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In this episode, we see that friendship and loathing truly are two sides of the same coin. While everything is collapsing for Eric and Yasmin personally, professionally, and morally, Harper is finally ascending into her full power --- at both of their expense.

We finally learn what really happened to Yasmin's dad, drawing uncomfortable parallels to chilling real-world headlines. And speaking of real-world headlines, Pierpoint's descent evokes the ghosts of Lehman Brothers and the 2008 global financial crisis. Harper's emergence as the architect of a potentially catastrophic short of the bank's stock shatters the fragile friendship between her and Yasmin. And Eric's failures to be a proper father figure to the "women in his life" help force the central question of the episode: are these characters in fact becoming the worst things they fear about themselves? Or were these monsters always lurking beneath the surface, waiting for their moment to strike?

It isn't all steak and martinis...get caught up on your favorite show with us before Season 4 drops in January!

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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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A public inquiry into Lumi’s £2bn government bailout exposes Pierpoint’s role in the disastrous IPO, where Robert is sent to testify in front of a UK select committee. The episode lays bare how firms protect themselves in crises: lawyers serve the institution, not employees, and blame is carefully redirected toward anyone expendable enough to absorb the fallout.

The real financial bombshell, however, happens quietly back on the trading floor. Sweetpea's risk model shows that Pierpoint’s entire IPO pipeline is collapsing amid an ESG downturn is actually far worse than anticipated due to prop bets the company took to invest in ESG companies using large tranches of debt that are now coming due. We get into whether this is allowed post–financial crisis (short answer no) BUT the show isn't wrong that this is what people have been worried about in "private credit" now that banks can no longer make these prop bets.

The episode positions Pierpoint as something far more fragile than it appears — an institution facing a potential Lehman-style reckoning not from reckless traders (see the prior episode), but from bad investments made by Pierpoint iteself. “Company Man” may be light on deal mechanics, but it sets the stage for the next episode which is arguably one of our favroites. 

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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 discuss Season 3, Episode 4: "White Mischief", one of the strongest (and darkest) episodes of the series thus far.  

What starts as a Christmas episode turns into a brutal examination of luck, power, and the lies we tell ourselves and others. At the end of the day, this episode forces the question: is all trading gambling? If not, what's the difference? 

At the center is Rishi, running rogue risk around a fictionalized portrayal of Liz Truss' brief (yet calamitous) stint as PM. Rishi is facing both a Sterling crisis and a private gambling addiction that has him massively indebted to loan sharks. As the markets spin out, the episode draws sharp parallels between trading and gambling, confidence and recklessness, and asks an uncomfortable question about whether the system can tell the difference between skill and luck...and if it even cares to.

We also dig into the real-world economic backdrop that inspired the episode, the meaning behind the title “White Mischief,” and why this hour says far more about modern Britain, masculinity, and institutional power than it does about markets alone.

It’s an episode about winning without learning, consequences that vanish when money is made, and a cycle that feels impossible to break.

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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 sit down with Liz Myers, Global Chair of Investment Banking and Capital Markets at J.P. Morgan for an Equity Capital Markets deep dive. We get into IPOs vs follow-ons, primary vs secondary proceeds (and why sponsor-backed IPOs often use proceeds differently), convertibles and the reality of price discovery. Liz breaks down the modern IPO process — from test-the-waters investor education to the order book build — and explains the newer concepts that didn’t exist until recently like cornerstone investors, why they matter, and how banks think about allocating “precious” shares to create the right long-term shareholder base. We also get into market timing (their internal “IPO dashboard”), what makes the window feel open vs shut, and why the market loves certainty more than anything.

Liz Myers, Global Chair of Investment Banking and Capital Markets, J.P. Morgan

Liz Myers is Global Chair of Investment Banking and Capital Markets at J.P. Morgan, where she has worked for over 30 years. Prior to her current role, she served as Global Head of Equity Capital Markets where she led the team responsible for advising J.P. Morgan’s corporate clients on equity capital raising (IPOs, follow-ons and convertible issuance) in the Americas, Europe and Asia. She has been named one of the Top 25 Most Powerful Women in Finance by American Banker magazine and one of Barron’s 100 Most Influential Women in U.S. Finance.

