Unhedged

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...

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...

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 t...

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....

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....

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 sh...

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...

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:...

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...

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 Mar...

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 cre...

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-da...

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/unhedgedof...

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...

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 ema...

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...

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: h...

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...

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 Unhedg...

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,...

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 bank...

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 3...

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 unhedged@ft.com . R...

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...

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...