Unhedged

Tech stocks and bonds took a kicking on Thursday, adding urgency to a question investors have been asking themselves for months now: is the AI boom about to go splat? Katie Martin and Rob Armstrong sense a great disturbance in the Force. But if the bubble really is about to burst, where can investors run for shelter? Plus, Rob shorts the letter K, and Katie shorts protein recycling. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US consumers are still in love with buying things, buoyed by stock markets that are near all-time highs. But could sky-high mortgages and diesel prices spoil their shopping spree? And if the strains on the economy continue, what does that mean for the November midterm elections? Katie Martin and Rob Armstrong ask how long the stock market wealth bubble can prop up the US economy. Plus, Rob shorts silly jackets and Katie shorts silly smokers. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. Credit to Roderick MacLeod for the Charts on the Radio jingle! You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

France’s borrowing costs are skyrocketing. And its leading candidates for next April’s presidential elections - on both extremes of the political spectrum - seem alarmingly unalarmed. All of this gives hosts Katie Martin and Rob Armstrong, and markets correspondent Ian Smith, a bad feeling about where things might be headed. So does another eurozone crisis beckon? Plus, Katie and Rob go long Norway and John Le Carré, while Ian shorts oversized cars. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s starting to look like every market is becoming a one-trick pony. Since the summer, stock markets would have been down – were it not for the Big Tech companies galloping ahead on the back of AI. Corporate bond issuance and even the US dollar are also riding high on the AI trade. But what if that pony turns out to be a bucking bronco? Rob Armstrong and Katie Martin saddle up and find out. Plus Rob goes long TIPS, and Katie shorts acronyms… such as TIPS. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. Until October 28 you can save on a standard annual digital subscription at ft.com/unhedgedsale You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

While most people are distracted by the latest blow-up in US Treasuries, our hosts Katie Martin and Rob Armstrong lift the lid on a less watched corner of the debt markets. The world’s hyperscalers – giant companies such as Amazon and Meta – need to borrow as much as they can to build the data centres needed for the AI boom. FT markets reporter Emily Herbert tells us what their elephantine debt issuance has been doing to corporate bond markets around the world. Plus, Katie shorts sniff tests, Emily goes long soup and Rob entrusts his life savings to a supermarket manager in Surrey. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Over the summer, the FT held a revamped version of its stock picking game – think fantasy football for the global equity markets. Some 13,000 people took part – a shocking number considering how unfashionable active fund management has become in the real world. Katie Martin and Rob Armstrong invite their FT Money colleague Nathan Brooker, who runs the competition, to discuss the psychology of stock picking, and whether it has a future in real life. Plus, Nathan shorts holiday spoilers, Katie shorts pesky kids, and Rob throws active investors some love. The FT’s next stock picking game launches on Monday October 5. Entry is free to all FT subscribers aged 18 or over. Registrations will remain open for a number of weeks after the launch date. To participate, go to: https://stockpickinggame.ft.com For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Global bond yields took a big leg up on Wednesday, with the US 10-year Treasury now well north of 5 per cent. Could further rises trip up a heavily indebted government? Or perhaps an overleveraged hedge fund, with untold market fallout? Hosts Katie Martin and Rob Armstrong are joined by FT senior markets correspondent Ian Smith. Plus, Rob goes long his own foresight, while Katie extends a long arm of comfort to a banker who sent a career-ending email. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Investment funds boast triple-digit returns. Retail investors enthusiastically pile in. Then – surprise! – they turn out to be scams… and implode. The story that played out in Istanbul last week may be as old as the city’s Grand Bazaar. But what does it say about financial regulation in Turkey, and should foreign investors be concerned? Host Rob Armstrong catches up with the FT’s Turkey correspondent, John Paul Rathbone. Plus, Rob shorts the 10-year US Treasury, while JP goes for a long swim in the Bosphorus. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In response to persistently above-target inflation, the Federal Reserve raised interest rates a quarter-point this week. Typically, this would not merit a full podcast. But in our current world – which includes a persistently Fed-baiting US president – this unexpected return to normalcy is something that hosts Katie Martin and Rob Armstrong have chosen to celebrate. Also, Rob goes long the endangered potato, while Katie is long Russian oligarchs bankrolling wedding events.  Until October 28 you can save on a standard annual digital subscription to the Financial Times at ft.com/unhedgedsale. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When the Terminator robots come for us all, will there be anywhere safe to run? Certainly not the US Treasury market, where the 10-year yield just broke the totemic 5% level. It’s a sobering thought. But hosts Katie Martin and Rob Armstrong wonder if it’s sobering enough to end the AI stock market mania? Also in the show, Rob and Katie take sartorial long positions on armholes and loafers. Until October 28 you can save on a standard annual digital subscription to the Financial Times at ft.com/unhedgedsale. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US Treasury secretary Scott Bessent cowed currency traders this week by claiming anyone shorting the yen was betting against “the house”. But he has failed to will US government borrowing costs lower, while his boss has failed to will the Strait of Hormuz open again. As Brent crude smashes through $100 a barrel, hosts Rob Armstrong and Katie Martin ask what Bessent can actually do to keep yields from continuing to surge. Also, Rob shorts a lunch-disrupting coffee company, and Katie shorts AI headbangers. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Katie called it – so she claims. There are signs that foreign investors may be losing trust in US assets. This has been the source of a running debate between the hosts Katie Martin and Rob Armstrong on this podcast, and Rob finally concedes she may have a point. Awkwardly for him, he does so in front of a live audience, for a special episode recorded at the FT Weekend Festival in London’s Kenwood House. Plus, Rob goes long a Scotch whisky carry trade, while Katie goes long our lovely Unhedged audience. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Britain has a problem. Almost half of the country’s working age adults are not saving into a pension at all. So if you know somebody who isn’t thinking enough about their future retirement, it may be time to have a frank conversation with them. In today’s show, Katie Martin talks to two experts about why nobody seems to be taking their pensions seriously enough – Gavin Lewis, managing director at asset management leviathan BlackRock, and the FT’s consumer editor Claer Barrett, who writes our Serious Money personal finance column. Also, Gavin goes long longevity, Katie goes long gold exuberance and Claer shorts Andy Burnham’s social media feed. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Fed chair Kevin Warsh used his speech at the annual Jackson Hole gathering of central bankers to tell bond markets he was serious about keeping a lid on inflation and everyone should calm down. Bond markets responded by pushing long-term borrowing costs to new highs. Today on the show, Katie Martin and Rob Armstrong ask what’s up with bond yields? Plus, they go long data centre Nimbys and long the job prospects for PR agencies. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Canada and the US reached an impasse over trade this week, as Canadian Prime Minister Mark Carney refused to meet the demands of US President Donald Trump. Today on the show, senior trade writer Alan Beattie joins Katie Martin and Rob Armstrong to discuss the future of tariffs. Also, they go long complaints from farmers, long the AI boom and long Rob saying Katie was right. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Last week Treasury secretary Scott Bessent directed his department to double its purchase of treasuries, in an attempt to bring down the yield. Of course, it backfired. Today on the show, Rob Armstrong and Katie Martin pick apart the Trump administration’s unprecedented behaviour and wonder how long the US can keep borrowing as it has. Also, they go short the dollar and long stockpiling canned food.  Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

With Europe’s record-breaking heat and droughts this summer, water levels in Germany's Rhine river have reached historic lows. Today on the show, Katie Martin talks with FT Frankfurt bureau chief Olaf Storbeck about the long-term effects on the economy and how the country is dealing with the crisis.  Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US reserves are the lowest they have been for many decades. Today on the show, Katie Martin and the FT’s Energy Editor Malcolm Moore try to figure out why the market has remained calm and if it will finally freak out. Also they go long Bank of America chief executive Brian Moynihan’s vocabulary and short the sun.  Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s been a hot summer, and not just in terms of weather. European and UK equities markets have matched US returns and are at record levels. Today on the show, Katie Martin talks with senior markets correspondent Ian Smith about the surprising returns for the old world. Also they go long Wetherspoon pubs and long implied volatility.  Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. Visit ft.com/festival to find out more. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Investors were surprised when they learned that the US was selling euros to prop up the yen. But was this support for an ally? Or worries about interest rates at home? Today on the show, Katie Martin and Alphaville reporter Toby Nangle unpack this unusual move. Also, they go long rain and long cheese futures.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today, we're bringing you an episode from another podcast in the FT stable: The Economics Show with Soumaya Keynes For decades, China accelerated its industrial development through a straightforward bargain: foreign firms invested in China, often through joint ventures, gaining access to the enormous Chinese market, while Chinese companies absorbed western tech and knowhow. Today, that dynamic is changing. China's high-tech industries are now world-leading, and western governments are looking on enviously. So should the US and EU now take a page from China's playbook? Host Soumaya Keynes speaks to John Minnich, assistant professor of international relations at LSE, about the history of Chinese tech transfer, how it drove industrial sophistication and whether the west could — or should — attempt something similar. Listen to more from The Economics Show: podfollow.com/economics-show Further Reading How China pulled off a great tech reversal EU to include UK and Japan in ‘Made in Europe’ plans John Minnich: Divide and Conquer: Industry Market Structure, Inter-Firm Rivalry, and Bargaining over Technology Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music and sound design by Breen Turner. Manuela Saragosa is the executive producer. Flo Phillips is the FT’s head of audio. Hosted on Acast. See acast.com/privacy for more information.

