In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried are joined by Rob Kaplan, vice chairman at Goldman Sachs and a former Federal Reserve president, to break down some big topics in markets. They discuss the market's reaction to the Supreme Court’s decision to strike down the Trump administration's tariffs under the International Emergency Economic Powers Act. Then Kaplan explains why investors are repositioning into "HALO" stocks—short for Heavy Assets, Low Obsolescence—like McDonald’s, Walmart and ExxonMobil.

After the break, the conversation turns to the Federal Reserve’s new look at mortgage-market regulations and how freeing up bank capital could unleash funding in the housing market. Finally, Kaplan previews the March Fed meeting and the philosophical debate that will loom over the central bank under its potential new leadership: Should it wait to have inflation data in-hand or rely more on forecasting?

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

Supreme Court Strikes Down Trump’s Global Tariffs

Trump Said He Signed Order for 10% Global Tariff

Trump Boosts New Global Tariff to 15% After Supreme Court Setback

Wall Street’s Latest Bet Is on ‘HALO’ Companies With AI Immunity

Walmart Shares Are Expensive AI Insurance

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

Sign up for the WSJ's free Markets A.M. newsletter. 

Follow Miriam Gottfried here and Telis Demos here. 

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In this week's episode of WSJ’s Take On the Week, co-host Miriam Gottfried and guest host Dan Gallagher, a tech columnist for Heard on the Street, chat with Jefferies software analyst Brent Thill about the recent turbulence in the business software market. They talk about the growing fears that AI will replace the need for traditional software-as-a-service, or SaaS, platforms like Intuit, Salesforce, and Workday. They analyze how the narrative around AI "vibe coding"—where businesses generate their own apps using simple text prompts—has led to a sharp selloff in cloud software stocks. They also note other factors weighing on the sector, including tech layoffs and the shift away from seat-based software pricing models and toward consumption-based metrics.

After the break, Thill explains why he thinks the market's fears over AI disrupting major enterprise software are overblown. They explore why large companies won't trust AI with critical systems for payroll, accounting or taxes. Then Thill makes the case for why AI infrastructure and security companies remain safe bets, and why the current tech selloff and depressed valuations are setting the stage for a massive tech M&A boom driven by private-equity firms.

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

Threat of New AI Tools Wipes $300 Billion Off Software and Data Stocks

AI Won’t Kill the Software Business, Just Its Growth Story

What You Need to Know About the AI Models Rattling Markets

Meta Overshadows Microsoft by Showing AI Payoff in Ad Business

Thoma Bravo’s $34 Billion Fundraising Haul Bucks Private-Equity Slowdown

IBM Strikes $11 Billion Deal for Confluent

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

Sign up for the WSJ's free Markets A.M. newsletter. 

Follow Miriam Gottfried here and Telis Demos here. 

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In this week's episode of WSJ’s Take On the Week, co-hosts Miriam Gottfried and Telis Demos are joined by Frances Donald, chief economist at Royal Bank of Canada, to break down the K-shaped economy, where different groups are thriving financially while others struggle. They ask: How could Walmart hit a trillion-dollar market capitalization despite consumer sentiment near record lows? Next, Donald analyzes what could be hiding the true health of the American household, from front-loading purchases ahead of potential tariffs to buy now, pay later programs.

After the break, Donald explains how the U.S. can sustain growth despite a massive wave of Boomer retirements. Then Donald breaks down why AI may no longer be a threat to the workforce but a necessary rescue for a shrinking labor pool.

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

The Two-Speed Economy Is Back as Low-Income Americans Give Up Gains

Weak Hiring, Layoff Plans Paint a Gloomy Labor-Market Picture

Walmart Reaches $1 Trillion Market Cap as Its E-Commerce Boom

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

Sign up for the WSJ's free Markets A.M. newsletter. 

Follow Miriam Gottfried here and Telis Demos here. 

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In this week's episode of WSJ’s Take On the Week, our hosts Telis Demos and Miriam Gottfried get into why the market still hasn’t made up its mind on Kevin Warsh’s nomination as the Federal Reserve chair, and why gold and silver trades fell on the news. Then Telis says he’ll be looking at Coinbase and Robinhood’s earnings this week to help make sense of bitcoin's falling value. Our hosts then break down the software selloff that followed Anthropic’s release of new legal tools.

After the break, Miriam is joined by Hemant Taneja, CEO of General Catalyst, at WSJ Invest Live. They discuss his investment philosophy in the age of AI. Taneja explains why he waited for a $60 billion valuation to invest in Anthropic and shares his view on why market bubbles can actually be a force for good. He also provides his view on how AI and robotics could challenge every human skill within the next 20 to 30 years.

