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In this week’s episode of The Skinny on Wall Street, Kristen and Jen break down the latest wave of meme stock mania and what it reveals about market sentiment. They dive into Opendoor and other “DORK” stocks (Krispy Kreme, Opendoor, Kohl’s, etc.), explaining how short squeezes and retail investor hype have driven massive price swings despite weak fundamentals. The conversation also unpacks the housing market’s current dynamics—record-high home prices, the impact of higher mortgage rates, and why real estate inventory levels are starting to shift.

The hosts then turn their attention to policy, analyzing Marjorie Taylor Greene’s proposal to remove the capital gains tax cap on primary residences. They explore whether this change would meaningfully improve housing affordability or simply benefit older, wealthier homeowners, and why the real barrier for many sellers is “mortgage rate lock-in.” Kristen and Jen also discuss how inventory, pricing trends, and affordability challenges are shaping the broader market outlook.

Finally, they examine how AI is creeping into investment banking with OpenAI’s new “agentic mode” designed to automate financial modeling. Kristen and Jen share their hands-on experience testing the tool, explaining where it can help and where it falls short. They discuss the risks of over-reliance on AI, the importance of building skills manually, and what the rise of these tools might mean for the future of knowledge work.

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This week on The Skinny On, Kristen and Jen power through illness, time zone chaos, and toddler wrangling to bring you a jam-packed episode to break down two major consumer deals: Ferrero’s $3.1B offer for Kellogg and the possible Heinz Kraft breakup. They explain why these legacy food brand split up, the logic behind reverse mergers and spin offs, and how wellness trends are shaping the M&A landscape.

They also revisit the Kraft-Heinz saga—from Kraft’s origins as a Philip Morris spinoff to its Cadbury takeover, spin off breaking into Kraft and Mondelez and eventual reverse merger with Heinz, backed by 3G Capital and Warren Buffett. It’s a rare example of a mega-deal gone wrong, and Jen and Kristen unpack how the deal was structured, why it disappointed, and what Buffett’s $12B investment ($4Bn of common and $8Bn of preferred equity) really meant. With Kraft-Heinz now considering a breakup to "unlock shareholder value," they examine the long arc of strategic separation as a financial tool—and its implications for investors.

Finally, the duo pivots to Wall Street career trends, sharing firsthand stories of how trading desks once ruled the world, how quant roles are often misunderstood, and why sales & trading may be poised for a comeback. They reflect on the brutal pace of recruiting cycles, the importance of self-awareness in navigating early career decisions, and how the sexiest seat on the Street can change overnight. Oh—and Elon Musk’s Grok is back in the news with a $200B valuation. Buckle up, this one covers it all.

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In this episode of The Wall Street Skinny, we're back with fan-favorite guest Justin Resnick, Managing Director at Evercore, for a deep dive into the evolving world of private equity secondaries. This follow-on to our original “Secondaries 101” episode goes beyond the basics to explore how LP- and GP-led transactions are shaping today's deal landscape. With volatility still roiling the IPO and M&A markets, secondaries have become a vital tool for investors to unlock liquidity—and Justin walks us through the key innovations and trends driving this $200 billion+ market.

We get into everything from the rising use of continuation funds to newer, more complex structures like collateralized fund obligations (CFOs) and subscription lines. Justin explains how these tools are being used strategically by endowments, GPs, and secondary buyers alike, and what it all means for fund liquidity, pricing dynamics, and return profiles. We also discuss why single-asset deals are booming, how secondaries are increasingly attracting retail capital, and why this space is becoming one of the hottest desks to recruit into on Wall Street.

Plus, we couldn’t ignore the headlines—so we weigh in on the growing tension between banks and private equity firms over early recruiting, Goldman’s controversial new loyalty oaths, and what the new on-cycle freeze means for junior talent. Whether you're a student considering a finance career, an investor curious about secondaries, or just trying to make sense of how all the pieces fit together, this episode is packed with insight.

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In this long-awaited episode of The Wall Street Skinny, we’re breaking down Real Estate Private Equity with Lauren Hochfelder, Managing Director and Co-CEO of Morgan Stanley Real Estate Investing. If you’ve ever wondered what real estate investing looks like at the institutional level — beyond flipping houses or buying rental properties — this is your 101 primer.

We dive into the nuances that make this asset class unique. Real estate is both macro and hyper-local, driven by long-term demographic shifts and on-the-ground intel from developers and market specialists. Lauren explains what it means when we say "investing in real estate is an inflation hedge" and why it's such a powerful combination of income and asset appreciation. For anyone curious about commercial real estate trends, we cover everything from the evolving role of the office post-COVID to how lease structures and regional supply chains affect asset valuations. Lauren also addresses the shift away from private equity firms buying up single-family homes and how purpose-built rental communities are gaining traction.

We also discuss how the career path differs from traditional private equity, what backgrounds are valued in the industry, and how this corner of the investing world offers a surprisingly diverse and dynamic mix of personalities and perspectives. Whether you’re a student, young professional, or investor looking to understand a foundational but often overlooked part of the market, this is a conversation you won’t want to miss.

