Unhedged

Chris Giles, an insightful economics commentator from the FT, joins to unpack the intriguing phenomenon of the Jackson Hole economic symposium. He explains why central bankers meet in a remote setting and discusses the significance of the upcoming remarks from the Federal Reserve chair. The conversation delves into how these statements can sway market perceptions on interest rates and inflation. They also touch on the need for broader investment access for everyday Americans while sharing amusing anecdotes from exclusive conferences.

Markets are buzzing again after a dip, showcasing the unpredictable financial landscape. The discussion dives into how a few companies are driving major stock gains, raising questions about sustainability. Investment strategies are reexamined, emphasizing diversification, including stocks, bonds, and gold. The volatile world of cryptocurrency and social media stocks is also explored, revealing shifting investor behaviors. It's a dynamic talk that encourages adapting to market realities and questioning traditional financial wisdom.

Join Robin Wigglesworth, a contributor from FT Alphaville, and Hendrik Bessembinder, a renowned professor known for his extensive stock research, as they delve into the staggering results of Bessembinder’s analysis of top-performing stocks over the last century. Discover how one stock achieved an unbelievable 265,528,900% return. They also explore the power of compounding, the challenges facing traditional versus tech industries, the debate between passive and active investing, and the quirks of leveraged ETFs in today’s market.

Jim Leaviss, the outgoing chief investment officer of M&G Investments, shares insights from his impressive 30-year bond trading career, starting at the Bank of England. He discusses the evolving bond market, misconceptions about bond prices, and the influence of significant financial events. Jim humorously reflects on his transition to art, all while debating the best 90s albums with Katie Martin, adding a light-hearted twist to market insights and personal nostalgia.

Bill Ackman, one of the most prominent investors in the U.S., shares insights on his tumultuous journey with a recent IPO. He discusses the clash between his social media presence and fundraising efforts, shedding light on the impact of platforms on investment strategies. The conversation turns to the strange dynamics of institutional versus retail investors and the challenges posed by market volatility. They also delve into the hypocrisy in American politics and the unique tax reforms in Italy, all while keeping the dialogue engaging and humorous.

Nick Megaw, a global markets expert, joins the discussion to unravel the recent market chaos. They explore the roots of the downturn, touching on unemployment rates and the impact of the Japanese carry trade. The duo analyzes the mixed fortunes of tech stocks amidst heavy AI investments and market volatility. They also discuss the blind spots of retail investors and share personal insights on investing in Google, all while likening market fluctuations to a riveting mystery novel.

Aiden Reiter, a reporter specializing in Tesla and the electric vehicle sector, joins Rob Armstrong to dissect the enigmatic company. They discuss Tesla's high stock valuation despite disappointing earnings. The duo explores the challenges and potential of Tesla's revenue streams, including automotive sales and energy innovations. The conversation takes a dive into the future of autonomous driving and the controversial role of humanoid robots. They also touch on the broader market dynamics, including insights on the yen and Bitcoin.

This week, deals reporter James Fontanella-Khan discusses the surprising financial backing Kamala Harris garnered from Wall Street, leading to a strategic push against Biden. He explains the intense courtship between Harris and financial power players, exploring how her background as a public prosecutor ignited interest. The conversation also touches on Wall Street’s delicate dance with Big Tech and the implications for economic policy. Plus, there's a lively debate on investment strategies, featuring insights about McDonald's and Bill Ackman's latest moves.

In this episode, Aiden Reiter discusses strategies to manipulate the US dollar, including interventions, cooperation with other nations, market tactics, and taxing foreign holdings. The impact on the trade deficit and capital inflows is explored, along with the challenges of affecting the dollar's value. Additionally, there is excitement for tomato season and insights into the French fry market competition.

Exploring the impact of a second Trump presidency on inflation, bond yields, currency manipulation, corporate taxes, protectionism, isolationism, Federal Reserve independence, and small-cap stock rally. Long sterling and short Russell 2000 positions discussed.