Unhedged

Toby Nangle is a regular contributor to the FT. Before he was a journalist, he was an asset manager for more than 25 years, and many of his clients were sovereign wealth funds. And some of the sovereigns of those wealth funds were doing things that made Nangle uncomfortable. So he quit. Today on the show, we discuss a massive problem faced by the investment industry: the ethical behaviour of its clients. 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. Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com

The price of gold reached a record high this week, passing $2,500 an ounce. Market watchers often ascribe a rise like this to inflation, fears about political instability or the endless insanity of the wild-eyed goldbug. But which is it? Today on the show, Katie Martin and Rob Armstrong unpack gold’s rise. Also we go long and short Nvidia. 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. Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com

Why do central bankers gather in the middle of nowhere every summer? And what will this week's meeting in the middle of nowhere mean for markets? Katie Martin and FT economics commentator Chris Giles explain everything you need to know about Jackson Hole. Also, we go long exclusive conferences and short exams.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. Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com

Two weeks ago, investors seemed headed for the exits. Now they’re back in and cash is flooding the markets again. Today on the show, Katie Martin and Rob Armstrong unpack the madness. Also, we go long gold and short social media. 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. Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festivalRead a transcript of this episode on FT.com

How would you like a 265,528,900 per cent return on your investment? Would you be interested in that? If so, join us as Rob Armstrong and FT Alphaville’s Robin Wigglesworth discuss the results of Professor Hendrik Bessembinder’s massive number-crunching project, which ranks the best stocks of the past century. The number one performer is pretty incendiary. Also we short break dancing and go triple reverse long on single-stock ETFs. 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

Jim Leaviss started his career in fixed income at the Bank of England, and is ending it 30 years later as the outgoing chief investment officer for fixed income of M&G Investments, which manages more than £100bn in bonds. Today on the show, Katie Martin talks with Jim about what he learned over his long career. Also, the two throw down on the best albums of the 90s.  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

Ackman is one of most well-known investors in the US, and one of the loudest. He has more than a million followers on X and isn’t afraid to argue with any of them. But his active social media feed and his fundraising seem to be at odds. Today on the show, Rob Armstrong and James Fontanella-Khan dissect the remains of Ackman’s cancelled IPO. Also we go short Italy and long hypocrisy. 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 Monday, markets around the world agreed to go into a tailspin. Today on the show, Rob Armstrong and guest Nick Megaw try to figure out what drove it all. They cover unemployment, manufacturing, the Japanese carry trade, the Magnificent Seven, and the foolishness of the retail investor. Also we go long Google, and long CNBC at midnight. 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

Tesla’s earnings slightly disappointed last week, but its stock is still valued at nearly 100 times earnings. Does this make sense? And what exactly is Tesla anyway? Today on the show, Rob Armstrong and reporter Aiden Reiter take apart Tesla and try to sort out an eclectic basket of electric cars, self-driving taxis, humanoid robots and other grand plans for the future. Also we go long the yen and long bitcoin, for complex reasons.  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