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.
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The AI boom is tossing equities around like tiny boats. Today on the show, Katie Martin and Rob Armstrong ask investor Ruchir Sharma how to ride it all out. Sharma is the chair of Rockefeller International and the author of What Went Wrong with Capitalism . The show was recorded at the FT Weekend Festival in New York. Also they go long quality stocks that are out of the tech spotlight and short sharks. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . Y...
Kevin Warsh delivered his first comments on Wednesday as the new chair of the Federal Reserve. Investors were listening … and the market dropped. Today on the show, Katie Martin and Rob Armstrong dissect his remarks about forecasting, the Fed’s balance sheet and more. Also they go short AI model revenues and short SnapChat’s new glasses. 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 ...
Each year the FT Global Bond Summit brings traders, bankers, central bankers and politicians to London to discuss the state and future of debt. Today on the show, Rob Armstrong talks with Katie Martin about her visit to the summit and what she learned. Also they go short bans on social media and long tie games, also known as “draws”. 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 . Re...
Right now the only thing flowing through the Strait of Hormuz is a caravan of broken promises and fake cease fires. Today on the show, Middle East editor Andrew England joins Katie Martin and Rob Armstrong to discuss US President Donald Trump’s inability to end his own war and what it means for markets. Also they go long English football and long the Great Brotation. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Ka...
Rob Armstrong and Dara MacFadden discuss recent market volatility, analyzing why a strong jobs report led to a market dip. They examine the interplay between inflation fears, Federal Reserve policy uncertainty, and the narrow market driven by AI enthusiasm. The episode also touches on slowing real wage growth, consumer strain, potential oil price spikes, and the implications of a wave of new equity supply from major tech IPOs like SpaceX.
Atlantic coast power companies NextEra and Dominion have announced plans to merge, possibly creating a $420bn energy giant along much of the east coast. Is this a good idea? Today on the show, Robert Armstrong speaks with deal reporters James Fontanella-Khan and Oliver Barnes about how AI is creating a new energy landscape. Also they go long Brazil winning the World Cup and long gating private credit. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . Yo...
An estimated $675bn in new equity is hitting the market in the next few weeks. And yes, it is all tech-related. Today on the show, Katie Martin and Rob Armstrong ask why so many companies are selling so much stock to so many people. Also, they go long unusual weather and long the cubicle hero meeting corporate AI-usage metrics by generating AI tools to mimic corporate usage. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstron...
Are chip and memory stocks in a bubble? Or just rationally riding an ever-increasing demand for AI infrastructure? Today on the show, Rob Armstrong and Katie Martin unpack the rally in chip and memory stocks. Also they go long a stalemate in the Middle East and long the fracas surrounding the new Ferrari. 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 episo...
SpaceX is set to be the largest listing of all time. But it might not be just the launch of a new publicly traded stock. It might be a reorganisation of how indexes treat new entrants. Today on the show, Katie Martin and Rob Armstrong are joined by Lex editor John Foley to discuss a most unusual IPO. Also, they go long horror films and long the Iranian news media. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Armstrong and Katie...
As the Iran war hits three months, oil and gas reserves are running out. Today on the show, Katie Martin speaks with the FT’s energy editor Malcolm Moore about what happens when the world’s energy supply buffers are gone. Also, they go long “lower-value” human capital and short barnacles. 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 Host...
Luxury goods are both an indulgence and a store of value. And those uses are completely different. Today on the show, Rob Armstrong talks with Katie Martin about his trip to the FT Business of Luxury Summit in Puglia, Italy, and what he learned there about the highest end of the economy. Also, they go long a rates crisis and short exams. 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 ...
This episode explores why bond yields are skyrocketing globally, with a focus on the UK's unique Gilt market challenges stemming from its size, high debt, and political volatility. The discussion covers why traditional solutions like central bank bond-buying or issuing debt in other currencies are problematic, examining the US's "exorbitant privilege" in global debt markets. Ultimately, the hosts and guest ponder how economies might adjust to a new world of persistently higher debt and inflation.
This episode delves into GameStop's audacious attempt to acquire eBay, exploring the financial mechanisms through which a smaller company can pursue a larger one, primarily via its cash reserves and new share issuance. The hosts critically analyze the industrial logic, potential high debt levels, and significant corporate governance concerns raised by Ryan Cohen's leadership. The discussion also covers eBay's possible defensive strategies, including a "Pacman defense." Additionally, the episode pivots to Cerebras's emerging challenge to NVIDIA's AI chip dominance and concludes with market predictions on Hyrox and persistent inflation.
This episode explores the surprisingly strong first-quarter earnings of US companies, which are significantly beating expectations across sectors like industrials and financials, not just tech. While these robust fundamentals justify current market heights, hosts also discuss 'fun sponge' counter-arguments regarding the temporary nature of this growth, a slowing consumer, and geopolitical risks to energy markets. The conversation also touches on the debate surrounding proposed SEC changes to corporate reporting requirements.
The podcast delves into the speculative frenzy surrounding AI stocks by drawing parallels with historical financial bubbles, such as the US railroad boom and the dot-com bust. Guests discuss the scale of past infrastructure investments, their long-term societal benefits despite significant financial losses, and how modern tech giants' profitability might alter the outcome of the current AI build-out. The episode concludes by pondering what current events, from AI to geopolitics and inflation, will be deemed significant by future generations.
The economist John Kenneth Galbraith once quipped that “there can be few fields of human endeavour in which history counts for so little as in the world of finance.” This show sets out to prove the opposite. Each week, FT columnist Gillian Tett and FT Alphaville editor Robin Wigglesworth dig into the ideas, personalities and institutions that have shaped global finance. From unregulated banking in 19th-century frontier America to institutionalised debt jubilees in ancient Mesopotamia, and from t...
