ESG investing has been a dominant topic in finance for the past few years. But ESG seems to be taking a back seat. Today on the show, we talk about the future of mindful investing with Simon Mundy, who writes the Moral Money newsletter for the FT. Also, we go long legacy media and Sam Bankman-Fried’s chances for a short sentence. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on X. You...
Feb 29, 2024•21 min
In the last few weeks, markets have hit highs in the US, Europe, and Japan. Today on the show, we try to understand what has powered the results. We talk about chip company Nvidia, but also renewed optimism in Japan and the arrival of a new acronym describing the leaders in Europe: ‘Granolas’. Also we go long Berkshire Hathaway, and short gilets, or as Americans call them, “vests”. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethan...
Feb 27, 2024•20 min
WeWork, the co-working company founded by Adam Neumann, collapsed in bankruptcy last year. And since then, the commercial real estate market has only gotten worse. Which makes this a perfect time for value investors to swoop in. Today on the show, we try to figure out if WeWork will live to co-work another day. Also, we talk about Nvidia, because everybody else is talking about Nvidia. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @e...
Feb 22, 2024•19 min
Of course we all know that passive investing delivers superior returns. But what if everyone is investing passively? Is there a case for active investing then? Recent research has shown that the explosion in index funds has made equities slower to respond to news. And also, it’s fun to be contrarian. So today on the show we explore cracks in the case against active investing. Also we go long RuneScape and cycling. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhed...
Feb 20, 2024•17 min
We live in the age of supercompanies: massive, dominant players that seem to get better as they grow — for customers and investors. And they also make us uncomfortable about our rights and freedoms. Think Walmart, Apple, Meta and so many others. But how should investors view these new giants, and will the returns last forever? Also we short the world-ex-US trade and go long the gerontocracy. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan W...
Feb 15, 2024•17 min
Mark Zuckerberg’s Meta just announced its first-ever dividend, which is something that rapidly growing tech companies rarely do. Dividends have been shunned in favour of corporate buybacks for decades. Is this a sign of change in the relationship between shareholders and corporations? Today on the show, we discuss the return of the dividend. Also we short internet tests, and go long frazzled-Englishwoman aesthetic. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhe...
Feb 13, 2024•17 min
Each year the FT hosts a stockpicking contest. Today on the show, we go over our picks for 2023, which were brilliantly bad. We guessed wrong on housing, on streaming, and even on crypto. Of course, if listeners had bet against us, they would have done quite well. So naturally we’ve got five more stocks for 2024! Also, we go long Disney and short social media. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin...
Feb 08, 2024•18 min
Demand for riskier corporate bonds is intense. The spread between higher yielding (riskier) bonds and safer Treasuries is narrowing, and nearing long-term lows. Today on the show, we try to understand the hot market for these bonds, and ask what it might tell us about the rest of the year. Also, we go long Delaware and short the reinvention of WeWork. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie...
Feb 06, 2024•16 min
New York Community Bancorp shares fell 38% on Wednesday, partly on worries about the bank’s exposure to commercial real estate. Today on the show, Ethan Wu is joined by Robert Armstrong and FT property correspondent Joshua Oliver, who explain what’s going on with NYCB, and what the bank’s troubles tell us about the commercial real estate market, regional banks and the broader economy. Also, we are both long and short workers returning to the office. For a free 30-day trial to the Unhedged newsle...
Feb 01, 2024•17 min
While markets around the world took off last year, China continued to stumble. Will 2024 be any different? Today on the show, Ethan Wu and Katie Martin try to understand why the country is lagging, and if its leadership can do anything about it. Also, we go short snowball derivatives, and long God’s plan for crypto. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on X. You can email Eth...
Jan 30, 2024•19 min
New rules about how board members are elected could change how corporate America is governed. In March, the Starbucks shareholder meeting may be a first test for new powers long sought by unions and other activists. Today on the show, FT reporter Ortenca Aliaj joins host Ethan Wu to discuss a sea change in boardroom behaviour. Also we go long M&A and short the Oscars. Link: How unions are fighting a boardroom battle at Starbucks For a free 30-day trial to the Unhedged newsletter go to: https...
Jan 25, 2024•16 min
While the S&P 500 just hit a new high, the FTSE 100 is down about 3 per cent for the year. Today on the show, we talk about the two markets. First, we ask if antitrust cases might slow the tech companies powering the S&P 500, and second, we try to understand why the solid multinationals that make up the FTSE 100 can’t find any love. Also, we evaluate the mullet as a metaphor for a balanced portfolio. Our position: we are long and short. For a free 30-day trial to the Unhedged newsletter ...