Today, we're bringing you an episode from another podcast in the FT stable: The Story of Money. Jesse Livermore was a legendary trader who made and lost several fortunes in the early 20th century, most famously by shorting the Wall Street crash of 1929. His early life was immortalised in the roman à clef Reminiscences of a Stock Operator by Edwin Lefèvre, and his trading insights and stunning successes continue to inspire professional traders and would-be traders to this day. But his life also contains cautionary tales about the ease with which success can morph into failure, and what happens when the buzz of the markets is no longer enough. Host Robin Wigglesworth and the FT's US financial commentator Robert Armstrong explore the extraordinary life of the greatest day trader in history. Watch, listen and subscribe to The Story of Money for free on YouTube, Apple Podcasts, Spotify, at ft.com/tsom or wherever you get your podcasts. Content note: This episode includes discussion of suicide and mental health. Further reading: Reminiscences of a Stock Operator (1923), Edwin Lefèvre 1929: Inside the Greatest Crash in Wall Street History and How It Shattered a Nation (2025), Andrew Ross Sorkin  Credits: Getty Images, The New York Times  To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: https://www.youtube.com/@FTTheStoryOfMoney  Learn more at www.ft.com/tsom or get in touch at [email protected]. Hosts: Gillian Tett and Robin Wigglesworth Producer: Lulu Smyth Senior Producer: Michela Tindera  Executive Producer: Manuela Saragosa Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Giuompasis Podcast Development: Laura Clarke FT Global Head of Audio: Flo Phillips  Hosted on Acast. See acast.com/privacy for more information.

The Fed held rates steady on Wednesday, and chair Kevin Warsh commented on the Federal Reserve’s future role in markets. Today on the show, Katie Martin and Rob Armstrong try to figure out if Warsh can really have the Fed he says he wants. Also they catch up on their bets on the future of gold and bitcoin.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Save 10% on tickets with the code FTPodcast. Visit ft.com/festival to find out more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Former Federal Reserve member Stephen Miran and economist Nouriel Roubini just published a paper arguing that the US central bank should pay more attention to the supply of money. But will new Fed chair Kevin Warsh listen? Today on the show, Rob Armstrong and FT contributor Brendan Greeley explain the theory of monetarism and why Warsh might be open to its return. Also, they go long task forces and long the correction in tech stocks.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

JPMorgan has become by far the biggest bank in the US and one of the largest in the world. But how did it do it? Today on the show, Rob Armstrong and US banking editor Joshua Franklin talk about the incredible growth of JPMorgan over the past 20 years and ask what will happen when Jamie Dimon retires. Also they go short the Magnificent 7 and long power trips.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Prediction markets can tell us what everyone thinks. They can also encourage breaking the law. Today on the show, Katie Martin and Rob Armstrong take the measure of a world where you can bet on anything. Also they go long cash and long mansions in London.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Stocks offering access to private credit funds have taken off, and crashed, in recent years. Is this the fiery end to a bad idea or a golden chance to buy a piece of a good idea? Today on the show, Katie Martin and Rob Armstrong look at the arguments for retail access to private credit. Also they go short The Odyssey and long air conditioning stocks.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Five US banks reported earnings this morning and they were all terrific. Today on the show, Lex editor John Foley joins Rob Armstrong to discuss the stunning results for banks and why it’s all part of the AI boom. Also they go long Count Binface again and long hog farms turning into data centres.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US-Iran conflict is back on, inflation is sticky and US interest rates are steady — for now, anyway. Today on the show, Katie Martin and Rob Armstrong discuss the quieter Fed under new chair Kevin Warsh, and try to make sense of his silence. Also, they go long ducks and novelty political candidates from outer space.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The index of big US software groups has fallen by about 20 percent over the past year, as investors worry that AI will make software businesses obsolete. Today on the show, Rob Armstrong and Katie Martin make the case that enterprise software isn’t going anywhere. Also on the show: We go long the one analyst with a sell rating on SpaceX, and long “int-egg-rity” (sorry). For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

We’re halfway through the year and the markets are thriving but look different than they did six months ago. The Magnificent Seven are struggling, while chip makers are soaring. Inflation is up but wages are stalling. Today on the show, Katie Martin and Rob Armstrong try to figure out where we are and where we’re going. Also they go short the anchovy market and long dogs.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The UK is changing leadership. Again. But what will this mean for the economy and for Britain’s debt market? Today on the show, Rob Armstrong speaks with senior markets correspondent Ian Smith about what is going wrong in the UK and whether a new leader can fix it. Also they go long non-tech stocks and long Portugal.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tech stocks went into a swivet early this week, with a variety of big names moving sharply in different directions. Today on the show, Katie Martin and Rob Armstrong try to figure out what caused the skittishness, and if it was all the new Fed chair Kevin Warsh’s fault. Also they make opposing bets on gold and bitcoin.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The AI boom is tossing equities around like tiny boats. Today on the show, Katie Martin and Rob Armstrong ask investor Ruchir Sharma how to ride it all out. Sharma is the chair of Rockefeller International and the author of What Went Wrong with Capitalism. The show was recorded at the FT Weekend Festival in New York. Also they go long quality stocks that are out of the tech spotlight and short sharks.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Kevin Warsh delivered his first comments on Wednesday as the new chair of the Federal Reserve. Investors were listening … and the market dropped. Today on the show, Katie Martin and Rob Armstrong dissect his remarks about forecasting, the Fed’s balance sheet and more. Also they go short AI model revenues and short SnapChat’s new glasses.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Each year the FT Global Bond Summit brings traders, bankers, central bankers and politicians to London to discuss the state and future of debt. Today on the show, Rob Armstrong talks with Katie Martin about her visit to the summit and what she learned. Also they go short bans on social media and long tie games, also known as “draws”.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Right now the only thing flowing through the Strait of Hormuz is a caravan of broken promises and fake cease fires. Today on the show, Middle East editor Andrew England joins Katie Martin and Rob Armstrong to discuss US President Donald Trump’s inability to end his own war and what it means for markets. Also they go long English football and long the Great Brotation. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The market plunged on Friday after a positive jobs report and then rebounded on Monday. Today on the show, Rob Armstrong and reporter Daire MacFadden ask why investors seem so jumpy. Also they go short deal trinkets and long young basketball players.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Atlantic coast power companies NextEra and Dominion have announced plans to merge, possibly creating a $420bn energy giant along much of the east coast. Is this a good idea? Today on the show, Robert Armstrong speaks with deal reporters James Fontanella-Khan and Oliver Barnes about how AI is creating a new energy landscape. Also they go long Brazil winning the World Cup and long gating private credit.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

An estimated $675bn in new equity is hitting the market in the next few weeks. And yes, it is all tech-related. Today on the show, Katie Martin and Rob Armstrong ask why so many companies are selling so much stock to so many people. Also, they go long unusual weather and long the cubicle hero meeting corporate AI-usage metrics by generating AI tools to mimic corporate usage.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Are chip and memory stocks in a bubble? Or just rationally riding an ever-increasing demand for AI infrastructure? Today on the show, Rob Armstrong and Katie Martin unpack the rally in chip and memory stocks. Also they go long a stalemate in the Middle East and long the fracas surrounding the new Ferrari.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

SpaceX is set to be the largest listing of all time. But it might not be just the launch of a new publicly traded stock. It might be a reorganisation of how indexes treat new entrants. Today on the show, Katie Martin and Rob Armstrong are joined by Lex editor John Foley to discuss a most unusual IPO. Also, they go long horror films and long the Iranian news media.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As the Iran war hits three months, oil and gas reserves are running out. Today on the show, Katie Martin speaks with the FT’s energy editor Malcolm Moore about what happens when the world’s energy supply buffers are gone. Also, they go long “lower-value” human capital and short barnacles.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Luxury goods are both an indulgence and a store of value. And those uses are completely different. Today on the show, Rob Armstrong talks with Katie Martin about his trip to the FT Business of Luxury Summit in Puglia, Italy, and what he learned there about the highest end of the economy. Also, they go long a rates crisis and short exams.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Yields on UK gilts are skyrocketing. But the UK is not the only country facing rising borrowing costs. Today on the show, Katie Martin and Rob Armstrong talk to new Unhedged contributor and former Bank of England employee Daire MacFadden about the new landscape of borrowing. Also, they go short the Lime e-bike IPO and long macarons.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

