Unhedged

Eli Lilly’s shares have surged 750 per cent over five years. Novo Nordisk’s are up about 360 per cent in the same period. It's been an awesome run for these companies. But how much longer can it last? Today on the show, Rob Armstrong and Aiden Reiter talk to the FT’s US pharmaceutical and biotech correspondent Oliver Barnes about the astonishing growth in weight-loss drugs, and their future. Also we short inflation and running clubs.  For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Unhedged has been nominated for a Signal Award! You can vote for us here: https://vote.signalaward.com/PublicVoting#/2024/shows/general/money-financeRead a transcript of this episode on FT.com

Stocks are flying, rates are plunging, jobs are surging, but everyone says they’re anxious. What is going on? Today on the show, Katie Martin and Rob Armstrong try to understand the many strange and sometimes contradictory things happening in the US economy. Also, we go short Spirit Halloween and long monsters. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Unhedged has been nominated for a Signal Award! You can vote for us here: https://vote.signalaward.com/PublicVoting#/2024/shows/general/money-financeRead a transcript of this episode on FT.com

As the conflict in the Middle East expands to include Lebanon and Iran, markets are responding with surprising nonchalance. Why? And will that last? Today on the show, Katie Martin and capital markets correspondent Nick Megaw try to understand why so much can go wrong in one part of the world, without roiling markets in the rest of the world. Also, we go long the Vix, and short e-cycles. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Unhedged has been nominated for a Signal Award! You can vote for us here: https://vote.signalaward.com/PublicVoting#/2024/shows/general/money-financeRead a transcript of this episode on FT.com

Last week China announced it would be providing low-cost funds to investors in both equities and the property market. The nominal effects were immediate, and the country’s stock market has recently risen as much as 20 per cent. Boosting stock prices is one thing, but there is a bigger problem: can Beijing encourage more domestic spending, and less saving? Today on the show, Katie Martin discusses all this with the Unhedged newsletter's newest writer, Aiden Reiter, who, it turns out, speaks Mandarin. Also we go long morning swims and long our own show. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Katie Martin at katie.martin@ft.com and Aiden Reiter at aiden.reiter@ft.com.Read a transcript of this episode on FT.com

When discussing the economy after the interest rate cuts last week, chair of the US Federal Reserve Jay Powell made an interesting comment about jobs numbers and immigration. “If you are having millions of people come into the labour force, and you are creating 100,000 jobs, you’re going to see unemployment go up,” he said. Well, mostly. Today on the show, the entire staff of the Unhedged newsletter – Rob Armstrong and Aiden Reiter – get together to discuss how immigration might be affecting unemployment. Also, they go long and short China’s new stimulus programmes. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou 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

As the Federal Reserve starts to lower interest rates, a perennial theory has returned: that small and mid caps will, for a time, grow more quickly than the S&P 500. Today on the show, Katie Martin, Rob Armstrong, and Aiden Reiter discuss whether that is good, or even true. Also, as the seasons change, we go long and short knitwear. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou 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

In a massive surprise on Wednesday, one of Rob Armstrong’s predictions turned out to be right. The Fed did indeed cut interest rates by half a percentage point. A cut this big is deeply unusual, and normally happens in a crisis. But there are a lot of reasons to think we’re not in a crisis at all. Today on the show, Katie Martin and Rob Armstrong talk about what the Fed just did, and where the central bank is headed. Also, we go long European merger drama and short well-being at big banks. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou 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

Apollo Global Management is publicly traded and one of the largest alternative asset managers in the world. But what does it really do? Today on the show, Rob Armstrong asks reporters Sujeet Indap and Eric Platt to describe the parts that make up Apollo. Also they go long Boeing and long News Corp. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou 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