Unhedged

Latest Episodes:

Big Tech roundup: Tesla, Nvidia, Apple and more Nov 14, 2023

Show notes

Four months ago, the FT’s Rob Armstrong and Elaine Moore placed their bets on two portfolios of three stocks each picked from the “Magnificent Seven” tech stocks that have been dominating markets this year. Today on the show, we check in on their portfolios, and try to think about where they’re headed next. Also, we go long Chicago.

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, formerly Twitter. 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.

A drastic solution to exploding US government debt Nov 09, 2023

Show notes

How many bears does it take to change a lightbulb? None, it will never happen. Join us today as we debrief reporter Jenn Hughes, recently back from a conference hosted by the biggest bear of them all, Jim Grant, longtime editor-in-chief of Grant’s Interest Rate Observer. The cautious conferees had one thing on their minds: the explosion in government debt. One solution: yield curve control. Also, we go long cats, and short chewing tape.

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, formerly Twitter. 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.

Pub quiz showdown: Alphaville vs Unhedged Nov 07, 2023

Show notes

Today on the show, host Katie Martin pits two teams against one another in a historic finance trivia showdown, complete with trash talk, ridiculously hard questions, and strongly-worded protests. In one corner, the cerebral duo behind the FT’s Alphaville newsletter, Alexandra Scaggs and Robin Wigglesworth. In the other, the brains behind the FT’s Unhedged newsletter, our own Robert Armstrong and Ethan Wu. An epic clash like this will not be seen again in our lifetimes, or at least not until another slow news week.

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, formerly Twitter. 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.

Sam Bankman-Fried takes the stand Nov 02, 2023

Show notes

Reporter Joshua Oliver joins us just hours after the closing arguments of the fraud trial of Sam Bankman-Fried, founder of the FTX crypto exchange. We talk about why it’s hard to find a smoking gun in a white-collar criminal trial, why Bankman-Fried testified and what it was like for Oliver to hear his own name in the testimony. Also we go long and short a hedge fund trying to build a news organisation.

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, formerly Twitter. 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.

Why so down, S&P 500? Oct 31, 2023

Show notes

GDP numbers are strong. Wages are strong. Household debt is relatively low. So why is the stock market so blue? Since July 31, it is down 10 percent – formally a “correction” – and that includes the strong performance of the seven Big Tech stocks. What gives? Today on the show, we look at three factors putting the brakes on a boom. We also go long our own listeners, a few of whom Katie bumped into at a wedding in Ireland.

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, formerly Twitter. 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.

A massive GDP number Oct 26, 2023

Show notes

In the third quarter, the US economy, as measured by annualised GDP, grew 4.9%. In an environment of skyrocketing interest rates, that is an extraordinary number. And it’s being powered by an extraordinary force: the American consumer. Today on the show we try to understand why they have remained so resilient, and if there’s room for more growth. Also, we go long Morgan Stanley and short the avians of the Antarctic.

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, formerly Twitter. 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.

Is China a bargain right now? Oct 24, 2023

Show notes

The CSI 300, which tracks the largest publicly traded companies in China, just fell to pre-pandemic lows, despite aggressive attempts by President Xi Jinping to prop up the market. The drags on equities include slowing growth, a crisis in the property market and notable geopolitical tensions. Today on the show, we try to figure out if this is the beginning of a long-term crisis or a historic buying opportunity. Also, we go long trades by Bill Gross and Bill Ackman and short getting hit by vans.

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, formerly Twitter. 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.

FTX trial update Oct 19, 2023

Show notes

Today on the show, FT correspondent Josh Oliver joins us in the New York studio just minutes after leaving the courtroom. Oliver has been covering the trial of Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, since it started on October 2. We talk about the procession of former friends testifying against him, the trading firm Alameda, the seven balance sheets and the possibility of SBF taking the stand.

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, formerly Twitter. 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.

Japan’s new direction Oct 17, 2023

Show notes

The Japanese stock market is on a tear, up 20% this year. Some of that may be due to a weakening yen, and maybe a flight to safety, but it is likely largely the result of a serious effort to rethink how Japan does business. The latest push: a “name and shame” campaign to call out companies that aren’t optimising returns for shareholders. Also, we go short fudging expense reports and long techno bros who are long-winded.

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, formerly Twitter. 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.

Public problems for private equity Oct 12, 2023

Show notes

For years, low interest rates let private equity deliver huge returns to investors. But now rates are up, and private equity is struggling. Many PE firms are turning to financial engineering to boost results. Today on the show, we wonder how that’s going to turn out. Also we go long the dollar as reserve currency and short the Birkenstock IPO.

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 X, formerly Twitter. 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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