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    Business

    The Wall Street Skinny

    Every week, Kristen and Jen (best friends since the second grade) have smart, funny. and honest conversations about investing, tech, and business. From Princeton and Brown to Morgan Stanley, as former investment bankers turned entrepreneurs and podcasters, Kristen and Jen take the most complex deals, market moves, and tech breakthroughs and distill them into stories you care about.

    From conversations with the biggest names in investing to deep dives people can’t stop sharing — not to mention the occasional HBO Industry red carpet — this is the show Wall Street is obsessed with.

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    Copyright: © 2024 The Wall Street Skinny

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    Latest Episodes:
    INDUSTRY S1E8 | "RIF Day":  Buy the Dip, Short the VIX, F**K Bitcoin Jan 14, 2025
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    In this episode, we dive into the financial concepts and themes explored in the Industry season finale, "Reduction in Force." RIF day at PeerPoint brings decisions that reveal the power dynamics between the firm’s old guard and the new wave of leadership. We analyze the mechanics of RIF day, exploring how performance reviews, client relationships, and strategic alliances influence hiring decisions in a competitive environment.

    This episode also unpacks trading floor terminology like market liquidity and circuit breakers. We break down the dynamics of thin liquidity and how it amplifies market volatility, with real-world examples from events like the 1987 crash and the COVID-19 market turbulence. Additionally, we explore the role of sales in finance, debating whether relationship-building and charm can truly compensate for technical expertise.

    Finally, we discuss the broader implications of mentorship, power struggles, and the shifting culture in finance. From the tension between Harper and Daria to Eric's controversial return, we highlight the complexities of leadership styles and career survival in high-pressure roles. Join us as we dissect the intersection of finance, workplace politics, and character development in one of Industry's most pivotal episodes.

    If you're here for the finance or just fascinated by the fast-paced world of investment banking, this episode offers a deep dive into the lessons and realities of life on the trading floor.







    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    131. Drugs & Alcohol on Wall Street + the Business of Beverages w / Carl Radke from Bravo's Summer House! Jan 11, 2025
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    This week, Jen and Kristen dive into the intersection of Wall Street culture, substance use, and sobriety. Joining the conversation is none other than Carl Radke, star of Bravo’s Summer House and entrepreneur reshaping the way we socialize. From his personal journey through addiction and sobriety to launching New York City’s first alcohol-free bar, Soft Bar, Carl brings candid insights and powerful stories to the table.

    The episode kicks off with surprising statistics about shifting drinking habits among Gen Z and a discussion about how Wall Street’s reputation for excess has evolved over the years. Jen and Kristen reflect on their own experiences in the high-stakes finance world—where client dinners, endless vodka sodas, and late-night martinis were once the norm. But times are changing, and Carl offers a fresh perspective on creating meaningful social experiences without alcohol, inspired by his own four-year sobriety journey.

    Carl shares behind-the-scenes stories from Summer House, his role in launching Loverboy’s non-alcoholic offerings, and his vision for Soft Bar—a revolutionary space for mindful socializing. He also touches on broader cultural shifts in client entertainment, wellness trends, and the importance of fostering genuine connections in both business and personal life.

    Whether you’re sober-curious, a reality TV fan, or just love a good story about reinvention, this episode will leave you thinking differently about what it means to mix business with friendship.

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    130. The Skinny On...Getty/Shutterstock, Bond Selloff, the GSEs, & 5 Day Workweek Jan 10, 2025
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    In this episode of "The Skinny On..." we unpack the history and details behind the recently announced acquisition of Shutterstock by Getty. This is a great case study for anyone wanting to understand which synergies investors prioritize in a merger as we walk through the ownership structure & market implications.
    We then shift gears to talk about the 100 basis point selloff we've seen in 10 year notes since the fall, half of which has occurred over the past thirty days. Will 10 year notes hit 5.00%? And are there any seasonal factors to take into account behind the move?
    Piggybacking off a recent article by Matt Levine, we dive a little into the hoopla around GSE privatization talk, explaining the history of Fannie and Freddie, the conservatorship resulting from the financial crisis, and you'll learn why you should never use the term "bailout" at a cocktail party with Kristen.
    Finally, we react to the news that JPMorgan is requiring everyone back in the office 5 days a week, and muse upon different ways financial firms could potentially leverage a creative, bespoke work schedule to foster the ownership mentality we see ourselves in the startup world.