Jan 23, 2024•14 min
There is an historically large premium on the S&P 500, when compared to markets in the rest of the world. That reflects strong outperformance in the past decade, but can that last? Today on the show, hosts Ethan Wu and Robert Armstrong evaluate the emerging markets vs US trade. Also, we go long insurance, and short polyamory. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on X. You...
Jan 18, 2024•16 min
As interest rates jumped, cash ruled for a lot of investors. The payment for doing absolutely nothing – in the form of money market funds and other interest-bearing instruments – was the highest in decades. But that may be changing as equity markets outperform and the soft landing feels more like a reality. Today on the show, we re-evaluate sitting on the sidelines. Also we go long hairstyles in Taiwan and short the Big Tech stocks. For a free 30-day trial to the Unhedged newsletter go to: https...
Jan 16, 2024•12 min
Introducing Untold, a new podcast from the special investigations team at the Financial Times. In its first series, The Retreat, host Madison Marriage examines the world of the Goenka network, which promotes a type of intensive meditation known as Vipassana. Thousands of people go on Goenka retreats every year. People rave about them. But some people go to these meditation retreats, and they suffer. They might feel a deep sense of terror, or a break with reality. And on the other side, they’re n...
Jan 15, 2024•2 min
Today on the show, we dig into the latest inflation numbers, examining the results for shelter, goods and energy, and think about what it all means for the 10-year Treasury yield. Also, we go long darts and short Tinder’s $499 monthly Select membership. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow 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 FT....
Jan 11, 2024•18 min
In July, the FT’s Rob Armstrong and Elaine Moore went head-to-head in a stock-picking competition, drafting their favourite stocks from the Magnificent Seven, the seven tech stocks dominating the markets. Today on the show, we announce the winner of our contest, and try to think about what’s in store for next year. Also we go long the rest of the S&P 500 and short AI chatbots. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @et...
Jan 09, 2024•20 min
After a roaring December, the markets cooled a bit in the first days of 2024. Today on the show, hosts Ethan Wu and Robert Armstrong think big thoughts about long yields in treasuries, the historical correlation of equities and debt, and the Big Tech stocks as an asset class. Also, we go long Alibaba and short commercial real estate. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on X....
Jan 04, 2024•19 min
Today on the show, we’re looking at the year ahead, with AI by our side. Our colleague Bryce Elder at the FT built an online quiz that pits AI against analysts in writing prose about the future. We take the quiz, and make our own predictions. Also we go long and short. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on X. You can email Ethan at ethan.wu@ft.com . Read a transcript of thi...
Jan 02, 2024•20 min
Today on the show, hosts Ethan Wu, Katie Martin and Rob Armstrong dole out the first-ever Unhedgies, awards for categories such as the best overall deal, scam, IPO, central banker – we do not choose Jay Powell, by the way — and a few others we came up with on the spot. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on X. You can email Ethan at ethan.wu@ft.com . Read a transcript of thi...
Dec 21, 2023•21 min
Last week’s Fed statements revealed that its Open Market Committee was thinking about the possibility of interest rate cuts at some point, and the markets responded with insane glee, unexpectedly sending the S&P 500 up to nearly an all-time high. Today on the show, hosts Katie Martin and Rob Armstrong try to figure out what exactly it all means, and what could derail the suddenly rosy future. Also, we go long fraud and short Christmas cards. For a free 30-day trial to the Unhedged newsle...
Dec 19, 2023•18 min
Jonathan Guthrie has been covering finance for 37 years. Today on the show, he talks with hosts Ethan Wu and Robert Armstrong about what he’s learnt, covering everything from market collapses to investing in banks. Also, we go long the return of the European otter. Links: What I have learnt in 37 years of financial journalism For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on X. You can...
Dec 14, 2023•16 min
Inflation has slowed in the US, the UK, and the EU. Will this mean interest rate cuts next year? Markets seem to think so, but comments from central bankers this week may temper that enthusiasm. Also, we go long the antitrust suit against Google, and long the UK’s campaign against greenwashing. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on X. You can email Ethan at ethan.wu@ft.com ...
Dec 12, 2023•17 min
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/unhedgedoffer Follow Ethan Wu...
Dec 07, 2023•14 min
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 gover...
Dec 06, 2023•30 min
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/unhedgedoffer Follow 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...
Dec 05, 2023•18 min
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/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Marti...
Nov 30, 2023•18 min
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 investigation For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_ma...
Nov 28, 2023•18 min
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/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie M...
Nov 23, 2023•18 min
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/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie M...
Nov 21, 2023•15 min
