Unhedged Podcast: “Quiz Show!”

Hosts: Katie Martin, Robert Armstrong
Guest: John Foley
Date: December 30, 2025

Episode Overview

This playful festive episode features Katie Martin as quizmaster, challenging Robert Armstrong and John Foley with a series of quirky, finance-adjacent quiz questions. The participants dig into memorable moments from the year in business, finance, and culture—blending insightful commentary with tongue-in-cheek banter and a dash of personal anecdotes. It's a lighthearted look back at the past year, perfect for listeners seeking a fun recap with the FT's sharpest wits.

Key Discussion Points & Insights

Opening Banter & Quiz Introduction (00:36–03:16)

• Scene-setting: Katie welcomes listeners, poking fun at post-holiday boredom and announcing a “frivolous quiz.”
• Participants: Robert Armstrong (Unhedged newsletter) and John Foley (Lex and “owner of a spectacularly sore finger”) join as contestants.
• Tone: Light, self-deprecating banter sets a jovial, irreverent mood.
  • Memorable Moment: Katie gives John a sympathy point for his finger injury.
    “I'm giving John one point on my little score sheet now out of pure sympathy.” – Katie (02:25)

Taco Trade & Trump Trivia (03:16–07:11)

• Origins: Revisiting Rob's 'taco trade' concept.
• Q1: What did Trump call the bond market when it tanked?
  Answer: “Yippee.”
  (Both contestants correct)
• Q2: Trump’s Oval Office response to the taco trade question?
  Answer: “Nastiest question.”
• Q3: Tariff rate on Heard and MacDonald Islands (penguin-inhabited)?
  John wins with 10% (closer than Rob’s guess).
  (04:55)
• Q4: Wrong number of dolls for your daughter, per Trump?
  “You don't need 37 dolls.” – Katie (06:53)
  Rob gets the point, recalling Trump’s comical precision.

Sample Quote:
“I think 10% is a number that says, look, we're not taking any shit from you penguins, but we are giving you a bit of a sweetheart deal.”
– Katie Martin (06:10)

K-Shaped Economy & Absurd Prices (07:11–10:20)

• Q5: US Open chicken nuggets with caviar—price?
  • Rob estimates $25, John $80; real answer: $100.
  • Discussion of luxury pricing and festival markups.
• Financial Satire: Using exaggerated food pricing as K-shaped economy exemplars.

Quote:
“Don't you get ashamed that that is being sold at your venue at some point? ... It's just not right.”
– Robert Armstrong (10:12)

Popmart & The Labubu Phenomenon (10:20–12:54)

• Q6: Market cap of Popmart International vs. Hasbro?
  John: $40B; Rob: $41B; Real answer: $33B — John wins.
• Bonus: Popmart’s stock decline from its peak?
  Closest estimate wins; real answer: down 40%.

Memorable Perspective:

• John’s calculation approach: “multiply it by four” – a running joke throughout.

Very Normal People: Parody & Real Absurdities (13:15–17:45)

Peter Thiel & Antichrist Theory (13:19–14:55)

• Q7: What does Peter Thiel think Greta Thunberg could represent?
  • Both: “The Antichrist.”
• Katie reads Thiel’s rationale:
  “In the 21st century, the Antichrist is a Luddite who wants to stop all science. It's someone like Greta.” (14:31)

Liz Truss & Membership Clubs (15:20–16:46)

• Q8: Founding member fee for Truss’s AI club?
  Rob: £80K, John: £50K, Real answer: £500K
  Jaw-dropping response to price vs. value.

Big Balls Korestein (17:22–17:38)

• Q9: Nickname of Edward Korestein from Doge?
  John: “Big Balls.” Correct.

Bubble Round: Who Said It? (17:59–20:45)

AI Bubble Commentary (18:00–18:45)

• Quote about “from our vantage point there’s no AI bubble” –
  Jensen Huang, Nvidia CEO (18:34)

Bubble Utility Analysis (19:25–20:06)

• Quote on industrial vs. financial bubbles –
  Jeff Bezos (19:42)
• Rob’s reflection:
  “I think, by the way, this is kind of true… you just have too many [assets] and you have to grow into it.” (19:43)

Meta & AI Infrastructure (21:12–24:44)

Meta’s Financing (21:12–21:41)

• Q12: Meta’s dollar bond issue day John wrote about hyperscalers not borrowing for AI?
  John guesses $40B, Rob: $28B, Real answer: $30B – Rob gets it.

VR Offerings & Glasses Pricing (22:32–24:45)

• Meta’s avatar VR experience: “Horizon Worlds.”
• US retail price for Ray-Ban Meta glasses?
  John: $400; Rob: $699; Actual: $379 – John closest.

Results & Reflections (24:45–25:37)

• Final Tally: John: 9 points (plus bonus = 10), Rob: 6 points.
• John’s Acceptance:
  “If you'd ask questions about actual important, real stuff, Rob would easily… have won.” – John (25:17)
• Katie: “John is the winner of 2025!”

New Year’s Resolutions (26:34–28:53)

• Rob: Pivot from mindfulness to “indulging myself” (midlife crisis jokingly implied).
• John: Abandon mindfulness (“it’s victim blaming... capitalism makes us stressed”) in favor of reading more US presidential biographies. Target: President Garfield.
• Katie: “Say no more often”—resolving to avoid overcommitting.

“2026 is the year of no.” – Robert Armstrong (28:51)

Notable Quotes & Memorable Moments

• Quizmaster dominance:
  “The rules of the quiz are as follows. I’m in charge.” – Katie Martin (02:55)

• Rob’s preemptive complaint:
  “I just want to say… Katie designs these quizzes to humiliate me personally. I’m lodging an official complaint preemptively.” – Robert Armstrong (02:32)

• On wild pricing at events:
  “You get the tennis premium... And then you multiply that by four… you get $80.” – John Foley (09:12)

• On surreal 2025 finance culture:
  “Very normal people. Loose on the federal government.” – Katie Martin (17:41)

• Katie’s final send-off:
  “Happy New Year. We love having you all on board… Have a fabulous 2026.” (28:53)

Timestamps for Key Segments

• [00:36] – Quiz kickoff and rules
• [03:17] – First quiz questions: Trump/taco trade
• [07:40] – K-shaped economy/nuggets with caviar
• [10:47] – Popmart & Labubu phenomenon
• [13:15] – “Very Normal People” round: Thiel, Truss, Big Balls Korestein
• [17:59] – “Bubble Round”: Who Said It
• [21:12] – Meta, Hyperscalers, VR, and hardware pricing
• [24:45] – Quiz close and winner reveal
• [26:34] – New Year’s Resolutions round

Flow & Tone

• The episode maintains Unhedged’s classic mix of finance insight and sharp-witted banter, offering plenty of genuine laughs alongside reflections on the weirder headlines of 2025.
• Friendly competitiveness between Rob and John, with Katie’s quizmaster role providing comedic order.
• Sarcastic, informal, and very “FT insider” in tone—plenty of self-aware jabs at the state of finance culture.

For New Listeners

If you missed the quiz, this recap covers the quirkiest financial and business moments of 2025, as channeled through the FT team’s signature mix of expertise and irreverence. From Trump’s peculiar statements and the rise of odd collectibles, to sky-high prices at sporting events and eye-popping membership fees, it’s a light but insightful exploration of the extremes in contemporary markets and culture—all wrapped up in festive fun.