The Wall Street Skinny

Send us Fan MailIn 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 career and the firm's PNL (Profit and Loss). From discussions on exchange rates, jobless claims, and the Federal Reserve's dual mandate, listeners get a comprehensive summary of real-world finance mechanics.As the drama unfolds, the podcast tackles critical financial strategies and mistakes, such as the implications of currency risk management, market expectations, and the ethical standards within trading floors. They evaluate Harper's ill-conceived decision to cover up her error by leveraging a risky NFP forecast, highlighting her missteps and the importance of immediate transparency in high finance. Additionally, Krista and Jen offer insights into the dynamics between front office and back office roles, presenting a nuanced look at the challenges and hierarchies within investment banking.The episode juxtaposes the intense financial maneuvers with the personal dramas of the characters, giving listeners both an emotional and educational experience. From understanding the rigorous trust required between managers and analysts to the sophisticated financial concepts and ethical standards essential for a trading career, this episode packs a wealth of knowledge on how real-life financial markets operate, all while keeping you entertained thanks to HBO's dramatic storytelling.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailIn this episode of The Wall Street Skinny, we dive deeper into the world of private credit with our exceptional guest, Alona Gornick. Alona, a senior investment strategist and managing director at Churchill Asset Management, shares her invaluable insights on the evolving landscape of direct lending, the intricate structure of private credit deals, and why this asset class continues to grow in prominence. With a career background in investment banking (specifically the gaming sector), high yield bond investing and private placements, Alona demystifies the complex factors that differentiate private credit from conventional bank financing, offering listeners a comprehensive overview of the risks, rewards, and strategies required for success.The discussion also covers the critical considerations private equity firms must weigh when choosing between traditional financing methods and direct lending, including efficiency, certainty of execution, and incremental financing. Alona illuminates the life cycle of these investments, their repayment timelines, and how firms like Churchill Asset Management navigate repayments and refinancing events in an ever-changing market. Whether you're a seasoned investor or new to the field, this episode offers a treasure trove of knowledge on one of today’s most dynamic and lucrative sectors within the finance industry.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailIn 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, trade executions, and correlation trades.We get into workplace politics and the often-blurred lines between personal and professional relationships, highlighting Gus and Robert's varying strategies to win over the client, Usman, and why in some cases the smartest person in the room isn't the one who comes out on top. We give our take on the challenging balance of maintaining professional relationships and achieving career growth on Wall Street. For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailDoes what you wear to work on Wall Street matter? How much? Why? What exactly are you supposed to wear, anyway? Who makes those decisions? And how can you express your personal style in a way that elevates your career?In this inspiring conversation with former finance PR specialist-turned-fashion-founder Kerry O'Brien, the CEO of Commando, we learn how to navigate all of these questions in a fun, freeing way.Kerry gives us insight into her innovative, technology-forward approach to fashion, her personal philosophy about taking risk, and her solutions for some of the classic problems we run into when it comes to fashion in finance.Kerry O’Brien is the visionary founder, CEO, and designer behind Commando, a brand renowned for its unique blend of technical innovation and elevated design. After a successful career in financial public relations in New York City, Kerry set out to redefine the way women experience intimate apparel, transforming her passion for problem-solving into a game-changing endeavor.With no formal background in design, Kerry launched Commando in 2005, introducing the industry’s first ever raw-cut, elastic-free, invisible undergarments. What began as a mission to deliver exceptional comfort and confidence has evolved into a brand synonymous with innovation, with Kerry holding two patents for her groundbreaking work in hosiery and slips.  In 2012, Kerry was inducted into the Council of Fashion Designers of America (CFDA), solidifying her status as a pioneer in the industry.  Today, Commando’s designs are seen on red carpets, runways, and magazine covers worldwide, making it a trusted favorite among stylists and celebrities alike. Under Kerry’s leadership, Commando has grown from its pioneering signature raw-cut intimates to a full ready-to-wear collection that continues to push boundaries in technical fabrics and modern aesthetics. Kerry has applied commando’s raw-cut and comfort-obsessed philosophy to many corners of your closet by designing long lasting, timeless wardrobe essentials that you can wear on repeat season after season. This commitment to excellence and ingenuity earned her a Femmy in 2024 for Brand Evolution, the intimate industry’s highest award. A sixth-generation Vermonter, Kerry lives in BurFor a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailNearly every thought leader we’ve spoken to in the finance industry has struggled with imposter syndrome at some point in their career. Not Michele Trogni.  We had the fabulous opportunity to sit down with Michele at the CAIS Summit, where she explains how she learned early not to be encumbered by the expectations of others, to be emboldened by preparing for the unexpected, and to only pursue that which genuinely interested her.  