Unhedged

Strategy (formerly MicroStrategy) continues its meteoric rise as new investors purchase a company whose basic business is to own bitcoin. Naturally, the firm has inspired copycats, such as the Japanese hotel developer that just started buying crypto and now trades for more than the value of all its assets. Today on the show, Rob Armstrong and Katie Martin try to figure out if there’s any way it doesn’t all end in tears. Also, they go short tariffs on solar panels and short fecal transplants.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

The last 12 months have been great for Walmart, with its stock price rising on growing sales. And it’s all happening despite impending tariffs, and without adding more employees. Today on the show, US consumer editor Gregory Meyer joins Rob Armstrong to discuss what Walmart’s success can tell us about the future of American retail. Also, they go short online sports gambling and short New Jersey transit. 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

Equities are on a tear, led by the usual tech giants that make up the Magnificent Seven. But why? Rob Armstrong and Katie Martin go over the odd landscape of the current American economy, including scepticism about tariffs, inventory stockpiles, strong earnings and a budget that includes a tax on foreign investment in the US. Also they execute a complicated private equity pair trade and go long Nigerian weddings. 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

Our co-host Rob Armstrong has been talking about the “Taco trade” (Trump Always Chickens Out) for a few weeks, and on Wednesday a journalist asked the US president about it. Trump did not like the question, not one bit. But the internet did. Now traders are worried Trump might not chicken out. Did Rob just crash the US economy? And, if so, would he like to apologise? Also, Katie goes long Elon Musk returning to his day job, and Rob goes short his 15 minutes of fame. 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

President Donald Trump’s ‘big beautiful’ bill was passed by the House of Representatives last week. It adds yet more deficit spending to the US budget. But can it survive the bond market? Today on the show, Rob Armstrong and Katie Martin discuss how deficit spending affects the bond market and what can happen when yields rise dramatically. Also they go long the euro as a new international reserve currency and short drinking in bookstores. 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

Special purpose acquisition companies are basically bags of money looking for businesses to acquire. They boomed in 2021 and then went into hiding. Now they’re back and booming. Today on the show, Rob Armstrong and Aiden Reiter survey the frontiers of Spacs. Also they go short the dollar and long jewels. 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

Microcaps of every sort have been rushing to list on US exchanges. Many are from China and represent shares in tiny companies, such as a chain of hot pot stores. Today on the show, Katie Martin and Aiden Reiter talk to correspondent George Steer about the boom and try to figure out what’s going on. Also, they go long the SEC’s Caroline Crenshaw and short DJs. 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

Recent announcements about trade deals with the UK and China have cheered markets. But what exactly did the UK agree, and why? Today on the show, the FT’s trade guru Alan Beattie joins Katie Martin to unpack the negotiations. Also they go short droughts and long globalisation. 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

Lower-than-expected inflation and the start of negotiations with China seemed to help stocks on Monday. But the dollar remained uncharacteristically weak. Today on the show, Rob Armstrong and Aiden Reiter ask if America is feeling good, or just relieved to be alive. Also they short gold and go long pope memes.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