Market Maker

In this episode, we shine a spotlight on Debt Capital Markets, a crucial yet often overlooked business function within major investment banks like J.P. Morgan, Bank of America, and Citi.

Join us as we demystify DCM, explaining its unique role within investment banking divisions and the essential personality traits that make individuals well-suited to this area of finance.

From structuring bond offerings to advising clients on debt issuance strategies, DCM professionals play a vital role in facilitating capital raising for corporations and governments worldwide.

Get ready to dive deep into Debt Capital Markets and uncover fresh insights into the ever-evolving world of finance.

(00:00) What is DCM?

(05:50) Working in DCM

(08:36) Skills of DCM Analyst

(13:48) DCM Progression

(14:59) Salary Progression

Artificial intelligence is rapidly changing investment banking, but what does that actually mean for M&A professionals and students looking to break into the industry?

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett explore how AI is being used across mergers and acquisitions, from deal sourcing and due diligence to financial modelling and research. They discuss the rise of specialist finance AI tools such as Rogo, why private equity firms are embracing AI, the risks around automation, and whether junior investment banking roles could look very different in the years ahead.

Most importantly, they examine the skills that will become more valuable as AI reshapes finance careers, including communication, judgment, adaptability and relationship building.

If you're interested in investment banking, private equity, AI in finance, or the future of financial services careers, this episode is for you.

(00:00) How AI Is Changing M&A

(01:49) What M&A Bankers Actually Do

(04:49) Private Equity AI Integration

(06:54) AI Adoption Across Finance

(13:16) Where AI Adds The Most Value

(19:13) Beyond Financial Modelling

(26:38) Who Is Using AI Most?

(28:50) Rogo, Claude & AI Tools

(36:14) The Risks Of AI

(38:52) The Future Of Investment Banking

(42:40) Skills AI Can't Replace

(49:03) Final Thoughts On AI & Careers

The SpaceX IPO has captured the world's attention, but away from the headlines there are some major macroeconomic developments investors should be watching.

In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran break down the latest US inflation report, discuss whether the Federal Reserve may avoid further rate hikes despite inflation rising to 4.2%, and analyse why the European Central Bank has become the first major Western central bank to raise rates in response to the recent energy shock.

They also explore the growing political risk in the UK, where a little-known by-election could have significant implications for bond markets, government borrowing costs and the future of Prime Minister Keir Starmer.

Plus, the pair give their predictions on where SpaceX shares could trade after one of the most anticipated IPOs in market history.

(00:00) Intro & Themes in Focus

(01:41) SpaceX IPO Mania

(06:05) US Inflation Hits 4.2%

(14:50) Will The Fed Hike?

(20:11) ECB Hikes Rates

(32:36) The UK By-Election Risk

The AI IPO race is heating up.

In this episode of the Market Maker Podcast, we break down the latest developments surrounding the SpaceX IPO and OpenAI’s confidential S1 filing to the SEC.

We discuss Goldman Sachs’ huge growth forecasts for SpaceX, the surge in retail investor demand, and why Elon Musk may be positioning SpaceX as one of the biggest AI infrastructure plays in the world.

We also dive into OpenAI’s reported internal tensions ahead of its IPO process, including concerns around governance, leadership and whether the company is truly ready to go public.

If you're interested in AI, investing, IPOs, venture capital or the future of technology companies, this episode gives you a practical breakdown of what’s happening behind the headlines.

(00:00) Intro

(01:03) SpaceX IPO Update

(08:39) Bankers Selling the Vision

(10:35) Retail Demand & Hype

(14:20) OpenAI Files for IPO

(18:57) OpenAI’s Internal Issues

(22:59) Why CEO/CFO Tension Matters

(24:57) Goldman & Morgan Stanley

The SpaceX IPO is becoming one of the most fascinating corporate events in modern financial history.

This week on Market Maker, we unpack the latest updates from SpaceX’s live IPO roadshow, including Elon Musk’s influence over the process, Goldman Sachs’ strategy, retail investor demand and the unusual decision to lock the IPO price before bookbuilding even began.

We also explain Anthropic’s IPO filing, why the AI race with OpenAI is accelerating and how Berkshire Hathaway quietly built one of the most powerful business models in the world after its latest $6.8 billion acquisition.

A must-watch episode for anyone interested in investing, IPOs, AI, business strategy and how modern financial markets really work.

