Unhedged

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 management reporter Alan Livsey take a look at the winning and losing ideas of 2025. Also they go short prediction markets and short the dollar. 

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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 o...

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. 

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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. 

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Unhedged is on a break over the holidays, so we wanted to share an episode from our fellow FT podcast, Behind the Money. When international private equity groups first entered Japan at the turn of the 21st century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout groups have set up in the country and the establishment is courting them. The F...

Katie Martin spent a restful 20 hours on a plane coming up with some devilishly hard questions for her colleagues, Rob Armstrong and John Foley. Today on the show, we find out who is the best at making wild guesses. Also, all three unveil their 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...

Here’s another podcast we think you’ll enjoy, The Big Short Companion from Against the Rules, hosted by bestselling author Michael Lewis. Lewis’ popular book The Big Short is 15 years old, and to mark the occasion, Lewis is looking back on how the 2008 financial crisis still affects the world today. 

Investor Michael Burry was one of the first to see the subprime housing market crisis coming, and now, he’s back in the headl...

Why do companies care about their share price so much? Is Switzerland in danger of losing its banks? What would regime change in Venezuela do to global oil markets? Today on the show, Katie Martin and Rob Armstrong answer listener questions. Or try to. Also, they go short gift cards and long crypto islands. 

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Today on the show, Katie Martin and Rob Armstrong take a look at some revealing numbers about jobs, inflation and borrowing against the Treasuries market. Also they go short “funny” videos from private equity and short Wham! 

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.

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Silver is on a tear this year, outperforming gold and even crypto. Today on the show, Rob Armstrong and Katie Martin look at the markets for substitutes for fiat currency. Also they go long the Christmas goose, and long sweet pastry. 

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.

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What went right in 2025? What could go wrong in 2026? Recorded last week for the FT’s digital conference The Global Boardroom, Katie Martin and Rob Armstrong talk with Ian Smith, the FT’s senior markets correspondent, about the incredible resilience of the US stock market, and the challenges ahead. Also, they go long boring companies and short KPop Demon Hunters. 

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Netflix and Paramount are in a bidding war to take over Warner Bros Discovery and its historic collections of movies and television series. Today on the show, Rob Armstrong talks to US deals correspondent Oliver Barnes and US finance editor James Fontanella-Khan about a battle that will have a lasting impact on entertainment and the news. Also they go long indie cinema and short Christmas. 

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Today on the show, Katie Martin and Rob Armstrong talk with special guest Adam Posen about the prospects for inflation and even a financial crisis. Posen has worked for both the Federal Reserve Bank of New York and the Bank of England, and is the current president of the non-profit Peterson Institute for International Economics. They talk about the options facing the next Fed chair, the conditions for serious inflation, and AI’s ro...

Mature economies such as France, the UK and the US are spending more than they take in. They make up the rest in borrowing. But how long can that last? Today on the show, Katie Martin speaks with Ian Smith, the FT’s senior markets correspondent, about the UK’s latest Budget and bond sales, and what it means for governments around the globe. Also they go long chocolate and short cats. 

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Short interest in the market is rising. But what are the big players betting against? And what can investors learn from it? Today on the show, Katie Martin joins the editor of the FT’s Alphaville newsletter Robin Wigglesworth to discuss high finance’s low expectations. Also they go short Bloom Energy and short the crypto bros. 

To sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.com.

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In the morning, Nvidia’s earnings report seemed to have cured the market of its jitters about an artificial intelligence bubble. And then it didn’t. Today on the show, Katie Martin and Rob Armstrong try to figure out if the chipmaker’s numbers are soothing or scary. Also they go long a proposed stimulus cheque and short handbag investment funds. 

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The battle between Novo Nordisk and Pfizer to acquire Metsera is over. But is this merger a sign of strength or weakness for the industry? Today on the show, Rob Armstrong talks with US finance editor James Fontanella-Khan about the pressures on drug companies from Washington and the market. Also they go long Nasdaq and short Nasdaq. 

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Companies such as Procter & Gamble and Chipotle say lower-income customers are spending less, while upper-income customers keep splurging. But data from the Federal Reserve and others suggests incomes – and the differences between them – have remained steady. Today on the show, Katie Martin and Rob Armstrong try to understand why and if consumer behaviour is changing. Also, they go long passive investing and short banks checkin...

Today’s show is a live recording from the Kilkenomics Festival in Kilkenny, Ireland. Katie Martin hosts a panel with guests David McWilliams, founder of the festival, and Mark Blyth, professor of political economics at Brown University. From the Home Rule Club in Kilkenny, they ask if the US is starting to behave like an emerging market. Also, they go long sterling and short futuristic cities in the sand.  

For a free ...