Yesterday, JayPowell made his final remarks as chair of the Federal Reserve. And then he announced his intention to remain on the board. Today on the show, Katie Martin and Rob Armstrong think about the future of the Fed under likely successor Kevin Warsh, who will govern with a former chair on the board. Also they go long a new acronym and long Katie’s 103-year-old grandmother. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . You can email Robert Arms...
This episode explores the paradox of buoyant stock markets amidst international conflict and rising energy costs, questioning if US assets are becoming a new safe haven. It delves into the UAE's unexpected departure from OPEC and its geopolitical ramifications, and scrutinizes upcoming central bank meetings, particularly focusing on Fed Chair Jay Powell's likely departure and the potential impact of nominee Kevin Walsh's views on monetary policy and AI.
This episode explores China's shift from a low-value producer to a high-tech superpower, dominating sectors like electric vehicles and solar, a trend dubbed "China Shock 2.0." Financial Times Beijing bureau chief Joe Leahy discusses how this transformation challenges industrial bases in Europe and Southeast Asia, exporting unemployment and forcing countries to rethink their economic dependencies. The conversation also touches on China's unique state-driven economic model, its geopolitical leverage through green energy, and its strategic positioning during the current energy crisis.
Today on the show, Rob Armstrong reports from the FT Commodities Global Summit 2026, where hundreds of traders gathered to share war stories about one of the wildest markets in decades. Also, they go long volatility and long honesty about plans to control the world. 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 acast....
This episode explores the current market euphoria, with the S&P 500 reaching new highs despite geopolitical instability. The hosts dissect the absurd case of Allbirds, a failing shoe company, whose stock soared after announcing a pivot to "AI compute infrastructure," debating if this reflects genuine belief in AI or pure speculative trading. They then delve into the serious question of who will ultimately capture the immense value AI is expected to generate, drawing parallels with historical industries like airlines and railroads where societal benefit didn't always translate to investor returns.
This episode delves into Elon Musk's ambitious plan to list SpaceX with a colossal $1.75 trillion valuation, exploring the company's evolution from a rocket developer to a leader in satellite communication with Starlink, and its controversial integration with XAI. The hosts and guest discuss Musk's unique strategy of shifting technological horizons, the financial drivers behind the IPO, and the market's readiness for such a high-stakes offering, especially concerning potential Nasdaq rule changes and long-term investor behavior.
This episode analyzes the market's attempt to "buy the dip" after President Trump's confusing messages on Iran seemed to coalesce around a retreat, leading to a brief rally. However, hosts Katie Martin and Rob Armstrong argue that fundamental changes will persist, particularly regarding bond market expectations for interest rate cuts and the US economy's continued outperformance. They also discuss Iran's reported interest in Bitcoin for Strait of Hormuz tolls and conclude with a "Long Short" segment on bank earnings and "friction maxing."
This episode of Unhedged contrasts today's economy with the 1960s "guns and butter" era, noting parallels in defense and fiscal spending driving inflation, and Wall Street hype from Nifty Fifty to AI stocks. However, it emphasizes significant differences, including fears of stagflation, a "sludgy" labor market, and a more vigilant Fed. The discussion also covers the struggles of lower-income consumers with rising delinquencies and widespread pessimism in the youth job market, despite some positive data. Finally, the hosts share their "long and short" market takes on European flights and AI glasses.
This episode delves into the unfolding global energy crisis sparked by the Iran war, revealing how oil traders initially misjudged the market. It explores the immediate supply shortages, legal wrangling over contracts, and the vastly uneven impact on rich versus poorer nations. The discussion concludes by outlining pessimistic future scenarios and critiquing the stock market's naive optimism despite the dire realities.
This episode explores a landmark verdict finding Meta and Google liable for damages due to social media products designed to be addictive and harmful to children. The hosts discuss the implications of product liability challenging Section 230 protections, the potential for numerous follow-up lawsuits, and the broader "tech clash" regarding child safety. They also touch on the complexities of correlating social media use with mental health issues and anticipate future legal battles, especially concerning AI-generated content.
The war in Iran has severely impacted UK and European government bonds, forcing central banks to consider interest rate hikes instead of cuts due to surging inflation expectations. This market volatility, exacerbated by hedge fund activities and the UK's unique energy and inflation challenges, translates into higher borrowing costs for everyone. The hosts detail how this crisis is affecting ordinary people, particularly through the disappearance of mortgage products and the increased risk of stagflation across the broader economy.
The hosts dissect market reactions to the ongoing Iran situation, focusing on how investors interpret President Trump's often-contradictory statements and the concept of an "information desert." They examine gold's unexpected decline, challenging its role as a safe-haven asset, and discuss the implications of significant oil trades made minutes before a presidential announcement. The episode also touches on the long-term impacts of the conflict and preparing for a post-war economic landscape.
This episode dissects the complex decisions facing central banks like the Federal Reserve, Bank of England, and ECB amid surging energy prices. While inflation from energy shocks is usually ignored, the risk of it leaking into core inflation and expectations is causing concern. The bond market is now reflecting serious economic anxiety, especially for Europe and Asia, as initial resilience gives way to worries about persistent inflation and slowing growth.
This episode explores the intriguing contrast between widespread investor anxiety regarding geopolitical tensions, particularly Iran, and private credit, versus the surprising stability of financial markets. Hosts Katie Martin and Rob Armstrong delve into sentiment indicators like the VIX and Bank of America surveys, discussing why markets aren't pricing in catastrophe despite historical analogies. They also examine the dynamics of oil prices, market rebalancing, the importance of soft power, and conclude with segments on quarterly reporting and introspection.
