Home
Podcasts
The Unofficial Companion Show to HBO Max’s Industry | Morgan Stanley Alums Break Down Every Episode
The Unofficial Companion Show to HBO Max’s Industry | Morgan Stanley Alums Break Down Every Episode
From your besties at The Wall Street Skinny comes the unofficial companion to HBO Max's hit show Industry. Jennifer Saarbach WAS Harper from Industry. She worked on the exact same desk in Fixed Income Sales & Trading that Harper sits on at Lehman, Barclays and Morgan Stanley. She also has a degree English Literature from Princeton. Kristen Kelly is also ex-Morgan Stanley only brings a slightly different perspective having worked in Investment Banking, Capital Markets and Fixed Income. Together they break down every single detail of your favorite show. This isn't just a recap; it's an education.
Episodes
Industry S4E8 "Both/And" | Where does Industry go from here?
It's a bittersweet day at The Wall Street Skinny, where we are recapping the SEASON FINALE!! While this one is lighter on finance than most episodes this season, we still dig into the mechanics of closing out a massive short position without spooking the tape. We also break down how hedge fund fees actually work — the industry-standard "two and twenty" structure where managers earn a
Industry S4E7 "Points of Emphasis" | Some Promises Weren't Meant to Be Kept
In this episode, we're breaking down Season 4, Episode 7 of Industry, "Points of Emphasis" — and we have a lot of feelings. We walk you through all the major plot developments, from Whitney's attempted escape and his terrifying confrontation with what appears to be his foreign handlers, to Yasmin's ruthless political maneuvering to bring down Lisa Dern and protect herself as Tender collapses aroun
Industry S4E6 "Dear Henry": Why This Might Be the Greatest Episode of Industry Ever Made
Recap & Breakdown of HBO's Industry season 4 episode 6.Harper launches her assault on Tender at the Alpha Conference, delivering a devastating short thesis complete with a DCF analysis and sum-of-the-parts valuation. We break down every piece of the finance, from enterprise value vs. equity value, what a price target of zero really means, and the real-world fraud parallels to Enron, Valian
Industry S4E5 Eyes Without a Face: The Thing Was Nothing
SternTao goes to Accra
Industry S4E4 "1000 Yoots, 1 Marilyn" | The "Leap of Faith" / Most Disturbing Episode Yet
Perhaps the most painful and disturbing episode of Industry yet, this episode asks uncomfortable questions about the way easy access --- whether it be to high finance, drugs, or illicit content online --- reduces human experience to abstraction in a way that causes us all to be disassociated from our own lives. We see shifts in power in the C-suite at Tender that transform our triangles of love an
Industry S4E3 "Habseligkeiten" | The Threesome Episode
We are BACK with one of the most dense, finance-forward, darkly entertaining episodes of Industry YET. With a title that evokes the theme of belongings, this episode is all about who belongs in which rooms, who belongs to whom when it comes to control, and what are our characters willing to sacrifice to ultimately get what they want.We see Eric and Harper's short-only hedge fund struggling to get
Industry S4E2 "The Commander and the Grey Lady" | The Henry Muck Episode
Henry Muck is going to be a key character in Season 4, and this episode gives us a much richer picture of who he actually is. In an unexpectedly cinematic, poetic installment that departs from our typical finance-driven fare, this episode plays like a haunting (both literal and emotional) centered around his character. We fill in the missing backstory of Henry and Yas' early engagement, marriage,
Industry S4E1 FULL RECAP | An American Psycho in London
We're back in action with our full deep dive into the season premiere, "PayPal of Bukkake". We're introducing the star-studded lineup of new characters, exploring what seems to be an American Psycho thread running throughout the episode, and orienting ourselves within the new power structure within the world of "Industry" over a year after the demise of Pierpoint. Not only have the power dynamics
Industry Season 4 PREMIERE!!! RED CARPET reaction and LIVE RECAP!!
We’re recording from New York City, fresh off one of the most surreal weeks of our lives — attending the Season 4 premiere of HBO’s Industry, interviewing the cast and creators on the red carpet, and watching the episode in a packed theater alongside the people who made it.In this episode, we share what it was like to meet the writers and actors behind Industry, why this show has become our ultim
Industry S3E8: "Infinite Largesse" | LIVE from NYC on our way to meet the cast!
We are recording LIVE from New York City, just hours before interviewing the cast and creators on the red carpet of the Season 4 premiere! And we're recapping what might just be the best television finale of all time...for a series that is NOWHERE near finished!In this episode, we find our characters in the aftermath of Al-Miraj's last minute rescue of Pierpoint, as they all come face to face with
Industry S3 E7: "Useful Idiot" | The Lehman Episode. Is This the End for Pierpoint?!