GameStop, the video game retailer and iconic meme stock, has announced an attempt to take over the much larger eBay. Today on the show, Rob Armstrong and John Foley talk about how a smaller company can take over a larger company and whether it’s even a good idea. Also, they discuss the rise of Cerebras, the chip maker challenging Nvidia, and go short Hyrox and long continuing inflation.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US companies are crushing it this year and it’s not just Big Tech. More than 80 per cent of the S&P 500 companies that have reported first-quarter earnings have beaten expectations. Katie Martin and Rob Armstrong discuss the buoyant earnings and how the Middle East conflict could weigh things down. Also, they go short open bars and long muntjacs in the UK. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Transformative technologies create speculative frenzies. Robin Wigglesworth, host of the new FT podcast The Story of Money, joins Katie Martin and Rob Armstrong to talk about what financial history can teach us about today’s AI-driven stock market. Also, we go short GameStop’s attempt to acquire eBay, and long tiny ice cream treats. Subscribe to The Story of Money wherever you get your podcasts, and on the show's dedicated YouTube channel here. Learn more at ft.com/tsom.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The economist John Kenneth Galbraith once quipped that “there can be few fields of human endeavour in which history counts for so little as in the world of finance.” This show sets out to prove the opposite. Each week, FT columnist Gillian Tett and FT Alphaville editor Robin Wigglesworth dig into the ideas, personalities and institutions that have shaped global finance.  From unregulated banking in 19th-century frontier America to institutionalised debt jubilees in ancient Mesopotamia, and from the birth of credit derivatives to the great market meltdowns of the past, Robin and Gillian uncover the story of money because time and again, the same manias and mistakes resurface. Tune in and you might just understand where the next financial opportunities and disasters could be hiding.  Subscribe to The Story of Money wherever you get your podcasts and watch the show on YouTube.  Learn more about the show at ft.com/tsom and find out more about Gillian Tett here and Robin Wigglesworth here.  Follow FT Alphaville here.  Hosts: Gillian Tett and Robin Wigglesworth  Producer: Lulu Smyth  Senior Producer: Michela Tindera  Executive Producers: Flo Phillips and Manuela Saragosa  Original music and sound engineering: Breen Turner  Podcast Development: Laura Clarke  Global Head of Audio: Cheryl Brumley Hosted on Acast. See acast.com/privacy for more information.

Yesterday, JayPowell made his final remarks as chair of the Federal Reserve. And then he announced his intention to remain on the board. Today on the show, Katie Martin and Rob Armstrong think about the future of the Fed under likely successor Kevin Warsh, who will govern with a former chair on the board. Also they go long a new acronym and long Katie’s 103-year-old grandmother.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The news is bad, but stocks seem happy. Today on the show, Katie Martin and Rob Armstrong unpack the market’s rally and look forward to Fed chair Jay Powell’s final comments. Also, they go short health monitors and long snooker in Iran. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In the past decade China has transformed itself into a high-value producer of sophisticated goods, threatening jobs in Europe and the rest of Asia. Today on the show, the FT’s Beijing bureau chief Joe Leahy joins Katie Martin and Rob Armstrong to discuss his three-part series on China’s new economy. Also, they go short prediction markets, long exit rows and long Xi Jinping’s chances of re-election. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today on the show, Rob Armstrong reports from the FT Commodities Global Summit 2026, where hundreds of traders gathered to share war stories about one of the wildest markets in decades. Also, they go long volatility and long honesty about plans to control the world.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

After a nervous couple of months, markets suddenly roared to life this week, with the S&P 500 reaching a new high. Struggling shoe company Allbirds led the charge with a pivot to AI and saw its stock leap 774 per cent. Today on the show, Katie Martin and Rob Armstrong try to figure out why investors are so excited. Also they go long kebabs and the Strait of Vermouth. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Elon Musk’s SpaceX plans to go public this year in what may be the largest IPO of all time. But what is SpaceX, exactly? Today on the show, Katie Martin and Rob Armstrong speak with the FT’s west coast editor Richard Waters about the SpaceX listing and why it isn’t like any other IPO. Also, they go long papal news, southern California and magnolia trees.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As President Donald Trump’s confusing messages on the Iran war seem to coalesce around a retreat, markets have risen. But are we really going back to anything like what we had before February 28? Today on the show, Katie Martin and Rob Armstrong try to understand the meaningful changes that will persist. Also, they go long bank earnings and short "maxing" anything.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Economists often compare today’s era to the 1970s, when oil prices were high and inflation was looming. But there is something to learn from the 1960s, too. Today on the show, Rob Armstrong and Hakyung Kim discuss “guns and butter”, and the state of consumer credit. Also they go short flights to Europe and short AI glasses.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

World energy supplies have been disrupted by the Iran war. But how long will they take to return to normal after the war is over? Today on the show, Katie Martin and the FT’s energy editor Malcolm Moore game out global energy outcomes. Also, they go long coal and short the wisdom of the markets. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A jury in a Los Angeles court has found Meta and Google liable for $6m in damages in a civil suit alleging their social media products are designed to be addictive to children. It could pave the way for thousands of similar suits. Today on the show, technology reporter Hannah Murphy joins Robert Armstrong and Katie Martin to discuss what the verdict means. Also, they go long cold brews and long a Netflix documentary about America's Next Top Model.  Check out the FT News Briefing podcast on FT.com or on Acast, Apple Podcasts, Pocket Casts or Spotify. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The plunge in UK and European bonds has been expensive for hedge funds, whose bets have gone sideways. But it could be expensive for regular people too, at least according to Katie Martin and her guest, the FT’s senior markets correspondent Ian Smith. Today on the show, they unpack how a drop in the value of European debt will drive up costs for the average person. Also, they go long Harry Potter on television and short boy kibble.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When President Donald Trump talks, markets listen. But why? Today on the show, Katie Martin and Rob Armstrong try to figure out if the markets really are chasing the news and if that makes any sense whatsoever. Then they discuss gold’s steep drop and an awfully suspicious trade in the oil markets. Also they go long Saturday Night Live in the UK and short being tall.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The war has caused a spike in oil prices, which will pass costs through the economy. But if the economy is slowing, will there be enough inflation to send interest rates back up again? Today on the show, Katie Martin and Rob Armstrong dissect Federal Reserve chair Jay Powell’s Wednesday comments about the conflicting signals in the economy. Also they go long clean air and long March Madness. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Oil is up, bombs are falling and investors are increasing their piles of cash. But the market isn’t far off its highs. Today on the show, Katie Martin and Rob Armstrong try to square the dismal news with the sanguine market. Also they go short quarterly reporting and long introspection.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

There has been a steady trickle of bad news in private credit, and investors have been having a hard time getting their money out of funds. Today on the show, Katie Martin and Rob Armstrong are joined by the FT’s US private equity and deals editor Antoine Gara. The three of them try to figure out if a small financial crisis is brewing. Also they go long 10-year Treasuries, long Ukraine ETFs and long the New York Jets. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Over the weekend, the price of oil had its biggest intraday swing on record, bouncing between $84 and $119 per barrel in just 23 hours. Today on the show, Rob Armstrong and Katie Martin survey the wreckage, and try to figure out if the price of oil is driving policy in Washington. Also they go long neckties and Korean food crazes.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Genius Act allowed stablecoins to trade in the US as a legal form of currency. But can that really work? Today on the show, financial historian Brendan Greeley joins Katie Martin and Rob Armstrong to discuss if it makes sense to introduce a digital competitor to the dollar. Also they go long the Maidstone football team, short March and short tax trips to Dubai.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US attack on Iran has muddled expectations for the year, especially in energy markets. Today on the show, US energy editor Jamie Smyth joins Katie Martin and Rob Armstrong to talk about Tehran’s counterattacks on US allies including Kuwait, Saudi Arabia and the United Arab Emirates. Also, they go short private assets and long UK pastry chain Greggs.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Supreme Court just overturned President Donald Trump’s use of the emergency powers provision to impose tariffs. Now importers are suing for refunds, and the president has scrambled to leverage another old law to find a legal way to slow imports. Today on the show, Katie Martin and Rob Armstrong are joined by Alan Beattie, of the FT’s Trade Secrets newsletter, to sort the mess out. Also, they go short the “Halo” trade and long irony.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On Monday, a report by Citrini Research appeared to rattle traders on Wall Street. Its thesis was that massive efficiency increases would lead to widespread job losses and a disastrous fall in consumption. Today on the show, Katie Martin and Rob Armstrong discuss the doomsday scenario. Also, they go short New York in the snow and short shrinkflation.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

