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    Unhedged

    Markets, finance and strong opinions

    Robert Armstrong dissects the most important market trends and discusses how Wall Street's best minds respond to them.

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    • Friday, 23 February, 2024
      Markets
      Michael Mauboussin on increasing returns to scale Premium content

      The strategist and professor discusses how to invest in companies that get better as they get bigger

      A montage of a close-up of a person’s hand while using a mobile phone and the logos of the Magnificent Seven companies
    • Thursday, 22 February, 2024
      Markets
      The Fed probably won’t raise rates Premium content

      Declining to cut is punishment enough

      Jat Powell
    • Wednesday, 21 February, 2024
      Markets
      Dealing with the dividends doubters Premium content

      Yields on US stocks are half their long-run average. Could that change?

      A montage of a number of $100 bills in a person’s hand
    • Tuesday, 20 February, 2024
      Leveraged loans
      Investment banks vs private credit Premium content

      Banks are on the offensive for a change

    • Friday, 16 February, 2024
      Markets
      Armen Panossian: why the Fed might not cut Premium content

      Oaktree’s incoming head talks high-yield bonds, private credit and why regional banks are lending to middlemen

      Wall Street buildings
    • Thursday, 15 February, 2024
      Markets
      Is Uber’s buyback a good idea? Premium content

      If growth is so good, why not reinvest?

      An Uber driver drops off a passenger at the airport
    • Wednesday, 14 February, 2024
      Markets
      Everyone calm down about CPI Premium content

      Plus, a very large taxi company becomes profitable

      The New York skyline with $100 bills in the background
    • Tuesday, 13 February, 2024
      Arm Ltd
      Is Arm really an AI stock? Premium content

      And the dividend renaissance that isn’t (yet)

      Trader looks at computer screens
    • Monday, 12 February, 2024
      Robert Armstrong
      The valuation of the Mag 7, revisited Premium content

      Actually, they do look pricey

    • Friday, 9 February, 2024
      Markets
      Dani Rodrik: doing industrial policy right Premium content

      The Harvard economist on ‘the new economics of industrial policy’, China’s subsidies and Joe Biden’s record

    • Thursday, 8 February, 2024
      Markets
      The CRE blues go global Premium content

      And the case for job-market optimism

      A view of New York City skyscrapers, looking up from the ground
    • Wednesday, 7 February, 2024
      Markets
      If the Magnificent 7 are expensive, so is the market Premium content

      And more on Boeing

      A montage of the logos of Microsoft, Apple, Tesla, Nvidia, Google/Alphabet, Meta and Amazon
    • Tuesday, 6 February, 2024
      Markets
      More on the corporate credit boom Premium content

      Ultra-tight credit spreads are only part of the picture

      A montage of a trader at the New York Stock Exchange
    • Monday, 5 February, 2024
      Robert Armstrong
      Where increasing returns come from Premium content

      It’s not all network effects

      A montage of the logos of Microsoft, Apple, Tesla, Nvidia, Google/Alphabet, Meta and Amazon
    • Friday, 2 February, 2024
      Markets
      Dick Bove: ‘Research is dead’ Premium content

      The legendary analyst looks back at his hits and misses

      Dick Bove
    • Thursday, 1 February, 2024
      Markets
      The Fed won’t be rushed Premium content

      And the meaning of NYCB’s meltdown

      A montage of Federal Reserve chair Jay Powell
    • Wednesday, 31 January, 2024
      Markets
      Fixing Boeing Premium content

      How to invest in great companies brought low

      A montage of the New York skyline and $100 bank notes
    • Tuesday, 30 January, 2024
      Markets
      The Magnificent 7 value trade Premium content

      And China’s halfhearted stimulus

      A montage of the logos of Microsoft, Apple, Tesla, Nvidia, Google/Alphabet, Meta and Amazon
    • Monday, 29 January, 2024
      Ethan Wu
      The crowded corporate credit trade Premium content

      With rates set to fall, are corporate bonds too expensive?

    • Friday, 26 January, 2024
      Markets
      Rob Arnott: the ‘big market delusion’ in AI stocks Premium content

      The quant investor on Nvidia, value investing and his old tiff with Cliff Asness

      Rob Arnott
    • Thursday, 25 January, 2024
      Private credit
      Are deals back? Premium content

      Plus, modelling private credit expected returns

      A montage of the Goldman Sachs logo displayed on a screen at the New York Stock Exchange
    • Wednesday, 24 January, 2024
      Markets
      Dollar’s drag yet to be felt Premium content

      Plus, the China-Hong Kong valuation gap

      Montage of US dollar bills and stars
    • Tuesday, 23 January, 2024
      Markets
      Investors’ cash pile is smaller than it appears Premium content

      And our last two stock picks for 2024

      A montage of a number of $100 bills in a person’s hand
    • Monday, 22 January, 2024
      Robert Armstrong
      Is the rally over? Premium content

      And two more stocks of interest

    • Friday, 19 January, 2024
      Markets
      What Big Tech antitrust gets wrong Premium content

      An interview with Herbert Hovenkamp

      A montage of the logos of Microsoft, Apple, Tesla, Nvidia, Google/Alphabet, Meta and Amazon
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