Myers serves on the Executive Committee of Women on the Move at J.P. Morgan, which supports women employees and women-run businesses. She serves on the Board of Trustees for Princeton University and the Advisory Boards of the Bendheim Center for Finance at Princeton University and the Harvard Graduate School of Education. Myers is a National Board Member of the Posse Foundation, which expands the pool from which top universities can recruit young leaders. She is also a Board Member of New Yorkers for Children, a nonprofit with a focus on youth in foster care.

Myers graduated cum laude from Princeton University in 1992, with a major in Economics. She received an MBA from Harvard Business School in 1997.

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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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0-21:30: PSKY / WBD Deal breakdown
21:30-51:08 The Fed Breakdown
51:08-56:27: Donor Approved Funds for Charity

In this episode, Kristen and Jen continue to unpack Warner Brothers Discover bidding war from what the media is constantly getting wrong including missing the non apples to apples bids from PSKY and NFLX as well as why Paramount’s bid looks nothign like traditional M&A and is basically a straight-up leveraged buyout. They also break down the question everyone’s up in arms about: who is in control when this deal goes through.

Then Jen shifts gears into the Fed…and why the headlines are missing what actually matters. Yes, there was a 25bp rate cut — but the bigger story is the Fed’s new plan to support funding markets through reserve management purchases (RMPs) and short-dated Treasury buying. Jen translates the Fed’s most painfully dry policy language into plain English, explains what “ample reserves” really means, and walks through why the Fed is stepping in now — with historical parallels to 2019’s repo market stress and the post-2008 era of balance-sheet whiplash. The takeaway: this isn’t a red-alert crisis moment, but it is a meaningful shift in liquidity support… and it sets up some very interesting asymmetry heading into 2026.

Finally, they end with a practical PSA that could save high earners real money: a tax change coming in 2026 (and why there’s urgency before year-end) makes donor-advised funds newly relevant if you give to charity consistently. They explain how “bunching” donations can potentially maximize deductibility — and how donating appreciated stock can help you avoid capital gains taxes while still supporting the causes you care about. Not tax advice (seriously: ask your CPA), but if you’re philanthropic and market-savvy, this is one of those “tiny line in a bill, huge impact” moments you don’t want to miss.

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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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Join Morgan Stanley alums Jen and Kristen as we decode the finance behind Industry Season 3, Episode 3, "It" which takes place at the COP conference in Switzerland. We break down the aftermath of the IPO and why pressuring a research analyst for a buy rating isn't just frowned upon—it’s illegal. We also analyze the mechanics of Petra and Harper’s attempt to launch their non new ESG fund at a climate conference, and why Harper’s calling herself a former "trader" rather than a salesperson is was so interesting.

This episode is also a hedge fund goldmine. We geek out on the famous "golden handcuffs" war between Chris Rocos and Alan Howard (Brevin Howard), explaining how non-competes actually work on the buy-side and what it takes to spin out and launch a rival fund. We also dissect the brilliant, layered writing around the COP climate conference, analyzing the show’s sharp critique of ESG hypocrisy and the difference between greenwashing vs. savvy investors actually making real money

Beyond the finance, we dig into the psychological horror of the episode—from Eric’s glitter-covered spiral into a midlife crisis to the trauma-bonding between Yasmin and Henry Muck (Game of Thrones' Jon Snow). We discuss the reality of IPO lockup periods, the dynamics between banking / sales and trading and research. Jen also gets to put that Princeton English degree to work helping us explore the literary references to King Lear and Leviathan that foreshadow the power struggle between Harper, Petra, and Otto Mostyn.

Finally, we debate the double meaning of the episode title "It"—is it a reference to Stephen King horror, or simply who has the "It factor" to survive on Wall Street?

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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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Sarah Kapnick literally trained under John Nash at Princeton, went from structuring catastrophe bonds at Goldman during Hurricane Katrina, to serving as Chief Scientist at NOAA, and is now Global Head of Climate Advisory at JPMorgan. She’s part mathematician, part climate scientist, part Wall Street insider – and the godmother of The Wall Street Skinny, the person who first convinced Jen to go into finance. This interview has been two and a half years in the making, and it’s easily one of the most full-circle, “how is this one person real?” conversations we’ve ever had.

We get into the math of predicting the future: how fluid dynamics and game theory show up in Black-Scholes, what “1-in-100 year events” actually mean over a 30-year mortgage, and why climate risk isn’t a political side quest but a massive driver of returns, insurance pricing, and portfolio construction. Sarah explains cat bonds in plain English, walks through physical vs. transition risk, and connects wildfires, hurricanes, nuclear, fusion, and geothermal to the way capital is being allocated right now. If you care about making or losing money over the next few decades, this is not optional listening.

