Behind the Money

Brooke Masters, U.S. financial editor for the Financial Times, and Stephen Morris, San Francisco Bureau Chief for the same publication, dive into the potential winners and losers in corporate America under a second Trump administration. They explore how Wall Street might adapt with new regulations impacting private equity and traditional banks. The discussion includes Silicon Valley's rising political clout, particularly Elon Musk's influence. Varying energy policy shifts between Biden and Trump are analyzed, predicting significant investment dynamics for oil, gas, and renewables.

Antoine Gara, a correspondent for the Financial Times, and Pete Stavros, co-head of global private equity at KKR, dive into the transformative world of private equity and worker ownership. They discuss how private equity firms are shifting from their ruthless image to a more inclusive approach, offering employees equity to bolster motivation and company performance. The duo emphasizes the financial benefits of this strategy and how it effectively combats workforce disengagement, marking a significant evolution in the industry.

Oliver Roeder, a U.S. senior data journalist at the Financial Times, and Sam Learner, a graphics journalist known for data visualization, dive into the booming world of political betting. They discuss how millions are being wagered on the presidential race between Trump and Harris. The duo explains the workings of prediction markets and their ability to reflect public sentiment. They also address the limitations and nuances of these markets, shedding light on the evolving relationship between betting and democracy as the election draws near.

Oliver Barnes, a seasoned US pharmaceutical correspondent for the Financial Times, teams up with Maria Heeter, a deals expert, to dissect a tumultuous activist investment campaign against Pfizer. They delve into the unexpected blunders, like a mysterious email that turned the tide. The duo discusses Pfizer's post-pandemic struggles, challenges in corporate governance, and how missteps can derail activist strategies in the pharma sector. Tune in for a gripping look at the high-stakes world where boardroom loyalty meets investor ambition!

Joshua Franklin, US banking editor at the Financial Times, dives into the explosive rise of independent trading firms like Jane Street and Citadel Securities. He discusses how these non-bank entities have surged past traditional investment banks, reshaping trading dynamics across various markets. The conversation highlights the efficiency of these firms and the risks they pose, especially regarding market stability and regulatory oversight. Franklin also touches on the contrasting operational models and the potential for increased regulation in future.

Owen Walker, the Financial Times' European banking correspondent, dives into UniCredit's recent acquisition of a 9% stake in Commerzbank. He discusses the potential for a transformative merger that could bolster European banking competitiveness. The conversation uncovers the resistance to cross-border deals, revealing a patchwork of national interests and political challenges. Walker emphasizes the strategic implications of this move and its potential to reshape the banking landscape in Europe, while also navigating the cautious outlook on large-scale mergers.

Chris Grimes, the Los Angeles bureau chief for the Financial Times, offers insights into Netflix's remarkable resurgence and its impact on Hollywood. He discusses how Netflix transformed from a DVD rental service to a streaming leader, reshaping industry compensation models. Grimes highlights the tension between Netflix and traditional filmmakers, as well as the company’s strategies like introducing an ad-supported model and banning password sharing. The conversation also touches on the shifting power dynamics in entertainment as tech giants increasingly dominate.

Patricia Nilsson, the Frankfurt correspondent for the Financial Times, dives deep into Volkswagen's current turmoil. She reveals the shocking possibility of factory closures, a move that would dramatically alter the company's legacy of job security. The discussion tackles the aftermath of the Dieselgate scandal and the urgent need for VW to transition to electric vehicles amid stiff competition in China. Nilsson also sheds light on the looming economic impact on Wolfsburg, drawing parallels to the decline of Flint, Michigan.

Leo Lewis, the Tokyo bureau chief for the Financial Times, explores the implications of Canada-based Couche-Tard’s bid for Japan’s 7-Eleven. This potential acquisition marks a pivotal moment in Japan’s traditionally closed corporate culture towards foreign deals. Lewis discusses the shift in attitudes and evolving regulatory practices that may usher in a new era of foreign investment. He also delves into the paradox of 7-Eleven’s success amidst stagnant shareholder returns, highlighting how this takeover could reshape Japan's M&A landscape.

Jay Powell, the Chair of the Federal Reserve, discusses his efforts to manage inflation without derailing the economy, joined by Robert Armstrong, a US financial commentator from the Financial Times. They delve into whether Powell's strategies are the result of skill or serendipity. The conversation also touches on comparisons with past central banking legends like Paul Volcker, and the challenges of navigating today's economic uncertainty while balancing inflation and employment. Ultimately, they ponder how history will evaluate Powell's leadership.