The Wall Street Skinny

Send us a textThis week on The Wall Street Skinny, we’re diving headfirst into one of the most volatile weeks in recent memory—and we brought backup. After a whiplash-inducing reversal in the bond and equity markets, Jen and Kristen break down how the tariff announcements are rippling through rates, treasury auctions, and investor sentiment. From the Fed’s shrinking balance sheet to the rising fear that the U.S. may be losing its “flight to quality” status, we unpack what’s really happening beneath the headlines—and why the bond market might be the biggest canary in the coal mine.Then, we’re joined by legendary investor Steve Eisman—yes, the Steve Eisman portrayed by Steve Carell in The Big Short—for a candid conversation about the state of the global economy, what everyone’s missing in this moment of policy upheaval, and why he’s not panicking. We get his take on the implications of Trump’s tariffs, the fate of the U.S. dollar, and what it would actually take for the Fed to step in meaningfully. Steve also shares how he spotted the subprime crisis before anyone else, and why he’s still staying cool in today’s environment of uncertainty and anxiety.Whether you’re an investor trying to make sense of the macro crosswinds or a Wall Street hopeful wondering how the system reacts in real time, this episode is packed with hard-earned perspective, market wisdom, and—yes—a few deep cuts from Battlestar Galactica. Stay tuned to hear how Steve really feels about being played by Steve Carell, and why sometimes the best strategy is to zoom out, shut off CNBC, and not sell your soul to the volatility gods.Shop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

The podcast dives into the turmoil shaking the bond market and why it’s a big deal for investors. Recent treasury auctions and the dynamics of bond yields are explored, along with concerns over foreign demand and U.S. fiscal management. Listeners learn about the implications for the dollar's reserve status and the hidden risks within private equity markets. The discussion balances the chaos of inflation fears and trade policies while providing clarity for anyone navigating these turbulent financial waters.

Send us a textMarkets are in chaos, which is why on this week’s episode Kristen and Jen ditch the interviews to break down what the hell is happening in markets right now. From tariffs to the dollar and everything in between, we’re unpacking the massive moves in equities, the near-trigger of the circuit breaker, and what April 2nd — aka "Liberation Day" — really means.We dive deep into the economic mechanics behind tariffs — what they are, how they work, and why they’re suddenly wreaking havoc. Jen gives a mini masterclass on the history of U.S. tariff policy, from Smoot-Hawley to modern-day trade wars, plus the ripple effects on the dollar and inflation. We talk stagflation risks, interest rates, retaliation from global trade partners, and whether this all signals a bigger shakeup — including real questions about the U.S. dollar as the world’s reserve currency (along with some conspiracy theories about whether there’s an ulterior motive for these moves).Finally, we pivot to some deal talk, focusing on the all-stock merger between Elon Musk’s xAI and X (formerly Twitter). We break down what the deal actually means, why valuations seem... dubious, and how the whole thing serves as a real-world lesson in equity dilution. Bonus: we close with a little pickleball, skiing, and business etiquette chat — because it’s not all macro mayhem all the time.Shop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Send us a textIt's our special 150th episode!! We’re reuniting with billionaire investor and CEO David Adelman (whom you may remember from our “Sports Investing 101” episode) for a deep dive into his multifaceted empire and brilliant business acumen. David’s story is the stuff of legend. After making his first real estate investment with his bar mitzvah money at the age of 13, David ultimately rose to become CEO of Campus Apartments, followed by FS Investments and Darco Capital.  First, David walks us through the key principles of investing in commercial real estate.  He shares lessons about utilizing leverage, identifying niche markets, and paying attention to young trend-setters. We get a crash course on Real Estate Investment Trusts (“REIT”s), and learn how to avoid the pitfalls of chasing frothy markets. Then, by explaining the history of FS Investments, David walks us through being an early mover on delivering access to private capital investments to non-institutional investors. Next, David delves into his role as a partner in Harris Blitzer Sports Entertainment. He covers the nuances of sports investing vis-a-vis his ownership stakes in the Philadelphia ’76ers, the New Jersey Devils, the Washington Commanders, and Premier League football team (a.k.a., soccer) Crystal Palace. But it’s not just about the teams. David is laser-focused on his newest passion project: developing a world-class sports arena in Philadelphia, set to open in 2030.  And last — but certainly not least — we discuss American Harvest, his luxury vodka brand, and the challenges of conquering the alcohol segment of consumer retail.  Above all, David shares countless hard-fought lessons he’s learned in business. Chief among them? “Don’t be afraid to fail”. Follow David on Instagram @davidadelman and https://www.darcocapital.comShop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Susan Moffitt, co-founder and president of Curated Wealth Partners, dives into the fascinating world of wealth management. She discusses the stark contrasts between wirehouses and independent RIAs, offering insights into the multifamily office model. Moffitt shares her journey through finance, revealing tips for navigating career changes and the importance of personalized service for ultra-high-net-worth clients. Tune in for her thoughts on the evolving landscape of wealth management and the essential skills needed for success in this competitive field.