World markets continue to be down on the dollar. Today on the show, Katie Martin and senior markets correspondent Ian Smith discuss how inflation, politics and trade are weighing on the once mighty greenback. Also, they go short curling and long wealth managers in the age of AI.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investment banking, something that many other banks have tried and failed to do. The FT’s US banking editor Joshua Franklin and US banking correspondent Akila Quinio discuss what Wells Fargo does — and doesn’t have — going for it as it pursues this strategy. Clips from, CNN, CBS News, CNBC, CNN, HBO, KPIX, KRON4, NBC News, Wells Fargo The FT does not use generative AI to voice its podcasts. New episodes available on Acast, Apple Podcasts, Pocket Casts or Spotify.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Buried deep in the heart of this week’s US jobs report is a hint that companies may be increasing hiring to build all those AI data centres we keep hearing about. Also on the show, Rob Armstrong and Katie Martin parse what the report says about the US consumer, and what it means for US interest rate policy. And they go long volatility and short sugar. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Japan’s Prime Minister Sanae Takaichi and her Liberal Democratic Party dominated in a snap election on Sunday and the country’s stock market loved it. This week, the Nikkei 225 hit an all-time high. Today on the show, Hakyung Kim joins Katie Martin and Rob Armstrong to discuss what the election means for markets in Japan, the US and Europe. Also, they go short Alphabet’s 100-year bond, streaming services and the luge.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Markets, data and sentiment are often looked to as indicators of the present and guides to the future. But these data points aren’t helping as much as they used to. Today on the show, Robert Armstrong, Hakyung Kim and John Foley try to understand why major numbers are in such constant conflict. Also, they go long Matcha and long data centres in space. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump announced his pick for the next Fed chair at the end of last week. It was Kevin Warsh, a former member of the Fed Board of Governors. Today on the show, Katie Martin and Rob Armstrong dissect Warsh’s previous statements and try to figure out how being in charge will change his outlook. Also they go long theme parks and short grindcore.  Take the FT’s anonymous annual bonus survey here.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Since the second inauguration of US President Donald Trump, the dollar has been in a slow but persistent decline. Today on the show, Katie Martin and Rob Armstrong try to figure out what is happening and if it will continue. Also they make a bold prediction for the next chair of the Federal Reserve.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Gold and silver are both racing to record highs. But can it last? Today on the show, Katie Martin and Rob Armstrong talk about factors that might put the brakes on the frenzy. Also they go long the Melania Trump documentary and long the New England Patriots.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The “Taco trade” proved profitable again this week as US President Donald Trump walked back his proposals for invading Greenland. ("Taco", of course, is the acronym for "Trump always chickens out".) Gone too are threatened tariffs on allies that stood up to defend the island. Today on the show, Rob Armstrong and Lex editor John Foley discuss the president’s retreat and the market’s joy. Also they go short Grønlandsbanken and long wintry days in New York.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As Donald Trump threatens a takeover of Greenland, Europe responds with military deployments, sending the markets into a low-key swivet. Today on the show, Rob Armstrong and Alphaville reporter Toby Nangle discuss what financial weapons the EU has to defend against an increasingly warlike US president. Also they go long Dutch tech company ASML and long a return to live television.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

We’re sharing a preview of another podcast we think you’ll enjoy, Business History. Former Planet Money hosts Jacob Goldstein and Robert Smith examine the surprising stories of businesses big and small, bringing to life the greatest innovations, the boldest entrepreneurs and the craziest mavericks in the archives of commerce and finance.  Today’s episode: How Warren Buffett rose from obscurity to become one of the richest people in the world. To hear more, find Business History on YouTube, Apple, Spotify, or wherever you get podcasts.  Hosted on Acast. See acast.com/privacy for more information.

The results of the FT’s 2025 stock picking contest are in! Today on the show, Katie Martin, Rob Armstrong and the FT’s asset management reporter Alan Livsey take a look at the winning and losing ideas of 2025. Also they go short prediction markets and short the dollar.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On Sunday night, Federal Reserve Chairman Jay Powell took the extraordinary step of issuing a video saying he is being threatened with a criminal indictment because the Fed failed to follow "the preferences of the President." Today on the show, Katie Martin and Rob Armstrong ask if the Fed can survive a Soviet-style smear campaign and legal attack. Also they go long print and long Are You Dead?, an app for checking if you’re dead or not. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Markets continue their sunny cruise, whistling along as the world is upended by nationalistic meddling in both corporations and other countries. Today on the show, Katie Martin and Rob Armstrong discuss the stunning resilience of the global economy. Also, they go short bank consolidation and short Grok nudifying people.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump has attacked Venezuela and removed its leader. The markets remain nonchalant. Does that make sense? Today on the show, Rob Armstrong and Katie Martin speak with US Energy Editor Jamie Smyth about regime change, oil and the global economy. Also they go long cricket in Australia and long US markets.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Unhedged is on a break over the holidays, so we wanted to share an episode from our fellow FT podcast, Behind the Money. When international private equity groups first entered Japan at the turn of the 21st century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout groups have set up in the country and the establishment is courting them. The FT’s Tokyo correspondent David Keohane and Tokyo bureau chief Leo Lewis explain why there’s been a shift, and how private equity’s presence may rejuvenate Japanese corporates. Subscribe to Behind the Money.  This is a repeat of an episode published on Behind the Money, a sister podcast of Unhedged, on Nov. 26, 2025. Hosted on Acast. See acast.com/privacy for more information.

Katie Martin spent a restful 20 hours on a plane coming up with some devilishly hard questions for her colleagues, Rob Armstrong and John Foley. Today on the show, we find out who is the best at making wild guesses. Also, all three unveil their new year’s resolutions.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Here’s another podcast we think you’ll enjoy, The Big Short Companion from Against the Rules, hosted by bestselling author Michael Lewis. Lewis’ popular book The Big Short is 15 years old, and to mark the occasion, Lewis is looking back on how the 2008 financial crisis still affects the world today.  Investor Michael Burry was one of the first to see the subprime housing market crisis coming, and now, he’s back in the headlines, this time for betting against a very different kind of boom: he’s taken short positions in tech titans Nvidia and Palantir. In this episode, Michael Lewis sits down with Burry for a rare interview. Find The Big Short Companion from Against the Rules wherever you get podcasts and The Big Short audiobook wherever you get audiobooks.  Hosted on Acast. See acast.com/privacy for more information.

Why do companies care about their share price so much? Is Switzerland in danger of losing its banks? What would regime change in Venezuela do to global oil markets? Today on the show, Katie Martin and Rob Armstrong answer listener questions. Or try to. Also, they go short gift cards and long crypto islands.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today on the show, Katie Martin and Rob Armstrong take a look at some revealing numbers about jobs, inflation and borrowing against the Treasuries market. Also they go short “funny” videos from private equity and short Wham!  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Silver is on a tear this year, outperforming gold and even crypto. Today on the show, Rob Armstrong and Katie Martin look at the markets for substitutes for fiat currency. Also they go long the Christmas goose, and long sweet pastry.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

What went right in 2025? What could go wrong in 2026? Recorded last week for the FT’s digital conference The Global Boardroom, Katie Martin and Rob Armstrong talk with Ian Smith, the FT’s senior markets correspondent, about the incredible resilience of the US stock market, and the challenges ahead. Also, they go long boring companies and short KPop Demon Hunters.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Netflix and Paramount are in a bidding war to take over Warner Bros Discovery and its historic collections of movies and television series. Today on the show, Rob Armstrong talks to US deals correspondent Oliver Barnes and US finance editor James Fontanella-Khan about a battle that will have a lasting impact on entertainment and the news. Also they go long indie cinema and short Christmas.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today on the show, Katie Martin and Rob Armstrong talk with special guest Adam Posen about the prospects for inflation and even a financial crisis. Posen has worked for both the Federal Reserve Bank of New York and the Bank of England, and is the current president of the non-profit Peterson Institute for International Economics. They talk about the options facing the next Fed chair, the conditions for serious inflation, and AI’s role in our economic future. Also they go short crypto and long the New England Patriots.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Mature economies such as France, the UK and the US are spending more than they take in. They make up the rest in borrowing. But how long can that last? Today on the show, Katie Martin speaks with Ian Smith, the FT’s senior markets correspondent, about the UK’s latest Budget and bond sales, and what it means for governments around the globe. Also they go long chocolate and short cats.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Short interest in the market is rising. But what are the big players betting against? And what can investors learn from it? Today on the show, Katie Martin joins the editor of the FT’s Alphaville newsletter Robin Wigglesworth to discuss high finance’s low expectations. Also they go short Bloom Energy and short the crypto bros.  To sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.com. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In the morning, Nvidia’s earnings report seemed to have cured the market of its jitters about an artificial intelligence bubble. And then it didn’t. Today on the show, Katie Martin and Rob Armstrong try to figure out if the chipmaker’s numbers are soothing or scary. Also they go long a proposed stimulus cheque and short handbag investment funds.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The battle between Novo Nordisk and Pfizer to acquire Metsera is over. But is this merger a sign of strength or weakness for the industry? Today on the show, Rob Armstrong talks with US finance editor James Fontanella-Khan about the pressures on drug companies from Washington and the market. Also they go long Nasdaq and short Nasdaq.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Companies such as Procter & Gamble and Chipotle say lower-income customers are spending less, while upper-income customers keep splurging. But data from the Federal Reserve and others suggests incomes – and the differences between them – have remained steady. Today on the show, Katie Martin and Rob Armstrong try to understand why and if consumer behaviour is changing. Also, they go long passive investing and short banks checking their own employees’ bank balances.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today’s show is a live recording from the Kilkenomics Festival in Kilkenny, Ireland. Katie Martin hosts a panel with guests David McWilliams, founder of the festival, and Mark Blyth, professor of political economics at Brown University. From the Home Rule Club in Kilkenny, they ask if the US is starting to behave like an emerging market. Also, they go long sterling and short futuristic cities in the sand.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

