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, 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.

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