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PODCAST

Unhedged

Financial Times & Pushkin Industries

Katie Martin, Robert Armstrong and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Every Tuesday and Thursday. Hosted on Acast. See acast.com/privacy for more information.

business investing

All Episodes

14:27

The return of crypto

Unhedged ·

2023/12/07

Bitcoin just hit $40,000, Coinbase is up 300 per cent this year, and French bank Société Générale is rolling out a stablecoin. All this frothy news comes after a record penalty levied on Binance by the SEC and the guilty verdict against Sam Bankman-Fried. Today on the show, Ethan Wu asks Katie Martin why, and Katie asks Ethan why. Also we go short Kwasi Kwarteng and long central bank speak.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu

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30:28

Introducing Hot Money: The New Narcos

Unhedged ·

2023/12/06

The Financial Times’ award-winning podcast series Hot Money is back. In this series our reporter Miles Johnson investigates a mysterious murder in a small town that leads to a web of drugs, money laundering and state-sponsored assassinations stretching from Dublin to Dubai. At the centre is a cocaine super cartel that is revolutionising the global drugs market. This eight-part investigative podcast, published weekly, probes the links between criminals and legitimate businesses, and between

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18:07

Gold just set a record. Why?

Unhedged ·

2023/12/05

The price of gold reached a record high last week. That’s surprising, because normally the price of gold goes down when interest rates go higher. Today on the show, we try to figure out what’s driving gold’s rise. Also, we go long Larry Fink and short the jobs report.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X. You can email Ethan at ethan.wu@ft.com.Read a transcript of this episode on

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17:38

Down the liquidity hole

Unhedged ·

2023/11/30

Market watchers cannot help but notice how the stock market and money supply often track one another. But does liquidity in the financial sector matter more to stock prices than the economy? In this show, we discuss the liquidity theory of markets and whether it holds water. Also, we go very long the late Charlie Munger, former number two at Berkshire Hathaway.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin

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17:55

Have rates peaked?

Unhedged ·

2023/11/28

Markets have rallied almost 11 percent in November, in part on expectations that the Fed is done raising rates. Today on the show, we look at the Fed’s likely pause and how investors are responding. Also we go long Goldman Sachs CEO David Solomon as a DJ. And we make a daring neutral call on the future.Links:Can David Solomon DJ? An investigationFor a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on

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17:43

What the London Stock Exchange really trades

Unhedged ·

2023/11/23

The London Stock Exchange now makes most of its money selling data, and only a small percentage listing stocks. FT digital markets correspondent Nikou Asgari joins Katie Martin to ask what that tells us about global markets, data and the future of London as a finance hub. Also we go short the cryptocurrency BNB and long UK chancellors who don’t blow up the markets.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin

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15:28

The zombie companies

Unhedged ·

2023/11/21

As interest rates rise, funding for a lot of marginally profitable companies is drying up. These corporate “zombies” are wandering the markets, looking for the cheap credit they used to feast on. Today on the show, we take a look at companies on the edge of life and the private equity giants that own some of them. Also we short OpenAI and regrettably go long Covid.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin

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16:20

What does Walmart know?

Unhedged ·

2023/11/16

It’s earning season, and the first big news might be from Walmart, whose stock dropped 7 per cent after it reported concerns about the health of the consumer. This is a counter narrative to the strong gross domestic product and inflation numbers we’ve been talking about. Today on the show, we dig into Walmart’s view and see what it might tell us about the future of the economy. Also we go out on a limb with two contrarian longs: big box retail and the news judgement of the American people.For a free

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19:42

Big Tech roundup: Tesla, Nvidia, Apple and more

Unhedged ·

2023/11/14

Four months ago, the FT’s Rob Armstrong and Elaine Moore placed their bets on two portfolios of three stocks each picked from the “Magnificent Seven” tech stocks that have been dominating markets this year. Today on the show, we check in on their portfolios, and try to think about where they’re headed next. Also, we go long Chicago.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X, formerly

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14:12

A drastic solution to exploding US government debt

Unhedged ·

2023/11/09

How many bears does it take to change a lightbulb? None, it will never happen. Join us today as we debrief reporter Jenn Hughes, recently back from a conference hosted by the biggest bear of them all, Jim Grant, longtime editor-in-chief of Grant’s Interest Rate Observer. The cautious conferees had one thing on their minds: the explosion in government debt. One solution: yield curve control. Also, we go long cats, and short chewing tape.For a free 30-day trial to the Unhedged newsletter go to:

