Sujeet Indap, Wall Street editor for the Financial Times, shares insights from the gripping legal showdown between Perella Weinberg Partners and former star banker Michael Kramer. The discussion covers the decade-long feud highlighting power struggles and ambition in investment banking. Sujeet reveals the complexities of maintaining relationships and talent, as well as the intense personal drama that unfolded during the trial. He also touches on the precarious balance between integrity and ambition within the high-pressure Wall Street environment.

Little is known about Russia’s “shadow fleet”. These ships have been used to move Russian oil around the globe and avoid restrictions put in place by western governments after Vladimir Putin launched a full-scale invasion of Ukraine in 2022.The existence of the shadow fleet is worth billions of dollars a year to the Kremlin. But who owns these ships? How were they acquired? Who oversees their operations? Many of these questions went unanswered, until a recent FT investigation. Senior energy correspondent Tom Wilson explains what he found and what could happen next for the fleet as an end to the war is discussed among world leaders. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How Russia’s ‘shadow fleet’ gets its ships Shares in shipbroker Braemar fall after FT report on Russian ‘shadow fleet’UK cracks down on Russia’s ‘shadow fleet’EU agrees new Russia sanctions in the face of US push to end Ukraine warTo see some of the vessels mentioned in this episode, check out the Bosphorus Observer, the blog of ship spotter Yoruk Isik.- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Tom Wilson on X (@thomas_m_wilson). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Brooke Masters, US managing editor of the Financial Times, dives into Vanguard's evolution under a new CEO. The discussion reveals how Vanguard’s commitment to low-cost investing, championed by founder Jack Bogle, remains influential. Masters analyzes the firm’s ambitions to expand into new financial services while grappling with the impact of technology and market shifts. The conversation highlights Vanguard's innovative strategies, competitive pricing, and the delicate balance between tradition and modernization as it aims to redefine its role in wealth management.

Eleanor Olcott, the Financial Times’ China Technology Correspondent, delves into the remarkable journey of DeepSeek, an ambitious AI startup founded by Liang Wenfeng. She explores how DeepSeek emerged from a quant hedge fund to challenge big players like Silicon Valley. Olcott discusses the innovative models that set DeepSeek apart and the strategic financing that allowed the company to thrive amid China's tech industry challenges. The conversation highlights the potential implications for AI's future as DeepSeek captures global attention.

Jennifer Hughes, US markets editor for the Financial Times, dives into the NYSE's bold proposal for 22-hour trading. She discusses the surge in overnight stock trading and the implications for retail investors. Jennifer outlines the challenges of regulatory fairness and transparency that come with such a shift. The impact on traders' work-life balance is also examined, alongside the opportunities to attract Asian day traders. This conversation unveils the complexities of modernizing one of the world’s largest exchanges.

Amanda Chu, a Financial Times reporter specializing in the U.S. energy sector, discusses the tensions between President Trump’s push for increased oil production and the reluctance of major oil companies. She highlights how the shale revolution reshaped the industry, revealing the conflicting priorities between profit-driven investors and political demands. The conversation also delves into the impact of low oil prices, regulatory changes, and proposed tariffs on Mexico and Canada, emphasizing the complex dynamics shaping today’s oil market.

Christine Murray, the Financial Times' Mexico and Central America correspondent, offers keen insights into Mexico's economic landscape under new President Claudia Sheinbaum. She discusses the ambitious reform agenda aiming to improve living standards, while investors voice concerns over potential U.S. tariffs from Donald Trump. Economic uncertainties loom, particularly in the car manufacturing sector. Murray highlights the need for strategic leadership to navigate these challenges and maintain a stable U.S.-Mexico economic relationship.

Robin Wigglesworth, Alphaville editor at the Financial Times, dives deep into synthetic risk transfers (SRTs), a hot new trend in finance. He discusses how these innovations promise attractive returns but raise concerns reminiscent of past financial crises. With the IMF sounding alarms, Wigglesworth highlights the rapid growth and potential risks of SRTs, especially regarding the quality of loans banks are offloading. He emphasizes the need for transparency and the lessons financial history offers to navigate these new challenges.

Wall Street is buzzing about a potential revival of mergers and acquisitions with Trump returning to power. Experts discuss the complicated reality behind this excitement, including the contrasting regulatory approaches between Trump and Biden. The conversation dives into antitrust issues and how political sentiments can sway merger approvals, particularly for tech companies. Additionally, key sectors poised for growth are examined, alongside the political ramifications of job losses from these corporate maneuvers.

Niku Asghari, a Financial Times correspondent known for his insights into digital markets, discusses the palpable excitement among pro-crypto investors following Trump’s election. He reveals how many hope for regulatory clarity that could usher in a crypto golden age. The conversation explores the fragile relationship between the crypto industry and politics, spotlighting potential risks of mainstream integration. Asghari also highlights how tariffs may impact Bitcoin mining and the tension between crypto’s original anti-establishment ethos and its quest for acceptance.