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Perhaps the most painful and disturbing episode of Industry yet, this episode asks uncomfortable questions about the way easy access --- whether it be to high finance, drugs, or illicit content online --- reduces human experience to abstraction in a way that causes us all to be disassociated from our own lives. We see shifts in power in the C-suite at Tender that transform our triangles of love and control. Yasmin's position becomes nominally elevated, and she advocates for Hayley's promotion, but is ultimately left wondering who's manipulating whom in their relationship. And while she thought she was at the head of the love triangle with Hayley and Henry, we start to suspect that the real love triangle exists instead between the Mucks and Whitney, with Whitney at the helm.

Whitney has also figured out how to maneuver Henry into effectively doing his bidding, helping him successfully navigate the launch of Tender's new app. Also, Pierpoint is back, and we get into the finer points of convertible bond issuance vs. "cocos".

Finally, we see the paths of Jim Dycker and Rishi take a dark turn and ultimately collide. An off-the-cuff remark made by Dycker in the opening seconds about philosopher Soren Kierkegaard comes home to roost as these characters confront dark truths about themselves, culminating in a "leap of faith" that leaves us all hanging on the edge of our seats.

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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In this episode, we’re joined by Alicia Levine, Head of Investment Strategy at BNY Wealth, for a wide-ranging conversation on what’s driving markets right now — and what investors should actually do about it. We start by breaking down the real difference between wealth management vs. asset management, then zoom out to the biggest macro theme of the moment: policy volatility across the U.S., Japan, and beyond. Alicia explains why inflation is structurally higher post-COVID, how shifts in Japan’s rates can ripple through global bonds and FX, and why markets react to the rate of change in policy rather than the headlines themselves. We also dig into why gold is surging (and whether or not you can actually monetize “Grandma’s silver”), what’s happening in healthcare stocks, and why equities can still be a strong inflation hedge when growth holds up. Finally, Alicia shares a powerful reminder on long-term investing you won't want to miss, plus practical career and money advice for younger listeners (including the “anti-DoorDash trade”).

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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This week on He Said, She Said, CNBC Fast Money stars, Guy Adami and Dan Nathan together with Kristen and Jen from The Wall Street Skinny dive into one of the most overlooked market shocks of the year: a massive, seven standard deviation move in the Japanese bond market. Jen breaks down why the long-assumed era of low inflation and easy monetary policy in Japan may be ending—and what that means for global markets. From failed bond auctions to yield curve dislocations, this is a masterclass in sovereign debt and fiscal risk with insights that apply far beyond Japan.

The group also debates Netflix’s all-cash bid for Warner Bros. Discovery, and why shareholders seem so uneasy about it. Kristen explains the counterintuitive math behind why switching from a stock deal to an all-cash offer actually hurts Netflix’s earnings per share, why Wall Street hates uncertainty, and why shareholders have reason to be skeptical M&A won't destroy shareholder value. After all the same Warner Brothers was the target of the catastrophic 2000s AOL-Time Warner merger that is the poster child for M&A gone bad?

Finally, the gang touches on gold, silver shortages, and the deeper themes driving flight to hard assets. From gold coins in safes to astrology readings in St. John, it’s a whirlwind of macro, M&A, and mayhem—with plenty of jokes (and Dutch oven references) along the way.

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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We are BACK with one of the most dense, finance-forward, darkly entertaining episodes of Industry YET. With a title that evokes the theme of "belongings", this episode is all about who belongs in which rooms, who belongs to whom when it comes to control, and what are our characters willing to sacrifice to ultimately get what they want.

We see Eric and Harper's short-only hedge fund struggling to get enough investor buy-in to get off the ground. As Jim Dycker prepares to publish his allegations about Tender’s murky payments business, the episode leans hard into the real risks of short-selling; being right doesn’t matter unless you have timing, proof, and a story the market believes. We unpack the real history of infamous shorts gone awry with the Ackman/Icahn battle over Herbalife in a mini-history lesson you won't want to miss.

But just as much as Harper wants money coming through the doors, she struggles to open up to Eric and Kwabena, both of whom seek closeness on a personal AND professional level. Will Harper ever be able to actually let anyone in? Perhaps Sweetpea, with her mutual love of ethically questionable investigations, is her only true soulmate.

Meanwhile, Tender seeks to acquire an Austrian bank in order to backdoor a European banking license, and the C-suite is forced to confront a bad actor with fascist sympathies. Yasmin takes control of Henry, pushing him to weaponize his trauma, managing regulators through political and media pressure, and inserting herself into rooms where she clearly doesn’t “belong.” In Vienna, what looks like a merger charm offensive veers into something darker, both for the company and Yasmin & Henry's marriage.

