Unhedged

Hosted by Financial Times

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Episodes

355

Latest episode

Nov 2026

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About the show

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.

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60 recent

November 12, 202622 min

Bonds, inflation and the Fed. Plus, Nvidia in turmoil

Inflation is stubborn and the Federal Reserve is talking tough again. Bond veteran Gregory Peters, co-chief investment officer at PGIM, talks to us about what comes next. Plus, the fallout from the resignation of the Nvidia boss, with the chipmaker's shares having slumped more than a third from their October peak. 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.

November 10, 202618 min

Nvidia shares down as Huang affair scandal deepens

Jensen Huang's affair with an alleged Chinese intelligence asset has wiped billions off the world's most important company. Can a board with no chair and no succession plan rein in an untouchable chief executive? Plus, long Celine Dion and short impeachment. 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.

November 5, 202620 min

Taking stock of tumbling stocks

Wednesday's post-midterm bubble in markets popped on Thursday, with AI companies reversing the previous day's gains. Is it a reassessment of what Democratic control of the US Congress would mean to the AI industry? Or is it a continuation of a trend away from the sector? Columnist Katie Martin and US financial commentator Rob Armstrong talk about whether the drop on Thursday could continue, and how a dent to the AI world could ripple. 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.

November 3, 202619 min

What the historic heist of Binance means for crypto

It was the largest heist ever. Within a span of a night, more than $6bn vanished from Binance. That’s the blockchain platform that’s supposed to be the biggest and safest. Authorities point to North Korea as the likely culprit, but the company says it will make customers whole. Columnist Katie Martin and digital markets correspondent Nikou Asgari look at the breach and wonder why billions of dollars have already flowed back onto the platform. 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.

October 29, 202619 min

Why the slowdown in Wall Street deals?

What started as a boom year for mergers on Wall Street has started to fade . There have indeed been some megamergers, such as the $111bn Paramount-Warner Bros Discovery deal. But as the cost of borrowing has ticked up and markets have pared back gains, the appetite for new deals has waned.US financial commentator Rob Armstrong, finance and markets editor Arash Massoudi and outgoing US finance editor James Fontanella-Khan talk about the slowdown and what might bring the sector back to form. 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.

October 27, 202622 min

How much is Anthropic really worth?

Anthropic’s initial public offering is shaping up to be the largest ever. And the firm’s recently released prospectus explains how all of this is part of an enterprise for the benefit of the whole of humanity. Rob Armstrong and John Foley, head of Lex, go beyond the high-flying language to unpack why Anthropic is so hard to value and just how worried we should be about the "existential risks to humanity” thing. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

October 22, 202617 min

Breaking down the bond market

Government bonds keep the lights on for countries all over the world and set the cost of money for everyone from the US to your mortgage lender. But even as bonds experience a rocky year, the public seems unaware and experts can’t quite explain what’s going on. The FT’s Robin Wigglesworth, author of A Fabulous Debt and host of The Story of Money podcast, tells Katie Martin why he thinks bonds are hard to understand and whether we’re approaching a slow-rolling crisis. Plus, Robin goes long witches, and Katie shorts superyachts. Subscribe to The Story of Money podcast on YouTube , Apple Podcasts , 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.

October 20, 202617 min

UK bets on a boring budget

Britain’s chancellor of the exchequer John Healey will deliver his annual budget on October 28. And with the UK facing the highest borrowing costs in the G7, the spending item he will be most keen to get under control will be the government’s interest payments bill. The FT’s economics commentator Chris Giles tells Katie Martin why dull is good when it comes to public finances. 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.

October 15, 202622 min

The AI boom stumbles

Tech stocks and bonds took a kicking on Thursday, adding urgency to a question investors have been asking themselves for months now: is the AI boom about to go splat? Katie Martin and Rob Armstrong sense a great disturbance in the Force. But if the bubble really is about to burst, where can investors run for shelter? Plus, Rob shorts the letter K, and Katie shorts protein recycling. 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.

October 13, 202619 min

Mortgages, diesel and the US midterms

US consumers are still in love with buying things, buoyed by stock markets that are near all-time highs. But could sky-high mortgages and diesel prices spoil their shopping spree? And if the strains on the economy continue, what does that mean for the November midterm elections? Katie Martin and Rob Armstrong ask how long the stock market wealth bubble can prop up the US economy. Plus, Rob shorts silly jackets and Katie shorts silly smokers. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer . Credit to Roderick MacLeod for the Charts on the Radio jingle! 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.