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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

18:18

Is Nvidia really worth $4tn?

Unhedged ·

2025/07/17

Nvidia is now the most valuable company in America, as AI seems to power an unstoppable market. Today on the show, Katie Martin and Aiden Reiter ask if it reminds anyone of the dotcom bubble. Also they go long snow globes and long stone fruit.Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at

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20:31

Heinz, Kraft and Warren Buffett

Unhedged ·

2025/07/15

The acquisition of Heinz and Kraft by 3G Capital and Warren Buffett seemed like a classic play from the world’s most famous investor: buy boring staples with long histories and hold them forever. But not this time. Today on the show, Rob Armstrong and Lex editor John Foley talk about Buffett’s exit from a merger on the verge of a spinoff. Also they go long crypto and long tariffs that might actually happen.Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for

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22:42

The secret giant of finance

Unhedged ·

2025/07/11

Jane Street is one of the biggest traders in the world, and they have become embroiled in accusations of market manipulation in India. Today on the show, Katie Martin and special guest Robin Wigglesworth, from the FT’s Alphaville newsletter, try to explain how Jane Street got so big and why it matters. Also they go short bed bugs and short Strategy’s strategy.Sign up for the FT Weekend Festival atft.com/festivaland use the promo code “FTPodcasts” for 10 per cent off.For a free 30-day trial to the

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22:33

Three surprises that might spook the markets

Unhedged ·

2025/07/08

Despite looming economic problems, the stock market continues to climb. Today on the show, Katie Martin, Rob Armstrong and Aiden Reiter ask what could finally end the party. Also they go short consultants and short hot yoga.Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a

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22:58

The dilapidated dollar

Unhedged ·

2025/07/03

The US dollar is having its worst year since 1973. And 1973 was a really bad year. As the UStakes a break to celebrate independence from the UK, Katie Martin and Ian Smith discuss the glow-down of the greenback. Also they go long forensic accountants and long aged hedge funders playing tennis.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com Hosted

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24:47

Building a big beautiful Europe

Unhedged ·

2025/07/01

The weakening dollar suggests international investors are looking for other places to put their money. This could be an opportunity for Europe to finally compete with the US as a safe haven and reserve currency. But Europe is still financially fragmented. Today on the show, Katie Martin and Rob Armstrong discuss a new idea for creating a common regulatory and lending framework. Also they go short the “big, beautiful bill” and short lies from Big Tea.For a free 30-day trial to the Unhedged newsletter

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23:14

Can anything stop the US economy?

Unhedged ·

2025/06/26

A lot of people are worried about the Middle East, but markets are doing just fine. Today on the show, Rob Armstrong and Aiden Reiter talk about why investors are buying US again —and whether that will end badly. Also, they go long exotic fruits and the perennial Citigroup buy note.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com Hosted on Acast

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22:51

Who wants to be a Fed chair?

Unhedged ·

2025/06/24

President Donald Trump has called US Federal Reserve chair Jay Powell “very dumb, hardheaded” and a “numbskull” for not lowering interest rates. But for some reason, people still want Powell’s job. Today on the show, Katie Martin and Rob Armstrong look at the contenders. Also, they go long restaurant inflation and community gardening.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a

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23:22

Behind the Money: Inside Moët Hennessy’s crisis

Unhedged ·

2025/06/19

Unhedged is off today so instead we're bringing you an episode from our fellow FT podcast, Behind the Money. In this episode, we look at how LVMH’s wine and spirits division, Moët Hennessy, has long been a source of success – and cash – for the luxury goods behemoth. But more recently, that’s changed. The FT’s Paris correspondent Adrienne Klasa, found that certain strategic decisions made under the company’s former CEO have contributed to a change in its fortunes. She examines the missteps and

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21:22

What the Israel-Iran war means for markets

Unhedged ·

2025/06/17

Israel and Iran are at war, but markets have yet to freak out. Today on the show, Rob Armstrong and Katie Martin dig into what’s happening with oil, the dollar and gold — and what Federal Reserve chair Jay Powell will say following this week’s FOMC meeting. Also, they go long New York pizza and golden telephones.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this

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19:47

What makes Tesla run?