Send us a textShop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Send us a textIn this episode, we sit down with Brian Kelly, aka The Points Guy, to break down the basics of optimizing your credit card strategy, especially for finance professionals and consultants who travel frequently, entertain clients, or rack up significant corporate expenses.We dive deep into: ✅ Choosing the Right Credit Card: The best cards for maximizing points on travel, dining, and business expenses—and why cash-back cards might not be your best bet.✅ Making Your Corporate Travel Work for You: How to strategically use company travel, corporate cards, and even reimbursable expenses to build a massive points portfolio.✅ Elite Status vs. Points Hoarding: Why blindly chasing status might not be worth it—and how to actually leverage loyalty programs for the best perks.✅ Redeeming: The biggest mistakes people make when cashing in points, how to unlock business and first-class flights for a fraction of the cost, and why  redemptions (like gift cards) are a terrible deal.✅ The Perks No One Talks About: From purchase protections to travel insurance, lounge access, and unexpected ways your credit card can save you thousands.If you’re in investment banking, consulting, private equity, or any high-travel finance role, this episode will change the way you think about credit card points—and help you optimize every dollar you spend.Find Brian's book, "How to Win at Travel" HERE Follow Brian Kelly on Instagram HERE Follow The Points Guy on Instagram HEREShop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Jesse Safir, President of ABG Print, shares his insights on entrepreneurship through acquisition. He discusses his transformation from an investment analyst to a business owner, highlighting the decision-making and due diligence involved in buying a small business. Jesse delves into financing options like bank debt and SBA loans, explaining asset versus stock purchases. He candidly reflects on the challenges posed by market shocks such as the COVID-19 pandemic, offering strategies for operational pivots and cash conservation to navigate tough times.

Send us a textIn this episode, we break down Season 2, Episode 6: "Short to the point of pain". The plot centers around FastAid, a company caught in the middle of a short squeeze reminiscent of GameStop’s 2021 rally. We analyze the mechanics of short selling, how hedge funds and institutional traders manage risk in volatile positions, and why liquidity and market perception play crucial roles in determining price action. The episode highlights how traders react to crowded short positions and the ways in which misreads on positioning can lead to significant losses. The discussion also touches on market-making, bid-ask spreads, and the importance of accurately assessing order flow in a high-pressure trading environment.Jesse Bloom’s reference to the Martingale betting strategy provides insight into flawed risk management approaches that have historically led to major financial losses. We break down how doubling down on losing trades can amplify risk, drawing parallels to hedge fund collapses and the dangers of overleveraging in financial markets. Additionally, the episode examines how narratives and sentiment, rather than fundamentals, often drive price action—echoing the GameStop short squeeze, where retail traders forced institutional investors to exit short positions at unsustainable prices. The FastAid trade also raises questions about the role of market makers, liquidity providers, and how short-term pricing inefficiencies can be exploited.Beyond the trading floor, the episode also explores the broader implications of professional decision-making in finance. Gus’s career shift highlights the tension between public service and financial ambition, mirroring real-world debates about the role of finance professionals in shaping economic policy. Meanwhile, the discussion of legacy and career trajectory reflects how individuals in finance weigh personal fulfillment against external expectations. As the episode unfolds, it underscores the high-risk, high-reward nature of trading and the broader structural forces that shape financial markets.Shop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HERE Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Join legendary quant investor Pete Muller, founder of PDT Partners, as he shares insights from his remarkable journey in quantitative finance and his passion for music. Discover how his experience in high-stakes poker sharpened his risk management skills and how trust and collaboration fuel success in hedge funds. Pete also explores the emotional side of finance and the parallels between music and investing. Plus, enjoy a special musical performance that highlights the intersection of his two worlds!