From your besties at The Wall Street Skinny comes the unofficial companion to HBO Max's hit show Industry.
Jennifer Saarbach WAS Harper from Industry. She worked on the exact same desk in Fixed Income Sales & Trading that Harper sits on at Lehman, Barclays and Morgan Stanley. She also has a degree English Literature from Princeton.
Kristen Kelly is also ex-Morgan Stanley only brings a slightly different perspective having worked in Investment Banking, Capital Markets and Fixed Income.
Together they break down every single detail of your favorite show.
This isn't just a recap; it's an education.
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It's a bittersweet day at The Wall Street Skinny, where we are recapping the SEASON FINALE!! While this one is lighter on finance than most episodes this season, we still dig into the mechanics of closing out a massive short position without spooking the tape. We also break down how hedge fund fees actually work — the industry-standard "two and twenty" structure where managers earn a 2% management fee on assets under management plus 20% of profits — and use that framework to reverse-engineer wha...
In this episode, we're breaking down Season 4, Episode 7 of Industry, "Points of Emphasis" — and we have a lot of feelings. We walk you through all the major plot developments, from Whitney's attempted escape and his terrifying confrontation with what appears to be his foreign handlers, to Yasmin's ruthless political maneuvering to bring down Lisa Dern and protect herself as Tender collapses around her. Along the way, we dig into the finance: what a hostile takeover actually is and why Whitney's...
Recap & Breakdown of HBO's Industry season 4 episode 6. Harper launches her assault on Tender at the Alpha Conference, delivering a devastating short thesis complete with a DCF analysis and sum-of-the-parts valuation. We break down every piece of the finance, from enterprise value vs. equity value, what a price target of zero really means, and the real-world fraud parallels to Enron, Valiant, and Luckin Coffee. We also discuss why Tender's "convertible bond" is actually a putable bond (a la ...
Perhaps the most painful and disturbing episode of Industry yet, this episode asks uncomfortable questions about the way easy access --- whether it be to high finance, drugs, or illicit content online --- reduces human experience to abstraction in a way that causes us all to be disassociated from our own lives. We see shifts in power in the C-suite at Tender that transform our triangles of love and control. Yasmin's position becomes nominally elevated, and she advocates for Hayley's promotion, b...
We are BACK with one of the most dense, finance-forward, darkly entertaining episodes of Industry YET. With a title that evokes the theme of belongings, this episode is all about who belongs in which rooms, who belongs to whom when it comes to control, and what are our characters willing to sacrifice to ultimately get what they want. We see Eric and Harper's short-only hedge fund struggling to get enough investor buy-in to get off the ground. As Jim Dycker prepares to publish his allegations abo...
Henry Muck is going to be a key character in Season 4, and this episode gives us a much richer picture of who he actually is. In an unexpectedly cinematic, poetic installment that departs from our typical finance-driven fare, this episode plays like a haunting (both literal and emotional) centered around his character. We fill in the missing backstory of Henry and Yas' early engagement, marriage, and his failed attempt to get a political career off the ground. But the mood shifts from public fai...
The season premiere of "Industry" introduces a dark, American Psycho-esque tone, shifting focus from high finance to fintech with the company "Tender." Harper navigates her new short-only hedge fund, clashing with Otto's influence, while Rishi returns in a compromised position. The episode explores themes of fetishization, consent, and power, culminating in a major corporate betrayal and the tantalizing possibility of a Harper and Eric partnership, all against a backdrop of evolving UK legislation and personal crises.
We’re recording from New York City, fresh off one of the most surreal weeks of our lives — attending the Season 4 premiere of HBO’s Industry, interviewing the cast and creators on the red carpet, and watching the episode in a packed theater alongside the people who made it. In this episode, we share what it was like to meet the writers and actors behind Industry, why this show has become our ultimate passion project, and how analyzing every line has changed the way we think about finance, litera...
We are recording LIVE from New York City, just hours before interviewing the cast and creators on the red carpet of the Season 4 premiere! And we're recapping what might just be the best television finale of all time...for a series that is NOWHERE near finished! In this episode, we find our characters in the aftermath of Al-Miraj's last minute rescue of Pierpoint, as they all come face to face with the consequences of their decisions. While Pierpoint the institution we came to know, love, and fe...
We started our careers at the epicenter of the Global Financial Crisis in 2008: the trading floor Lehman Brothers and the CDO Structuring desk at Morgan Stanley. And now, we get to watch our favorite characters reenacting all the drama of the Lehman bankruptcy through the lens of Industry. We dissect the chaotic "war room" dynamics as executive leadership scrambles for a lifeline, debating the merits of a strategic capital injection from Mitsubishi (mirroring the real-life rescue of Morgan Stanl...
In this episode, we see that friendship and loathing truly are two sides of the same coin. While everything is collapsing for Eric and Yasmin personally, professionally, and morally, Harper is finally ascending into her full power --- at both of their expense. We finally learn what really happened to Yasmin's dad, drawing uncomfortable parallels to chilling real-world headlines. And speaking of real-world headlines, Pierpoint's descent evokes the ghosts of Lehman Brothers and the 2008 global fin...