This is where the title’s meaning lands with a punch. In the world of Industry, money, morals, and people themselves have become possessions that can be claimed, traded, and taken away.

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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Netflix just announced it plans to revise its Warner Bros. Discovery acquisition offer to an all-cash deal — but why? Wasn’t the bidding war already over? And why did Netflix stock drop after the announcement?

In this episode, Kristen breaks down the latest twist in the Netflix–Warner Bros.–Paramount saga. Paramount is now suing Warner Bros. Discovery, claiming the Netflix offer is vague and potentially undervalued. Meanwhile, Netflix’s original $27.75/share offer, which included a mix of cash and stock, is losing value as Netflix’s stock price drops. The equity portion had a collar to protect WBD shareholders — but with the stock trading below the floor, the effective deal price has lost over $0.50 per share.

We explain:

• Why Netflix is switching to all-cash
• How the mechanics of collars and exchange ratios affect deal value
• Why Wall Street didn’t love the all-cash revision, even though it sounds shareholder-friendly
• The math behind how stock vs. debt financing impacts EPS and acquisition cost
• What to expect next (spoiler: Paramount could still raise its bid)

This is a real-world case study in M&A strategy, capital structure, and valuation. Stick around for the full breakdown.

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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Lucy Baldwin, the Global Head of Research at Citigroup, is leading one of the most consequential shifts in how institutional research is done today. In this episode, we unpack how the sell-side research role is being completely redefined, moving beyond spreadsheets and earnings models to incorporate AI, storytelling, and differentiated data sets. Lucy explains why today's best analysts are as much creators and communicators as they are forecasters, and why research that can’t break through the noise is effectively worthless.

We also dig into how Citi is expanding its coverage beyond public equities to include private companies like OpenAI and SpaceX—companies too large and important to ignore, even if they aren’t public. Lucy shares what that research looks like, how Citi is navigating regulatory and disclosure constraints, and why institutional clients are hungry for guidance in the growing universe of private markets. This isn’t research as we knew it 10 years ago—and Lucy gives us a front-row seat to the transformation.

Finally, we discuss how the perception of research on Wall Street is changing. Once viewed as a role that would pigeon hole you in terms of exit opportunities, research is now a launchpad for careers across the buy side, corporates, and private capital. Lucy shares how Citi is rethinking talent development, how AI is helping expand coverage capacity, and why the future belongs to analysts who can combine analytical rigor with creativity, conviction, and clarity of voice.

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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In this episode of 'He Said, She Said', Guy Adami, Kristen Kelly & Jen Saarbach dive into the theme of unintended consequences. The discussion begins with Jerome Powell's saga and its implications on the Fed's independence and market reactions, highlighting potential political maneuvers and their backfires. Transitioning to monetary policy, they analyze the complexities of interest rate decisions and the perceptions of Fed control over the yield curve. Shifting to consumer finance, they debate the Biden administration's proposal to cap credit card rates and its potential repercussions on the economy. Corporate drama takes center stage with an in-depth analysis of the bidding war for Warner Brothers, involving Netflix, Paramount, and regulatory hurdles, likened to a real-life 'Succession'. They conclude by addressing headlines about Blackstone's housing market involvement and the impact on prices, underscoring the intricate web of economic policies and market behaviors. The episode wraps with discussions on gold and silver markets, oil prices, and the weakening US dollar, showcasing the multifaceted landscape of global finance.

Timecodes
00:00 - Jerome Powell and the Federal Reserve
06:55 - Credit Card Rates
13:10 - Media Mergers and Industry Drama
21:00 - Real Estate Market

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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Henry Muck is a key character in Season 4, and this episode gives us a much richer picture of who he actually is. In an unexpectedly cinematic, poetic installment that departs from our typical finance-driven fare, this episode plays like a haunting (both literal and emotional) centered around his character.

We fill in the missing backstory of Henry and Yas' early engagement, early marriage, and his failed attempt to get a political career off the ground. But the mood shifts from public failure to private collapse, as Henry descends into an infantilized state of drug dependence and depression. Yasmin is thrust into the role of caretaker against her will, and we see their relationship framed in a new light, one that ultimately culminates in an epic confrontation. Both Yas and Henry are forced to confront the ghosts of their past: Henry's being the emotional inheritance of his father's suicide, and Yas being the twisted inheritance of her father and his sexual deviance.

Will Yas be able to pull Henry out of his darkness by orchestrating a lifeline through a job at Tender? Or will Henry succumb to his genetic inheritance and take his own life? And will something better be born out of this union? Or is their union in fact going to birth something upon the world?

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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.