Rephonic
Artwork for Unhedged
Donald Trump
Federal Reserve
Inflation
Tariffs
China
Nvidia
Financial Markets
Gold
US Economy
Artificial Intelligence
Interest Rates
Tesla
S&P 500
Private Equity
United States
US Dollar
Stock Market
Elon Musk
Oil Prices
Warren Buffett

Katie Martin, Robert Armstrong and other markets nerds at the Financial Times explain the big ideas behind what’s happening in finance right now. Every Tuesday and Thursday.

Hosted on Acast. See acast.com/privacy for more information.

PublishesDailyEpisodes310Founded3 years ago
Number of ListenersCategories
NewsBusiness NewsInvestingBusiness

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Artwork for Unhedged

Latest Episodes

An estimated $675bn in new equity is hitting the market in the next few weeks. And yes, it is all tech-related. Today on the show, Katie Martin and Rob Armstrong ask why so many companies are selling so much stock to so many people. Also, they go lon... more

Are chip and memory stocks in a bubble? Or just rationally riding an ever-increasing demand for AI infrastructure? Today on the show, Rob Armstrong and Katie Martin unpack the rally in chip and memory stocks. Also they go long a stalemate in the Midd... more

SpaceX is set to be the largest listing of all time. But it might not be just the launch of a new publicly traded stock. It might be a reorganisation of how indexes treat new entrants. Today on the show, Katie Martin and Rob Armstrong are joined by L... more

As the Iran war hits three months, oil and gas reserves are running out. Today on the show, Katie Martin speaks with the FT’s energy editor Malcolm Moore about what happens when the world’s energy supply buffers are gone. Also, they go long “lower-va... more

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Number of Listeners
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People also subscribe to these shows.

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Recent Guests

Dara MacFadden
Newbie on the Unhedged newsletter, formerly at Bank of England
Financial Times
Episode: What’s bothering bonds?
Joe Leahy
FT Beijing correspondent
Financial Times
Episode: China Shock 2.0
Richard Waters
FT tech and Silicon Valley reporter
Financial Times
Episode: Space ecstasy
Malcolm Moore
FT energy editor
Financial Times
Episode: How an energy crisis unfolds
Jamie Smyth
FT Oil Nerd, guest on the episode
Financial Times
Episode: Energy prices up, markets down
Jamie Smith
Oil expert
Episode: Imperialism and the markets
Michael Burry
Hedge fund manager known for predicting the subprime mortgage crisis
Episode: From Against the Rules: Michael Burry Speaks
Michael Stott
FT's man on Latin America
Financial Times
Episode: Will the US bail out Argentina?
Antoine Gara
Private equity expert
Financial Times
Episode: Private equity’s public reckoning

Hosts

Katie Martin
Markets columnist at the Financial Times
Robert Armstrong
Host of the Unhedged newsletter

Reviews

4.8 out of 5 stars from 1.9k ratings
  • Excellent

    Really enjoyable and informative podcast, enjoy listening on my way into work to keep up to date!

    Apple Podcasts
    5
    Singaporelawyer
    United Kingdom12 days ago
  • After 40 years in the City finally something good to listen to about markets and investment.

    As as Ex City man this pod hits the mark for me on analysis, discussion and laughs - even if you don't live in the financial / investing world you will still love this pod.

    Apple Podcasts
    5
    Whirlowdale
    United Kingdoma month ago
  • Incisive, informative and funny. I always look forward to listening to this FT podcast.

    Podcast Addict
    5
    Johnny Beeblebrox
    a month ago
  • Best podcast on finance

    Superb analysis on current events with a light touch of personality and humor. Katie and Rob are treasures.

    Apple Podcasts
    5
    Brenn441
    United Statesa month ago
  • So engaging

    Without a doubt this is my favourite financial podcast. Katie and Rob are so knowledgeable and so fun!

    Apple Podcasts
    5
    C Macca
    New Zealanda month ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

The show is valued for down-to-earth, timely macro analysis and real-world market context.
Some listeners critique delivery style, citing interruptions or tone as a flaw to be managed.
Listeners praise the chemistry and clarity between the hosts and the practical market takeaways.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Talking Points

Recent interactions between the hosts and their guests.

Will markets ever care about anything?
Q: Is it silly to talk about a drift into authoritarianism, or is it a reasonable analogy given world politics?
It's a reasonable analogy because there isn't a single dramatic turning point but rather a series of smaller changes accumulating over time that collectively erode checks and balances and introduce more uncertainty into policy and governance.
Uncomfortable moments in private credit
Q: How does private credit compare to traditional banking during stress?
The risk has moved from banks to private markets, potentially providing bigger liquidity cushions but with higher opacity and different risk profiles.
Uncomfortable moments in private credit
Q: Why are there concerns about liquidity and withdrawals?
Withdrawals are restricted to a small percentage of fund value each quarter, creating a queue and potential stress if many investors demand money back at once.
Uncomfortable moments in private credit
Q: What is private credit and how big is the market?
Private credit mainly lends to mid-sized companies via non-bank lenders and private equity sponsors, growing into a trillion-dollar industry especially after banks pulled back post-2008.
Imperialism and the markets
Q: Is there a way of making sense of the case for the US wanting this oil given that it's unprofitable right now?
The long-term benefit of Venezuelan oil reserves could afford profitable ventures if investments are made to modernize the infrastructure.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

Listeners per Episode
Gender Skew
Location
Interests
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Household Income
Social Media Reach

Frequently Asked Questions About Unhedged

What is Unhedged about and what kind of topics does it cover?

Two seasoned FT market voices guide listeners through the latest in finance with crisp, opinionated macro analysis and real-time market context. Episodes repeatedly center on global economics, monetary policy, geopolitics, and how policy shifts ripple through stock prices, currencies, and commodities. A distinctive feature is the lively banter and chemistry between the hosts, which helps translate complex developments into actionable takeaways for investors, business leaders, and policy watchers. A notable strength is their willingness to challenge conventional narratives while balancing humor with rigor, making it accessible without sacrificing insight. The show often blends timely news with longer-running themes like AI's impact on labor ... more

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Which podcasts are similar to Unhedged?

These podcasts share a similar audience with Unhedged:

1. The Story of Money
2. The Economics Show
3. FT News Briefing
4. FT Tech Tonic
5. The Rachman Review

How many episodes of Unhedged are there?

Unhedged launched 3 years ago and published 310 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Unhedged?

Recent guests on Unhedged include:

1. Dara MacFadden
2. Joe Leahy
3. Richard Waters
4. Malcolm Moore
5. Jamie Smyth
6. Jamie Smith
7. Michael Burry
8. Michael Stott

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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