Unhedged

At a recent meeting of the G20, Brazil invited economist Gabriel Zucman to address the most powerful nations in the world, and argue for a global tax on the super-rich. Today on the show, European economics commentator Martin Sandbu joins Robert Armstrong to discuss whether a worldwide tax on the very richest could even happen, and how it might work. Also, we short the commercial real estate crisi...

Red Lobster used to be a respectable place to eat too much seafood. Now it’s bankrupt. Today on the show, host Rob Armstrong and the FT's Wall Street editor Sujeet Indap put on their bibs and pick apart the exoskeleton of a fast-casual icon. They talk about pasta water, real estate, and whether the real killer was the all-you-can-eat shrimp promotion. Also we go long Chili’s, and deliver the resul...

Commercial property values in the UK and the US have been slow to adjust to the sharp increase in interest rates. Are sellers refusing to accept reality? Or has the property economy simply put itself on hold? Joshua Oliver covers real estate (and crypto) for the FT, and he walks us through it all. And talks about crypto.  For a free 30-day trial to the Unhedged newsletter go to: https://www.f...

The price of cocoa has exploded. Over the past year, it’s up about 300 percent. Today on the show, Katie Martin and commodities reporter Susannah Savage try to figure out what’s behind the run-up in cocoa, olive oil and other staples. Also we go long gardening and short AI copying our voices.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can e...

Bridgewater Associates is one of the largest hedge funds in the world, and one of the most unusual. Its founder, Ray Dalio, has retired and moved on to other things, such as deep sea submarines. Can the new chief executive keep the group’s legendary returns going? Today on the show, reporter Ortenca Aliaj joins Rob Armstrong to discuss. Also we go long Walmart and short the troubled merger of Jenn...

‘Roaring Kitty’, aka Keith Gill, aka the GameStop memelord, leaned in again this week, sparking a massive rally in the retailer and its sidekick, AMC. FT correspondents Katie Martin and Rob Armstrong take stock of the mayhem and ask if it's a sign that the animal spirits are back. Also we short gruelling exams and go long utilities.   For a free 30-day trial to the Unhedged newsletter go...

It's high noon for Paramount Studios, one of the most legendary names in Hollywood. In one corner, Wall Street and private equity. In the other corner, talented producer David Ellison, head of Skydance. OK, to be fair, he’s partnering with private equity, too. Today on the show, we break down the boss battle for Paramount with deals editor James Fontanella-Khan. Also we talk about sports. For a fr...

The annual meeting of Berkshire Hathaway this past weekend was a celebration of Warren Buffett’s unparalleled record and his legendary charm. Today on the show, FT correspondents Katie Martin and Robert Armstrong talk about recent investments in energy stocks, Apple and the ultimate question: succession. Also, we invent a new festival – TrackerFest – and short climate credit shenanigans.  For...

The Federal Reserve this week chose to hold interest rates unchanged. But inflation still continues to outpace its 2 per cent target. Today on the show, capital markets correspondent Kate Duguid joins us to ask if the US central bank is making the wrong decisions, and what options they have. Also, we short Starbucks and dissect Ray Dalio's bet on civil war.  For a free 30-day trial to the Unh...

The American economy is strong — and the dollar is extremely expensive. Today on the show, we talk about how the strong dollar affects the rest of the world, pressuring importers, benefitting manufacturers, and causing capital to flow into the United States. Also we go long McDonald’s and long the British pub.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhed...

The FT’s Rob Armstrong sits down with Tim Harford, host of the podcast Cautionary Tales , to discuss Ponzi schemes, how they spiral out of control and what differentiates them from bubbles — and from Amazon. Plus, we go long pyramid schemes and short, as usual, crypto.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer Check out Tim’s podcast, Cautiona...

Diamond output by the mining giant De Beers is down 23% this quarter. Demand is slowing as a bounce from the coronavirus pandemic wears off and synthetic diamonds eat into market share. Today on the show, we try to understand the market for diamonds. Also, we go short Charles Dickens in the theatre and short UK weather.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft...

