Podcast
The Unofficial Companion Show to HBO Max’s Industry | Morgan Stanley Alums Break Down Every Episode
Hosted by The Wall Street Skinny · EN
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.
21episodes
Episodes
Newest firstAll episodes
Industry S4E8 "Both/And" | Where does Industry go from here?
Mar 201:58:41Tap to summarizeIt'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 2% management fee on assets under management plus 20% of profits — and use that framework to reverse-engineer what this three-person fund operating out of a hotel room should have actually earned versus what got paid out. The numbers don't quite add up, and we have thoughts.This finale also takes a hard pivot into politics, power brokering, and some very dark territory for one of our favorite characters. We trace every reference and detail — from Walt Whitman to the Talented Mr. Ripley, George Orwell to Henry VIII — and debate what the show is setting up for its next chapter. Character arcs that have been building all season reach their breaking points, alliances shatter in stunning ways, and the episode forces us to ask whether people are truly capable of change or destined to become the very thing they fought against.We share our honest reactions to what worked and what left us frustrated, revisit our season-long theories one final time, and give our last bullish and bearish calls of the season. Thank you to every single listener who joined us on this ride — your feedback, theories, and insights made this our favorite recording day of the week. See you next season.
Transcribe →Industry S4E7 "Points of Emphasis" | Some Promises Weren't Meant to Be Kept
Feb 2302:05:12Tap to summarizeIn 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 around her.Along the way, we dig into the finance: what a hostile takeover actually is and why Whitney's stock-for-stock bid for PierPoint is more smoke and mirrors than strategy, the real-world Porsche-Volkswagen story that inspired Whitney's synthetic position playbook (and why it still wouldn't be legal today), and why Harper's team is covering their short carefully as the stock craters.We also get into the emotional core of the episode: Lord Norton's heartbreaking decision to let Henry face the consequences, the long-awaited Harper and Yasmin reconciliation, and what Yasmin's admission that she's "never been necessary" might be setting up for the season finale.Share your theories and let us know where you think this all ends for our characters!
Transcribe →Industry S4E6 "Dear Henry": Why This Might Be the Greatest Episode of Industry Ever Made
Feb 1602:45:52Tap to summarizeRecap & 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, Valiant, and Luckin Coffee. We also discuss why Tender's "convertible bond" is actually a putable bond (a la Succession Season 1). Meanwhile, Whitney's relationship with Henry takes some deeply unsettling turns, and cracks in Tender's armor start showing from directions nobody expected. The episode's biggest revelations reshape everything we thought we knew, which would have been unbelievable had it not come directly from the Wirecard scandal. A bunch of our theories come true but sadly...and we discuss new theories and hopes given a shocking exit by one of our characters. With only two episodes left this season, the battle lines are drawn. Whether you're here for the finance masterclass or the character drama, this one has it all.Did you know we have a 25-hour Investment Banking & Private Equity Fundamentals self study that covers exactly what new hires get when they start on Wall Street? Step-by-step modeling, valuation, accounting, and more, delivered by Kristen who taught this exact content at firms including Blackstone, Morgan Stanley and more for over a decade. Check it out here: https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking
Transcribe →Industry S4E5 Eyes Without a Face: The Thing Was Nothing
Feb 602:37:03Tap to summarizeSternTao goes to Accra
Transcribe →Industry S4E4 "1000 Yoots, 1 Marilyn" | The "Leap of Faith" / Most Disturbing Episode Yet
Feb 202:25:44Tap to summarizePerhaps 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 and control. Yasmin's position becomes nominally elevated, and she advocates for Hayley's promotion, but is ultimately left wondering who's manipulating whom in their relationship. And while she thought she was at the head of the love triangle with Hayley and Henry, we start to suspect that the real love triangle exists instead between the Mucks and Whitney, with Whitney at the helm. Whitney has also figured out how to maneuver Henry into effectively doing his bidding, helping him successfully navigate the launch of Tender's new app. Also, Pierpoint is back, and we get into the finer points of convertible bond issuance vs. "cocos". Finally, we see the paths of Jim Dycker and Rishi take a dark turn and ultimately collide. An off-the-cuff remark made by Dycker in the opening seconds about philosopher Soren Kierkegaard comes home to roost as these characters confront dark truths about themselves, culminating in a "leap of faith" that leaves us all hanging on the edge of our seats.