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    INDUSTRY S1E7 | "Pre Crisis Activity": Sales Credits, Claw Backs, the GFC and More! Jan 07, 2025
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    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 relationship management (SRM) role within investment banks. You’ll learn why keeping client relationships transparent is both a strategic tool and a political maneuver within financial firms.
    The conversation takes a turn into the murky waters of clawbacks and deferred compensation, shedding light on these often misunderstood topics. The hosts don't shy away from discussing timely issues like inclusion and diversity (DEI initiatives) in the workplace, while also tackling the dark side of competitive banking environments through real-world examples. This episode isn't just for fans of the show; it's a crash course in some of the most pressing financial issues of our time.

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    128. The Best Kept Secret About Career Success with Valentina Savelyeva Jan 04, 2025
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    In this exciting New Year's episode, Jen and Kristen kick off 2025 with a fresh perspective on achieving career and personal goals. The hosts are joined by Valentina Savelyeva, a former investment banker and top life and career coach, to dive deep into practical strategies and mindset shifts essential for long-term success. Valentina shares her journey from Soviet Russia to Investment banking at JPMorgan to becoming a best-selling author and how setting aligned goals can transform your life.
    Listeners will gain insights into the importance of identifying core values, setting realistic goals, and overcoming mental barriers. The episode highlights tangible tools like creating an 'ideal scene' and utilizing the power of the reticular activating system (RAS) to manifest desired outcomes. The conversation also touches upon the science behind mindset work, making this episode a blend of inspiration and practical advice.
    Whether you’re a student, early in your career, or a seasoned professional, this episode offers valuable tips on aligning your career aspirations with personal fulfillment. Tune in to discover how to harness your unique strengths, tackle procrastination, and design a career path that brings you joy and success. Don't miss out on actionable insights that can help you make 2025 your best year yet!
    Valentina Savelyeva knows what it takes to thrive in the competitive world of corporate finance. A graduate of UC Berkeley’s Haas School of Business, Valentina launched her career as an investment banking analyst at JPMorgan’s prestigious Technology, Media, and Telecom group—an opportunity that sparked her passion for empowering others to unlock their potential and achieve their career goals.


    But Valentina's journey didn’t start in corporate boardrooms—she immigrated to the U.S. from post-Soviet Russia with limited resources but boundless ambition. Through sheer determination, a positive mindset, and relentless grit, she overcame financial challenges and embraced personal growth, ultimately building a foundation for success that she now helps others achieve.

    After her time at JPMorgan, Valentina spent the next decade training professionals and college students in the technical skills needed to excel in finance. She led high-demand workshops for top Wall Street banks like UBS, Credit Suisse, and Wells Fargo, consulting giants like BCG and Deloitte, and top business schools such as Harvard, Wharton, and Columbia.


    Inspired by her work with young professionals, Valentina expanded into career coaching. Over the past decade, she has worked with clients across finance, consulting, tech, healthcare, and biotech fields—along with entrepreneurs and career switchers. She specializes in helping ambitious professionals break through self-doubt, build confidence, and design meaningful careers aligned with their passions.


    Whether you’re applying for your first internship, aiming for a top firm, or ready to pivot, Valentina’s story and strategies prove that success is attainable—no matter where you start. Tune in to hear how she turned humble beginnings into a thriving career and how you can too.


    Work with Val HERE

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    127. The Skinny On...H1B Visa Debate, Nordstrom Take-Private, Barclays Layoffs, & Our Favorite Things Jan 02, 2025
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    Welcome to 2025!
    In this episode of "The Skinny On...", we catch up on all our holiday activities before diving right into current financial topics.
    Today we cover the Nordstrom take-private, the debate regarding H1-B visa cap removals and the potential impact on the tech industry, and Barclays firing bankers & traders without bonuses before Christmas.
    We also count down our favorite things from 2024 and predictions for 2025, before sharing our conversation with Neil Blundell from the CAIS Summit discussing the latest exciting fintech innovations in alternative investments and wealth management.

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    126. What's Next for the Markets in 2025? feat. Marta Norton Dec 28, 2024
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    2024 has been an incredible year, and we are so grateful for the support of all our listeners!!
    But what can we expect in 2025? Today, we shift our focus to the new year with special guest Marta Norton, Chief Investment Strategist at Empower.
    Marta shares her insights on the recent Federal Reserve meeting, market expectations, economic trends, potential recession indicators, and the impacts of AI on the tech sector. We discuss equity valuations, the increased interest in private markets, and the ongoing debate around fiscal policy and government debt.
    Get ready for an in-depth discussion on navigating the uncertain landscape of 2025 with practical advice and long-term investment strategies.
    -------
    Marta Norton has more than 20 years of experience in the investment management industry. Prior to her role at Empower, Marta most recently served as Chief Investment Officer for the Americas at Morningstar. In that role, she helped oversee more than $57 billion in assets under management and advisement and directed strategies aimed at delivering a wide range of investment objectives, from income to capital appreciation.