Michele started her career leading technology in the banking world, and is now CEO of Zinnia, an insurance solutions innovator. Insurance represents both an asset class AND an investor in the world of finance, and it's imperative to understand the full scope of the roles it plays. Michele gives us a 101-level crash course on insurance and annuities, explains how permanent capital functions, and shares frank insight into how she has risen to the upper echelons of the finance industry while simultaneously having a large family. Michele Trogni is the CEO of Zinnia. She has a 30-year track record of technology-led transformation in banking and financial services. Prior to joining Zinnia, Michele was Group CIO at UBS, and subsequently EVP of Consolidated Markets at IHS Markit. With a laser focus on leveraging technology and data to bring transparency, reduce friction and improve client experience, she is now leading the execution of our Open Insurance vision in the life and annuities industry. Michele is a member of the Deutsche Bank Supervisory board and serves as chair to their Tech, Data and Innovation Committee of the board. As an agent of change, Michele is in her element when she’s creating a win-win for those around her, whether that’s for her team, her clients, or her large family that motivate her each and every day. She has a passion for people, data & technology, and succeeds by fusing it all together with teams of talented people who share her vision and values. She’s an advocate for transparency and good communication and believes true innovation is the result of inclusive teams with diverse backgrounds, skills, and perspectives.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailSteve Kurz vaulted from early days at a worm poop startup (yes, that's a real thing) to the fast track of traditional finance, only to find himself with a front row seat to the Global Financial Crisis.  Steve took the lessons he learned in traditional finance at legendary institutions like Lehman Brothers, Fortress, and River Birch and forged a new path along with his co-founder, Mike Novogratz, to found Galaxy: the Goldman Sachs of crypto.In today's episode, Steve explains to us his vision of the institutional future of crypto, the character of the crypto ecosystem emerging from the stress tests of the past few years (ahem, FTX), and explains the contemporary use cases for crypto that transcend the fragmented narrative of its early days. He also talks about building a family with an equally talented, successful, and driven partner.Steve's bold --- yet thoughtful --- entrepreneurial mindset should be an inspiration to anyone doubting themselves as they navigate their own career path. We are honored to share Steve's insight & perspective.  Steve Kurz is the Global Head of Asset Management at Galaxy and a member of Galaxy’s founding team. In addition, Steve is a member of the firm’s management committee and serves as chair of the ESG Steering Committee. Before joining the firm, he Co-founded Outer Realm, an enterprise focused immersive software company (sold in 2022). Previously, he was a Principal and Head of Business Development at River Birch Capital, where he led global capital formation efforts. Prior to that, he was a Vice President at Fortress Investment Group, where he held strategy, product specialist, and capital formation roles in New York and Singapore. He started his career as a Capital Markets Analyst in the Fixed Income Division of Lehman Brothers. He holds a B.A. in Economics from Cornell University. He also serves as a Term Member of the Council on Foreign Relations.Check out Galaxy on Instagram @galaxydigitalhqFor a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailFor a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailYou've probably heard of Exchange Traded Funds (ETFs) before.  You may even own shares in some.  But do you actually know what they are?  How are they created?  How do they work?  Who maintains liquid markets in them?  Why would you invest in one in the first place?  And why has this marketplace exploded to a size of $11-12 trillion across 10,000+ funds?We are joined by longtime friend Brian Weinstein, head of global markets at MSIM, to understand the mechanics, philosophy, and inner workings of the world of ETFs.Brian Weinstein is head of Global Markets at Morgan Stanley Investment Management, overseeing counterparty management, ETFs, liquidity investment management, and the Global Markets Strategy Group, which designs and implements algorithmic portfolio management solutions. He is a member of the Morgan Stanley Investment Management Operating Committee. Previously, he was head of Fixed Income. Prior to joining Morgan Stanley in 2018, he was cofounder and chief investment officer of Blue Elephant Capital Management and before that was head of Fundamental Institutional Fixed Income at BlackRock. He has over 20 years of financial services experience. Brian has a BA in History from the University of Pennsylvania. https://www.morganstanley.com/im/en-us/individual-investor/product-and-performance/etfs.desktop.htmlFor a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailWith less than two weeks to go until the US Election, we are bringing you this special edition crossover podcast episode with our trusted friend and news source, Mosheh Oinounou of Mo News.We are trying to achieve the impossible: a non-political podcast episode about politics.  We sat down with Mosheh to explain some basic mechanics behind the US presidential election process, fill in some gaps in our own knowledge, get a better understanding of what the financial markets do ---and don't --- care about when it comes to elections, and ask the question: are we going to be ok??Our goal here is to educate and entertain, and above all: remind you to vote!Follow Mo News at @mosheh and @monewsteam on Instagram and TikTok.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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. 

Send us Fan MailIn today's episode of TSO we are joined by Jade Huang, Chief Investment Officer of Calvert Research Management. She breaks down what is going on right now at the COP 16 Summit, talks about responsible investing, ESG, why it's so much more than just buzz words and how you can make money while also doing good for the planet.Jade HuangChief Investment Officer, Co-Head of Applied SolutionsCalvert Research and ManagementJade Huang is chief investment officer and co-head of applied solutions for Calvert Research and Management. In that role, she leads Calvert’s innovative investment strategy and oversees research. Jade previously served as managing director of Applied Responsible Investment Solutions. Prior to leading that team she served as a Calvert portfolio manager and analyst.  Previously, she was an investment analyst at Microvest, an asset management firm specializing in impact investing, and led the certification department at Fair Trade USA.  Jade began her career as a Financial Auditor for Deloitte Financial Advisory Services. Jade earned a B.A. from the University of California, Berkeley and an M.A. in international finance and economics from Johns Hopkins University, School of Advanced International Studies (SAIS).Get access to our top 5 technical concepts for Investment Banking interviews masterclass: Also to join the waitlist for our course, sign up here: https://the-wall-street-skinny.mykajabi.com/waitlist-opt-in-IBDFor a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.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.