Send us a text In this long-awaited episode of The Wall Street Skinny , we’re breaking down Real Estate Private Equity with Lauren Hochfelder, Managing Director and Co-CEO of Morgan Stanley Real Estate Investing. If you’ve ever wondered what real estate investing looks like at the institutional level — beyond flipping houses or buying rental properties — this is your 101 primer. We dive into the nuances that make this asset class unique. Real estate is both macro and hyper-local, driven by long-...
Jun 23, 2025•1 hr 6 min
Send us a text In this episode we delve into the intricate world of finance depicted in the Season 3 premiere, "Il Mattino Ha L’Oro in Bocca" breaking down the complexities behind the IPO process, how pricing works and setting "price talk", the IPO discount and more. We also touch on some key corporate finance concepts including leverage ratios, net debt, and finally touch on the power and electricity markets, specifically the influence of natural gas on the profitability for solar companies tha...
Jun 16, 2025•2 hr 21 min•Season 3Ep. 40
Send us a text In this episode, we sit down with Sonia Gupta, Partner and Co-Head of Biotech Investment Banking at Goldman Sachs. Sonia walks us through her unique journey—from studying public health at Brown, to working in healthcare consulting, to getting her MBA at MIT, and ultimately climbing the ranks at Goldman to become a senior leader advising some of the most innovative biotech companies in the world. We dive deep into what it’s like to enter banking post-MBA, how her academic backgroun...
Jun 13, 2025•1 hr 5 min•Season 3Ep. 39
Send us a text In this episode, we break down the finance behind the Industry Season 2 finale—and without exaggerating, this might be our favorite episode yet. There was so much to dig into, starting with the trade that the whole season built toward: Jesse Bloom’s long Rican / short FastAid position. Because the episode references the legendary trade where “Soros broke the Bank of England” in 1992, we also break down that wild real-life story—something anyone aspiring to work on Wall Street shou...
Jun 09, 2025•2 hr 4 min•Season 3Ep. 38
Send us a text In this episode, we sit down with Olga Gorodetsky, a Director in Capital Markets at Fannie Mae, for an in-depth conversation about the role of Government-Sponsored Enterprises (GSEs) in the U.S. housing finance system. Olga walks us through the history and mission of Fannie Mae and Freddie Mac, explaining how these institutions provide liquidity and stability to the mortgage market. We explore how mortgage-backed securities (MBS) are created, who trades them, and why they are esse...
Jun 06, 2025•1 hr 4 min•Season 3Ep. 37
Send us a text Wondering if you need the CFA to break into banking? Curious what the SIE is, or whether a CPA helps you land a role in private equity? You're not alone—exam questions are by far the most common DMs we get. So in this episode, we finally break it all down. We’re joined by Joyce Schnur, Senior VP at Kaplan, who walks us through the differences between licensing (SIE, Series 7, 63, 79) and credentials (CFA, CPA, CFP, CAIA), who actually needs them, and how they impact your finance c...
May 31, 2025•1 hr 12 min•Season 3Ep. 36
Send us a text We’re back and breaking down Season 2, Episode 7 of Industry : “Lone Wolf and Cub.” This one is dense with real finance concepts—starting with Harper, Eric, and Rishi's attempt to “hit a bid away” and pitch themselves as a ready-made desk to rival firms. We get into how traders actually get paid, why comp guarantees are risky, and what it means to bring “client color” as your leverage in a job switch. Plus: why Rishi’s pitch as a prop-style trader who embraces client flow is more ...
May 28, 2025•1 hr 42 min•Season 3Ep. 35
Send us a text In this episode of The Wall Street Skinny , we sit down with Scott Bok, Chairman and former CEO of Greenhill & Co. and author of Surviving Wall Street: A Tale of Triumph, Tragedy and Timing . Scott shares stories from his remarkable career journey—from big law at Wachtell Lipton to investment banking at Morgan Stanley, to ultimately leading one of the most respected elite boutiques on Wall Street. We talk through the rise of the elite boutique model, the decision to go public,...
May 22, 2025•1 hr 37 min•Season 3Ep. 34
Send us a text We’re thrilled to welcome Congressman Seth Magaziner — a longtime friend from our high school and college days — for a conversation about the intersection of finance, policy, and politics. We break down the proposed tax bill currently moving through Congress, the state of U.S. debt and deficits, and insider trading laws for elected officials, and Seth’s background in finance and public service working as the youngest treasurer of Rhode Island for 8 years. We dive into the details ...
May 15, 2025•55 min•Season 3Ep. 33
Send us a text In this episode of The Wall Street Skinny , Kristen and Jen kick announce the launch of their long-awaited M&A course, part of their dynamic, story-driven finance curriculum. They discuss how the course, two years in the making, blends real-world technicals with the drama of HBO’s Succession , making complex M&A concepts like accretion/dilution, deferred taxes, and tax structuring both engaging and accessible. They also announce a major May SALE on their self-paced course,...
