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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, 22 September, 2023
      Markets
      Bad correlation is back Premium content

      And private equity adds leverage

      A montage of the New York skyline and $100 bills
    • Thursday, 21 September, 2023
      Markets
      Humble Jay gets it right Premium content

      Higher for longer is the right balance, for now

      Jay Powell at a press conference
    • Wednesday, 20 September, 2023
      Property sector
      Rentals won’t save the housing market Premium content

      And assessing the risks from oil prices

      A montage of homes and the US Federal Reserve seal
    • Tuesday, 19 September, 2023
      Markets
      The arc of history, and markets Premium content

      What can we predict?

      Montage of trader and screens
    • Monday, 18 September, 2023
      Robert Armstrong
      Buybacks’ moment of truth Premium content

      And waiting on wage growth

    • Friday, 15 September, 2023
      Markets
      Copper as lifeline and as investment Premium content

      If you think global warming can be solved, buy copper

      A Wall Street sign
    • Thursday, 14 September, 2023
      US inflation
      A whiff of bad inflation news Premium content

      And the Treasury basis trade scare story

      A businessman walking on Wall Street
    • Wednesday, 13 September, 2023
      Markets
      This inscrutable economic cycle Premium content

      Sectoral disruptions mean old patterns needn’t apply

      A montage of the US Treasury building and a line graph
    • Tuesday, 12 September, 2023
      Markets
      Instacart is hard to value Premium content

      And ESG doesn’t work

      A montage of the New York City skyline with $100 banknotes in the background
    • Monday, 11 September, 2023
      Ethan Wu
      Housing will keep the Fed honest Premium content

      Expensive mortgages have not stopped a home price rebound

    • Friday, 8 September, 2023
      Artificial intelligence
      Robot stock analysts Premium content

      They’re just like us!

      computer code on a screen
    • Thursday, 7 September, 2023
      Property sector
      WeWork, too big to fail Premium content

      Plus, private funds sue the SEC

    • Wednesday, 6 September, 2023
      US economy
      The Goldilocks equilibrium Premium content

      And industrials’ strong performance

    • Tuesday, 5 September, 2023
      Markets
      Smile, dammit Premium content

      The peevish persistence of pessimism

    • Thursday, 31 August, 2023
      Global Economy
      Markets are still rosy on the Fed Premium content

      But headline job market data may hide deeper changes

      A montage of the interior of the New York Stock Exchange and American flags
    • Wednesday, 30 August, 2023
      Chinese economy
      China isn’t deleveraging yet Premium content

      But an end to leveraging up will still hurt

      Trader looks at computer screens
    • Tuesday, 29 August, 2023
      US & Canadian companies
      The loan with the 545% interest rate  Premium content

      Aggressive tactics are seeping into bankruptcy financing

    • Monday, 28 August, 2023
      Ethan Wu
      The private capital overhaul arrives Premium content

      The SEC argues sophisticated investors need protection, too

    • Friday, 25 August, 2023
      US & Canadian companies
      Nvidia, reconsidered Premium content

      A monster earnings report changes the valuation debate

      A montage of a trader with trading screens in the background
    • Thursday, 24 August, 2023
      Private credit
      Private credit’s safety blanket Premium content

      Low leverage = low losses?

      A montage of New York’s financial district and dollar bills in the background
    • Wednesday, 23 August, 2023
      Ethan Wu
      Unions’ warning to Wall Street Premium content

      And is Goldman Sachs cheap?

      A montage of Benjamin Franklin as he appears on a $100 note
    • Tuesday, 22 August, 2023
      David Solomon
      David Solomon, scapegoat Premium content

      Goldman is in transition and everyone is grouchy

      Wall St sign in New York
    • Monday, 21 August, 2023
      Ethan Wu
      China’s confidence deficit Premium content

      The case against a balance sheet recession

    • Friday, 18 August, 2023
      Markets
      Bond yields gone wild Premium content

      And the case for a growth rebound at Amazon

      A montage of a close-up of the US Treasury building and a line graph
    • Thursday, 17 August, 2023
      Private credit
      BDCs vs the credit cycle Premium content

      Even lesser BDCs pay chunky dividends, for now

      A street sign for Wall Street and tall buildings in the background
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