Tesla’s earnings slightly disappointed last week, but its stock is still valued at nearly 100 times earnings. Does this make sense? And what exactly is Tesla anyway? Today on the show, Rob Armstrong and reporter Aiden Reiter take apart Tesla and try to sort out an eclectic basket of electric cars, self-driving taxis, humanoid robots and other grand plans for the future. Also we go long the yen and long bitcoin, for complex reasons. For a free 30-day trial to the Unhedged newsletter g...
Aug 01, 2024•17 min•Transcript available on Metacast Wall Street withheld tens of millions of dollars in campaign financing to pressure US President Joe Biden to withdraw from November’s election and endorse Kamala Harris. And it worked. But how did Wall Street get so interested in a public prosecutor from San Francisco? And what do financiers hope she’ll bring to the table? Today on the show, deals reporter James Fontanella-Khan walks Robert Armstrong through the whirlwind courtship between Harris and big money. Also, we short Bill Ackman and go ...
Jul 30, 2024•21 min•Transcript available on Metacast Presidential candidate Donald Trump has argued for a weaker dollar in recent interviews. That makes some sense. A weaker currency can increase exports and narrow a trade deficit. But how does one weaken a currency, and is it really a good idea? Today on the show, Rob Armstrong and new Unhedged newsletter reporter Aiden Reiter discuss the options. Also, we go long tomatoes and short Lamb Weston, notable manufacturer of french fries. For a free 30-day trial to the Unhedged newsletter go to: ...
Jul 25, 2024•20 min•Transcript available on Metacast As the election nears, Wall Street is starting to talk more about what a bet on a second Trump presidency might look like. Today on the show, we cover possible outcomes for inflation, long-term bond yields, currency manipulation, corporate taxes, protectionism, isolationism, threats to the independence of the Federal Reserve and even the rally in small-cap stocks. Also we go long sterling and short the Russell 2000. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.c...
Jul 23, 2024•23 min•Transcript available on Metacast The UK’s Financial Conduct Authority just released rule revisions that are meant to attract new listings on the country’s exchanges. These include legalising shares that move a lot of the power from investors to founders. Will this be enough to restart London as a hub for innovation? Today on the show Katie Martin and UK business correspondent Michael O’Dwyer talk about the new rules and whether they will help dynamic companies list in the UK. Also we go long professional services and shorts in ...
Jul 18, 2024•20 min•Transcript available on Metacast Last week the FT’s Moral Money writer Simon Mundy spoke with venture capitalist Vinod Khosla about 20 years of making big, long bets on renewable energy. Some have paid off, but most haven’t. Khosla is fine with that, and continues to look for big wins in the very long run on solutions such as fusion. Today on the show, Simon and Katie Martin discuss the future of green tech. Also, we short cars and electric bicycles. Unhedged Listener Survey Terms & Conditions For a free 30-day trial ...
Jul 16, 2024•18 min•Transcript available on Metacast Paramount and Skydance are merging. That’s a win for David Ellison, whose small studio will join a legendary one with a huge back catalogue and a nascent streaming platform. But is this merger of the old and new enough to compete in the new Hollywood? Today on the show, Robert Armstrong and deals reporter James Fontanella-Khan talk about the Paramount deal and the future of entertainment. Also, we take sides in the Euro soccer/football final this weekend. Unhedged Listener Survey Ter...
Jul 11, 2024•20 min•Transcript available on Metacast Recent elections have changed politics in Europe, delivering a centre-left Labour government in the UK and shifting seats to a left alliance in the French parliament. Today on the show, Katie Martin discusses this new landscape, and what it means for global markets and finance, with the FT’s economics commentator Chris Giles. Also, we short political journalists and opinion polls. Take the Unhedged Listener Survey Terms & Conditions For a free 30-day trial to the Unhedged n...
Jul 09, 2024•23 min•Transcript available on Metacast Ted Pick became chief executive of Morgan Stanley earlier this year. In a recent letter to shareholders, he touted “the integrated firm” as a model for the bank's future. But it’s not a new idea, and it’s one that has proven very hard for banks to actually do. Today on the show, Rob Armstrong asks the FT’s US banking editor, Josh Franklin, if it’s even a good idea. Also we short the US housing market and summer in New York City. For a free 30-day trial to the Unhedged newsletter go to: htt...
