Industry S4E6 "Dear Henry": Why This Might Be the Greatest Episode of Industry Ever Made

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. 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/inves... Time Stamps Harper and Yasmin's Showdown 00:00:00 Yasmin's Growing Suspicions of Henry 00:10:12 Unpacking Tariffs, Banking Licenses, and Auditor Scrutiny 00:19:50     Auditor Dinner and the Club 00:32:18 Harper's Alpha Conference Speech and a quick Valuation Masterclass 00:49:57 Enron, Valiant, and Luckin Coffee 01:05:59 Harper's Speech Reaction 01:15:19 Tender's Cash Crunch and Puttable Bond Succession Parallel 01:23:30 Eric's and the Mets + Haley's Confrontation with Whitney 01:31:57 Whitney Calls Harper 01:40:51 Russians? 01:56:10 Eric Blackmail and Tony Day's CNN Appearance 02:07:17 Henry confronts Whitney: 2:36:35