We started our careers at the epicenter of the Global Financial Crisis in 2008: the trading floor Lehman Brothers and the CDO Structuring desk at Morgan Stanley. And now, we get to watch our favorite characters reenacting all the drama of the Lehman bankruptcy through the lens of Industry. We dissect the chaotic "war room" dynamics as executive leadership scrambles for a lifeline, debat
S3 E6 | "Nikki Beach, or So Many Ways to Lose
In this episode, we see that friendship and loathing truly are two sides of the same coin. While everything is collapsing for Eric and Yasmin personally, professionally, and morally, Harper is finally ascending into her full power --- at both of their expense.We finally learn what really happened to Yasmin's dad, drawing uncomfortable parallels to chilling real-world headlines. And speaking of
Industry S3E5 "Company Man" | Why the Next “Lehman” Won’t Come From Banks
A public inquiry into Lumi’s £2bn government bailout exposes Pierpoint’s role in the disastrous IPO, where Robert is sent to testify in front of a UK select committee. The episode lays bare how firms protect themselves in crises: lawyers serve the institution, not employees, and blame is carefully redirected toward anyone expendable enough to absorb the fallout.The real financial bombshell, howeve
S3E4 "White Mischief" | The Rishi Episode: Trading vs. Gambling, Liz Truss, Emergency QE, Sterling Crisis, and More!
In this episode we discuss Season 3, Episode 4: "White Mischief", one of the strongest (and darkest) episodes of the series thus far. What starts as a Christmas episode turns into a brutal examination of luck, power, and the lies we tell ourselves and others. At the end of the day, this episode forces the question: is all trading gambling? If not, what's the difference? At the cent
S3E3 “It” | Launching a hedge fund, non competes, IPO disaster & ESG investing hypocrisy
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 clima
S3E2 "Smoke and Mirrors Breakdown" | IPO Disasters, Greenshoe and More!
In this episode of the Unofficial Companion Podcast to HBO Max's hit show Industry, hosts Jen and Kristen—both former investment bankers and teachers—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 mag
S3E1 “Il Mattino Ha L’Oro in Bocca” | IPOs, VCs and Founders Cashing Out, ESG and More!
In this episode we delve into the intricate world of finance depicted in the Season 3 premiere, breaking down the complexities behind the IPO process, explaining key concepts such as leverage ratios, net debt, and the influence of natural gas prices on energy companies like the fictional Lumi. We also explore the regulatory landscape of public company financial disclosures and the strategic maneuv
S2E8 "Jerusalem" | How Soros Broke the Bank of England & What It Has to Do with "Industry" (and the Trump Administration)
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.We unpack the insider trading angle, including whether what Jesse did was in fact insider trading. We get into the
S2E7 | "Lone Wolf and Cub" Hitting a Bid Away, Comp & Revenge
We’re back and breaking down Season 2, Episode 7 of Industry: “Lone Wolf and Cub.” This one is dense with real finance concepts—starting with Harper, Eric, and Rishi's attempt to “hit a bid away” and pitch themselves as a ready-made desk to rival firms. We get into how traders actually get paid, why comp guarantees are risky, and what it means to bring “client color” as your leverage in a job
S2 E6 | "Short to the Point of Pain": GameStop, Short Squeezes, Fundamentals and More
In this episode, we break down Season 2, Episode 6: "Short to the point of pain". The plot centers around FastAid, a company caught in the middle of a short squeeze reminiscent of GameStop’s 2021 rally. We analyze the mechanics of short selling, how hedge funds and institutional traders manage risk in volatile positions, and why liquidity and market perception play crucial roles in deter
S2E5 Kitchen Season | MD Promotion Process, On Campus Recruiting, M&A and More!
Season 2, Episode 5 titled Kitchen Season, kicks off with a discussion on the intricacies of investment banking promotions, specifically focusing on the elusive Managing Director (MD) title. Kristen and Jen explore how promotions in finance are not linear and often depend on numerous factors including firm politics, desk performance, and the candidate's rockstar qualities. They dissect Rishi’
S2E4 | “There Are Some Women”: Forming an Investment Thesis, Comp, Power Plays & More
In this jam-packed episode of the Unofficial Companion Podcast to HBO Max's Industry, we dive into Season 2, Episode 4, There Are Some Women. This week, we delve into the nuanced depiction of compensation negotiations, or "comp season," exploring the implications of Harper's bonus reveal and the significance of her $25 million contribution to PeerPoint. What does it mean to be
S2E3 | "The Fool" Block Trades, Proxy Votes, Private Placement & More
In this episode, we dive deep into HBO Max's hit show Industry Season 2, Episode 3, titled "The Fool." We unpack the intricate financial concepts and ethical dilemmas that drive the plot, exploring topics like block trades, private placements, proxy votes, insider trading, and more.We break down the logistics of block trades—massive transactions conducted outside public markets to m
S2E2 | Block Trades, IPOs vs. Other Equity Offerings, Perception of PWM & More!
