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In this episode, we sit down with Don Kieffer, senior lecturer at MIT Sloan School of Management and co-author of There’s Gotta Be a Better Way, to talk about what actually makes companies run well. Don has spent decades helping organizations, from Harley-Davidson factory floors to biotech labs, design better systems that unlock real performance. We break down the five-principle framework he developed with his co-author, Nelson Repenning, an MIT PhD, MIT Sloan professor, and leading expert in operations and systems thinking, for building operational excellence: solving the right problem, structuring for discovery, connecting the human chain, regulating for flow, and visualizing the work.

Through stories that range from front-desk hotel check-ins to a corrugated cardboard plant and even private equity fundraising pipelines, Don shows how tiny operational tweaks can deliver huge impact. We explore why firefighting cultures keep companies stuck in a “capability trap,” why automation without fixing the human system first is a mistake, and why the best private equity playbooks focus on execution, not spreadsheets. For founders, operators, and investors alike, this is a practical, no-fluff conversation about how businesses actually scale.

Before diving into operations, we also touch on recent rumblings in credit markets, continuing our discussion on the failed refinancing of First Brands and the liquidation of TriColor to bank fraud write-offs and how credit default swaps can amplify market stress. It’s a lively, two-part arc: first, the operational playbook; next, how top investors at Private Equity firms think about value creation inside portfolio companies.

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This week on The Wall Street Skinny, we kick off discussing gold ripping to record highs and unpack why that’s happening in a still-high-rate world: sticky inflation keeping real yields muted, central-bank buying, safe-haven demand, and a dash of retail frenzy. We also poke holes in the “25/25/25/25” portfolio meme (equities/bonds/cash/gold) and talk through why allocation can’t be one-size-fits-all—age, goals, and cash-flow needs matter.

Then we dive into First Brands’ Chapter 11 and the alleged “Enron-style” shenanigans behind $2.3B of vanishing assets. We explain collateral, receivables/inventory financing, why overlapping pledges are a five-alarm fire, and who’s exposed (private credit funds at Street names like Jefferies and UBS get a mention). Bigger picture: what this says about today’s credit boom, looser covenants, and why fraud tends to surface when the cycle turns—plus what two auto-related bankruptcies might signal about the consumer/auto complex.

We also decode that viral “Ferrari-loving trader” headline: how a naked short in long bonds around the COVID shock morphed into an 11,000-to-1 leverage debacle and ~$250mm in Street losses—complete with a plain-English walk-through of bond shorting, repo, and settlement. Finally, we react to the Centerview analyst lawsuit over sleep accommodations and the perennial debate over banking culture, expectations, and realistic boundaries. Stick around for what’s next: a Distressed Debt 101 primer in November and a packed slate of heavyweight guests.

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Presale access for our newly launched Fixed Income self-paced course here: https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales

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Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE)

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A one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together.

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. (Learn more HERE)

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What does it really mean to be a "quant investor"? How do quantitative strategies fit into a modern portfolio? And what does it take to break into a quant investing career path?

In this episode, we sat down with Stacie Mintz, Head of Quantitative Equity at PGIM (one of the world's largest asset managers, with $1.4tr in AUM). Stacie's team oversees $60bn in quantitative equity strategies, and she joins us to break down what quant investing is, how it differs from other investment philosophies, what the role of human oversight is relative to AI, and what skills are essential for breaking into the field.

From factor investing and natural language processing to how quants think about risk and portfolio construction, this is a no-nonsense inside look at the world of systemic investing. We also do some myth busting work (spoiler alert: quant investing isn't just AI and algorithms gone wild), the evolving role of artificial intelligence, and why communication skills often matter just as much as your coding ability.

Whether you're just starting out in your career or you're an investor trying to understand how systematic strategies complement traditional fundamental analysis, this conversation is a crash course in Quant Investing 101.

Access the free replay of the Masterclass here!

Presale access for our newly launched Fixed Income self-paced course here: https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales

For 20% off Deleteme, use the code TWSS or click the link HERE!

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2-Day Financial Modeling Bootcamp
Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE)

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A one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together.