With the government shut down, US investors are looking for data in different places. Today on the show, Katie Martin and Rob Armstrong discuss home brewed data, and try to figure out what’s really going on in the US economy. Also they go short flying taxis and the UK defaulting.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tech companies are spending historic amounts of money on computing power and data centres.  Today on the show, Rob Armstrong and Katie Martin talk to Lex editor John Foley to try to understand the computing arms race. Also they go long M&A, short free buses, and long cleanfluencers.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

How does populism affect the long-term health of economies? And is there a difference in outcomes between the extreme politics of the left and the right? Today on the show, Rob Armstrong and the FT’s chief economics commentator Martin Wolf discuss an extensive study on populism and economics. Also, they go long China and short tech companies with no profits. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US Treasury secretary Scott Bessent has one of the hardest jobs in recent history. He has to implement bizarre economic strategies and keep rational market players calm. Today on the show, Rob Armstrong and Katie Martin discuss Bessent’s balancing act. Also they go long depreciation expense and short predictions about gold.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It won’t be easy, and you’ll think it’s strange, when we try to explain … why US Treasury secretary Scott Bessent is suddenly reversing all current US policy and proposing to send billions of dollars to Argentina. Today on the show, Katie Martin, Rob Armstrong and the FT’s Latin America editor Michael Stott discuss Javier Milei’s cry for help. Also they go long renaissance composer Palestrina and professional wrestling.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Sanae Takaichi is the first female prime minister of Japan. She also claims Margaret Thatcher as a role model. Today on the show, Katie Martin and the FT’s Tokyo bureau chief Leo Lewis discuss this historic election and what it might mean for markets in Japan and globally. Also, they go long shorts – for real this time.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

China’s announcement that it would be restricting the export of rare earths put markets into a tailspin on Friday. Today on the show, Rob Armstrong, Katie Martin and new Unhedged reporter Hakyung Kim ask if this is the card that will make Donald Trump fold? Also they go long Strava, and short protein.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On November 26, parliament will make the UK an offer it can’t refuse: The 2026 Budget. But the UK can complain about it! And likely will, as it will almost certainly include increased taxes on the middle class. Today on the show, Katie Martin and the FT’s economics commentator Chris Giles discuss Labour’s big problem: social services are expensive. Also they short the IMF and go long people who say they’re moving to Dubai actually moving to Dubai.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Is AI making everybody richer? Or just more entangled in each others’ business? Today on the show, Rob Armstrong and Lex editor John Foley try to untangle the growing web of companies investing in each other. Also they go long steak and long cocoa.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Introducing Toxic Legacy, a new season of Untold from the Financial Times. Host Laura Hughes uncovers a lead poisoning epidemic across the UK. You might be living with lead and not know it: the toxin is often invisible to the human eye, but wreaks havoc on our bodies once we’re exposed. The first episode of Untold: Toxic Legacy launches October 22.  Listen on Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts. For information on how to live safely with lead, please visit the LEAPP Alliance website. Hosted on Acast. See acast.com/privacy for more information.

Gold keeps hitting all-time highs, and no sober talk about speculation or productivity has stopped it. Today on the show, Rob Armstrong and Katie Martin take stock of the frenzy. Also they go short the yen and long Japanese stocks.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today on the show, Rob Armstrong and Katie Martin take on three things they’ve been thinking about: the markets' complete lack of worry about a government shutdown, the growing balance sheet problem with artificial intelligence spending, and the rise of shadow banking. Also they short cyber attacks and the fall wave of Covid-19.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Electronic Arts, a publicly traded company, was just purchased for $55bn by a consortium of investors led by Donald Trump’s son-in-law Jared Kushner. The investors included the Saudis and Silver Lake Partners, one of the smartest players in private equity. Today on the show, Robert Armstrong speaks with US finance editor James Fontanella-Khan and US deals correspondent Oliver Barnes about the dollars behind the deal. Also, they go long and short a new wave of M&A.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

First Brands Group, a roll-up of car parts manufacturers, is preparing a bankruptcy filing after amassing as much as $10bn in debt. And last week, Tricolor, a subprime auto loan lender, ran into trouble. Today on the show, Rob Armstrong and Katie Martin ask if we are at a turning point in credit markets. Also they go long collective nouns for groups of canaries.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The dollar is down almost 10 per cent since the beginning of the year. Yes, it has fallen from a very strong position, but the drop might also reflect growing international unease about the direction of American institutions of government. Today on the show, Rob Armstrong and Katie Martin discuss the weakening of the dollar, and how traders are betting on it. Also, they go short not having joined a hedge fund and short a cup of matcha.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, President Donald Trump suggested that companies only report earnings twice a year. This would be a significant change to how markets in the US operate. Today on the show, Rob Armstrong and Katie Martin ask, is it a good idea? Also, they go short smart glasses and long empty nesting.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

With interest rates high, private equity has had a harder time finding investors … and making money. To solve this problem, the industry has found novel ways to avoid closing their funds. But time may be running out. Today on the show, Katie Martin and Rob Armstrong talk to the FT’s US private equity editor Antoine Gara about how private equity is going to have to turn its homework in eventually. Also they go long Robert Redford and long advisory firms that specialize in cleaning up messes made by private equity.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The annual jobs numbers are in. And they have been revised down by 911,000 positions. But in a quickly changing economy, with many laborers literally leaving the country, what does that mean? Today on the show, Rob Armstrong and Aiden Reiter discuss the new landscape of employment in the US, and what it might mean for interest rates. Also they go long a new richest man in the world and long tweed.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