    Norton held a series of progressively senior leadership positions with Morningstar during her 18-year tenure with the firm. Earlier in her career, Norton served as a research analyst at LECG, LLC and previously worked for the Bureau of Labor Statistics in Washington, DC in support of the agency’s work on the highly watched monthly Producer Price Index, among other projects.

    Known for her exceptional macro-level market commentary and long-term market view, Norton has gained recognition across the financial industry, and appears regularly in the media, including the Wall Street Journal, CNBC, and Bloomberg.

    Norton has a degree in economics from Wheaton College in Illinois and holds the Chartered Financial Analyst designation.

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    125. Angel Investing: Why a Great Business Isn't Always a Great Investment Dec 21, 2024
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    In this episode of The Wall Street Skinny, we delve into the world of angel investing. Joined by Matt Naylor and Max Valverde, co-founders of the Milkless podcast, the discussion explores the essentials of evaluating investment opportunities, the importance of liquidity preferences, and the risks and rewards associated with angel investing. Max, a seasoned investor and successful entrepreneur, shares his insightful experiences on what to look for in potential investments, emphasizing the significance of a strong team and clear exit strategies.
    Listeners are guided through critical concepts such as venture debt, the mechanics of raising capital, and strategies for assessing the viability of startups. The conversation highlights the importance of understanding terms like pre-money and post-money valuations and the pivotal role of liquidity preferences in investment decisions. Max and Matt candidly discuss the realities of startup investing, including the immense value of transparency and gut instincts when deciding whether to commit financially to a friend's business venture.
    Moreover, the episode touches on broader financial and entrepreneurial themes, connecting the act of investing in a business to the emotional investment in personal relationships. Through anecdotes and expert advice, the hosts and guests provide an engaging and informative discussion that empowers listeners to navigate the complex landscape of angel investing with confidence. This episode is a must-listen for aspiring investors and anyone interested in the intersection of finance and human relationships.
    Also check out Milkless’s episode #88 here if you want a conversation about talking to your kids about Santa and what happens after death. HERE

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    124. The Skinny On...Fartcoin (This is WILD...) and The Fed's Hawkish Cut Dec 19, 2024
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    In this episode of "The Skinny on Wall Street", your hosts Kristen and Jen dive deep into the latest financial developments. They kick things off with a comprehensive analysis of the Federal Reserve's recent rate cut, discussing its immediate impact on the market, what quantitative tightening means in an easing cycle, and the surprising hawkish tone from Fed Chairman Jerome Powell. The discussion also touches on the implications of policy shifts and the potential for future rate hikes in 2025, offering listeners a nuanced breakdown of market reactions and the intricacies of monetary policy.
    Then, the conversation takes an unexpected turn into the world of cryptocurrencies, specifically meme coins like Fartcoin. Kristen and Jen explore the rise of these speculative assets, the involvement of artificial intelligence in trading, and the philosophical questions surrounding AI's role in the financial markets. This segment delves into the wild volatility of meme coins, the lessons learned from historical market manipulations, and the potential future implications of AI-driven trading strategies. Whether you're a seasoned investor or just curious about the latest market chatter, this episode is packed with insights and thought-provoking discussions.

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


    INDUSTRY S1E6 | "Nutcracker" Wall Street Holiday Parties, Year End Bonuses and More! Dec 17, 2024
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    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 between sales desks and endowments like Harvard's.
    We scrutinize the ethical dilemmas faced by characters like Yasmin, Kenny, and Maxim, and discuss how their interactions reflect real-world sales and trading practices. Topics include the importance of client relationships, the personal and professional boundaries that get blurred, and the ethical implications of various decisions made by the characters. This episode also provides a stark contrast between the Hollywood portrayal of Wall Street's gritty reality and the actual nuanced practices in the finance industry.
    Finally, we reflect on the pivotal scene where Harper is pressured by her superiors to sign off on Eric's termination, diving into the power dynamics and ethical quandaries within corporate environments. This discussion exposes the underlying themes of authority and manipulation in the finance world, providing listeners with a richer understanding of the intricacies and ethical challenges depicted in Industry. Join us as we unpack these finance-centric storylines and their implications within the broader narrative.

    Shop our Self Paced Courses:

    Investment Banking & Private Equity Fundamentals HERE
    Fixed Income Sales & Trading HERE

    Subscribe to our Substack: https://substack.com/@thewallstreetskinny


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