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

Saying You Want to Shrink the Fed Is One Thing. Doing It Is Another.

Wall Street Can’t Decide Whether Kevin Warsh Will Be a Friend or Foe

Threat of New AI Tools Wipes $300 Billion Off Software and Data Stocks

AI Won’t Kill the Software Business, Just Its Growth Story

The Week Anthropic Tanked the Market and Pulled Ahead of Its Rivals

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

Sign up for the WSJ's free Markets A.M. newsletter. 

Follow Miriam Gottfried here and Telis Demos here. 

Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried are joined by WSJ economics reporter Justin Lahart to discuss why gold has smashed records, and how global instability and the "Sell America" trade has fueled the rally. Next, they look ahead to Amazon’s earnings to see if the e-commerce giant can prove AI investments are boosting the bottom line, as Meta did, or if ongoing layoffs signal deeper issues in the labor market. Justin also previews this week’s jobs report and explains why an upcoming benchmark revision might rewrite our understanding of the past year's job growth.

Then after the break, Telis and Justin are joined by Erik Brynjolfsson, director of the Stanford Digital Economy Lab, to unpack whether AI is actually killing jobs. Brynjolfsson shares his research into how his research has found a decline in entry-level roles, but argues a productivity boom is imminent. Later, we ask him a fun question written by Google’s Gemini app. 

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

A Weaker Dollar Has Always Been Part of Trump’s Plan

Dollar Gains, Yen Falls, After Bessent Says Strong Currency Is U.S. Policy

Dollar Extends Slide After Trump Says He Isn’t Worried About Declines

Meta Reports Record Sales, Massive Spending Hike on AI Buildout

Amazon to Lay Off Around 16,000 Corporate Employees

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

Sign up for the WSJ's free Markets A.M. newsletter. 

Follow Miriam Gottfried here and Telis Demos here. 

Learn more about your ad choices. Visit megaphone.fm/adchoices

We are knee deep into earnings season, and WSJ’s Take On the Week co-hosts Telis Demos and Miriam Gottfried dive right into what companies they’ll be keeping an eye on this week. Our hosts compare the divergent strategies of Chevron and ExxonMobil as they navigate geopolitical instability in Venezuela and a push for cheap oil from President Trump. Telis and Miriam highlight some rising and and not-so-rising stars in the AI story: Seagate and Meta. Then they look at the return of the “Sell America” trade amid recent policy volatility and tariffs

After the break, Miriam is joined by Greg Peters, co-chief investment officer for public fixed income at PGIM, the asset management business of Prudential Financial, to discuss the risks facing the bond market. Peters explains why the market shrugged off recent concerns over Fed independence. Next, he shares how he hedges the winner-take-all risk in the AI buildout. And finally, Peters shares his biggest concern as an investor over the next year. 

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

Chevron’s Dilemma in Venezuela: Support Trump’s Vision Without Losing Money

Trump’s $50 Oil Price Goal Is Doable, but Painful

AI Is Causing a Memory Shortage. Why Producers Aren’t Rushing to Make a Lot More.

Meta Lays Off 1,500 People in Metaverse Division

Trump Calls Off Tariffs on Europe Over Greenland

Japan’s Long-Dated Bond Yields Hit Record Highs

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

Sign up for the WSJ's free Markets A.M. newsletter. 

Follow Miriam Gottfried here and Telis Demos here. 

Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, Telis Demos and Gunjan Banerjii—in her final appearance as regular co-host—are joined by incoming co-host Miriam Gottfried. Our trio get into the high-stakes bidding war between Netflix and Paramount for Warner Bros. Discovery and why Netflix shareholders may be skeptical of the deal. Then the hosts dive into the historic rally in gold and silver, and whether the debasement trade is back after news of an investigation into Federal Reserve Chair Jerome Powell. Plus, they look at what upcoming earnings might reveal about how President Trump’s affordability agenda is playing out.

After the break, Telis and Miriam are joined by Monica Guerra, head of U.S. policy at Morgan Stanley Wealth Management, to discuss how investors should position themselves for a midterm election year. Guerra explains that gridlock in Congress has historically led to market outperformance. She also shares a bold prediction that the Supreme Court could strike down President Trump’s tariffs.

