Market Maker

Happy Thanksgiving to any of our US followers! I have some holiday-related stats to quiz you on to get the episode started this week.

Then from a market perspective, I cover what information we learned from the latest FOMC minutes, why the UK is set to be one of the worst performers in the G20 over the next two years, and what caused volatility in the oil market this week.

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In this episode, we use the latest Berkshire Hathaway 13F to understand some basic principles in managing a stock portfolio. Buffett's buy-and-hold strategy has served him well but the latest filing shows he's moved further into tech, purchasing a $4.1bn stake in the Taiwanese chipmaker TSMC. Is this a new direction for the 92-year-old Oracle from Omaha?

Elsewhere, we review the latest UK budget announcement and Piers explains why he thinks the Bank of England should stop hiking interest rates despite inflation hitting 11.1% this week.

Finally, Donald Trump has announced he will run for the US presidency in 2024, vowing "America's comeback starts right now". But first, he'll have to win the Republican Party's nomination. We look at the process and the likelihood of success.

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In this episode, we attempt to unpack what exactly happened in the crypto market this week which was rocked by news about FTX and Binance, two of the world's largest crypto exchanges.

The move came as FTX CEO and founder Sam Bankman-Fried, who was hailed as something of a savior earlier this year, was subject to an investigation centering on the possibility that the firm used customers’ deposits to fund bets at Bankman-Fried’s hedge fund, Alameda Research.

What transpired was one of the fastest collapses of a company in recent history. So what went wrong? who's to blame? and what happens next? - we look to explain!

Other topics covered in this episode include, why the S&P 500 posted its biggest one-day rally since 2020 after the latest US CPI report, thoughts on Meta after Zuckerberg slashed 13% of the workforce and admitted he was wrong on strategy, and our initial take on the US mid-term elections.

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In this career insight episode, I am joined by Bilal Hafeez who is the CEO, Head of Research and Editor of Macro Hive. He spent over twenty years doing research at big banks – JP Morgan,Deutsche Bank and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research.

To mark his 25th year in the industry, Bilal has written an article on the 25 lessons learned from 25 years in finance, covering invaluable lessons on finance, business and life.

In this conversation, we touch on the following 5 lessons:

1. Money is everything, money is nothing
2. Failure is the best way to level up
3. Start with what you fear
4. Be effective, not efficient
5. Learn every day or quit

It's rare that you get to have private conversation with such an experienced professional and Bilal's open and honest approach is not only refreshing but incredibly insightful.The conversation will hopefully add great value to those about to start their career, all the way up to people who hold leadership positions in a large organisation or a start up. 

Bilal has done them all and shares his best advice!

Check out the full 25 lessons https://macrohive.com/news/25-lessons-from-25-years-in-finance/

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Connect with Bilal https://uk.linkedin.com/in/bilal-hafeez-50ba221

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Piers returns to the show and gives his verdict on the big tech earnings and explains why despite their weak performance the S&P continues to hold up.

We then delve into the monetary policy decisions this week from the Federal Reserve and Bank of England, both of which raised interest rates by 0.75%. That move itself was not a big surprise but their forward guidance was. Find out why the two major central banks are heading in different directions in the months ahead which could create significant headwinds for the British currency.

Finally, we touch on Elon Musk taking the helm at Twitter and unveiling his idea to charge for a premium $8/mth subscription service. Will this create a new meaningful revenue stream and can Musk turn the social media company around?

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Connect with Anthony https://www.linkedin.com/in/anthonycheung10/

Connect with Piers https://www.linkedin.com/in/pierscurran/

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It's been a BIG week for US tech earnings and one that has seen seismic reactions in the likes of Meta and Amazon. So much so, that the net worth of Mark Zuckerberg has now fallen more than $100bn in just over 13 months.

In this episode, I go beyond the headlines to see what really mattered in the earnings from Apple, Alphabet, Amazon, Microsoft, and Meta. My objective is to give you a better insight into what analysts look at in these reports to then make sense of the reaction in their stock price.

