Unhedged

Latest Episodes:

Three markets, three highs Feb 27, 2024

Show notes

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 (@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.com

Hosted on Acast. See acast.com/privacy for more information.

WeWork rework Feb 22, 2024

Show notes

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 (@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.com

Hosted on Acast. See acast.com/privacy for more information.

Active investors! Assemble Feb 20, 2024

Show notes

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/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.com

Hosted on Acast. See acast.com/privacy for more information.

The dilemma of the supercompany Feb 15, 2024

Show notes

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 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.com

Hosted on Acast. See acast.com/privacy for more information.

Are dividends back? Feb 13, 2024

Show notes

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/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.com

Hosted on Acast. See acast.com/privacy for more information.

How not to pick stocks Feb 08, 2024

Show notes

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 (@katie_martin_fx) on X. You can email Ethan at ethan.wu@ft.com.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

High-yield bond bonanza Feb 06, 2024

Show notes

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_martin_fx) on X. You can email Ethan at ethan.wu@ft.com.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Will commercial real estate hurt regional banks? Feb 01, 2024

Show notes

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 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.com

Hosted on Acast. See acast.com/privacy for more information.

Can China rebound in 2024? Jan 30, 2024

Show notes

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 Ethan at ethan.wu@ft.com.

Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Boardroom games Jan 25, 2024

Show notes

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://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.com

Hosted on Acast. See acast.com/privacy for more information.

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