2025 has been a chaotic year, with seemingly random tariffs, the reduction of the labour force, the partial nationalisation of major companies and a looming hostile takeover of the long independent Federal Reserve. Before a live audience at Kenwood House in London, Katie Martin and Rob Armstrong try to understand which markets are responding to all this self-generated chaos, and why. Also they go long champagne and short gold. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Central banks have been around for hundreds of years. But they haven’t always done the same thing. Today on the show, Katie Martin and Rob Armstrong talk to Brendan Greeley, a former FT reporter, about the changing role of the Federal Reserve. Greeley is the author of the forthcoming The Almighty Dollar. Also, they go long internships at XTX and short private credit. Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Valuations are high. Employment is down. The Federal Reserve is under attack. For many market watchers, this looks a lot like a recipe for disaster. Today on the show, Rob Armstrong and Katie Martin discuss the case for a collapse. Also, they go long the UK and long September.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Trump administration has again extended its control over the US economy, now taking a 10 per cent stake in the chip manufacturer Intel. Control of the means of production is a foundational tenet of socialism and Marxism, but the Republican party remains silent. Today on the show, Katie Martin and US managing editor Brooke Masters ask, “What the hell?”  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The annual meeting of central bankers in Jackson Hole, Wyoming, is supposed to be an intellectual retreat. Instead, it was overshadowed by personal and political attacks on US Federal Reserve board member Lisa Cook. Today on the show, Katie Martin talks to US economics editor Claire Jones about her reporting from Jackson Hole and what might happen if the central bank falls under the president’s control. Also, we attempt to go long and short but are interrupted by a fire alarm.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US markets reporter George Steer has been tracking stocks that have soared, then crashed. Some of them might be “pump and dumps”, an old-fashioned style of scam where insiders generate excitement, along with sales of a stock, selling them when the price rises. Today on the show, Katie Martin and Rob Armstrong grill Steer about the schemes. Also, they go long envy and Labubus, and short pepperoni grease.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Eight of the 10 biggest stocks in the S&P 500 are technology stocks, and tech as a sector represents 40 per cent of the value of the index. Today on the show, Katie Martin and Rob Armstrong ask if this is a warning sign of a structurally weak market. Also they go long defensive stocks and churches on wheels.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As the US president upends the global order, and consolidates power, markets keep climbing. Does it make any sense? Today on the show, Katie Martin and Rob Armstrong speak with Gideon Rachman, the FT’s chief foreign affairs commentator. They try to understand where Trumpism sits between democracy and authoritarianism, and what that means for the US economy. Also, they go long bardcore, cheap watches and controversial fashion.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump has just installed loyalists at the Bureau of Labor Statistics and the Federal Reserve. The idea is to ensure good news and low interest rates. Today on the show, Katie Martin and the FT’s Economics commentator, Chris Giles, ask what effect these personnel changes might have for the economy. Also they go long doctorates and long Mauritius.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today, we're sharing an episode from our fellow FT podcast, Swamp Notes. The US president is angry with the chair of the Federal Reserve over interest rates. He’s applying a lot of pressure on Jay Powell to lower them or leave his job. The FT’s Claire Jones and Adam Posen, president of the Peterson Institute for International Economics, break down what will happen if Trump succeeds in either of those goals. This episode originally aired on July 26. Subscribe to Swamp Notes on Acast, Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today, we're bringing you an episode from our fellow FT podcast, The Economics Show. The US dollar has been in slow decline for around a decade – so says Kenneth Rogoff, Harvard professor, and former chief economist of the IMF. Donald Trump’s trade policies have raised a lot of questions about the future of the dollar – and how its decline could affect the rest of the world’s currencies. Rogoff joins Martin Wolf to discuss how the decline of the dollar could empower China, capital flight from the US, and why cryptocurrency is a bigger threat to dollar hegemony than most people realise. Martin Wolf is chief economics commentator at the Financial Times. You can find his column here: https://www.ft.com/martin-wolf  Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Martin Wolf. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner. The FT’s head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On Tuesday, the American railroad giant Union Pacific announced its intention to buy Norfolk Southern, promising to fulfill Abraham Lincoln’s dream of a transcontinental railroad. Today on the show, the FT’s deals correspondent Oliver Barnes joins Rob Armstrong to talk about whether President Donald Trump will make or break the deal. Also, we go short cafe cars and long shorts in the office.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Experts agree: When it comes to tariffs, Europe just got trounced. So did the American consumer, who will pay these taxes. Today on the show, Rob Armstrong and Ben Hall, the FT’s Europe editor, discuss the terms of the deal, and why Europe didn’t retaliate. Also they go long US oil production and short the long-term health of American manufacturing.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When Republicans won the White House and both houses of Congress last fall, mergers and acquisitions bankers celebrated. But when President Donald Trump took office, M&A stagnated. Today on the show, the FT’s Wall Street editor Sujeet Indap tells Aiden Reiter why that may be changing, with big deals pending on everything from railroads to media conglomerates. Also, they go long Scottie Scheffler and short Japan. Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Today on the show, Aiden Reiter talks with Lex editor John Foley about three things to watch this summer: 24-hour trading, tech earnings and Tesla’s new approach to robotaxis. Also, they go short Bank Holidays, and long properly measuring GDP.  For more on 24-hour trading, check out Jennifer Hughes’ guest appearance on the FT’s Behind the Money podcast. Link here. Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Nvidia is now the most valuable company in America, as AI seems to power an unstoppable market. Today on the show, Katie Martin and Aiden Reiter ask if it reminds anyone of the dotcom bubble. Also they go long snow globes and long stone fruit.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The acquisition of Heinz and Kraft by 3G Capital and Warren Buffett seemed like a classic play from the world’s most famous investor: buy boring staples with long histories and hold them forever. But not this time. Today on the show, Rob Armstrong and Lex editor John Foley talk about Buffett’s exit from a merger on the verge of a spinoff. Also they go long crypto and long tariffs that might actually happen.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Jane Street is one of the biggest traders in the world, and they have become embroiled in accusations of market manipulation in India. Today on the show, Katie Martin and special guest Robin Wigglesworth, from the FT’s Alphaville newsletter, try to explain how Jane Street got so big and why it matters. Also they go short bed bugs and short Strategy’s strategy.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Despite looming economic problems, the stock market continues to climb. Today on the show, Katie Martin, Rob Armstrong and Aiden Reiter ask what could finally end the party. Also they go short consultants and short hot yoga.  Sign up for the FT Weekend Festival at ft.com/festival and use the promo code “FTPodcasts” for 10 per cent off.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US dollar is having its worst year since 1973. And 1973 was a really bad year. As the US takes a break to celebrate independence from the UK, Katie Martin and Ian Smith discuss the glow-down of the greenback. Also they go long forensic accountants and long aged hedge funders playing tennis.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The weakening dollar suggests international investors are looking for other places to put their money. This could be an opportunity for Europe to finally compete with the US as a safe haven and reserve currency. But Europe is still financially fragmented. Today on the show, Katie Martin and Rob Armstrong discuss a new idea for creating a common regulatory and lending framework. Also they go short the “big, beautiful bill” and short lies from Big Tea.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A lot of people are worried about the Middle East, but markets are doing just fine. Today on the show, Rob Armstrong and Aiden Reiter talk about why investors are buying US again — and whether that will end badly. Also, they go long exotic fruits and the perennial Citigroup buy note.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump has called US Federal Reserve chair Jay Powell “very dumb, hardheaded” and a “numbskull” for not lowering interest rates. But for some reason, people still want Powell’s job. Today on the show, Katie Martin and Rob Armstrong look at the contenders. Also, they go long restaurant inflation and community gardening.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Unhedged is off today so instead we're bringing you an episode from our fellow FT podcast, Behind the Money. In this episode, we look at how LVMH’s wine and spirits division, Moët Hennessy, has long been a source of success – and cash – for the luxury goods behemoth. But more recently, that’s changed. The FT’s Paris correspondent Adrienne Klasa, found that certain strategic decisions made under the company’s former CEO have contributed to a change in its fortunes. She examines the missteps and whether the division can make a comeback.  Listen to more episodes from Behind the Money here. Clips from Olympics - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Moët Hennessy’s crisis: dubious deals, soaring prices and hubris  Alcohol groups face a sobering cultural shift Moët Hennessy to cut 10% of workforce as luxury slowdown bites - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Adrienne Klasa on X (@AdrienneKlasa). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Israel and Iran are at war, but markets have yet to freak out. Today on the show, Rob Armstrong and Katie Martin dig into what’s happening with oil, the dollar and gold — and what Federal Reserve chair Jay Powell will say following this week’s FOMC meeting. Also, they go long New York pizza and golden telephones.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tesla stock feels like it runs on uncut animal spirits. But the company’s fortunes have been bound up with the US government since long before the Trump administration.Today on the show, Rob Armstrong and Aiden Reiter sort through the factors that drive the company’s stock. Also, they go long the price of copper and long short shorts. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Strategy (formerly MicroStrategy) continues its meteoric rise as new investors purchase a company whose basic business is to own bitcoin. Naturally, the firm has inspired copycats, such as the Japanese hotel developer that just started buying crypto and now trades for more than the value of all its assets. Today on the show, Rob Armstrong and Katie Martin try to figure out if there’s any way it doesn’t all end in tears. Also, they go short tariffs on solar panels and short fecal transplants. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The last 12 months have been great for Walmart, with its stock price rising on growing sales. And it’s all happening despite impending tariffs, and without adding more employees. Today on the show, US consumer editor Gregory Meyer joins Rob Armstrong to discuss what Walmart’s success can tell us about the future of American retail. Also, they go short online sports gambling and short New Jersey transit.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Equities are on a tear, led by the usual tech giants that make up the Magnificent Seven. But why? Rob Armstrong and Katie Martin go over the odd landscape of the current American economy, including scepticism about tariffs, inventory stockpiles, strong earnings and a budget that includes a tax on foreign investment in the US. Also they execute a complicated private equity pair trade and go long Nigerian weddings.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Our co-host Rob Armstrong has been talking about the “Taco trade” (Trump Always Chickens Out) for a few weeks, and on Wednesday a journalist asked the US president about it. Trump did not like the question, not one bit. But the internet did. Now traders are worried Trump might not chicken out. Did Rob just crash the US economy? And, if so, would he like to apologise? Also, Katie goes long Elon Musk returning to his day job, and Rob goes short his 15 minutes of fame.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump’s ‘big beautiful’ bill was passed by the House of Representatives last week. It adds yet more deficit spending to the US budget. But can it survive the bond market? Today on the show, Rob Armstrong and Katie Martin discuss how deficit spending affects the bond market and what can happen when yields rise dramatically. Also they go long the euro as a new international reserve currency and short drinking in bookstores.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Special purpose acquisition companies are basically bags of money looking for businesses to acquire. They boomed in 2021 and then went into hiding. Now they’re back and booming. Today on the show, Rob Armstrong and Aiden Reiter survey the frontiers of Spacs. Also they go short the dollar and long jewels.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Microcaps of every sort have been rushing to list on US exchanges. Many are from China and represent shares in tiny companies, such as a chain of hot pot stores. Today on the show, Katie Martin and Aiden Reiter talk to correspondent George Steer about the boom and try to figure out what’s going on. Also, they go long the SEC’s Caroline Crenshaw and short DJs.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Recent announcements about trade deals with the UK and China have cheered markets. But what exactly did the UK agree, and why? Today on the show, the FT’s trade guru Alan Beattie joins Katie Martin to unpack the negotiations. Also they go short droughts and long globalisation.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Lower-than-expected inflation and the start of negotiations with China seemed to help stocks on Monday. But the dollar remained uncharacteristically weak. Today on the show, Rob Armstrong and Aiden Reiter ask if America is feeling good, or just relieved to be alive. Also they short gold and go long pope memes. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