A public inquiry into Lumi’s £2bn government bailout exposes Pierpoint’s role in the disastrous IPO, where Robert is sent to testify in front of a UK select committee. The episode lays bare how firms protect themselves in crises: lawyers serve the institution, not employees, and blame is carefully redirected toward anyone expendable enough to absorb the fallout. The real financial bombshell, however, happens quietly back on the trading floor. Sweetpea's risk model shows that Pierpoint’s entire I...
In this episode we discuss Season 3, Episode 4: "White Mischief", one of the strongest (and darkest) episodes of the series thus far. What starts as a Christmas episode turns into a brutal examination of luck, power, and the lies we tell ourselves and others. At the end of the day, this episode forces the question: is all trading gambling? If not, what's the difference? At the center is Rishi, running rogue risk around a fictionalized portrayal of Liz Truss' brief (yet calamitous) stint as PM. R...
Join Morgan Stanley alums Jen and Kristen as we decode the finance behind Industry Season 3, Episode 3, "It" which takes place at the COP conference in Switzerland. We break down the aftermath of the IPO and why pressuring a research analyst for a buy rating isn't just frowned upon—it’s illegal. We also analyze the mechanics of Petra and Harper’s attempt to launch their non new ESG fund at a climate conference, and why Harper’s calling herself a former "trader" rather than a salesperson is was s...
In this episode of the Unofficial Companion Podcast to HBO Max's hit show Industry, hosts Jen and Kristen—both former investment bankers and teachers—dive deep into the financial intricacies and dramatic moments of Season 3, Episode 2 titled 'Smoke and Mirrors.' They kick off the discussion by analyzing the thematic significance of 'Smoke and Mirrors,' tying it to both magic tricks and the episode's plot centered around deception and storytelling in the finance world. They recount how the episod...
In this episode we delve into the intricate world of finance depicted in the Season 3 premiere, breaking down the complexities behind the IPO process, explaining key concepts such as leverage ratios, net debt, and the influence of natural gas prices on energy companies like the fictional Lumi. We also explore the regulatory landscape of public company financial disclosures and the strategic maneuvers companies make to prepare for a successful IPO. The discussion then turns to the significance of...
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. We unpack the insider trading angle, including whether what Jesse did was in fact insider trading. We get into the ethics behind Harper finding out that the anti-competition inquiry into Amazon’s acquisition of Fa...
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 old school than...
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 the ways in which...
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 executive director...
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 when they deliv...
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 directly to strategic ...
In this episode of the unofficial companion podcast to HBO Max's hit show 'Industry,' Jen and Kristen delve deep into the financial intricacies presented in Season 2, Episode 2, titled 'Giant Squid.' They start by dissecting the concept of block trades, highlighting how institutions handle large stock transactions and the associated financial risk. The discussion ties this to a real-world example of a recent $2 billion block trade by Citi and the potential losses from such high-stake financial m...
In this episode of the unofficial companion podcast to HBO Max's hit show "Industry", Jen and Kristen dive into the premiere of Season 2, titled "Daddy." They provide a deep analysis of critical finance concepts such as block trades, sales credits, credit default swaps (CDS), and the impact of market volatility on trading desks. The duo examines how the show accurately portrays the challenges of navigating market disruptions, client relationships, and the competitive dynamics between sales and t...
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....
In this episode of 'The Wall Street Skinny,' Jen and Kristen dive deep into the finance-heavy intricacies of HBO Max's hit show 'Industry,' Season 1, Episode 7, aptly titled 'Pre Crisis Activity.' They discuss the ramifications of the 2008 Global Financial Crisis on Wall Street culture, touching upon terms like 'pre-crisis activity' and austerity measures implemented to curb excess and risk-taking. They also break down concepts like sales credits, account consolidation, and the senior relationsh...
In this episode, we dissect the various finance mechanics depicted in HBO Max's Industry Season 1, Episode 6 (Nutcracker). We explore the depiction of holiday parties on Wall Street and discuss why Eric's unconventional decision to give Harper her year-end bonus early not only doesn't make sense, but the numbers are crazy in light of the fact that it should be a stub. We also delve into the complex relationship dynamics at Pierpoint, from the pressures of client entertainment to the interaction ...
In this episode of the unofficial companion podcast for HBO Max's hit show 'Industry,' we dive deep into the financial intricacies of Season 1, Episode 5. Join Jen and Kristen as they break down the implications of an Italian Brexit and explore how jargon like 'Brexit' has evolved within financial circles. We also delve into the challenges and nuances of bonus structures, discussing the impacts of deferred compensation and stock-based bonuses on Wall Street professionals, with real-life insights...
In this episode, Kristen and Jen delve deep Season 1 episode 4 of HBO Max's Hit show, "Industry". They kick things off by breaking down the significance of the non-farm payrolls report and its sweeping impact on various market instruments like bonds, stocks, gold, and the dollar. They dissect Harper’s misbooked cable trade and explore the severe repercussions it has on both her career and the firm's PNL (Profit and Loss). From discussions on exchange rates, jobless claims, and the Federal Reserv...
