Behind the Money

A few years ago, four men went on a hunting trip to Wyoming. That trip would end up changing their lives — and possibly, the future of the public’s access to millions of acres of land in America's western states. The FT’s Oliver Roeder expands on the saga that’s played out since 2021 inside courtrooms and within thousands of pages of legal documents. Clips from KGWN, Ludlow Music and The Richmond Organisation - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Battle for the American West Seven states, 3,000 miles: a trip across the US energy divide Wyoming’s Carbon Valley aims to turn ‘coal into gold’ - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Oliver Roeder (@ollie) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Introducing Money Clinic’s Five Minute Investor, a miniseries hosted by Claer Barrett, the FT’s consumer editor. In each episode, Claer challenges top financial commentators to break down financial jargon in just five minutes, making you a smarter, and hopefully richer, investor. Tune in every Tuesday, and subscribe to Money Clinic wherever you get your podcasts. If you would like Claer to demystify an investment term, email the team at money@ft.com or send Claer a DM on social media — she’s @ClaerB on Twitter, Instagram and TikTok. Hosted on Acast. See acast.com/privacy for more information.

WeightWatchers is struggling. Launched in the early 1960s, the brand grew by helping members shed pounds through behavioural change programmes. Then, GLP-1 anti-obesity drugs hit the market, long-time spokesperson and board member Oprah Winfrey announced her departure, and the company’s credit rating was downgraded. FT reporter Anna Mutoh examines whether WeightWatchers’ latest strategy can produce the turnaround investors are hoping for. Clip from Lionsgate Television - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: WeightWatchers faces an era when weight loss comes in a syringe Behold the Ozempic effect on business The race to develop the next generation of weight-loss drugs - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Anna Mutoh (@anna_mutoh) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US and China’s battle for dominance in the semiconductor industry is having some surprising knock-on effects: Companies are looking to insulate their supply chains from rising geopolitical tensions. And many from around the world are setting their sights on Malaysia to set up or expand their chip factories. FT correspondent Mercedes Ruehl explains how the country earned a prized spot in the supply chain, and what it needs to do to keep hold of it. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Malaysia: the surprise winner from US-China chip wars Vietnam dangles semiconductor incentives to draw foreign companies AI boom broadens out across Wall Street Plus, sign up for the FT’s Alphaville pub quiz on April 9 in New York. - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Mercedes Ruehl (@mjruehl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The past several years in the US Treasury market have not been what you’d call smooth sailing. Three crises in a decade recently pushed regulators to introduce important changes to the world’s largest and most liquid market. The Securities and Exchange Commission passed the most significant reform a few months ago. The FT’s capital markets correspondent Kate Duguid examines that change — plus the potential pitfalls and promise that come with it. Clips from CNBC, Bloomberg - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: The radical changes coming to the world’s biggest bond market Has Gensler’s SEC pushed Wall Street too far? SEC tussles with shadow trades in the US Treasury market Ransomware attack on ICBC disrupts trades in US Treasury market - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Kate Duguid (@kateduguid) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

More questions — more answers! We’ve partnered with the FT’s Unhedged podcast for a special two-part episode, fielding questions you have submitted about markets and finance. The host of Unhedged, Ethan Wu, plus the FT’s US financial commentator Rob Armstrong and markets editor Katie Martin join Michela to traverse topics ranging from the longevity of the Magnificent Seven stocks to Japan’s economic outlook. To listen to the other part of the episode, visit the Unhedged podcast feed. Clips from The Magnificent Seven, The Mirisch Company/United Artists, music by Elmer Bernstein - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: The Magnificent 7 value trade Japan’s market rally lacks solid backing How fatalistic should we be on AI? - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ethan Wu (@EthanYWu), Robert Armstrong (@rbrtrmstrng), Katie Martin (@katie_martin_fx) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Penny stocks are having a moment. In recent months, little-known companies with names such as Bit Brother and Phunware have been among the most traded stocks in America’s public markets, surpassing companies like Tesla and popular exchange traded funds. The FT’s US markets editor Jennifer Hughes explores why this is happening, and whether retail investors should think twice before diving in. Clip from Paramount Movies Plus, a note on next week’s show: Look for Behind the Money in your feed a day early, on Tuesday, March 19. We’re doing a special 2-part episode with the Unhedged podcast. One part will be in Unhedged’s feed and the other part will be right here, in Behind the Money’s feed. We’ll be back to our regular Wednesday schedule the following week. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: The tiny Chinese tea seller whose shares trade more than Tesla’s Stock markets undergo ‘risk reset’ as indices notch new records Retail investors are in no rush to join the latest stock market rally - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Jennifer Hughes (@jennhughes13) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It’s been a year since Silicon Valley Bank’s collapse left everyone worried that the US’s banking sector sat on shaky ground. Despite that turmoil, one bank stands out: JPMorgan Chase. The largest bank in the country, JPMorgan took home record profits in 2023, and its dominance looks set to continue. The FT’s US banking editor Joshua Franklin walks through the reasons why JPMorgan flew past its competitors, and what threat its size could pose to smaller banks. Clips from AP, CNBC, KTVU, KPIX Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged. Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: JPMorgan takes almost a fifth of total US bank profits US regional banks hope for profit revival as pain from SVB fallout eases JPMorgan: the bank that never lets a crisis go to waste - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Joshua Franklin (@FTJFranklin) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