We also talk mentorship, careers, and what it looks like to build a non-linear, insanely high-impact path across science, government, and Wall Street while raising a young family. Sarah shares how she decides when to leave a prestigious job, what she tells the next generation of math and science nerds curious about finance, and how she translates hardcore climate science for CEOs, investors, and ultra-high-net-worth clients. Even if you think “climate isn’t for me,” this episode will change how you think about risk, opportunity, and the future.

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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 Kristen and Jen break down the blockbuster Netflix–Warner Bros. deal. Netflix has agreed to acquire Warner Bros. Discovery’s studio and streaming assets — HBO, Max, Warner Bros. Studios, and its iconic content library — for $27.75 per share in a cash and stock deal. But before the deal closes, Warner Bros. will spin off its cable networks (CNN, TBS, Discovery Channel, and more) into a separate company. That means Netflix is only buying the good stuff — no legacy cable attached.

This episode dives into the complex mechanics behind the transaction: how the spin-off works, what a "collar" means in M&A land, and why this $72 billion equity offer came with a surprisingly low premium. Also: there was a whole bidding war behind the scenes. Paramount / Skydance wanted to buy the entire company. Comcast and Netflix were just after the streaming assets and studio business. Why did Netflix win? What happens next? And will this deal reshape the future of streaming as we know it? This episode is a full M&A teach-in wrapped in an entertainment headline — and yes, we also talk about Industry coming back soon.

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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 The Skinny on Wall Street, Kristen and Jen unpack the story stirring up markets: Michael Burry’s latest warning that Big Tech is overstating earnings by extending the “useful life” assumptions on their GPUs. The conversation becomes a real-time teach-in on depreciation, useful life estimates, GAAP vs. tax depreciation, and how a small shift in an accounting estimate can meaningfully inflate EPS—especially for mega-cap tech stocks that trade heavily on P/E multiples. Kristen walks through exactly how depreciation affects valuation, and why some metrics (like EBITDA) and methodologies (like the DCF) are untouched by the choice of useful life. The big question the duo wrestle with: is Burry identifying a real risk, or is this a nothingburger amplified by market paranoia? 

From there, Jen shifts to the fixed income landscape ahead of the December Fed meeting—one the central bank must navigate without key data (payrolls and CPI) that won’t arrive until after the rate decision. She breaks down how Powell is managing optionality near the end of his term, how the market is pricing a December cut, and what a likely dovish successor (Kevin Hassett) could mean for rates in 2026. They also dig into credit markets: years of high coupons have fueled relentless reinvestment demand, but an uptick in issuance—especially from AI-heavy hyperscalers—may finally rebalance supply and demand. The duo look abroad as well, analyzing the UK’s newly announced national property tax and what it signals about global fiscal stress.

The episode wraps with big updates from The Wall Street Skinny: the long-awaited launch of their Financial Modeling Course, the continued fixed income course presale, and new January 2026 office hours, plus the return date for HBO’s Industry (January 11!). 

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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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On this episode, we're talking about AI, the Fed, crypto, and housing --- and how those stories all suddenly collided this week. Nvidia’s huge earnings beat briefly sent markets higher, but the rally fizzled fast as investors grew more anxious about a potential AI bubble. We walk through why valuations increasingly assume massive job displacement and unprecedented productivity gains, and why Oracle has become the market’s “AI downside” hedge as its stock price collapses and its credit spreads blow out.

Zooming out to the macro picture: delayed economic data finally hit, with job growth surprising to the upside, suggesting the Fed might not be delivering a December cut after all. Combine that with softening AI sentiment, and we’re seeing a classic risk-off move: equities selling and cryptocurrencies like Bitcoin showing the most stress. Even though headline data looks fine, the real-world "vibes" (sorry, couldn't help ourselves) feel recessionary, with people struggling to find jobs while prices (especially housing prices) remain painfully high.

That leads us into the debate over 50-year mortgages. We explain why extending mortgages just means paying interest for decades, barely building equity, and ultimately bidding home prices even higher. The idea of a transferable 50-year mortgage makes even LESS sense. It breaks basic collateral math and would require higher rates, not lower, to actually facilitate implementation. 

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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.