At the annual meeting of Berkshire Hathaway, Warren Buffett announced his retirement from day-to-day management. Today on the show, Katie Martin and Rob Armstrong look at his incredible career, and try to figure out what becomes of a somewhat random collection of businesses. Also they go short Google and long complacency.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

There is fast money and there is real money. Fast money means day traders and hedge funds, who jump in and out on the day's news. But the real money — that of governments and insurance and pension funds — moves much more slowly, and with greater effect. Today on the show, Katie Martin speaks with Ian Smith on what may be a slow turn of allocation out of the US and into Europe. Also they go short consumer confidence and long lepidoptery.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The GDP contracted this past quarter – a turnaround from two years of surprisingly steady growth. Baked into that negative number are imports, as sellers rush to bring in goods ahead of tariffs. Today on the show, Rob Armstrong and Aiden Reiter dissect the GDP and what it tells us about the rapidly changing economy. Also they go long soyabeans and long blackouts.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Air and sea freight bookings for international cargo are plunging. As the reality of empty shelves starts to hit consumers, will Donald Trump blink? Today on the show, Katie Martin and Rob Armstrong try to figure out how long the US president can hold out, and wonder, if he does blink, how long it might take to get trade going again. Also they go long Greggs bakery chain and short the AAII Investor Sentiment Survey. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

With the continuing decline in the price of US Treasuries, Katie, Rob and Aiden take up the debate about the future of America’s status as a truly exceptional safe haven. Today on the show, the trio discuss the damage President Donald Trump has already done and ask how long it will last. Afterwards, they take long and short bets on 10-year Treasuries, the S&P 500 and the euro/dollar trade.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Nvidia shares, along with many others in the tech sector, plunged on Wednesday on news that the Trump administration will be blocking sales of certain technology to China. Particularly hard hit was the outlook for Nvidia’s H20 chip. The company expected the president’s decision to cost it $5.5bn in sales. Today on the show, Katie Martin and Aiden Reiter are joined by Lex editor John Foley to discuss the clampdown on tech and the prospects for AI in general. Also they go long turbulence at the Federal Reserve, and short Dutch chip company ASML.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The White House has announced dizzyingly high — and hard-to-follow — tariffs on goods from China. And Beijing has responded. But the real trade war may be between the US president and the American consumer. Today on the show, Katie Martin and Aiden Reiter dig into the tariffs battle and discuss China’s options. Also, Aiden doubles down on donkey metaphors and Katie goes short performative space expeditions. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Trump folded on Wednesday, reducing his so-called “reciprocal” tariffs across the board, with the notable exception of massive taxes on goods from China. Today on the show, Rob Armstrong and Katie Martin unpack the market gyrations that followed, and wonder if lasting damage has been done to America’s borrowing costs. Also, they go long global trade and long battered European stocks. Join Unhedged for a subscriber webinar about the Trump effect on markets on April 23 at 13:00-14:00 UK time. Go to ft.com/trumpmarkets to register now and send your questions to the team. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As the markets try to absorb and value the announced US tariffs, China has responded with its own levies. Today on the show, Katie Martin and Rob Armstrong sum up the old bad news, add it to the new bad news, and divide it by the good news. The result isn’t pretty. Also they go long patience and short buying the dip.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On April 2, in the Rose Garden of the White House, President Donald Trump announced taxes on almost every kind of imported finished goods. Markets plunged as traders fled equities, and even the dollar weakened. Today on the show, Rob Armstrong and Aiden Reiter go over the tariffs and discuss how they will make it harder for American companies to make money. Also they go long TIPS, and short the fortunes of the American consumer, who will have to pay for all these new levies.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

 Markets, investors and companies are all feeling a little bit jumpy about the state of the economy. Surveys of managers, consumers and investors are all grim. Today on the show, Rob Armstrong and Aiden Reiter take a look at those soft numbers and compare them to hard numbers such as the Job Openings and Labor Turnover survey and try to figure out what’s really going on. Also they go short Indonesia’s plan for a sovereign wealth fund and short the president’s plan for “liberation day”.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

CoreWeave’s IPO is one of the odder tech plays to come along in a few years. It buys chips from Nvidia, and rents them out, mainly to Microsoft, but also to Nvidia. Today on the show, Rob Armstrong gets into the cloud computing company's business with Lex editor John Foley and the FT’s corporate finance editor Rob Smith. Also they go long Ferraris and short car tariffs.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump has been clear he wants lower interest rates. Cheaper money would goose the market and give the government room to spend. But interest rates haven’t exactly been co-operating. Today on the show, Katie Martin, Rob Armstrong and Aiden Reiter discuss plans to move the needle on long-term bonds, from the stalled “Mar-a-Lago Accord” to Treasury secretary Scott Bessent’s embrace of shorter-duration bonds. Also they go long the price of oil and short the 10-year Treasury bond.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

On Wednesday Federal Reserve chair Jay Powell announced that US interest rates would remain unchanged. But the monetary policy committee is clearly worried that tariffs might slow growth and increase inflation. Today on the show, Rob Armstrong, Katie Martin and Aiden Reiter try to figure out why markets weren't worried by what they heard from the Fed. Also they go long Twitter (X… whatever) and short Tesla. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As the US retreats from global commitments, Europe is re-arming. That will change the maths for companies and debt loads, in countries as different as Poland, Germany, Spain and Portugal. Today on the second part of Unhedged’s visit to the IE Business School in Madrid, hosts Katie Martin and Rob Armstrong talk with the FT’s Spain and Portugal correspondent Barney Jopson about the increase in military spending, and how it will all be paid for. Also they take questions from the audience.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

As Donald Trump continues to upend the US economy with a bizarre series of tariff announcements and reversals, Katie Martin and Rob Armstrong head to Spain. Today on the show, they host a live forum at the IE Business School in Madrid, covering an administration zig-zagging like a squirrel at rush hour and a market cowering in fear. Also, they take some questions from the audience.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Investors have long been wary of China, piling into US markets, no matter what the climate. But is that changing? Today on the show, Rob Armstrong and Aiden Reiter talk to Ruchir Sharma, a columnist for the FT and investor at Rockefeller Capital Management, about the case for China now. Also they go long BYD, and long Vietnam.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The president proposes and the markets dispose … of recent gains. Tariffs, deportations, budget cuts, political isolation and other “exciting” new plans seem to be unsettling investors, who are leaving US equities and heading for the safety of bonds. Today on the show, Rob Armstrong and head of the Lex column John Foley look at some of the falling stocks and try to figure out how much risk investors will ultimately take off the table. Also they go long potash and long Tesla.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump has loudly proclaimed his desire for lower interest rates. Jay Powell, chair of the Federal Reserve, responding to persistent inflation, has kept rates higher. And keeps mentioning that he can’t be fired. But is this true? Today on the show, the FT’s economics commentator Chris Giles joins Katie Martin to discuss an upcoming legal case that might increase the president’s ability to fire the heads of agencies. Also we go short the Atlanta Fed and long vowels.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump’s abandonment of Ukraine has been a great success … for European defence companies. Meanwhile, traders are selling American defence contractors, and the US market is sluggish. Now the president is threatening huge tariffs on Europe. Today on the show, Rob Armstrong and Aiden Reiter struggle to understand what the Trump administration actually wants and how far the American exceptionalism trade can really go. Also we go long the dollar and long the Oscars.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Have the vibes shifted? Slowing growth and stubborn inflation seem to be putting a chill on a once exuberant market. Today on the show, Rob Armstrong and Aiden Reiter ask if this all adds up to “stagflation”, one of the scariest words in the economic lexicon. Also they go short US defence stocks.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The markets are booming but there are fewer and fewer new entrants. And they don’t seem to be exciting to investors. Today on the show, Katie Martin and Aiden Reiter talk with Jenn Hughes about her latest newsletter on the weak IPO market. Also they go long the 10-year treasury and short the Treasury secretary’s plans to “monetize” the federal balance sheet.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Donald Trump and his Treasury secretary have signaled their support for a sovereign wealth fund. Joe Biden and Kamala Harris also discussed it. But is it a good idea? Today on the show, Katie Martin and Aiden Reiter make the case for and against a radical new plan for American capital. Also, they go long the reappearance of Chinese billionaire Jack Ma, and long Diet Coke.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Coverage of President Donald Trump’s tariffs tends to focus on their effect on American consumers. That’s important, but it’s only half the story, or less. Today on the show, Rob Armstrong and Katie Martin welcome Alan Beattie to discuss how the rest of the world is responding to the Trump tariffs, and what leverage they might have. Also, they go long eggs, and the neutral interest rate, and short the giant panda.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Gold is traditionally a hedge against instability. And it’s reaching record highs. Today on the show, Katie Martin and Rob Armstrong look at the demand for gold and try to figure out if the market is trying to tell us something. They also short the penny and go long tech bro drama. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