Elsewhere, it's been a busy week! Elon is now the CEO of Twitter, Chinese stocks got hammered as Xi Jinping consolidates power, and the British Pound has hit a six-week high as the new Prime Minister Rishi Sunak looks to bring back some fiscal discipline.

I hope you enjoy and check out the links below.

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First up on the agenda this week is the resignation of UK Prime Minister Liz Truss, marking the shortest premiership in British history. Find out what happens next, the implications for markets, and whether we are about to see the return of Boris!

I'm also joined by Stephen Barnett, our Head of Schools, to unpack the announcement from Goldman Sachs this week who are planning a sweeping reorganisation of the firm folding its biggest businesses into three divisions, marking one of the firm's largest-ever reshuffles. Find out the strategy behind the move and implications for Goldman's share price and internal culture.

Finally, we talk about failed IPOs and why Private equity firms are taking the 'Leverage' out of Leveraged Buyout (LBOs).

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Connect with Anthony https://www.linkedin.com/in/anthonycheung10/

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A busy end to the week, as UK Prime Minister Liz Truss sacked her Chancellor Kwasi Kwarteng and announced another U-turn in her government's tax cut plan. Find out exactly what happened and how markets reacted to the latest news. 

We also tie in the latest developments in the UK bond market after Bank of England Governor Andrew Bailey told pension funds “You have three days to get out". A brave move or asking for trouble?

Finally, Thursday marked one of the largest intraday reversals in the US stock market on record. The initial move lower came after US Core CPI printed at a new 40-year high, but why did we rebound so quickly? Piers explains why the devil is always in detail!

US earnings for your bank applications https://www.linkedin.com/posts/anthonycheung10_students-careers-applications-activity-6986660014237097984-4Xl0?utm_source=share&utm_medium=member_desktop

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Connect with Anthony https://www.linkedin.com/in/anthonycheung10/

Connect with Piers https://www.linkedin.com/in/pierscurran/ 

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In this career insight episode, I am joined by Tanya Tracey who is the CEO of Girls Are Investors (GAIN), which is a charity that seeks to address the lack of diversity in investment management through partnerships with schools and universities. 

Tanya has over twenty years of experience in investment banking, investor relations, and diversity and inclusion, having worked at J.P. Morgan, Nomura, and the CFA Institute.

In this conversation, Tanya shares her career journey, working in a male-oriented environment, imposter syndrome, misconceptions about working in finance, and the importance of having role models.

GAIN is a fantastic charity and we are incredibly proud to work with such inspiring women to help bring about change in the workplace!

GAIN Investment Insight Programme http://www.gainuk.org/gain-investment-insight-programme

GAIN Empowerment Investment Internship Programme http://www.gainuk.org/gain-empower-investment-internship-programme

Tanya LinkedIn https://www.linkedin.com/in/tanyatracey/

Anthony LinkedIn https://www.linkedin.com/in/anthonycheung10/

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In this episode, we discuss what happened to Credit Suisse this week as shares dropped and Credit Default Swaps (CDS) soared amid rumours the Swiss banking giant could be the next Lehman Brothers. But why did the market react so violently and is there any substance to this speculation?

Next is Elon Musk, who has thrown in the towel and has revived his commitment to buy Twitter at the original price of $54.50 a share. We look at the possible reasons behind the turnaround and who are the winners and losers in this saga.

Finally, OPEC+ unleashed shockwaves in the global crude oil market by cutting production by the most since the onset of the pandemic. The move puts Saudi Arabia on a collision course with the US, so why are they taking such a risk and who will they turn to for protection?

Free daily newsletter https://amplifyme.com/market-maker

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Connect with Anthony https://www.linkedin.com/in/anthonycheung10/

Connect with Piers https://www.linkedin.com/in/pierscurran/ 

Hosted on Acast. See acast.com/privacy for more information.