The Wall Street Skinny

Send us Fan Mail In this episode, we're breaking down Season 4, Episode 7 of Industry, "Points of Emphasis" — and we have a lot of feelings. We walk you through all the major plot developments, from Whitney's attempted escape and his terrifying confrontation with what appears to be his foreign handlers, to Yasmin's ruthless political maneuvering to bring down Lisa Dern and protect herself as Tende...

Send us Fan Mail Kristin Olson, Goldman Sachs’ Head of Alternatives for Wealth, sits down with us for the most candid, no-fluff conversation about private equity and private credit we've ever had. .She walks us through the very real benefits of investing in private capital while also answering the cynical questions: do “retail” investors in private equity products like evergreen funds and perpetua...

Send us Fan Mail In the sixth installment of He Said, She Said on the Risk Reversal Podcast, Kristen and Jen are joined by CNBC's Dan Nathan and Guy Adami to talk century bonds, Paramount / Warner Brothers update, and the existential angst surrounding AI. The episode kicks off with a listener question about Alphabet’s recent $32 billion debt issuance, including a rare 100-year sterling bond, promp...

Send us Fan Mail Recap & Breakdown of HBO's Industry season 4 episode 6,Harper launches her assault on Tender at the Alpha Conference, delivering a devastating short thesis complete with a DCF analysis and sum-of-the-parts valuation. We break down every piece of the finance, from enterprise value vs. equity value, what a price target of zero really means, and the real-world fraud parallels to Enro...

Send us Fan Mail We're back with The Skinny On...three wild stories: confusing jobs data, Japan's equity market rally, and why everyone's freaking out about AI killing SaaS companies. Confused by the latest Non-Farm Payrolls report? So were we. The blowout headline number was nothing compared to the massive downward revisions to 2025's data. Yet somehow, bonds still sold off and the market has pri...

Send us Fan Mail Kristen and Jen are joined by Guy Adami and Dan Nathan of CNBC's Fast Money for the fifth installment of "He Said, She Said." The conversation kicks off with the so-called "SaaS Apocalypse" — the brutal selloff across software stocks — and unpacks how the market narrative shifted in just one week from "when will AI spending pay off?" to "what happens when AI destroys your core bus...

Send us Fan Mail In this Infrastructure 101 episode, we sit down with Mike Dorrell, co-founder, chairman, and CEO of Stonepeak, to unpack how infrastructure investing evolved from a niche corner of finance into one of the most important asset classes shaping the global economy. We walk through the origins of modern infrastructure investing --- from Macquarie’s early toll road and airport deals in...

Send us Fan Mail SternTao goes to Accra Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Subscribe to our Substack: https://substack.com/@thewallstreetskinny

Send us Fan Mail Jen Saarbach & Kristen Kelly join the guys to discuss the decline in the US dollar, market sentiment and Gen Z's proclivity for gambling. Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Subscribe to our Substack: https://substack.com/@thewallstreetskinny

Send us Fan Mail Perhaps the most painful and disturbing episode of Industry yet, this episode asks uncomfortable questions about the way easy access --- whether it be to high finance, drugs, or illicit content online --- reduces human experience to abstraction in a way that causes us all to be disassociated from our own lives. We see shifts in power in the C-suite at Tender that transform our tri...

Send us Fan Mail In this episode, we’re joined by Alicia Levine, Head of Investment Strategy at BNY Wealth, for a wide-ranging conversation on what’s driving markets right now — and what investors should actually do about it. We start by breaking down the real difference between wealth management vs. asset management, then zoom out to the biggest macro theme of the moment: policy volatility across...

Send us Fan Mail This week on He Said, She Said, CNBC Fast Money stars, Guy Adami and Dan Nathan together with Kristen and Jen from The Wall Street Skinny dive into one of the most overlooked market shocks of the year: a massive, seven standard deviation move in the Japanese bond market. Jen breaks down why the long-assumed era of low inflation and easy monetary policy in Japan may be ending—and w...

Send us Fan Mail We are BACK with one of the most dense, finance-forward, darkly entertaining episodes of Industry YET. With a title that evokes the theme of "belongings", this episode is all about who belongs in which rooms, who belongs to whom when it comes to control, and what are our characters willing to sacrifice to ultimately get what they want. We see Eric and Harper's short-only hedge fun...

