Unhedged

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 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.

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 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.

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: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com. Hosted on Acast. See acast.com/privacy for more information.

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

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 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.

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, and on the show's dedicated YouTube channel here. Learn more at ft.com/tsom. 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 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 banking in 19th-century frontier America to institutionalised debt jubilees in ancient Mesopotamia, and from the birth of credit derivatives to the great market meltdowns of the past, Robin and Gillian uncover the story of money because time and again, the same manias and mistakes resurface. Tune in and you might just understand where the next financial opportunities and disasters could be hiding. Subscribe to The Story of Money wherever you get your podcasts and watch the show on YouTube. Learn more about the show at ft.com/tsom and find out more about Gillian Tett here and Robin Wigglesworth here. Follow FT Alphaville here. Hosts: Gillian Tett and Robin Wigglesworth Producer: Lulu Smyth Senior Producer: Michela Tindera Executive Producers: Flo Phillips and Manuela Saragosa Original music and sound engineering: Breen Turner Podcast Development: Laura Clarke Global Head of Audio: Cheryl Brumley Hosted on Acast. See acast.com/privacy for more information.

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 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 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.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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.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.

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 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.

After a nervous couple of months, markets suddenly roared to life this week, with the S&P 500 reaching a new high. Struggling shoe company Allbirds led the charge with a pivot to AI and saw its stock leap 774 per cent. Today on the show, Katie Martin and Rob Armstrong try to figure out why investors are so excited. Also they go long kebabs and the Strait of Vermouth.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.

Elon Musk's SpaceX plans to go public this year in what may be the largest IPO of all time. But what is SpaceX, exactly? Today on the show, Katie Martin and Rob Armstrong speak with the FT's west coast editor Richard Waters about the SpaceX listing and why it isn't like any other IPO. Also, they go long papal news, southern California and magnolia trees. 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.

As President Donald Trump's confusing messages on the Iran war seem to coalesce around a retreat, markets have risen. But are we really going back to anything like what we had before February 28? Today on the show, Katie Martin and Rob Armstrong try to understand the meaningful changes that will persist. Also, they go long bank earnings and short "maxing" anything. 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. Hosted on Acast. See acast.com/privacy for more information.

Economists often compare today's era to the 1970s, when oil prices were high and inflation was looming. But there is something to learn from the 1960s, too. Today on the show, Rob Armstrong and Hakyung Kim discuss “guns and butter”, and the state of consumer credit. Also they go short flights to Europe and short AI glasses. 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.

World energy supplies have been disrupted by the Iran war. But how long will they take to return to normal after the war is over? Today on the show, Katie Martin and the FT's energy editor Malcolm Moore game out global energy outcomes. Also, they go long coal and short the wisdom of the markets.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. Hosted on Acast. See acast.com/privacy for more information.

A jury in a Los Angeles court has found Meta and Google liable for $6m in damages in a civil suit alleging their social media products are designed to be addictive to children. It could pave the way for thousands of similar suits. Today on the show, technology reporter Hannah Murphy joins Robert Armstrong and Katie Martin to discuss what the verdict means. Also, they go long cold brews and long a Netflix documentary about America's Next Top Model. Check out the FT News Briefing podcast on FT.com or on Acast, Apple Podcasts, Pocket Casts or Spotify.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 plunge in UK and European bonds has been expensive for hedge funds, whose bets have gone sideways. But it could be expensive for regular people too, at least according to Katie Martin and her guest, the FT's senior markets correspondent Ian Smith. Today on the show, they unpack how a drop in the value of European debt will drive up costs for the average person. Also, they go long Harry Potter on television and short boy kibble. 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. Hosted on Acast. See acast.com/privacy for more information.

When President Donald Trump talks, markets listen. But why? Today on the show, Katie Martin and Rob Armstrong try to figure out if the markets really are chasing the news and if that makes any sense whatsoever. Then they discuss gold's steep drop and an awfully suspicious trade in the oil markets. Also they go long Saturday Night Live in the UK and short being tall. 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 war has caused a spike in oil prices, which will pass costs through the economy. But if the economy is slowing, will there be enough inflation to send interest rates back up again? Today on the show, Katie Martin and Rob Armstrong dissect Federal Reserve chair Jay Powell's Wednesday comments about the conflicting signals in the economy. Also they go long clean air and long March Madness.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.