May 10, 2025•43 min•Season 3Ep. 32
Send us a text This week we start off talking about what's happening in the markets: the latest GDP print—and why the headline number being down isn’t quite as simple as it sounds. We unpack the mechanics behind the contraction, including how tariff-fueled inventory surges and net import dynamics played a role. We also dive into real-time supply chain stress, from container ships skipping ports to what that means for everything from baby gear to air conditioning parts. If you're confused by the ...
May 02, 2025•1 hr 26 min•Season 3Ep. 31
Send us a text In this episode of The Wall Street Skinny, we explore the escalating tension between former President Trump and Fed Chair Jerome Powell, how markets reacted, and what it reveals about the importance of central bank independence. Jen also breaks down "Operation Twist"—a lesser-known but powerful Fed tool—and explains how it differs from traditional rate cuts or quantitative easing. Next, we turn to the U.S. dollar, which recently hit a three-year low. Why does a falling dollar matt...
Apr 25, 2025•52 min•Season 3Ep. 30
Send us a text This week, we break down the tension between Jerome Powell and Donald Trump—and what it actually means for monetary policy. If you listened to Powell’s latest remarks at the Economic Club of Chicago, you may not have thought much of it, but anyone knows how to decode the Fed’s deliberately vague words noticed unmistakably hawkish tone. We explain how to read between the lines of Fed speak, what it really means when the Fed prioritizes price stability over growth. We also get into ...
Apr 18, 2025•47 min•Season 3Ep. 29
Send us a text There has been some speculation that the reason for "chaos in the bond markets" isn't loss of confidence in the US but rather the result of an unwind in "the basis trade" leading hedge funds to blow up and causing yield spreads to widen. To explore this theory we need to get super granular. We go deep into the relationship between cash bonds, futures, and interest rate swaps—and explain why so many market participants prefer the derivatives over buying Treasuries outright. We also...
Apr 15, 2025•1 hr 10 min•Season 3Ep. 28
Send us a text This week on The Wall Street Skinny , we’re diving headfirst into one of the most volatile weeks in recent memory—and we brought backup. After a whiplash-inducing reversal in the bond and equity markets, Jen and Kristen break down how the tariff announcements are rippling through rates, treasury auctions, and investor sentiment. From the Fed’s shrinking balance sheet to the rising fear that the U.S. may be losing its “flight to quality” status, we unpack what’s really happening be...
Apr 12, 2025•1 hr 13 min•Season 3Ep. 27
Send us a text This week on The Wall Street Skinny , we dive headfirst into the chaos that’s been roiling the markets—and specifically why what's happening in the bond market has investors spooked. Treasury auctions, bond yields, the dollar, and gold are all flashing red, and we break down exactly why. Kristen turns the mic to Jen, who spent nearly a decade on the interest rates desk at Morgan Stanley, Lehman, and Barclays, for an explainer on what exactly is going on in the bond markets and wha...
Apr 11, 2025•1 hr 15 min•Season 3Ep. 26
Send us a text Markets are in chaos, which is why on this week’s episode Kristen and Jen ditch the interviews to break down what the hell is happening in markets right now. From tariffs to the dollar and everything in between, we’re unpacking the massive moves in equities, the near-trigger of the circuit breaker, and what April 2nd — aka "Liberation Day" — really means. We dive deep into the economic mechanics behind tariffs — what they are, how they work, and why they’re suddenly wreaking havoc...
Apr 04, 2025•1 hr 8 min•Season 3Ep. 25
Send us a text It's our special 150th episode!! We’re reuniting with billionaire investor and CEO David Adelman (whom you may remember from our “Sports Investing 101” episode) for a deep dive into his multifaceted empire and brilliant business acumen. David’s story is the stuff of legend. After making his first real estate investment with his bar mitzvah money at the age of 13, David ultimately rose to become CEO of Campus Apartments, followed by FS Investments and Darco Capital. First, David wa...
Mar 29, 2025•1 hr 25 min•Season 3Ep. 24
Send us a text Join hosts Jen and Kristen on The Wall Street Skinny for an insightful exploration of wealth management, as they sit down with Susan Moffatt, co-founder of Curated Wealth Partners, who expertly unpacks the intriguing differences between independent Registered Investment Advisors (RIAs) and prestigious wirehouses like JP Morgan and UBS. Susan provides an exclusive behind-the-scenes look at the multifamily office model and private wealth management, sharing her personal journey and ...
Mar 22, 2025•1 hr 31 min•Season 3Ep. 23
Send us a text Our Investment Banking and Private Equity Foundations course is LIVE now with our M&A course included! Shop our LIBRARY of Self Paced Online Courses HERE Join the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice....
