Unhedged

Presidential candidate Donald Trump has argued for a weaker dollar in recent interviews. That makes some sense. A weaker currency can increase exports and narrow a trade deficit. But how does one weaken a currency, and is it really a good idea? Today on the show, Rob Armstrong and new Unhedged newsletter reporter Aiden Reiter discuss the options. Also, we go long tomatoes and short Lamb Weston, notable manufacturer of french fries. 

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As the election nears, Wall Street is starting to talk more about what a bet on a second Trump presidency might look like. Today on the show, we cover possible outcomes for inflation, long-term bond yields, currency manipulation, corporate taxes, protectionism, isolationism, threats to the independence of the Federal Reserve and even the rally in small-cap stocks. Also we go long sterling and short the Russell 2000. 

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The UK’s Financial Conduct Authority just released rule revisions that are meant to attract new listings on the country’s exchanges. These include legalising shares that move a lot of the power from investors to founders. Will this be enough to restart London as a hub for innovation? Today on the show Katie Martin and UK business correspondent Michael O’Dwyer talk about the new rules and whether they will help dynamic companies list in the UK. Also we go long professional services and shorts in the office. 

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Last week the FT’s Moral Money writer Simon Mundy spoke with venture capitalist Vinod Khosla about 20 years of making big, long bets on renewable energy. Some have paid off, but most haven’t. Khosla is fine with that, and continues to look for big wins in the very long run on solutions such as fusion. Today on the show, Simon and Katie Martin discuss the future of green tech. Also, we short cars and electric bicycles. 

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Paramount and Skydance are merging. That’s a win for David Ellison, whose small studio will join a legendary one with a huge back catalogue and a nascent streaming platform. But is this merger of the old and new enough to compete in the new Hollywood? Today on the show, Robert Armstrong and deals reporter James Fontanella-Khan talk about the Paramount deal and the future of entertainment. Also, we take sides in the Euro soccer/football final this weekend.

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Recent elections have changed politics in Europe, delivering a centre-left Labour government in the UK and shifting seats to a left alliance in the French parliament. Today on the show, Katie Martin discusses this new landscape, and what it means for global markets and finance, with the FT’s economics commentator Chris Giles. Also, we short political journalists and opinion polls. 

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For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

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Ted Pick became chief executive of Morgan Stanley earlier this year. In a recent letter to shareholders, he touted “the integrated firm” as a model for the bank's future. But it’s not a new idea, and it’s one that has proven very hard for banks to actually do. Today on the show, Rob Armstrong asks the FT’s US banking editor, Josh Franklin, if it’s even a good idea. Also we short the US housing market and summer in New York City. 

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On Thursday, two candidates for US president will debate each other. They are both protectionists. This is a huge change in US economic policy, and one that may have massive consequences in the decades to come. Today on the show, Robert Armstrong talks with the FT’s chief economics commentator, Martin Wolf, about the past and future of industrial policy. Also we go long ageing and long babies.

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Golden Goose had a simple plan. Mass produce worn out sneakers, get stars to wear them, and sell them to the public. It was going great until the owner announced an IPO, and then pulled it. Today on the show, Katie Martin and James Fontenella-Khan discuss. Also, we go long German football and long sterling. 

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. 

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On Thursday, shareholders of Tesla voted to re-approve a deal to reward Elon Musk with more than $50 billion worth of shares in Tesla, thus making one of the world’s richest men even richer. Also we go long teams without stars and short climate change. 

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

You can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. 

Read a transcript of this episode on FT.com

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