Jun 27, 2024•17 min•Transcript available on Metacast On Thursday, two candidates for US president will debate each other. They are both protectionists. This is a huge change in US economic policy, and one that may have massive consequences in the decades to come. Today on the show, Robert Armstrong talks with the FT’s chief economics commentator, Martin Wolf, about the past and future of industrial policy. Also we go long ageing and long babies. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can emai...
Jun 25, 2024•22 min•Transcript available on Metacast Golden Goose had a simple plan. Mass produce worn out sneakers, get stars to wear them, and sell them to the public. It was going great until the owner announced an IPO, and then pulled it. Today on the show, Katie Martin and James Fontenella-Khan discuss. Also, we go long German football and long sterling. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft....
Jun 21, 2024•18 min•Transcript available on Metacast On Thursday, shareholders of Tesla voted to re-approve a deal to reward Elon Musk with more than $50 billion worth of shares in Tesla, thus making one of the world’s richest men even richer. Also we go long teams without stars and short climate change. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com . Read a transcript of this episode on FT...
Jun 18, 2024•20 min•Transcript available on Metacast The Federal Reserve held rates steady on Wednesday, and markets went whooshing upwards, as if they thought no-move was a clear signal about the next move. For a bit anyway. Today on the show, Katie Martin is joined by Chris Giles, the FT’s economics commentator, to talk about the Fed and the crucial next few months before the US election in November. Also we short transatlantic rate arbitrage, exams and Nigel Farage. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/un...
Jun 13, 2024•17 min•Transcript available on Metacast Researchers at the University of Chicago took a fairly standard large language model of AI and fed it a bunch of balance sheets and income statements and asked it to make predictions about earnings. In backtests, AI beat human calls by a small margin, and outperformed the market generally. Have fund managers been dealt yet another kill shot? Katie Martin and Robert Armstrong discuss, and go long shareholder commitments, and the musical genius of Yuja Wang. For a free 30-day trial to the Unhedged...
Jun 11, 2024•20 min•Transcript available on Metacast Nvidia continues its rocket-like rise: Investors have piled in, as have day traders who play the stock with options. This is causing banks and market makers to load up on shares in order to cover trades. It's a feedback loop traders call the gamma squeeze, and some are concerned it’s distorting markets. Today on the show, Katie Martin talks about Nvidia and the gamma squeeze with correspondent George Steer. Also we go long the ECB and short proposals for a Texas stock exchange. For a free ...
Jun 06, 2024•17 min•Transcript available on Metacast It’s a big year for democracy. Voters in Mexico and India just went to the polls. Elections in the UK and US are still to come. On today’s show, Rob Armstrong and Katie Martin talk through how markets are responding to the elections in Mexico and India. And they analyse how markets might react to the UK and US elections. Also, we go short slugs and stock-based compensation. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong a...
Jun 04, 2024•21 min•Transcript available on Metacast At a recent meeting of the G20, Brazil invited economist Gabriel Zucman to address the most powerful nations in the world, and argue for a global tax on the super-rich. Today on the show, European economics commentator Martin Sandbu joins Robert Armstrong to discuss whether a worldwide tax on the very richest could even happen, and how it might work. Also, we short the commercial real estate crisis and go long liberal democracy. For a free 30-day trial to the Unhedged newsletter go to: htt...
May 30, 2024•22 min•Transcript available on Metacast Red Lobster used to be a respectable place to eat too much seafood. Now it’s bankrupt. Today on the show, host Rob Armstrong and the FT's Wall Street editor Sujeet Indap put on their bibs and pick apart the exoskeleton of a fast-casual icon. They talk about pasta water, real estate, and whether the real killer was the all-you-can-eat shrimp promotion. Also we go long Chili’s, and deliver the results of an informal art poll. For a free 30-day trial to the Unhedged newsletter go to: https://...
May 28, 2024•20 min•Transcript available on Metacast Commercial property values in the UK and the US have been slow to adjust to the sharp increase in interest rates. Are sellers refusing to accept reality? Or has the property economy simply put itself on hold? Joshua Oliver covers real estate (and crypto) for the FT, and he walks us through it all. And talks about crypto. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Katie Martin at katie.martin@ft.com . Read a transcript of this ep...
May 23, 2024•19 min•Transcript available on Metacast The price of cocoa has exploded. Over the past year, it’s up about 300 percent. Today on the show, Katie Martin and commodities reporter Susannah Savage try to figure out what’s behind the run-up in cocoa, olive oil and other staples. Also we go long gardening and short AI copying our voices. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Katie Martin at katie.martin@ft.com . Read a transcript of this episode on FT.com Hosted ...