In this episode of the unofficial companion podcast to HBO Max's hit show 'Industry,' Jen and Kristen delve deep into the financial intricacies presented in Season 2, Episode 2, titled 'Giant Squid.' They start by dissecting the concept of block trades, highlighting how institutions handle large stock transactions and the associated financial risk. The discussion ties this
S2E1 “Daddy” | Block Trades, CDS, Work From Home and Office Politics
In this episode of the unofficial companion podcast to HBO Max's hit show "Industry", Jen and Kristen dive into the premiere of Season 2, titled "Daddy." They provide a deep analysis of critical finance concepts such as block trades, sales credits, credit default swaps (CDS), and the impact of market volatility on trading desks. The duo examines how the show accurately por
S1E8 | Reduction in Force
Our Investment Banking and Private Equity Foundations course is LIVE now with our M&A course included! Shop our LIBRARY of Self Paced Online Courses HEREJoin the Fixed Income Sales and Trading waitlist HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.
S1E7 | Pre-Crisis Activity
In this episode of 'The Wall Street Skinny,' Jen and Kristen dive deep into the finance-heavy intricacies of HBO Max's hit show 'Industry,' Season 1, Episode 7, aptly titled 'Pre Crisis Activity.' They discuss the ramifications of the 2008 Global Financial Crisis on Wall Street culture, touching upon terms like 'pre-crisis activity' and austerity measur
S1E6 | Wall Street Holiday Parties, Year End Bonuses and More!
In this episode, we dissect the various finance mechanics depicted in HBO Max's Industry Season 1, Episode 6 (Nutcracker). We explore the depiction of holiday parties on Wall Street and discuss why Eric's unconventional decision to give Harper her year-end bonus early not only doesn't make sense, but the numbers are crazy in light of the fact that it should be a stub. We also delve
S1E5 | Italian Brexit Currency Implications, Bonuses, Mentorship & More!
In this episode of the unofficial companion podcast for HBO Max's hit show 'Industry,' we dive deep into the financial intricacies of Season 1, Episode 5. Join Jen and Kristen as they break down the implications of an Italian Brexit and explore how jargon like 'Brexit' has evolved within financial circles. We also delve into the challenges and nuances of bonus structures,
S1E4 | Non Farm Payrolls Basics, FX Trades, Wrong Way Trades, and More!
In this episode, Kristen and Jen delve deep Season 1 episode 4 of HBO Max's Hit show, "Industry". They kick things off by breaking down the significance of the non-farm payrolls report and its sweeping impact on various market instruments like bonds, stocks, gold, and the dollar. They dissect Harper’s misbooked cable trade and explore the severe repercussions it has on both her care
S1E3 | CDS, Correlation Trades, Mentorship and More!
In this episode we delve into episode three of HBO Max's hit show, 'Industry,'. We walk through Harper's cross-asset trade idea involving puts on the homebuilders index, calls on gold, and credit default swaps (CDS), and her interactions with bosses Daria and Eric and use it to discuss mentorship on Wall Street. We further use the show as an excuse to explain sales credits, tra
S1E2 | FX Trades, Hedgers vs. Speculators, Sales Credits, Trading P&L & More!
In this week's episode of 'The Wall Street Skinny', Jen and Kristen return with another insightful deep dive into the world of finance as depicted in HBO Max's hit series, 'Industry'. Leveraging their combined 25+ years of experience in investment banking and teaching, the duo offers an educational exploration of key financial concepts, clarifying everything from the
S1E1 | Banking vs. Sales and Trading, 100 Hour Week Culture & More!
We've heard your countless requests for a review of HBO Max's hit TV show The Industry, and we are buzzing with excitement about our new favorite show!!! In this episode we break down everything from investment banking's pitch book processes and the discounted cash flow (DCF) valuations to the high-energy environment of sales and trading floor. We aim to demystify the rigorous demands of both se
Recommended
The Conspiracy Podcast
Cult of Conspiracy
Dispatches from Reality
The Conspiracy Files
TechnoSnobCast
The Young and Called Podcast .
Snoop Dogg - Flash Biográfico
Deadline: White House
Thrilling Threads - Conspiracy Theories, Strange Phenomena, True Crime, Unsolved Mysteries, etc!
The Daily Conspiracy Podcast
2819 Church
Markus Schulz presents Global DJ Broadcast
