “winning” the debate, and if a candidate hasn’t started gathering support by the second commercial break, they probably never will.

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Noah Lieberman is the founder of election forecasting website PollingLab. Click here to see more of his analysis of the 2016 election.