The Wall Street Skinny

Paramount / Netflix Bidding War | Breaking Down PSKY's $108bn hostile bid for WBD + Don’t call It QE: The Fed’s new playbook

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] 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. Want to get an intense education in the world of corporate finance typically reserved for investment bankers and private equity professionals? Learn more about our 25 hour self paced course here! https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking Learn more about 9fin HERE [https://9fin.com/insights/lme-crash-course?utm_source=wallstreetskinny&utm_medium=paidnewsletter&utm_campaign=q425_amer_lme_crash_course] Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HERE [https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking] Fixed Income Sales & Trading HERE [https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales] Wealthfront.com/wss [http://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 [https://www.empower.com/the-currency/money/millennials-money-snapshot].

Industry S3E3 "It" | Launching a Hedge Fund, Non-Competes, IPO Disaster & ESG Investing Hypocrisy & More!

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] 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? Learn more about 9fin HERE [https://9fin.com/insights/lme-crash-course?utm_source=wallstreetskinny&utm_medium=paidnewsletter&utm_campaign=q425_amer_lme_crash_course] Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HERE [https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking] Fixed Income Sales & Trading HERE [https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales] Wealthfront.com/wss [http://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 [https://www.empower.com/the-currency/money/millennials-money-snapshot].

The Math of Predicting (and Profiting from) the Future: from Cat Bonds to Hedge Funds | Sarah Kapnick, Head of Climate Advisory at J.P. Morgan

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] 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. Learn more about 9fin HERE [https://9fin.com/insights/lme-crash-course?utm_source=wallstreetskinny&utm_medium=paidnewsletter&utm_campaign=q425_amer_lme_crash_course] Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HERE [https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking] Fixed Income Sales & Trading HERE [https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales] Wealthfront.com/wss [http://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 [https://www.empower.com/the-currency/money/millennials-money-snapshot].

HBO's about to be owned by Netflix!? Breaking Down the Netflix / Warner Brothers $72Bn M&A Deal

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] 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. Learn more about 9fin HERE [https://9fin.com/insights/lme-crash-course?utm_source=wallstreetskinny&utm_medium=paidnewsletter&utm_campaign=q425_amer_lme_crash_course] Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HERE [https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking] Fixed Income Sales & Trading HERE [https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales] Wealthfront.com/wss [http://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 [https://www.empower.com/the-currency/money/millennials-money-snapshot].

Michael Burry Accuses Meta + Oracle of AI Accounting Fraud...Legit? Depreciation & Valuation Masterclass

Send us a text [https://www.buzzsprout.com/twilio/text_messages/2159526/open_sms] 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!).  To get 25% off all our self paced courses, use code BLACKFRIDAY25 at checkout! Learn more about 9fin HERE [https://9fin.com/insights/lme-crash-course?utm_source=wallstreetskinny&utm_medium=paidnewsletter&utm_campaign=q425_amer_lme_crash_course] Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HERE [https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking] Fixed Income Sales & Trading HERE [https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales] Wealthfront.com/wss [http://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 [https://www.empower.com/the-currency/money/millennials-money-snapshot].