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. (Learn more HERE)

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Two days into a government shutdown, we break down what it actually means for markets when key data go dark—like today’s missing non-farm payrolls—and how that uncertainty can ricochet through trading desks, air travel, the SEC/IPO pipeline, and year-end seasonals. We walk through the historical playbook (rates, dollar, risk) and how we’re thinking about positioning when the Fed is flying with fewer instruments.

Then we unpack the freshly announced largest-ever LBO and stack it up against 2007’s TXU: equity checks vs. leverage, private credit’s outsized role, and why a single-bank underwrite changes the risk map. We also separate real CLO mechanics from internet myth and ask the only question that matters: are we replaying ’07—or writing a new script?

Finally, Jen dives deeper into the growing conversation about moving the Fed’s focus away from fed funds toward repo/GC-SOFR—what that shift would change and why it’s gaining traction now. Housekeeping: our Fixed Income Sales & Trading self-paced course presale is live (Part 1: Bond Math now; Derivatives next; Macro/Relative Value after), live Financial Modeling Bootcamps run at the end of October, and Kristen’s 3-Statement Modeling course targets late November. Bonus: we preview our interview with a $60B quant equities head on integrating systematic strategies into real portfolios.

Access the free replay of the Masterclass here!

Presale access for our newly launched Fixed Income self-paced course here: https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales

For 20% off Deleteme, use the code TWSS or click the link HERE!

Sign up for our LIVE Virtual Bootcamps!

2-Day Financial Modeling Bootcamp
Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE)

Global Markets & Investing Playbook
A one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together.

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. (Learn more HERE)

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This week on The Skinny on Wall Street, Kristin and Jen tackle three headlines where markets and policy collide. First up: Trump’s call to shift public companies from quarterly to semi-annual earnings reporting. We lay out the real trade-offs—less bureaucracy and “short-termism” pressure for management vs. reduced transparency, potential for more volatility, and what this could mean for big-cap names vs. smaller issuers.

Next, we unpack Trump’s proposed H-1B changes, a steep annual sponsorship fee that could reshape hiring in finance, tech, medicine, and research. We talk through how global banks might reroute talent via L-1 transfers, who really feels the pinch (startups, hospitals, universities), whether this raises wages or just pushes more roles offshore, and what it means for students eyeing Wall Street.

Finally, Jen explains why some Fed voices want to de-emphasize the Fed funds rate in favor of repo/GC/SOFR, the rates tied to real collateralized cash flows that transmit policy into markets every day. Plus: don’t miss our free live Fixed Income, Sales & Trading + Markets Masterclass on Tuesday, September 30 at 12:00 PM ET—with live Q&A, special announcements, a giveaway for live attendees, and a 48-hour replay. Grab your spot HERE

Access the free replay of the Masterclass here!

Presale access for our newly launched Fixed Income self-paced course here: https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales

For 20% off Deleteme, use the code TWSS or click the link HERE!

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2-Day Financial Modeling Bootcamp
Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE)

Global Markets & Investing Playbook
A one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together.

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. (Learn more HERE)

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The day after the FOMC’s first rate cut of 2025, we sat down with Matt Hornbach, Global Head of Macro Strategy at Morgan Stanley, to unpack what the decision really meant, and what the markets maybe got wrong on first read. Matt talks about the shifting dissenters, how updates to the Summary of Economic Projections present a more complicated picture for the future path of rate cuts, and why Powell’s tone at the presser felt at odds with the statement itself.

We also dig into the Fed’s often-misunderstood, rarely referenced “third mandate” (moderate long-term rates), the limits of yield curve “engineering,” and the crucial point that U.S. mortgage rates don’t simply follow 30-year Treasury yields.

We dive into Matt’s favored yield-curve steepener, going into the details of preferred expressions optimized for minimal cost of carry. Beyond rates, he explains why he expects further USD depreciation and gives us a rates-based framework to understand what sometimes feels like puzzling strength in the equities market.

This episode is also our “Fixed Income Strategy 101” primer, where we cover: what macro/fixed-income strategy teams actually do, how they partner with sales & trading and clients, the difference between research/strategy/desk strategy, the top skills hiring managers look for (hint: learn Python), and common exit paths.