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].
To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

Why Democrats Aren’t Threatening Another Shutdown This Time

The Winners and Losers From 2026’s Mix of Tax and Benefit Cuts

For Years, Powell Avoided Fighting Trump. That’s Over.

Gold Breaks Through $4,600 on Fed Concerns, Haven Boost

Democrats See Path to House Control in 2026

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

Sign up for the WSJ's free Markets A.M. newsletter.
Follow Miriam Gottfried here and Telis Demos here. 

Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special edition of WSJ’s Take On the Week, co-host Miriam Gottfried and WSJ banking reporter Alexander Saeedy go inside the high-stakes world of HBO’s financial television drama “Industry.” They are joined by Mickey Down and Konrad Kay, former bankers turned co-creators of the show, to unpack how real-world market dynamics inspire the series.

Down and Kay reflect on their early careers at Morgan Stanley and Rothschild, and explain why season 4 shifts away from the fictional trading floor of Pierpoint to the new frontiers of fintech, short selling and media. 

The group compares the financial series’ plotlines to real-world reporting on 100-hour workweeks and the mental health toll on junior bankers. They also take a look at the gamification of finance—from meme stocks to Polymarket—how a new generation is redefining risk, and the "cult of personality" driving financial fraud.

Later, the creators weigh in on a hypothetical "cutthroat" trade: How would the show’s characters Harper Stern and Eric Tao play the Venezuela reopening trade?

Polymarket has a data partnership with Wall Street Journal parent Dow Jones.

This is WSJ’s Take On the Week where we cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

‘Industry’ Season 4 Review: From Banks to Boudoirs on HBO

‘Industry,’ the Hit Show About Finance, Leaves Bankers Scratching Their Heads

How Bank of America Ignores Its Own Rules Meant to Prevent Dangerous Workloads

Bank of America Urges Bankers to Sound Alarm on Overwork After WSJ Investigation

110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the Brink

Learn more about your ad choices. Visit megaphone.fm/adchoices

AI’s surge in demand for memory and storage drove some of 2025’s biggest stock market winners, including hard-drive makers Seagate Technology and Western Digital, and AI chip maker Micron Technology. Retail trading platform Robinhood also put up a blockbuster year and made its S&P 500 debut. And the bidding war by Netflix and Paramount for Warner Bros. Discovery propelled the entertainment giant into a top market performer.

Not all companies fared as well, with those tied to health care and consumer brands flagging through last year. A major reset of expectations in October cratered Fiserv’s stock, putting the payment processing company near the bottom of the barrel.

What awaits in the year ahead? For our first episode of 2026, co-host Telis Demos along with WSJ Heard on the Street Editor Aaron Back and Heard Columnist David Wainer tackle audience questions about what to expect for the year and offer their own predictions for investors and the U.S. economy.

This is WSJ’s Take On the Week where we cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

Flood of AI Bonds Adds to Pressure on Markets
Are Stock Analysts Useless?

For Trump, the Warner Megadeal Talks Are All About CNN

Runaway Insurance Costs Bring Back Talk of Price Caps
AI Data Centers, Desperate for Electricity, Are Building Their Own Power Plants

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.
Sign up for the WSJ's free Markets A.M. newsletter.  

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In this week’s episode of WSJ’s Take On the Week, co-host Telis Demos and guest host WSJ Chief Economics Correspondent Nick Timiraos are joined by Beth Hammack, president of the Federal Reserve Bank of Cleveland, to discuss the state of the U.S economy, interest rates and the central bank itself.

Hammack shares her views on what she’s hearing from businesses in her district and what that could mean for consumer prices and the labor market. She emphasizes the importance of Fed independence and the chairman’s role in fusing differing viewpoints to create stable monetary policy. She also offers her perspective on the so-called neutral rate as well as artificial intelligence.

At the end of the episode, Telis and Nick analyze the interview, offering their takes on the outlook for tariffs, inflation and jobs. They also break down what influence the new Fed chair will have on the central bank’s rate-setting committee and how markets may react to the nominee.

This is WSJ’s Take On the Week where we cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at [email protected].

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com

Further Reading

The Fed's New Rate-Setting Officials for 2026: Three Hawks and a Dove

Fed Officials Spar Over Whether Rate Cuts Risk Credibility on Inflation

Cleveland Fed’s Beth Hammack Skeptical of Further Cuts

‘We Still Have an Inflation Problem.’ A Fed Newcomer Wants to Go Slow on Rate Cuts.

The Fed Did Banks a Solid This Week. More Favors May Be Needed

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.

Sign up for the WSJ's free Markets A.M. newsletter.
 

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