Mar 15, 2025•35 min•Season 3Ep. 22
Send us a text In this episode, we sit down with Brian Kelly, aka The Points Guy , to break down the basics of optimizing your credit card strategy, especially for finance professionals and consultants who travel frequently, entertain clients, or rack up significant corporate expenses. We dive deep into: ✅ Choosing the Right Credit Card: The best cards for maximizing points on travel, dining, and business expenses—and why cash-back cards might not be your best bet. ✅ Making Your Corporate Travel...
Mar 08, 2025•1 hr 16 min•Season 3Ep. 21
Send us a text Join us as we dive deep into the world of Entrepreneurship Through Acquisition (ETA) with our guest, Jesse Safir, President of ABG Print. In this episode, finance enthusiasts and budding entrepreneurs will find a treasure trove of insights about search funds, self-funded searches, and the nitty-gritty of buying and operating a small business. Jesse shares his journey from being an investment analyst to becoming the President of a printing company, shedding light on the decision-ma...
Mar 01, 2025•1 hr 37 min•Season 3Ep. 20
Send us a text In this episode, we break down Season 2, Episode 6: "Short to the point of pain". The plot centers around FastAid, a company caught in the middle of a short squeeze reminiscent of GameStop’s 2021 rally. We analyze the mechanics of short selling, how hedge funds and institutional traders manage risk in volatile positions, and why liquidity and market perception play crucial roles in determining price action. The episode highlights how traders react to crowded short positions and th...
Feb 25, 2025•1 hr 55 min•Season 3Ep. 19
Send us a text In this episode of The Wall Street Skinny , we sit down with one of the most legendary quant investors of all time—Pete Muller. As the founder of PDT Partners, one of the top performing quantitative hedge funds that spun out of Morgan Stanley, Pete shares his fascinating journey. He offers a behind-the-scenes look at how statistical arbitrage strategies drive market success, the importance of building a strong research-driven team, and why trust and collaboration are essential in ...
Feb 22, 2025•43 min•Season 3Ep. 18
Send us a text Season 2, Episode 5 titled Kitchen Season, kicks off with a discussion on the intricacies of investment banking promotions, specifically focusing on the elusive Managing Director (MD) title. Kristen and Jen explore how promotions in finance are not linear and often depend on numerous factors including firm politics, desk performance, and the candidate's rockstar qualities. They dissect Rishi’s predicament, comparing the rapid ascent of star traders versus those who languish in exe...
Feb 19, 2025•1 hr 19 min•Season 3Ep. 17
Send us a text In this episode of The Wall Street Skinny , we are beyond thrilled to welcome the incredible Karen Karniol-Tambour, Co-Chief Investment Officer of Bridgewater, the world's largest hedge fund. Karen is one of the most powerful and influential figures in finance today, regularly featured on Barron’s and Forbes' most influential lists. We recorded this conversation live at Global Alts, diving deep into market concentration risk, the evolving role of active vs. passive investing, and ...
Feb 15, 2025•32 min•Season 3Ep. 16
Send us a text In this jam-packed episode of the Unofficial Companion Podcast to HBO Max's Industry , we dive into Season 2, Episode 4, There Are Some Women. This week, we delve into the nuanced depiction of compensation negotiations, or "comp season," exploring the implications of Harper's bonus reveal and the significance of her $25 million contribution to PeerPoint. What does it mean to be "paid at the upper end of the band"? And why do analysts and associates have their bonuses capped, even ...
Feb 11, 2025•1 hr 52 min•Season 3Ep. 15
Send us a text In this episode of The Wall Street Skinny , Jen and Kristen dive deep into sports investing. They discuss the structural shifts driving new opportunities, including changes in private equity rules that now allow institutional players to invest in NFL teams. They also break down the cash flow mechanics behind major leagues like the NFL, NBA, and MLB—revealing why some leagues are financial juggernauts while others face stark disparities between high and low earners. The discussion ...
Feb 08, 2025•38 min•Season 3Ep. 14
Send us a text In this episode, we dive deep into HBO Max's hit show Industry Season 2, Episode 3, titled "The Fool." We unpack the intricate financial concepts and ethical dilemmas that drive the plot, exploring topics like block trades, private placements, proxy votes, insider trading, and more. We break down the logistics of block trades —massive transactions conducted outside public markets to minimize disruption—and how they differ from private placements , where securities are sold directl...
Feb 05, 2025•1 hr 46 min•Season 3Ep. 13
Send us a text As a follow-up to our prior conversations about finance and love, we sat down with celebrity divorce attorney Kristina Royce to delve further into the intersection of finances and relationships. We address questions that even some of the best minds in high finance may not know the answer to, like: - is common law marriage real? - what are the advantages and disadvantages to getting married and divorced in specific states? - how are alimony and child support determined? - when do I...
Feb 01, 2025•1 hr 9 min•Season 3Ep. 12
