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Unhedged: Daily Summaries Delivered
by Financial Times
Katie Martin, Robert Armstrong and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now.
Latest Episodes
The most recent episodes — sign up to get AI-powered summaries of each one.
- 2 days ago20 min
Hyperscale my debt!
While most people are distracted by the latest blow-up in US Treasuries, our hosts Katie Martin and Rob Armstrong lift the lid on a less watched corner of the debt markets. The world’s hyperscalers – giant companies such as Amazon and Meta – need to borrow as much as they can to build the data centres needed for the AI boom. FT markets reporter Emily Herbert tells us what their elephantine debt issuance has been doing to corporate bond markets around the world. Plus, Katie shorts sniff tests, Emily goes long soup and Rob entrusts his life savings to a supermarket manager in Surrey.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
- 4 days ago19 min
An ode to stock picking
Over the summer, the FT held a revamped version of its stock picking game – think fantasy football for the global equity markets. Some 13,000 people took part – a shocking number considering how unfashionable active fund management has become in the real world. Katie Martin and Rob Armstrong invite their FT Money colleague Nathan Brooker, who runs the competition, to discuss the psychology of stock picking, and whether it has a future in real life. Plus, Nathan shorts holiday spoilers, Katie shorts pesky kids, and Rob throws active investors some love.The FT’s next stock picking game launches on Monday October 5. Entry is free to all FT subscribers aged 18 or over. Registrations will remain open for a number of weeks after the launch date. To participate, go to: https://stockpickinggame.ft.comFor 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.
- 1 weeks ago22 min
Bond bombshell
Global bond yields took a big leg up on Wednesday, with the US 10-year Treasury now well north of 5 per cent. Could further rises trip up a heavily indebted government? Or perhaps an overleveraged hedge fund, with untold market fallout? Hosts Katie Martin and Rob Armstrong are joined by FT senior markets correspondent Ian Smith. Plus, Rob goes long his own foresight, while Katie extends a long arm of comfort to a banker who sent a career-ending email.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.
- 1 weeks ago17 min
Turkish dismay
Investment funds boast triple-digit returns. Retail investors enthusiastically pile in. Then – surprise! – they turn out to be scams… and implode. The story that played out in Istanbul last week may be as old as the city’s Grand Bazaar. But what does it say about financial regulation in Turkey, and should foreign investors be concerned? Host Rob Armstrong catches up with the FT’s Turkey correspondent, John Paul Rathbone. Plus, Rob shorts the 10-year US Treasury, while JP goes for a long swim in the Bosphorus.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.
- 2 weeks ago20 min
News alert: Fed acts normal
In response to persistently above-target inflation, the Federal Reserve raised interest rates a quarter-point this week. Typically, this would not merit a full podcast. But in our current world – which includes a persistently Fed-baiting US president – this unexpected return to normalcy is something that hosts Katie Martin and Rob Armstrong have chosen to celebrate. Also, Rob goes long the endangered potato, while Katie is long Russian oligarchs bankrolling wedding events. Until October 28 you can save on a standard annual digital subscription to the Financial Times at ft.com/unhedgedsale.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.
- 2 weeks ago21 min
Should markets discount the AI apocalypse?
When the Terminator robots come for us all, will there be anywhere safe to run? Certainly not the US Treasury market, where the 10-year yield just broke the totemic 5% level. It’s a sobering thought. But hosts Katie Martin and Rob Armstrong wonder if it’s sobering enough to end the AI stock market mania? Also in the show, Rob and Katie take sartorial long positions on armholes and loafers.Until October 28 you can save on a standard annual digital subscription to the Financial Times at ft.com/unhedgedsale.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.
- 3 weeks ago22 min
Oil, yen and egonomics
US Treasury secretary Scott Bessent cowed currency traders this week by claiming anyone shorting the yen was betting against “the house”. But he has failed to will US government borrowing costs lower, while his boss has failed to will the Strait of Hormuz open again. As Brent crude smashes through $100 a barrel, hosts Rob Armstrong and Katie Martin ask what Bessent can actually do to keep yields from continuing to surge. Also, Rob shorts a lunch-disrupting coffee company, and Katie shorts AI headbangers.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.
- 3 weeks ago27 min
Unhedged Live: How Katie was “right all along”
Katie called it – so she claims. There are signs that foreign investors may be losing trust in US assets. This has been the source of a running debate between the hosts Katie Martin and Rob Armstrong on this podcast, and Rob finally concedes she may have a point. Awkwardly for him, he does so in front of a live audience, for a special episode recorded at the FT Weekend Festival in London’s Kenwood House. Plus, Rob goes long a Scotch whisky carry trade, while Katie goes long our lovely Unhedged audience.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.
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