Unhedged

On Thursday, two candidates for US president will debate each other. They are both protectionists. This is a huge change in US economic policy, and one that may have massive consequences in the decades to come. Today on the show, Robert Armstrong talks with the FT’s chief economics commentator, Martin Wolf, about the past and future of industrial policy. Also we go long ageing and long babies.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

Golden Goose had a simple plan. Mass produce worn out sneakers, get stars to wear them, and sell them to the public. It was going great until the owner announced an IPO, and then pulled it. Today on the show, Katie Martin and James Fontenella-Khan discuss. Also, we go long German football and long sterling. 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

On Thursday, shareholders of Tesla voted to re-approve a deal to reward Elon Musk with more than $50 billion worth of shares in Tesla, thus making one of the world’s richest men even richer. Also we go long teams without stars and short climate change. 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

The Federal Reserve held rates steady on Wednesday, and markets went whooshing upwards, as if they thought no-move was a clear signal about the next move. For a bit anyway. Today on the show, Katie Martin is joined by Chris Giles, the FT’s economics commentator, to talk about the Fed and the crucial next few months before the US election in November. Also we short transatlantic rate arbitrage, exams and Nigel Farage.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

Researchers at the University of Chicago took a fairly standard large language model of AI and fed it a bunch of balance sheets and income statements and asked it to make predictions about earnings. In backtests, AI beat human calls by a small margin, and outperformed the market generally. Have fund managers been dealt yet another kill shot? Katie Martin and Robert Armstrong discuss, and go long shareholder commitments, and the musical genius of Yuja Wang.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

Nvidia continues its rocket-like rise: Investors have piled in, as have day traders who play the stock with options. This is causing banks and market makers to load up on shares in order to cover trades. It's a feedback loop traders call the gamma squeeze, and some are concerned it’s distorting markets. Today on the show, Katie Martin talks about Nvidia and the gamma squeeze with correspondent George Steer. Also we go long the ECB and short proposals for a Texas stock exchange. 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

It’s a big year for democracy. Voters in Mexico and India just went to the polls. Elections in the UK and US are still to come. On today’s show, Rob Armstrong and Katie Martin talk through how markets are responding to the elections in Mexico and India. And they analyse how markets might react to the UK and US elections. Also, we go short slugs and stock-based compensation.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

At a recent meeting of the G20, Brazil invited economist Gabriel Zucman to address the most powerful nations in the world, and argue for a global tax on the super-rich. Today on the show, European economics commentator Martin Sandbu joins Robert Armstrong to discuss whether a worldwide tax on the very richest could even happen, and how it might work. Also, we short the commercial real estate crisis and go long liberal democracy. 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