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This week on The Skinny on Wall Street, Kristen and Jen dive into the resurgence of SPACs and yes, Chamath Palihapitiya, the once-dubbed “SPAC King,” is back with a brand-new deal. We unpack what a SPAC really is, why they exploded in 2020, changes in the new structures and more. From warrants and dilution to sponsor “promotes” and fee double-dips, we break down the mechanics in plain English and debate whether this latest wave feels like opportunity or déjà vu all over again.

Alongside the SPAC talk, we zoom out to explore what’s happening in broader markets. Jen highlights shifts in global rates, including why European long-term yields are rising even as the ECB cuts, while Kristen points to an unusual disconnect with U.S. credit spreads at 30-year lows. We also touch on a wild market day sparked by headlines about AI pilot program failures, raising the question of whether investors are once again pricing perfection into risk assets.

Finally, we share some exciting updates from The Wall Street Skinny itself. We’ve launched live interactive events like AI-Proof Your Career on LinkedIn and YouTube, giving listeners the chance to learn and engage with us directly. Plus, in the spirit of “back to school,” we’re running a limited-time flash sale on our finance courses, from express Excel bootcamps to deep-dive investment banking and private equity technicals. Whether you’re a student, a new hire, or just a finance junkie, this episode blends timely Wall Street analysis with practical ways to sharpen your own skills.

Find courses HERE and use code AUG25FLASH for 20% off through August 24, 2025!

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Worried AI will take your Investment Banking job? There's no avoiding AI these days, so how do you understand it, use it to your advantage, and outperform it in Investment Banking and high finance roles?

We asked our community for their toughest questions about the future of finance careers in the age of AI, and sat down for 30 minutes with former Blackhawk helicopter pilot and 30-year Wall Street veteran Frank Van Buren to give you our real answers, LIVE.

In this live session, we answered the questions:
- Which AI systems are (and aren't) being adopted across Investment Banks?
- What is the impact on M&A, modeling, and junior roles?
- Which skills are becoming a must-have, and which are being made obsolete?
- Should I learn coding languages like Python?
- What is the future of AI in trading and investing?
- What is the value of client relationships in the post-AI era?
- How can senior employees stay relevant and employable in this changing environment?
- What are the risks and dangers of using AI in finance?
- What college major should I choose if I want to get a job?
- How can I stand out as a candidate in the future job market?
- What should I say in interviews to land the offer?

Watch to learn how to AI-proof your finance career, get hired, and stay relevant.

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This week, Kristen and Jen dive straight into the finance headlines with a M&A story: Perplexity, an AI startup valued at $18 billion, has made a $34 billion all-cash bid for Google Chrome. Kristen unpacks why this is virtually unprecedented in dealmaking, explaining how the size mismatch, lack of financing capacity, and Chrome’s not-for-sale status make the offer so unusual. They revisit the AOL–Time Warner merger as the closest (though still imperfect) precedent and debate whether this might be the “canary in the coal mine” for overheated AI valuations.

Jen follows with a contrarian take on the Federal Reserve: even if the Fed cuts rates in September as the market expects, long-term interest rates might actually rise. She explains how inflation pressures, market expectations, and a “cash trap” dynamic could lead to higher mortgage rates, an unintended consequence that would frustrate borrowers hoping for relief. The discussion also touches on softening labor market signals, political pressure on the Fed, and why rate policy in a high-inflation environment can move markets in unexpected ways.

The episode then shifts to signs of stress in private credit markets, focusing on the rise of “PIK” (payment-in-kind) interest arrangements. Kristin explains how PIK structures work, why an uptick, especially in “bad PIK” where struggling borrowers opt to defer cash interest, can be an early warning for financial trouble, and how this fits into the broader credit cycle. They close with a debate on networking ethics after a viral Reddit thread about circulating analyst email lists, and the importance of genuine, trust-based connections in breaking into competitive industries.

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In this episode of The Wall Street Skinny, Kristen and Jen sit down with Professor Emily Oster, a Harvard-educated economist with a PhD and a faculty position at Brown University where her studies focus on approaches to finding causality in observational data, as well as the best-selling author of "Expecting Better", "Crib Sheet", and "The Family Firm". Oster is known for her data-driven approach to pregnancy and parenting. The conversation centers on the theme of “good data” vs. “bad data”, how flawed methodologies or biased sampling can lead to misleading conclusions in everything from public health studies to economic indicators. She explains what it means to be an economist, outlines the hierarchy of research, and underscores the importance of asking the right questions. The discussion also tackles the truth about conceiving at an advanced maternal age, what the data says about parenting choices like sleep training, and the trade-offs between daycare and staying home.

Kristen and Jen also get into markets, unpacking the July non-farm payrolls report, which missed expectations and saw a significant downward revision to prior months, erasing 258,000 jobs from May and June, the largest adjustment since COVID. They explain why such revisions matter: the Fed’s dual mandate depends on both employment and inflation data, so changes like this can shift interest rate expectations. The hosts also address the political backdrop, from President Trump’s firing of the Bureau of Labor Statistics Commissioner to the broader implications for trust in economic data, with Jen noting that tariffs and immigration policy could affect small business reporting, introducing lags and inaccuracies.

This offers practical insight into how listeners can interpret data, whether for personal decisions, or investment strategies.

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In this episode of the unofficial companion podcast to HBO Max's hit show, Industry, hosts Jen and Kristen dive deep into the financial intricacies and dramatic moments of Season 3, Episode 2 titled 'Smoke and Mirrors.'

They kick off the discussion by analyzing the thematic significance of 'Smoke and Mirrors,' tying it to both magic tricks and the episode's plot centered around deception and storytelling in the finance world. They recount how the episode unfolds at the London Stock Exchange with the IPO of Henry Muck's green energy company, Lummi, caught in a frenzy due to a sudden power outage and the ensuing chaos on the trading floor at Peerpoint. The hosts compare this fictional IPO with real-life events such as the Facebook IPO disaster, adding valuable insights into IPO procedures, trading mechanisms, and the role of investment banks in supporting stock prices post-IPO. They explore the role of underwriters, the use of green shoes, and the pivotal decision-making and risk management during high-stakes trading situations.

The hosts also bring forth significant comparisons with real-world financial scenarios, making this episode not just a recap but an enriching learning experience.

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This week on The Skinny on Wall Street, Kristen and Jen are back in full swing with a jam-packed episode covering some of the biggest stories in markets and finance. They kick things off by diving deep into the highly anticipated Figma IPO, which just priced and shocked the market with an incredible first-day reaction. They break down why the IPO was such a blockbuster, how it compares to other historic tech listings, and what this means for the broader IPO market in 2025.

From there, they unpack the newly passed Genius Act and its sweeping implications for the stablecoin market. They both explore why this legislation could have surprising effects on short-term interest rates and the broader bond market. Speaking of bonds, the episode also includes a sharp look at the latest Fed decisions, auction activity, and the fascinating dynamics playing out on the front end of the Treasury curve.

To wrap things up, Kristen and Jen discuss a Wharton research paper that’s making headlines about AI trading algorithms colluding—and what that could mean for fairness and stability in financial markets. Plus, they share exciting updates on The Wall Street Skinny’s expanded presence on LinkedIn and YouTube, as well as the upcoming LinkedIn Live series on how to “AI-proof” your career. This episode is packed with insights you won’t want to miss!

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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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Our Investment Banking and Private Equity Foundations course is LIVE
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Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

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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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Our Investment Banking and Private Equity Foundations course is LIVE
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Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.