Matthew Hornbach is a Managing Director at Morgan Stanley, Global Head of Macro Strategy, and one of nine members of the Global Investment Committee for Morgan Stanley Wealth Management. With support from his team, Matthew received the most individual or firm votes in the 2021, 2022, 2023, and 2024 Institutional Investor Global Fixed-Income Research poll across all analysts across all Economics & Strategy categories.

Matthew began his career at Morgan Stanley in June 2000. He joined as a Japanese Government Bond (JGB) trader in Tokyo, then became a yen interest rate strategist. Matthew moved to New York in 2004 to make markets in Treasury Inflation Protected Securities (TIPS). He returned to Tokyo in 2006 to develop the US Agency MBS Pass-throughs business in Asia. In 2012, Matthew returned to New York as Head of U.S. Rates Strategy and became

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Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE)

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A one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together.

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. (Learn more HERE)

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This week on The Wall Street Skinny, we sat down with Gene Tannuzzo, Global Head of Fixed Income at Columbia Threadneedle, right as the Federal Reserve’s latest rate decision hit the wires. We walk through the live market reaction to the Fed’s 25 basis point cut, the dissenting voices on the FOMC, and what this move signals about the central bank’s shifting priorities. For those curious about how policy decisions ripple into real-time trading activity, this episode gives you a rare seat at the table during the announcement itself.

As Gene explains, the flatness of today’s yield curve and the Fed’s projections for additional cuts this year underscore the tension between slowing labor market data and still-stubborn inflation. We dig into the nuances of steepeners versus flatteners, what the dot plot is really telling us, and how fiscal policy plays into the broader bond market narrative. Whether you’re an experienced market watcher or just starting to understand the dynamics of Fed meetings, you’ll come away with a much clearer framework for interpreting these moves.

We also broaden the conversation to explore structural shifts in the economy, including labor force trends, immigration, and the role of AI in reshaping productivity and capital spending. Gene helps break down why funding markets matter, how balance sheet policy can contradict rate policy, and what investors should watch for as the Fed balances credibility, growth, and inflation risk. The result is a lively, insightful discussion that blends market theory, policy analysis, and practical trading perspective.

Access the free replay of the Masterclass here!

Presale access for our newly launched Fixed Income self-paced course here: https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales

For 20% off Deleteme, use the code TWSS or click the link HERE!

Sign up for our LIVE Virtual Bootcamps!

2-Day Financial Modeling Bootcamp
Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE)

Global Markets & Investing Playbook
A one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together.

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. (Learn more HERE)

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Kristen and Jen dive into the real-life Succession drama unfolding inside the Murdoch family, breaking down the legal battle over the Fox and News Corp trust that controls the family’s Class B super-voting shares. They explain how Rupert and Lachlan Murdoch secured a deal to buy out their siblings at a discount, why dual-class share structures matter for corporate control, and how this settlement resolves questions around long-term leadership of Fox Corp. The hosts connect it back to valuation, governance, and even their own courses, showing how the Disney–Fox transaction and the Murdoch saga mirror the themes of HBO’s Succession while providing a real-world case study in M&A and family business dynamics.

They also preview next Wednesday that they will be streaming live on YouTube immediately after the FOMC meeting to break down the Fed’s statement and market reaction in real time. They’ll be joined by the global head of income at a $650+ billion investment firm to give listeners a rare, trading-floor perspective on how professionals dissect every nuance of Fed language and position themselves in the bond market. Expect sharp analysis on yields, funding pressures, and curve moves—plus the chance to watch the news unfold live with expert commentary.

Access the free replay of the Masterclass here!

Presale access for our newly launched Fixed Income self-paced course here: https://thewallstreetskinny.com/fixed-income-sales-trading-investing/#fixed-income-sales

Sign up for our LIVE Virtual Bootcamps!

2-Day Financial Modeling Bootcamp
Master the technical Excel and accounting skills essential for investment banking, private equity, and fundamental investing. (Learn more HERE)

Global Markets & Investing Playbook
A one-day crash course on the financial ecosystem, perfect for anyone seeking a big-picture understanding of how global markets and Wall Street fit together.

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. (Learn more HERE)