Before we get into it, we also touch on a few big finance headlines from the week: the Fed’s decision to hold rates steady, Millennium’s $14 billion valuation and what it means to buy into a pod shop, and the record-breaking $10 billion sale of a majority stake in the LA Lakers. From hedge fund structures to sports investing comps, we offer a quick download on the stories that caught our attention—and set the stage for deeper dives in future episodes.

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In this episode we delve into the intricate world of finance depicted in the Season 3 premiere, "Il Mattino Ha L’Oro in Bocca" breaking down the complexities behind the IPO process, how pricing works and setting "price talk", the IPO discount and more. We also touch on some key corporate finance concepts including leverage ratios, net debt, and finally touch on the power and electricity markets, specifically the influence of natural gas on the profitability for solar companies that sell electricity like the fictional Lumi. We also explore the regulatory landscape of public company financial disclosures and the strategic maneuvers companies make to prepare for a successful IPO.

The discussion then turns to the significance of ESG (Environmental, Social, and Governance) investing, examining its impact on stock valuations and the broader market perception. We talk about the show's commentary on how ESG factors play into financial decision-making, client relations, and the reputational risks that come with moving towards more sustainable investments. Through the lens of the show's characters, they illustrate the real-world implications of these principles in modern finance.

Additionally, the episode offers a critical analysis of the character dynamics and ethical considerations in the high-stakes environment of investment banking. The hosts draw parallels between the show’s dramatic narrative and actual industry practices, providing listeners with both entertainment and a clearer understanding of the financial intricacies that drive the plot of Industry. Whether you're a finance professional or simply a fan of the show, this episode promises to enrich your viewing experience with expert financial insights.

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In this episode, we sit down with Sonia Gupta, Partner and Co-Head of Biotech Investment Banking at Goldman Sachs. Sonia walks us through her unique journey—from studying public health at Brown, to working in healthcare consulting, to getting her MBA at MIT, and ultimately climbing the ranks at Goldman to become a senior leader advising some of the most innovative biotech companies in the world. We dive deep into what it’s like to enter banking post-MBA, how her academic background shaped her approach to the job, and why healthcare—particularly biotech—is such a distinct and intellectually demanding coverage group.

We explore the nuances of biotech investment banking: how to value companies that often have no revenue, how the space intersects with venture capital and tech, and why the work often feels more like strategic consulting than traditional M&A. Sonia breaks down the DCF models she and her team build—sometimes stretching 25 years—and the real-life decision-making that goes into supporting clients whose work could lead to the next blockbuster cancer drug or cure for a rare genetic disease. We also talk about how healthcare banking is segmented within the broader investment banking ecosystem and what it really means to be a “coverage banker” at Goldman.

Finally, we discuss analyst exit opportunities, how banks like Goldman are thinking about retention, and what it’s like building a career—and a family—while advising high-growth companies from San Francisco. Sonia’s insights are thoughtful, candid, and inspiring, especially for anyone considering a career in investment banking or healthcare. Whether you're curious about the real-world utility of an MBA, the biotech IPO market, or what it means to grow into true subject matter expertise over time, this episode offers a fascinating window into one of the most complex and purpose-driven sectors on Wall Street.

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In this episode, we break down the finance behind the Industry Season 2 finale—and without exaggerating, this might be our favorite episode yet. There was so much to dig into, starting with the trade that the whole season built toward: Jesse Bloom’s long Rican / short FastAid position.

Because the episode references the legendary trade where “Soros broke the Bank of England” in 1992, we also break down that wild real-life story—something anyone aspiring to work on Wall Street should know. That leads us into a deeper discussion on how hedge funds can move markets, the mechanics of currency pegs, central bank credibility, and how macro traders think about asymmetric risk. The real shocker is WHO the brains behind that trade were because it's someone that all us in the US are VERY familiar with these days... and no it's not Soros.

Finally, we look at how all of this plays out across the show's main characters: Harper’s decision leads to her firing, Yasmin is blindsided by Celeste, Gus gets caught in the fallout, and Rishi and DVD’s team pitch to Nomura doesn’t go as planned. We explore how team dynamics, sales credits, and firm reputation impact career progression on the sell side—and how optionality (or the lack of it) drives every character’s choices in the final moments of the season.

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In this episode, we sit down with Olga Gorodetsky, a Director in Capital Markets at Fannie Mae, for an in-depth conversation about the role of Government-Sponsored Enterprises (GSEs) in the U.S. housing finance system. Olga walks us through the history and mission of Fannie Mae and Freddie Mac, explaining how these institutions provide liquidity and stability to the mortgage market. We explore how mortgage-backed securities (MBS) are created, who trades them, and why they are essential to the broader financial ecosystem. Olga also offers a clear explanation of what happened during the 2008 financial crisis that led to the conservatorship of the GSEs, what conservatorship means in practice, and how it continues to shape the debate over housing finance reform. Finally, we discuss the current state of the mortgage and capital markets, including recent policy developments and headlines that are evolving in realtime. Whether you’re an investor, a homeowner, or simply curious about how mortgages connect to Wall Street, this episode offers timely insights and expert perspective on one of the most important — and often misunderstood — parts of the U.S. economy.

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