Send us Fan Mail Netflix just announced it plans to revise its Warner Bros. Discovery acquisition offer to an all-cash deal — but why? Wasn’t the bidding war already over? And why did Netflix stock drop after the announcement? In this episode, Kristen breaks down the latest twist in the Netflix–Warner Bros.–Paramount saga. Paramount is now suing Warner Bros. Discovery, claiming the Netflix offer i...

Send us Fan Mail Lucy Baldwin, the Global Head of Research at Citigroup, is leading one of the most consequential shifts in how institutional research is done today. In this episode, we unpack how the sell-side research role is being completely redefined, moving beyond spreadsheets and earnings models to incorporate AI, storytelling, and differentiated data sets. Lucy explains why today's best ana...

Send us Fan Mail In this episode of 'He Said, She Said', Guy Adami, Kristen Kelly & Jen Saarbach dive into the theme of unintended consequences. The discussion begins with Jerome Powell's saga and its implications on the Fed's independence and market reactions, highlighting potential political maneuvers and their backfires. Transitioning to monetary policy, they analyze the complexities of interes...

Send us Fan Mail Henry Muck is a key character in Season 4, and this episode gives us a much richer picture of who he actually is. In an unexpectedly cinematic, poetic installment that departs from our typical finance-driven fare, this episode plays like a haunting (both literal and emotional) centered around his character.  We fill in the missing backstory of Henry and Yas' early engagement, earl...

Send us Fan Mail We're two weeks into the new year and you can already toss all the consensus forecasts out the window. We sat down with Mike Medeiros to talk about the big risks to all the predictions: from equities to interest rates, the yield curve, currencies, credit markets, and more, so we can understand where the next big moves will come from. Mike gives us a thoughtful framework within whi...

Send us Fan Mail We're back in action with our full deep dive into the season premiere, "PayPal of Bukkake". We're introducing the star-studded lineup of new characters, exploring what seems to be an American Psycho thread running throughout the episode, and orienting ourselves within the new power structure within the world of "Industry" over a year after the demise of Pierpoint. Not only have th...

Send us Fan Mail This episode marks the launch of a special new collaboration between The Wall Street Skinny and Risk Reversal Media. We're bringing together the stars of CNBC's Fast Money, RiskReversal, On the Tape, and O.K. Computer: Dan Nathan and Guy Adami, with Wall Street experts Kristen Kelly and Jen Saarbach for the first installment of a fresh take on market expertise, financial storytell...

Send us Fan Mail We’re recording from New York City, fresh off one of the most surreal weeks of our lives — attending the Season 4 premiere of HBO’s Industry,  interviewing the cast and creators on the red carpet, and watching the episode in a packed theater alongside the people who made it. In this episode, we share what it was like to meet the writers and actors behind Industry, why this show ha...

Send us Fan Mail We are recording LIVE from New York City, just hours before interviewing the cast and creators on the red carpet of the Season 4 premiere! And we're recapping what might just be the best television finale of all time...for a series that is NOWHERE near finished! In this episode, we find our characters in the aftermath of Al-Miraj's last minute rescue of Pierpoint, as they all come...

Send us Fan Mail We started our careers at the epicenter of the Global Financial Crisis in 2008: the trading floor Lehman Brothers and the CDO Structuring desk at Morgan Stanley. And now, we get to watch our favorite characters reenacting all the drama of the Lehman bankruptcy through the lens of Industry.   We dissect the chaotic "war room" dynamics as executive leadership scrambles for a lifelin...

Send us Fan Mail In this episode, we see that friendship and loathing truly are two sides of the same coin. While everything is collapsing for Eric and Yasmin personally, professionally, and morally, Harper is finally ascending into her full power --- at both of their expense. We finally learn what really happened to Yasmin's dad, drawing uncomfortable parallels to chilling real-world headlines. A...

Send us Fan Mail A public inquiry into Lumi’s £2bn government bailout exposes Pierpoint’s role in the disastrous IPO, where Robert is sent to testify in front of a UK select committee. The episode lays bare how firms protect themselves in crises: lawyers serve the institution, not employees, and blame is carefully redirected toward anyone expendable enough to absorb the fallout. The real financial...