Oil is up, bombs are falling and investors are increasing their piles of cash. But the market isn't far off its highs. Today on the show, Katie Martin and Rob Armstrong try to square the dismal news with the sanguine market. Also they go short quarterly reporting and long introspection. 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.

There has been a steady trickle of bad news in private credit, and investors have been having a hard time getting their money out of funds. Today on the show, Katie Martin and Rob Armstrong are joined by the FT's US private equity and deals editor Antoine Gara. The three of them try to figure out if a small financial crisis is brewing. Also they go long 10-year Treasuries, long Ukraine ETFs and long the New York Jets.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.

Over the weekend, the price of oil had its biggest intraday swing on record, bouncing between $84 and $119 per barrel in just 23 hours. Today on the show, Rob Armstrong and Katie Martin survey the wreckage, and try to figure out if the price of oil is driving policy in Washington. Also they go long neckties and Korean food crazes. 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 Genius Act allowed stablecoins to trade in the US as a legal form of currency. But can that really work? Today on the show, financial historian Brendan Greeley joins Katie Martin and Rob Armstrong to discuss if it makes sense to introduce a digital competitor to the dollar. Also they go long the Maidstone football team, short March and short tax trips to Dubai. 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 US attack on Iran has muddled expectations for the year, especially in energy markets. Today on the show, US energy editor Jamie Smyth joins Katie Martin and Rob Armstrong to talk about Tehran's counterattacks on US allies including Kuwait, Saudi Arabia and the United Arab Emirates. Also, they go short private assets and long UK pastry chain Greggs. 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 Supreme Court just overturned President Donald Trump's use of the emergency powers provision to impose tariffs. Now importers are suing for refunds, and the president has scrambled to leverage another old law to find a legal way to slow imports. Today on the show, Katie Martin and Rob Armstrong are joined by Alan Beattie, of the FT's Trade Secrets newsletter, to sort the mess out. Also, they go short the “Halo” trade and long irony. 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. Hosted on Acast. See acast.com/privacy for more information.

On Monday, a report by Citrini Research appeared to rattle traders on Wall Street. Its thesis was that massive efficiency increases would lead to widespread job losses and a disastrous fall in consumption. Today on the show, Katie Martin and Rob Armstrong discuss the doomsday scenario. Also, they go short New York in the snow and short shrinkflation. 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.

World markets continue to be down on the dollar. Today on the show, Katie Martin and senior markets correspondent Ian Smith discuss how inflation, politics and trade are weighing on the once mighty greenback. Also, they go short curling and long wealth managers in the age of AI. 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. Hosted on Acast. See acast.com/privacy for more information.

For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investment banking, something that many other banks have tried and failed to do. The FT's US banking editor Joshua Franklin and US banking correspondent Akila Quinio discuss what Wells Fargo does — and doesn't have — going for it as it pursues this strategy.Clips from, CNN, CBS News, CNBC, CNN, HBO, KPIX, KRON4, NBC News, Wells FargoThe FT does not use generative AI to voice its podcasts.New episodes available on Acast, Apple Podcasts, Pocket Casts or Spotify. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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 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.

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 services and the luge. 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.

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 newsletter go to: https://www.ft.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com. Hosted on Acast. See acast.com/privacy for more information.

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 bonus survey here. 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.

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.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.

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 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 “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 go short Grønlandsbanken and long wintry days in New York. 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.

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 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.

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 obscurity to become one of the richest people in the world. To hear more, find Business History on YouTube, Apple, Spotify, or wherever you get podcasts. Hosted on Acast. See acast.com/privacy for more information.

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 aanagement 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 and Katie Martin at unhedged@ft.com. Hosted on Acast. See acast.com/privacy for more information.

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?, an app for checking if you're dead or not.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.

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.com/unhedgedoffer.You can email Robert Armstrong and Katie Martin at unhedged@ft.com. Hosted on Acast. See acast.com/privacy for more information.

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.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.