May 21, 2024•15 min•Transcript available on Metacast Bridgewater Associates is one of the largest hedge funds in the world, and one of the most unusual. Its founder, Ray Dalio, has retired and moved on to other things, such as deep sea submarines. Can the new chief executive keep the group’s legendary returns going? Today on the show, reporter Ortenca Aliaj joins Rob Armstrong to discuss. Also we go long Walmart and short the troubled merger of Jennifer Lopez and Ben Affleck. For a free 30-day trial to the Unhedged newsletter go to: https://...
May 16, 2024•19 min•Transcript available on Metacast ‘Roaring Kitty’, aka Keith Gill, aka the GameStop memelord, leaned in again this week, sparking a massive rally in the retailer and its sidekick, AMC. FT correspondents Katie Martin and Rob Armstrong take stock of the mayhem and ask if it's a sign that the animal spirits are back. Also we short gruelling exams and go long utilities. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Katie Martin at katie.martin@ft.com . Read...
May 14, 2024•17 min•Transcript available on Metacast It's high noon for Paramount Studios, one of the most legendary names in Hollywood. In one corner, Wall Street and private equity. In the other corner, talented producer David Ellison, head of Skydance. OK, to be fair, he’s partnering with private equity, too. Today on the show, we break down the boss battle for Paramount with deals editor James Fontanella-Khan. Also we talk about sports. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Kat...
May 10, 2024•19 min•Transcript available on Metacast The annual meeting of Berkshire Hathaway this past weekend was a celebration of Warren Buffett’s unparalleled record and his legendary charm. Today on the show, FT correspondents Katie Martin and Robert Armstrong talk about recent investments in energy stocks, Apple and the ultimate question: succession. Also, we invent a new festival – TrackerFest – and short climate credit shenanigans. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can emai...
May 07, 2024•20 min•Transcript available on Metacast The Federal Reserve this week chose to hold interest rates unchanged. But inflation still continues to outpace its 2 per cent target. Today on the show, capital markets correspondent Kate Duguid joins us to ask if the US central bank is making the wrong decisions, and what options they have. Also, we short Starbucks and dissect Ray Dalio's bet on civil war. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Katie Martin at katie.martin@...
May 02, 2024•18 min•Transcript available on Metacast The American economy is strong — and the dollar is extremely expensive. Today on the show, we talk about how the strong dollar affects the rest of the world, pressuring importers, benefitting manufacturers, and causing capital to flow into the United States. Also we go long McDonald’s and long the British pub. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Katie Martin at katie.martin@ft.com . Read a transcript of this episode...
Apr 30, 2024•16 min•Transcript available on Metacast The FT’s Rob Armstrong sits down with Tim Harford, host of the podcast Cautionary Tales , to discuss Ponzi schemes, how they spiral out of control and what differentiates them from bubbles — and from Amazon. Plus, we go long pyramid schemes and short, as usual, crypto. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Check out Tim’s podcast, Cautionary Tales , and the full story on Sam Israel’s Ponzi scheme here . Read a transcript of this episode ...
Apr 26, 2024•17 min•Transcript available on Metacast Diamond output by the mining giant De Beers is down 23% this quarter. Demand is slowing as a bounce from the coronavirus pandemic wears off and synthetic diamonds eat into market share. Today on the show, we try to understand the market for diamonds. Also, we go short Charles Dickens in the theatre and short UK weather. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Katie Martin at katie.martin@ft.com . Read a transcript of th...
Apr 25, 2024•13 min•Transcript available on Metacast When the S&P 500 finally let Tesla join the index a few years ago, its stock soared. Similarly, the fortunes of countries have changed when their debt and equities have been included on one index or another. Today on the show, we talk to FT contributor and former fund manager Toby Nangle about who runs these indexes, and if they should be regulated. Also we go long the FTSE 100 and short El Salvador’s debt cycle. For a free 30-day trial to the Unhedged newsletter go to: https://w...
Apr 23, 2024•15 min•Transcript available on Metacast While we’ve been watching Nvidia and other sparkly tech stocks, oil has been sneaking up to touch $90 a barrel. Today on the show, we talk about oil supplies, demand and the role of geopolitics. Also, we go short Ark’s Cathie Wood and Unhedged’s Ethan Wu. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Katie Martin at katie.martin@ft.com . Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for mo...
Apr 18, 2024•19 min•Transcript available on Metacast 