Transcribe →Industry S4E3 "Habseligkeiten" | The Threesome Episode
Jan 2602:15:19Tap to summarizeWe 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 enough investor buy-in to get off the ground. As Jim Dycker prepares to publish his allegations about Tender’s murky payments business, the episode leans hard into the real risks of short-selling; being right doesn’t matter unless you have timing, proof, and a story the market believes. We unpack the real history of infamous shorts gone awry with the Ackman/Icahn battle over Herbalife in a mini-history lesson you won't want to miss.But just as much as Harper wants money coming through the doors, she struggles to open up to Eric and Kwabena, both of whom seek closeness on a personal AND professional level. Will Harper ever be able to actually let anyone in? Perhaps Sweetpea, with her mutual love of ethically questionable investigations, is her only true soulmate.Meanwhile, Tender seeks to acquire an Austrian bank in order to backdoor a European banking license, and the C-suite is forced to confront a bad actor with fascist sympathies. Yasmin takes control of Henry, pushing him to weaponize his trauma, managing regulators through political and media pressure, and inserting herself into rooms where she clearly doesn’t “belong.” In Vienna, what looks like a merger charm offensive veers into something darker, both for the company and Yasmin & Henry's marriage. This is where the title’s meaning lands with a punch. In the world of Industry, money, morals, and people themselves have become possessions that can be claimed, traded, and taken away.
Transcribe →Industry S4E2 "The Commander and the Grey Lady" | The Henry Muck Episode
Jan 1901:28:02Tap to summarizeHenry 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, and his failed attempt to get a political career off the ground. But the mood shifts from public failure to private collapse, as Henry descends into an infantilized state of drug dependence and depression. Yasmin is thrust into the role of caretaker against her will, and we see their relationship framed in a new light, one that ultimately culminates in an epic confrontation. Both Yas and Henry are forced to confront the ghosts of their past: Henry's being the emotional inheritance of his father's suicide, and Yas being the twisted inheritance of her father and his sexual deviance.Will Yas be able to pull Henry out of his darkness by orchestrating a lifeline through a job at Tender? Or will Henry succumb to his genetic inheritance and take his own life? And will something better be born out of this union? Or is their union in fact going to birth something upon the world? Make sure you follow our NEW, DEDICATED YouTube channel where all of our Industry companion content will live! Head over to https://www.youtube.com/@HBOIndustryPodcast and hit subscribe now!
Transcribe →Industry S4E1 FULL RECAP | An American Psycho in London
Jan 1302:11:50Tap to summarizeWe'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 shifted considerably amongst our returning stars, but we're shifting our focus away from high finance to fintech. We try to sleuth out the real-life fintech scandals upon which the episode may or may not be based, explain the mechanics of gating and redemptions at hedge funds, and tie together the real world legislation that is driving some of the show's key plot points. Along the way, we explore the episodes themes of fetishization, consent, agency, and power. Above all, we are confronted with the collapse of a founder friendship that feels like a reflection on the difficult creative decisions undertaken to drive the show in a new direction. We find ourselves with more questions than answers, a sense of a predator (or predators!) in our midst, and set the tone for a much more dangerous and ambitious season to come.
Transcribe →Industry Season 4 PREMIERE!!! RED CARPET reaction and LIVE RECAP!!
Jan 1200:36:38Tap to summarizeWe’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 ultimate passion project, and how analyzing every line has changed the way we think about finance, literature, ambition, identity, and work. We talk about the warmth and generosity of the cast, the shock (and humor) of seeing the premiere with a live audience, and why Industry is so much more than a finance show.We also give first reactions to the Season 4 premiere, including early themes around power, betrayal, regulation, hedge funds, identity, and the cost of building something meaningful. From Harper’s evolution to Eric’s return, from fintech chaos to personal ambition, this episode sets the stage for what promises to be a huge season.This is a teaser episode — we’ll be dropping full, line-by-line breakdowns every week immediately after each episode airs, plus more interviews and behind-the-scenes conversations.Thank you for supporting this wild passion project. We’re just getting started.
Transcribe →Industry S3E8: "Infinite Largesse" | LIVE from NYC on our way to meet the cast!
Jan 1101:48:49Tap to summarizeWe 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 the consequences of their decisions. While Pierpoint the institution we came to know, love, and fear may no longer exist, has the "institution" writ large still survived intact? Has Yasmin transcended a life of material comfort and social status to take a flier on Robert and the proverbial lotto ticket of his startup venture? Or will she ultimately end up wedded to the same patriarchy that has abused her for as long as she can remember? And will Harper be able to find happiness at the helm of a hedge fund full of peers who respect and cherish one another? Or is she still the ruthless "psychopath" Eric threw to the wolves at the end of last season? Is there any room for generosity at all in the cutthroat world of high finance? Or is the idea of "infinite largesse" incompatible with the world we've built here? Get all caught up ahead of the Season 4 premiere, which we can't wait to share our initial thoughts on the moment the episode airs!
Transcribe →