Unhedged ·

2025/06/12

Tesla stock feels like it runs on uncut animal spirits. But the company’s fortunes have been bound up with the US government since long before the Trump administration.Today on the show, Rob Armstrong and Aiden Reiter sort through the factors that drive the company’s stock. Also, they go long the price of copper and long short shorts.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a

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28:56

Welcome to the ‘Hotel Crypto’

Unhedged ·

2025/06/10

Strategy (formerly MicroStrategy) continues its meteoric rise as new investors purchase a company whose basic business is to own bitcoin. Naturally, the firm has inspired copycats, such as the Japanese hotel developer that just started buying crypto and now trades for more than the value of all its assets. Today on the show, Rob Armstrong and Katie Martin try to figure out if there’s any way it doesn’t all end in tears. Also, they go short tariffs on solar panels and short fecal transplants.For a

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18:19

Walmart’s very good year

Unhedged ·

2025/06/05

The last 12 months have been great for Walmart, with its stock price rising on growing sales. And it’s all happening despite impending tariffs, and without adding more employees. Today on the show, US consumer editor Gregory Meyer joins Rob Armstrong to discuss what Walmart’s success can tell us about the future of American retail. Also, they go short online sports gambling and short New Jersey transit.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can

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23:44

Stock market party but why?

Unhedged ·

2025/06/03

Equities are on a tear, led by the usual tech giants that make up the Magnificent Seven. But why? Rob Armstrong and Katie Martin go over the odd landscape of the current American economy, including scepticism about tariffs, inventory stockpiles, strong earnings and a budget that includes a tax on foreign investment in the US. Also they execute a complicated private equity pair trade and go long Nigerian weddings.For a free 30-day trial to the Unhedged newsletter go to:

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21:45

The nasty Taco question

Unhedged ·

2025/05/29

Our co-host Rob Armstrong has been talking about the “Taco trade” (Trump Always Chickens Out) for a few weeks, and on Wednesday a journalist asked the US president about it. Trump did not like the question, not one bit. But the internet did. Now traders are worried Trump might not chicken out. Did Rob just crash the US economy? And, if so, would he like to apologise? Also, Katie goes long Elon Musk returning to his day job, and Rob goes short his 15 minutes of fame.For a free 30-day trial to the

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22:27

The ‘big beautiful’ budget vs the bond market

Unhedged ·

2025/05/27

President Donald Trump’s ‘big beautiful’ bill was passed by the House of Representatives last week. It adds yet more deficit spending to the US budget. But can it survive the bond market? Today on the show, Rob Armstrong and Katie Martin discuss how deficit spending affects the bond market and what can happen when yields rise dramatically. Also they go long the euro as a new international reserve currency and short drinking in bookstores.For a free 30-day trial to the Unhedged newsletter go to:

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16:23

When Spacs attack

Unhedged ·

2025/05/22

Special purpose acquisition companiesare basically bags of money looking for businesses to acquire. They boomed in 2021 and then went into hiding. Now they’re back and booming. Today on the show, Rob Armstrong and Aiden Reiter survey the frontiers of Spacs. Also they go short the dollar and long jewels.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on

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22:34

The microcap explosion

Unhedged ·

2025/05/20

Microcaps of every sort have been rushing to list on US exchanges. Many are from China and represent shares in tiny companies, such as a chain of hot pot stores. Today on the show, Katie Martin and Aiden Reiter talk to correspondent George Steer about the boom and try to figure out what’s going on. Also, they go long the SEC’s Caroline Crenshaw and short DJs.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at

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21:46

The UK’s trade deal

Unhedged ·

2025/05/15

Recent announcements about trade deals with the UK and China have cheered markets. But what exactly did the UK agree, and why? Today on the show, the FT’s trade guru Alan Beattie joins Katie Martin to unpack the negotiations. Also they go short droughts and long globalisation.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode on FT.com Hosted on Acast. See

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22:02

Not-so-bad news is the new good news

Unhedged ·

2025/05/13

Lower-than-expected inflation and the start of negotiations with China seemed to help stocks on Monday. But the dollar remained uncharacteristically weak. Today on the show, Rob Armstrong and Aiden Reiter ask if America is feeling good, or just relieved to be alive. Also they short gold and go long pope memes.For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com.Read a transcript of this episode

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