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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 — especially with outside money potentially shaping the media landscape.

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.

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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.

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We are back from hiatus and diving straight into the high-stakes world of Industry Season 3, Episode 3, "It." Join former Morgan Stanley investment bankers Jen and Kristen as we decode the finance behind the drama at the COP climate conference in Switzerland. In this episode, we break down the hypocrisy of ESG investing, the regulatory "Chinese Wall" between equity research and investment banking, and why pressuring an analyst for a buy rating isn't just frowned upon—it’s illegal. We also analyze the mechanics of Petra and Harper’s rogue attempt to launch a new "Leviathan" fund, fact-checking everything from non-compete clauses to Harper’s strategic lie about being a former "trader" rather than a salesperson.
Beyond the balance sheets, 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. We discuss the nuances of "dad trauma," the reality of IPO lockup periods, and the cringe-worthy dynamics of pitching a non-ESG fund at a climate summit. We also explore the literary references to King Lear and Leviathan that foreshadow the power struggle between Harper, Petra, and the wealthy 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? We wrap up by delivering our Bullish and Bearish takes on the cast, deciding who is playing the long game and who is about to fold. Whether you’re here for the technical breakdown of hedge fund marketing or the messy workplace drama, we’ve got the skinny on what’s real and what’s just Hollywood.

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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.

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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

Shop our Self Paced Courses:

Investment Banking & Private Equity Fundamentals HERE
Fixed Income Sales & Trading HERE

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.