When the S&P 500 finally let Tesla join the index a few years ago, its stock soared. Similarly, the fortunes of countries have changed when their debt and equities have been included on one index or another. Today on the show, we talk to FT contributor and former fund manager Toby Nangle about who runs these indexes, and if they should be regulated. Also we go long the FTSE 100 and short El Sa...

While we’ve been watching Nvidia and other sparkly tech stocks, oil has been sneaking up to touch $90 a barrel. Today on the show, we talk about oil supplies, demand and the role of geopolitics. Also, we go short Ark’s Cathie Wood and Unhedged’s Ethan Wu.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer You can email Katie Martin at katie.martin@ft.c...

Last year, Katie and Ethan made a bet about when the Fed would cut interest rates. Today, as the first quarter ends and markets flatten a bit, it’s time for one of them to eat crow. As for the other, he or she will gloat, but in a measured, slightly backpedalling way that won’t be too embarrassing in the future. Also, we go long Liz Truss’s PR manager and short cicadas.  For a free 30-day tri...

Shopify was an online darling during the pandemic but has faced challenges since then. However, it has still grown into an e-commerce site that handled more than $235 billion in transactions last year. Today on the show, FT reporter Anna Mutoh joins us to talk about Shopify, its failed attempt to start delivering packages, and where the company goes next. Also we go long Japan, and long the cherry...

Private credit is booming, nearing $2tn in assets globally. Most of that debt is being traded out of the public eye, a fact highlighted in the latest Global Financial Stability report from the IMF. Is the IMF right to be worried? We discuss. We also short media coverage of Jamie Dimon and go long vowels.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoff...

In the last months, the stock market has been a joyride, but not for two of the biggest names in tech: Tesla and Apple. Today on the show we look at how these two former high-flyers have come down in the last months, and even wonder what their role in the so-called Magnificent Seven tech stocks should be. Also we go long fundamental valuations, and long the Japanese family name Sato.   F...

Today on the show, we’re taking the long view, the very long view. Our guest is Peter Oppenheimer, the head of macro research in Europe for Goldman Sachs, and the author of Any Happy Returns: Structural Changes and Super Cycles in Markets . We talk with him about how changes in technology and finance create cycles that shape markets, and investment returns, for decades. Also, we go long healthcare...

Reddit has never had a profitable year. And yet its IPO this week saw its shares skyrocket on the first day of trading. Today on the show, we ask if Reddit is a withering social network riding irrational exuberance, or a prescient play on AI’s growing need for user-generated answers. Also, we go long momentum and short illustrations.  For a free 30-day trial to the Unhedged newsletter go to:...

The major stock index in the UK, the FTSE 100, includes some of the biggest and most profitable multinational companies in the world. But in recent years the index has trailed the US markets and is now considerably cheaper. Today on the show, FT reporters Ethan Wu and Rob Armstrong ask if investors are overlooking a bargain. Also we go long cocoa and long the Taiwan Semiconductor Manufacturing Com...

FT correspondent Josh Oliver spent years covering crypto and the legal troubles of Sam Bankman-Fried. Last week, he published Hype Machine , a book about it all. Today he joins us to talk about SBF’s sentencing next week, FTX caretaker boss John Ray's new letter slamming SBF, and the many ways to fleece retail investors. Also we go long money laundering, and long pressing the recline button when f...

You asked, we answered. Today on the show, we team up with our sibling podcast, Behind the Money , and answer questions from listeners. We’re tackling chips (both salty and silicon), market capitalizations, the future of India and more. And for even more, head over to Behind the Money , wherever you get your podcasts ( Apple , Spotify , FT.com ).   For a free 30-day trial to the Unhedged...

This week's US inflation numbers came in and they’ve remained higher for longer than many expected, or wanted. How does this change the Federal Reserve’s outlook and will the US stock market respond or continue its jaunty ascent? Today on the show Katie Martin and Robert Armstrong unpack the numbers. Also, we go long UK pasty purveyor Greggs and short Tesla.  For a free 30-day trial to the Un...

Factor investing came out of academic work in the 1990s, and offered a way to pick stocks without relying on judgments about stories or sectors. It’s had good years and bad years, but has recently struggled to do more than match the market. Today on the show, Ethan Wu describes his visit to see AQR’s Cliff Asness, who has been using this style of investing for decades. Also we go long Big Tech AI...