European stock indices have outperformed the S&P 500 so far this year. The FT’s Aiden Reiter joins Katie Martin to discuss why investors are finally looking beyond US stocks and why Donald Trump’s policies could accidentally benefit global exporters. Also, we go short posthumous publishing and 24-hour stock trading.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The tariffs have arrived. Canada and Mexico have negotiated delays, China is retaliating, and investors are trying to figure out what comes next. The FT’s Aiden Reiter joins Katie Martin to discuss what Donald Trump gains from following through on his campaign promises and whether there are limits to how much America can boss other countries around. Also, we go short London’s tea culture and long HBO’s ‘The Penguin’.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s time for the FT’s annual stockpicking contest, where the money is fake but the glory is real. The FT’s Alan Livsey joins Rob Armstrong and Aiden Reiter to discuss what bets they think will pay off in a potentially volatile year. Now more than ever, this is not investing advice. Enter the contest at ft.com/stockpick2025. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

DeepSeek’s announcement that it has built competitive AI using many fewer resources than big US rivals stunned the markets this week. Chipmakers and power companies plunged in value, and Sam Altman, boss of OpenAI, pronounced himself ‘legit’ invigorated. Today on the show, Katie Martin and Rob Armstrong try to figure out what China’s advances mean for US markets. Also, they organize a fight between their children.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Donald Trump’s first week in office has produced a barrage of policies and power moves. But which of them will happen? Today on the show, Katie Martin, Rob Armstrong, and Aiden Reiter try to figure out which announcements are real, and which of those will move markets. Also they short the peso and go long the enjoyment of watching the president and Elon Musk in the weirdest buddy movie of all time.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Each year the Financial Times hosts a stock-picking contest for its journalists and readers. Today on the show, Katie Martin and Rob Armstrong explain the logic behind their absolute bombs. And then to find out how it’s done, they speak with their colleague Kadhim Shubber, who won the contest last year. Also they go long Gail’s Bakery and short strategic ambiguity.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Reports of the demise of US inflation have been greatly exaggerated. Today on the show, Rob Armstrong and Aiden Reiter discuss the continuing high numbers and what the Fed might do about it this year. Also they go long Ohio State and short New Year’s resolutions.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US bonds and UK gilts are tracking each other, and heading down. Today on the show, Rob Armstrong and Katie Martin try to figure out whether to blame chancellor Rachel Reeves, or the whole world. Also, Rob goes short pretentious editorials and Katie coins a new term, “Brovid”, to describe the mind virus causing a notable increase in edgelords.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Corporate bankruptcies are on the rise. In recent months, Party City, Big Lots, Spirit Airlines, and other discount providers have declared bankruptcy. Today on the show, Rob Armstrong and Aiden Reiter try to figure out why, and what it means for the overall economy. Also they go long ceramics and long the Arctic.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Tariffs. Tax cuts. Geopolitics. Artificial intelligence. Inflation. Mass deportations. Rate cuts or rises. The year ahead is filled with question marks. Meanwhile, markets are historically high. Today on the show, Katie Martin and Rob Armstrong try to figure out what could go right, wrong and straight down the middle. Also, they short air fryers and go long jewellery for men.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Happy new year, Unhedged listeners! Today on the show, Rob Armstrong, Katie Martin and Aiden Reiter answer questions from the listeners on everything from the takeover of passive investing to favorite metrics. Also, we forgo long and short and announce our new year’s resolutions.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US government owns many billions of dollars worth of bitcoin, confiscated from bad actors such as the Silk Road marketplace. Donald Trump said on the campaign trail that he would not be selling it. Senator Cynthia Lummis has introduced a bill suggesting the government buy more and create a national strategic reserve of crypto currency. Today on the show, Katie Martin asks FT contributor Toby Nangle if any of this makes any sense at all. Also, we go long Christmas stuffing and long dinosaurs.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The Federal Reserve announced a small cut yesterday. Normally, that heartens markets. But we are not in normal times, and somewhat measured comments about the coming year seemed to have spooked traders. Today on the show, Rob Armstrong and Aiden Reiter try to figure out what happened, and why. Also we go long holiday wish lists and short gift cards.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The road to riches used to be paved with juicy IPOs. But that does not seem to be the case anymore. Today on the show, Katie Martin is joined by Craig Coben, a former global head of equity capital markets at Bank of America, and now a contributing writer for FT Alphaville. They discuss regulation and demand, and the growing role of private equity in corporate ownership. Also, they go short France and long melodic house music.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

There have been very few mergers and acquisitions in the past four years, but many dealmakers say that’s about to change. At least that’s according to reporting by James Fontanella-Khan, our guest on the show today. Fontanella-Khan is the FT’s US deals reporter, and he speaks with Rob Armstrong about the shape of deals to come, and how anti-trust policy might look over the next four years. Also, they go long vintage clothing and long the prospects of a merger between Giorgia Meloni and Elon Musk.   For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Ukraine, Syria, Moldova, France, Israel, South Korea, the US…. Power is being challenged and redistributed around the world. But how are markets reacting, which changes truly matter to the global multinational corporations that power the markets, and why are markets so bad at predicting these upheavals? Today on the show, Katie Martin and Aiden Reiter take stock of the rearrangements. Also they go long scarves and crappy Santas.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Among his many promises, president-elect Donald Trump is promising to drive down the price of energy in the US. But how realistic a plan is that? What levers does he have to pull? Today on the show, Rob Armstrong and Aiden Reiter talk about how oil is priced and what moves that price. Also they go long parliamentary democracy and short brunch.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer. You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Ruchir Sharma, an investor and frequent contributor to the FT, came out and said it the other day: The US stock market is in a bubble. But is it a bubble or just the rational behavior of investors who believe the US really is exceptional? Today on the show, Katie Martin and Rob Armstrong discuss the outlandishly good performance of the US market, and ask how long it can last. Also they go long Elon Musk’s pay package and short the transatlantic bug. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

How would you like a 265,528,900 per cent return on your investment? Would you be interested in that? If so, join us as Rob Armstrong and FT Alphaville’s Robin Wigglesworth discuss the results of Professor Hendrik Bessembinder’s massive number-crunching project, which ranks the best stocks of the past century. The number one performer is pretty incendiary. Also we short break dancing and go triple reverse long on single-stock ETFs.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong and Katie Martin at [email protected]. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President-elect Donald Trump has just announced “Day 1” tariffs on Mexico and Canada, in addition to previously promised tariffs on China. Tariffs will definitely affect domestic prices, but how much, and will they truly cause catastrophic inflation? Today on the show, guest host Josh Oliver discusses the tariffs with the FT’s economics commentator Chris Giles. Also, they short the new Treasury secretary and the 900-year-old Smithfield meat market in the City of London.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong at [email protected] and Katie Martin at [email protected].  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It is the season for giving and banks are giving us a lot of year-ahead reports. Katie, Robert and Aiden actually read these things, and today on the show they discuss what they’ve learned. It all raises questions about very narrow corporate spreads, an AI bubble and what happens if things go right in the jobs market, or wrong in the Middle East. Also we go long hair products, short turkey and limit long Josh Kushner’s big bet against diversification.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong at [email protected] and Katie Martin at [email protected].  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Opinions are cheap so we’re making it up in volume, with three takes on the future of the economy. Today on the show, the entire staff of the Unhedged newsletter – Rob Armstrong and Aiden Reiter – gather to discuss looming inflation, the next 25 years of returns from the stock market and the challenges facing the so-called ‘department of government efficiency’. Also we go long Disney and long Turkey, the country. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong at [email protected] and Katie Martin at [email protected].  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Angry eruptions in elections around the world are changing leaders. And many of those leaders are coming in with radical offers to the voters. But can anger change an economic outcome for the better? And will it? Today on the show, Katie Martin hosts a live forum at the Kilkenomics Festival in Kilkenny, Ireland and discusses the topic with Leah Downey, a political theorist, and Eric Lonergan, a money manager. Also, we go long turkeys and short orange politicians.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Robert Armstrong at [email protected] and Katie Martin at [email protected].  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.