Unhedged

Financial Times & Pushkin Industries•shows.acast.com

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.

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Episodes

The 2023 Unhedged stock draft

Seven stocks are powering the market: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. How will they do in the second half of this year? Ethan Wu hosts as Rob ‘Value This’ Armstrong takes on Elaine ‘The Lex Flex’ Moore. In three rounds they pick their winners for the second half of 2023, and tell us why they chose them.  For a free 90-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on...

Jul 13, 2023•20 min

Why the bond market matters now

The bond market dwarfs the stock market. But for more than a decade, equities have been the subject of conversation, and returns. Now that has flipped. Today on the show, hosts Ethan Wu and Katie Martin take apart the bond market, and explain why it matters more than ever. Also, we go long Mark Zuckerberg and short … FinTwit.  Links: - Taxi test for bonds signals end of the ‘Tina’ era For a free 90-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ...

Jul 11, 2023•16 min

Harry Markowitz found a free lunch in finance

Markowitz, a titan of finance who won the 1990 Nobel prize in economics, died last month. He showed, in a mathematically rigorous way, that diversification could bring higher returns without higher risk.  Alex Scaggs joins Ethan to explain how Markowitz’s work led to a way of thinking that has become ubiquitous in modern finance (and that has spawned legions of haters). Also, we go short economic forecasting and long Beyonce. Links: - Read Alex Scaggs’s Markowitz obit in the FT . For a free...

Jul 06, 2023•14 min

Will empty offices hurt the US economy?

The persistence of working from home, the rise in interest rates, and job cuts in finance and tech all spell trouble for the owners of office buildings. How bad will it get? And will the troubles in commercial real estate spill over to the broader economy? Links: - Read the Unhedged newsletter on commercial real estate and office REITs . For a free 90-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) o...

Jun 29, 2023•14 min

Does Japan’s stock market rally have legs?

Japanese stocks have been on a tear this year. There are a few reasons for this: Japan looks better than lots of other places, Japanese monetary policy is giving stocks a boost, and its corporate governance is becoming more friendly to shareholders. But is the rally overextended? Also, we go long Greek bonds and short the liquidators trying to get $1.3bn from the founders of Three Arrows Capital. Links: Read the Unhedged newsletter on Japan For a free 90-day trial to the Unhedged newsletter go t...

Jun 27, 2023•16 min

What’s going on with car insurance?

Car insurance costs in the US have shot up by 23% in the past 18 months, dwarfing the overall rise in inflation. What exactly is happening? And what lessons can be learnt? We discuss how idiosyncratic factors like a new law in Florida and even Taylor Swift’s latest tour are showing up in US prices. Also, we go short US housing and long SoftBank’s Masayoshi Son and his quirky presentations. Links: What’s going on with US car insurance? For a free 90- day trial to the Unhedged newsletter go to: ht...

Jun 22, 2023•14 min

Why investors hate this bull market

On paper, it’s a strong market. The S&amp;P 500 is up more than 14 per cent this year. But for professional investors, it’s confusing. Most of the gains are driven by just seven stocks, all big tech names such as Apple and Nvidia. Take those seven out and the market is essentially flat, leaving traders wondering if they’re sitting out an AI bubble, or missing a real rally. Also, we go long gilts, which are yielding 5 per cent, and long …lettuce.  Links: Stock market scramble has left in...

Jun 21, 2023•16 min

Is crypto a security, bro?

Crypto is at a crossroads. As exchanges and currencies blow up, the US Securities and Exchange Commission is ready to step in. But is crypto a security, like a stock? Or a tradable item of speculation, like a Beanie Baby? Today on the show, Robert Armstrong and Ethan Wu argue about the benefits and risks of regulating crypto. Also, we go short home prices, and long … the bone trade. Subscribe to the Unhedged newsletter Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_martin_fx ) on Twitte...

Jun 15, 2023•15 min

Where’s the recession?

The US economy remains confusing. Markets continue to predict a slowdown but unemployment remains low. Today on the show, we try to figure out what job numbers, manufacturing and credit can tell us about a possible recession and an end to rate rises. Also, we are long the bros at Three Arrows Capital (sort of), and the US stock market.  Subscribe to the  Unhedged  newsletter. Follow Ethan Wu ( @ethanywu ) and Katie Martin ( @katie_...

Jun 13, 2023•14 min

Introducing Unhedged

Ethan Wu, Katie Martin 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.

Jun 06, 2023•58 sec

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