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Financial Times & Pushkin Industries

Katie Martin, Robert Armstrong and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Every Tuesday and Thursday.
 Hosted on Acast. See acast.com/privacy for more information.

Unhedged

Citadel, XTX and Jane Street have come to dominate trading on Wall Street, and not just in equities. They now run a huge proportion of trading in currency and bonds, something the banks used to own. But where did they come from, why have so few people heard of them, and how did they get so big? Today on the show, Katie Martin and Robin Wigglesworth discuss the massive growth in the algorithmic trading firms. Also, they go long honesty, and long the upcoming FT Alphaville pub quiz in New York. 

Read the FT’s series about the new titans of Wall Street here. 

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. 

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

The titans of Wall Street

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

Geopolitics? What geopolitics?

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

Is M&A back?

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

Will IPOs ever come back?

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

Rate drop, market drop

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

The Bitcoin National Strategic wha?

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

The listeners have questions

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

The year ahead: tariffs, taxes and Trump

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

Why so many bankruptcies?

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 unhedged@ft.com.

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

What are UK bonds thinking?

As betting markets and polls begin tentatively to suggest a Donald Trump election win, yields in 10-year Treasuries have risen. Some on Wall Street think that is because traders believe Trump will win, bringing with him inflationary spending and policies. Today on the show, Rob Armstrong discusses what the bond market knows with Derek Brower, the FT’s US political news editor. Also we go long Coca-Cola, and short a decisive election result. 

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. 

Read a transcript of this episode on FT.com

 Hosted on Acast. See acast.com/privacy for more information.

What do bond markets know about the election?

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