👂🏼 POD TIME 👂🏼 me and @robarmstrong.bsky.social on -why is everyone banging on about K shapes? -does the K thing even make sense? -DIY dishwasher tablets, part 2 -Rob for president? open.spotify.com/episode/77fM...

Happy veteran's day. Too small to see in the picture below: my dad, who was aboard, and safe thanks to his follow sailors. Thanks vets!

I enjoy the @katie0martin.ft.com and @robarmstrong.bsky.social double act. But maybe Katie's husband could be a guest on the show so he can tell us all about cooking-up dish washer tablets

👂🏼 POD TIME 👂🏼 Me and @robarmstrong.bsky.social on: -DIY data -DIY dishwasher tablets? -being mean to Rob -flying taxis -people saying stupid stuff about the UK open.spotify.com/episode/1fR4...

Forty-year average cpi food inflation is 3%; the level in September was 3.1%. That's not the salient point, though: food inflation has been steadily accelerating since Trump took office. In September 2024, it was at 2.3%. Food inflation is lower than under Biden, but it trending the wrong way.

If the aministration's strategy on the econopmy is to lie about it, American's are going notice and get pissed off. People see food prices. Try something else.

I was worried the MY deal looked pretty onerous, but they seem confident they can..

This 30 min podcast on the economics of populism with Martin Wolf and @robarmstrong.bsky.social is seriously smart and worth a listen open.spotify.com/episode/679f...

Trump’s trade war has unfolded as a series of threats, announcements, pauses, starts and deals, and the coining by the FT’s own @robarmstrong.bsky.social of the term “Taco” — Trump always chickens out. Even with all the changes, the de facto tariff rate is at its highest level in nearly a century.

Great stuff from The City Explore How Different New Yorkers Voted for Mayor www.thecity.nyc/2025/11/04/e...

👂 💰 POD TIME 💰 👂 Me, @robarmstrong.bsky.social and Hull's finest, @johnsfoley.bsky.social on BIG TECH spending BIG MONEY, like really LOADSA MONEY, featuring - Meta shares no likey, does it give a Zuck? - BIG bonds - FREE buses - Cleanfluencers www.ft.com/content/82e3...

East River https://www.artic.edu/artworks/57211/

I guess what I’m most excited about is having my book illegally used to train a large language model so my work can appear in website slop and undergraduate essays. www.penguinrandomhouse.com/books/634502...

REAGAN PROVED DEFICITS DONT MATTER

10/10

In these polarized times, this is a landslide:

🪳🪳🪳🪳🪳🪳🪳🪳🪳🪳🪳🪳

Funnily enough, we asked our readers the same question in today's #FTEdit poll ... so far, they're veering towards "no" but we're all for it! 🗳️ ft.trib.al/KTTRf7y

Should I go back to earrings? On the pros on cons of jewelly on (old) men: as.ft.com/r/9ad973ab-d...

Hawkish meeting! Powell said very explicit last night that he thinks the fed funds rate is vey near the neutral rate right now. Rest of the commitee a ? as.ft.com/r/9c15ae0e-c...

Even the companies can't know or say for sure how many of the layoffs are due to AI. We're just in a mode where corporate managers are going after past over-hiring, padding margins, navigating big tech-spending commitments and conveying to investors they are forward-thinking and efficiency-minded.

👂POD TIME👂 In which @robarmstrong.bsky.social goes all fanboy about Scott Bessent Featuring possibly the greatest potential famous last words of all time, from SB: "Where the hell is the market risk?" www.ft.com/content/e36c...

Ah, so we're at the stage of the PE cycle where the lawyers are getting etiquette training on.ft.com/4qCfjQ4

Unhedged chart of the week: Gooooold Sign up for COTW here: www.ft.com/newsletter-s... @hakyungkim.bsky.social

🇦🇷👂🏼 POD TIME 👂🏼 🇦🇷 Me, @robarmstrong.bsky.social and the FT's man on LatAm, Michael Stott on: -Make Argentina Great Again -y tho? -What if this all goes pear shaped? -how is this going down in Argentina but also in the US? -Whinging farmers open.spotify.com/episode/4PV5...

Listen in!

um, a little something called excellence, thank you

HELL YEAH FAT AL NYT needs to get themselves a new word list

Untitled http://www.tate.org.uk/art/artworks/kelly-no-title-p20162

Wellfleet Bridge - 1930 https://botfrens.com/collections/173/contents/3104344

No King but King Swiftie

Unhedged chart of the week: Ex-US, value stocks are CRUSHING growth stocks! Sign up for COTW here: tinyurl.com/bdd83vtx @hakyungkim.bsky.social @katie0martin.ft.com

ESG with Maga characteristics: www.ft.com/content/9106...

And today don't miss @robarmstrong.bsky.social on the "debasement trade" www.ft.com/content/4eef...

Black/Black Curvy Brushstrokes http://www.moma.org/collection/works/185834

Nice thread on the gold rally from @ftedit.ft.com team!

🪙 👂🏼 POD TIME 👂🏼 🪙 me and @robarmstrong.bsky.social on GOLD (gold) -Always believe in your soul -super soaraway pet rocks -Rob being wrong open.spotify.com/episode/1p21...

Value, low beta, and equal weigh all at very long term realtive lows... time to bargain hunt? ft.com/content/8409...

👂🏼 POD TIME 👂🏼 me and @robarmstrong.bsky.social on: ❌ Shut it down 🤖 Bubblicious AI 🌑 Shadow banks 🍺 Rob's commuting secret 🤒 Katie's covid countdown open.spotify.com/episode/7yKs...

Are YOU a bright markets reporter in London who would like to make ME look clever? Well... Wisely or otherwise, I'm joining up with @robarmstrong.bsky.social on the Unhedged newsletter and I'm looking for someone with bright ideas and data skills. Job ad: job-boards.eu.greenhouse.io/financialtim...

boo

“…NDFIs acquire “liquidity insurance”, usually in the form of credit lines with banks. These lines are the “umbilical cords” connecting the NDFIs to the banks, as Acharya put it to Unhedged.”

Many thanks to @robarmstrong.bsky.social for including this ASR chart and comment in his recent Unhedged column for the @financialtimes.com. We showed how the US market is not just over-valued but also over-owned

"In sum, at the aggregate level, Americans rather than foreigners are paying the tariffs, with more pass-through likely ahead for consumers." www.ft.com/content/603b...

The Milei Mess! Sign up for Unhedged Chart of the Week here: tinyurl.com/yrzruuym

Readers: my next several style columns in the FT will be about this porcupine. That is all.

Very much don't miss this from @robarmstrong.bsky.social on stock allocations www.ft.com/content/4f05...

‘Individual investors’ cash allocations are well below average.’ www.ft.com/content/b4a3... via @robarmstrong.bsky.social

Sign up for Unhedged's 'Chart of the Week' (free!) here: www.ft.com/newsletter-s...

Trump promised that tariffs would lead to a big increase in US production at the expense of imports, and at the same time generate enormous tax revenues. Critics replied that it had to be one or the other. So far, revenues are the clear winner. w/ @theboysmithy.ft.com @robarmstrong.bsky.social