Unhedged

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 newsle...

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 s...

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 newsle...

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 bo...

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 ....

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 M...

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...

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...

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 obscuri...

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...

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?, a...

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...

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...

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 es...

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 a...

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,...

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/unhedged...

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 unhedged@ft.com . Read a...

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 unhedged@ft.com...

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...

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.  F...

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...

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 f...

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 substa...

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 newsle...