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26:44

Pub quiz showdown: Alphaville vs Unhedged

Unhedged ·

2023/11/07

Today on the show, host Katie Martin pits two teams against one another in a historic finance trivia showdown, complete with trash talk, ridiculously hard questions, and strongly-worded protests. In one corner, the cerebral duo behind the FT’s Alphaville newsletter, Alexandra Scaggs and Robin Wigglesworth. In the other, the brains behind the FT’s Unhedged newsletter, our own Robert Armstrong and Ethan Wu. An epic clash like this will not be seen again in our lifetimes, or at least not until another

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19:38

Sam Bankman-Fried takes the stand

Unhedged ·

2023/11/02

Reporter Joshua Oliver joins us just hours after the closing arguments of the fraud trial of Sam Bankman-Fried, founder of the FTX crypto exchange. We talk about why it’s hard to find a smoking gun in a white-collar criminal trial, why Bankman-Fried testified and what it was like for Oliver to hear his own name in the testimony. Also we go long and short a hedge fund trying to build a news organisation.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow

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19:02

Why so down, S&P 500?

Unhedged ·

2023/10/31

GDP numbers are strong. Wages are strong. Household debt is relatively low. So why is the stock market so blue? Since July 31, it is down 10 percent – formally a “correction” – and that includes the strong performance of the seven Big Tech stocks. What gives? Today on the show, we look at three factors putting the brakes on a boom. We also go long our own listeners, a few of whom Katie bumped into at a wedding in Ireland.For a free 30-day trial to the Unhedged newsletter go to:

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13:57

A massive GDP number

Unhedged ·

2023/10/26

In the third quarter, the US economy, as measured by annualised GDP, grew 4.9%. In an environment of skyrocketing interest rates, that is an extraordinary number. And it’s being powered by an extraordinary force: the American consumer. Today on the show we try to understand why they have remained so resilient, and if there’s room for more growth. Also, we go long Morgan Stanley and short the avians of the Antarctic.For a free 30-day trial to the Unhedged newsletter go to:

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18:00

Is China a bargain right now?

Unhedged ·

2023/10/24

The CSI 300, which tracks the largest publicly traded companies in China, just fell to pre-pandemic lows, despite aggressive attempts by President Xi Jinping to prop up the market. The drags on equities include slowing growth, a crisis in the property market and notable geopolitical tensions. Today on the show, we try to figure out if this is the beginning of a long-term crisis or a historic buying opportunity. Also, we go long trades by Bill Gross and Bill Ackman and short getting hit by vans.For a

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21:42

FTX trial update

Unhedged ·

2023/10/19

Today on the show, FT correspondent Josh Oliver joins us in the New York studio just minutes after leaving the courtroom. Oliver has been covering the trial of Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, since it started on October 2. We talk about the procession of former friends testifying against him, the trading firm Alameda, the seven balance sheets and the possibility of SBF taking the stand.For a free 30-day trial to the Unhedged newsletter go to:

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16:50

Japan’s new direction

Unhedged ·

2023/10/17

The Japanese stock market is on a tear, up 20% this year. Some of that may be due to a weakening yen, and maybe a flight to safety, but it is likely largely the result of a serious effort to rethink how Japan does business. The latest push: a “name and shame” campaign to call out companies that aren’t optimising returns for shareholders. Also, we go short fudging expense reports and long techno bros who are long-winded.For a free 30-day trial to the Unhedged newsletter go to:

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16:26

Public problems for private equity

Unhedged ·

2023/10/12

For years, low interest rates let private equity deliver huge returns to investors. But now rates are up, and private equity is struggling. Many PE firms are turning to financial engineering to boost results. Today on the show, we wonder how that’s going to turn out. Also we go long the dollar as reserve currency and short the Birkenstock IPO.For a free 90-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X,

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17:17

Three markets we’re watching

Unhedged ·

2023/10/10

Conflict in the Middle East is dominating the news this week. Today on the show, we’re looking at three markets that traditionally respond to disruption: oil, the yen and gold. Also, we go long training for marathons and short the next 10 years for private equity.For a free 90-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X, formerly Twitter. You can email Ethan at ethan.wu@ft.com.Read a transcript of

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18:58

The Biden scorecard

Unhedged ·

2023/10/05

We don’t really do politics, but with election season underway, candidates are arguing about the American economy. Incumbents say it’s terrific. Challengers say it’s awful. Which is it? Today on the show, we look at the economy from several viewpoints and try to figure out which is more accurate. Also we go long Q3 earnings and short coverage of Sam Bankman-Fried.Links:Today’s Unhedged newsletterFor a free 90-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu

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