OpenAI is one of the fastest-growing companies ever, thanks to its artificial intelligence chatbot, ChatGPT. But costs to train and run the models that underpin that technology are steep. And chief executive Sam Altman has said he has even bigger aims. The FT’s Madhumita Murgia and George Hammond examine whether the start-up’s existing business model can achieve its long-term goals. Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged. Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Can OpenAI create superintelligence before it runs out of cash? OpenAI on track to hit $2bn revenue milestone as growth rockets OpenAI’s Sam Altman in talks with Middle East backers over chip venture - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Madhumita Murgia (@madhumita29), George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Billionaire financiers such as Ken Griffin pioneered what’s known as the multi-manager model for hedge funds, where big spending begets big returns. In 2022, Griffin’s Citadel became the best-performing hedge fund of all time. But now, cracks in the sector are beginning to form. The FT’s Harriet Agnew and Ortenca Aliaj examine what a downturn could mean for investors and the broader financial sector. Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged. Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Are hedge fund pioneers facing the end of a golden era? Bobby Jain’s hedge fund launch falls short of $8bn-$10bn target How Ken Griffin rebuilt Citadel’s ramparts - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Harriet Agnew (@HarrietAgnew), Ortenca Aliaj (@OrtencaAl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A Delaware court recently struck down Elon Musk’s $56 billion Tesla pay package. Soon after, Musk took to his social network X and offered some advice: “Never incorporate your company in the state of Delaware.” But will anyone take it? The FT’s Wall Street editor Sujeet Indap explains how Delaware became the favourite place for big companies to incorporate and why that’s unlikely to change. Clips from BBC, WFAA - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Can Elon Musk derail Delaware? Texas is throwing down a legal challenge to Delaware Delaware versus Elon Musk - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Baidu made it big as China’s go-to search engine. But in the past decade the tech giant has struggled, while competitors such as Alibaba and Tencent have soared ahead. The FT’s China tech correspondent Ryan McMorrow looks at chief executive Robin Li’s latest venture, in artificial intelligence, and whether this will be enough to turn the company around. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Baidu’s bet on AI could make or break China’s fallen tech group Tightened US rules throttle Alibaba and Baidu’s AI chip development Baidu shares fall after Ernie AI chatbot demo disappoints - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ryan McMorrow (@rwmcmorrow) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Baidu made it big as China’s go-to search engine. But in the past decade the tech giant has struggled, while competitors such as Alibaba and Tencent have soared ahead. The FT’s China tech correspondent Ryan McMorrow looks at chief executive Robin Li’s latest venture, in artificial intelligence, and whether this will be enough to turn the company around. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Baidu’s bet on AI could make or break China’s fallen tech group Tightened US rules throttle Alibaba and Baidu’s AI chip development Baidu shares fall after Ernie AI chatbot demo disappoints - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ryan McMorrow (@rwmcmorrow) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The nuclear power industry is receiving a lot of attention recently thanks in part to new technological advancements. That’s excited venture capital groups and private investors, such as Bill Gates and OpenAI’s Sam Altman. But the industry is also known for its boom-and-bust cycles. The FT’s US energy editor Jamie Smyth explains there are many challenges that lie ahead for an industry, which has long been plagued by controversy. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: The US plan to break Russia’s grip on nuclear fuel US nuclear start-ups battle funding challenge in race to curb emissions Nuclear fission start-up backed by Sam Altman to go public - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The nuclear power industry is receiving a lot of attention recently thanks in part to new technological advancements. That’s excited venture capital groups and private investors, such as Bill Gates and OpenAI’s Sam Altman. But the industry is also known for its boom-and-bust cycles. The FT’s US energy editor Jamie Smyth explains there are many challenges that lie ahead for an industry, which has long been plagued by controversy. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: The US plan to break Russia’s grip on nuclear fuel US nuclear start-ups battle funding challenge in race to curb emissions Nuclear fission start-up backed by Sam Altman to go public - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

If you have questions about this year's US presidential election, we have answers. Swamp Notes is a new podcast from the FT News Briefing. Listen every Saturday morning as our journalists analyse and discuss the latest happenings in US politics. We’ll go beyond the horse race for the White House and offer a global perspective on the election. You can subscribe to Swamp Notes here or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. Earlier this month, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year. Clips from CNBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: How the $12.5bn BlackRock-GIP deal is set to shake up investment management How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up Infrastructure funds draw billions of dollars as energy and supply chains shift - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. Earlier this month, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year. Clips from CNBC - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: How the $12.5bn BlackRock-GIP deal is set to shake up investment management How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up Infrastructure funds draw billions of dollars as energy and supply chains shift - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In Silicon Valley, the promise of a massive payday for a start-up’s early employees and investors has hinged on those companies eventually going public or being sold off. But with the slowdown in initial public offerings and acquisitions, a different marketplace is set to heat up this year. It is called the venture secondary market, and it’s where both investors and early employees can trade their stakes in privately-held companies. The FT’s venture capital correspondent George Hammond explains the potential pitfalls of this opaque marketplace and why investors will be rushing to it in 2024. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: Investors raise billions to buy discounted stakes in start-ups Carta customers say platform tried to trade their shares without consent Carta shuts trading platform after data privacy breach allegations Staying private: the booming market for shares in the hottest start-ups - - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow George Hammond (@GeorgeNHammond) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Introducing Untold, a new podcast from the special investigations team at the Financial Times. In Untold's first series, The Retreat, host Madison Marriage examines the world of the Goenka organisation, which promotes a type of intensive meditation. Thousands of people go on Goenka retreats every year. People rave about them. But some go to these meditation retreats, and they suffer. They might feel a deep sense of terror, or a break with reality. And on the other side, they’re not themselves anymore. Untold: The Retreat launches Jan. 24. Subscribe and listen on: Apple Podcasts, Spotify or wherever you listen to podcasts. Hosted on Acast. See acast.com/privacy for more information.