(00:00) SpaceX IPO Roadshow

(06:15) S&P Rejects SpaceX

(11:29) Why Banks Are Winning

(19:19) Anthropic Files To IPO

(27:58) Anthropic vs OpenAI

(33:08) Berkshire Hathaway Explained

(39:22) Buffett’s Secret Strategy

(46:40) Berkshire’s Next Move

What does the World Cup have in common with Wall Street trading desks?

In this episode of the Market Maker Podcast, we break down the hidden financial world behind the biggest sporting event on the planet. From Goldman Sachs’ 100,000-run quant model predicting the winner of the tournament, to the rise of Polymarket and decentralised prediction exchanges, this is the World Cup through the lens of markets, trading and probability.

We explore how bookmakers operate like market makers, why prediction markets are disrupting the betting industry, and how billions of dollars are now being traded on World Cup outcomes. We also dive into the data behind implied probabilities, elo ratings, liquidity, market inefficiencies and why England may be one of the most mispriced teams in the tournament.

Plus, we uncover fascinating ECB research showing how football matches cause trading volume in London markets to collapse in real time.

If you want to understand how finance, probability, trading and sport collide, this episode is for you.

(00:00) The Finance Behind The World Cup

(03:51) How Bookies Really Make Money

(05:48) The Problem With “Smart Money”

(14:03) Prediction Markets Explained

(16:06) Polymarket vs The Bookies

(20:23) Goldman Sachs Predicts The Winner

(23:01) What Is An Elo Rating?

(24:44) Goldman Predictions 5th to 1st

(26:05) Argentina: Winners Slump Factor

(26:54) France: Bracket Drag

(27:26) Why England Is Overpriced

(30:08) Goldman’s Terrible Track Record

(31:40) World Cup Impact On Markets

(35:12) The Economic Boom Of Football

(37:26) Final Predictions & Golden Boot

In this episode of The Market Maker Podcast, we break down everything you need to know about Elon Musk’s $2 trillion SpaceX empire, the IPO frenzy surrounding the deal, and whether this is the investment opportunity of a generation or the biggest bubble on Wall Street.

We analyse the real numbers behind Starlink, XAI, rockets, satellites, AI infrastructure, and the hidden strategy driving Musk’s masterplan.

If there’s one video to watch before the SpaceX IPO launches, this is it.

(00:00) SpaceX Deep Dive Intro

(01:22) Biggest IPO Ever?

(05:39) The $2 Trillion Valuation

(10:45) Why IPO Now?

(13:40) Inside The Prospectus

(15:22) Breaking Down The Business

(18:46) The AI Infrastructure Bet

(27:33) The Space Industry Boom

(32:44) Elon Musk’s Control

(37:26) Wall Street’s IPO Battle

(44:29) Retail Investor Frenzy

(49:51) How To Invest In SpaceX

(53:15) Why Indexes Changed The Rules

Oil is surging toward $100. Inflation fears are back. The Middle East remains highly unstable. Yet Wall Street trading desks are making record billions and major banks are raising their S&P 500 targets above 8,000.

In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran break down how geopolitical volatility is creating huge profits for banks like J.P. Morgan and Bank of America through market making, flow trading and hedging strategies.

They also explore whether the AI rally is becoming another dot-com bubble, why semiconductor stocks continue to explode higher and why firms like NVIDIA, Micron and Anthropic are now at the centre of global markets.

The conversation covers oil markets, inflation, Fed policy, AI infrastructure spending, hedge fund trading mechanics, risk management and the future of the AI supercycle, explained in a way that is accessible for students, investors and anyone interested in financial markets.

The episode also finishes with practical recommendations for free macro and finance resources to help students improve commercial awareness and stay ahead of market trends.

(00:00) Oil, Iran & Market Chaos

(05:40) Inflation, Rates & The Fed

(08:07) Why Wall Street Is Printing Money

(13:00) Flow Trading Explained

(18:50) How Banks Hedge Risk

(23:15) Jane Street & Quant Trading

(31:13) Why Stocks Keep Rising

(32:20) AI Bubble or Supercycle?

(37:56) The Most Important AI Company

(40:10) SpaceX’s $28 Trillion Bet

(44:19) Goldman’s 8,000 S&P Call

(47:10) Best Free Macro Resources

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Most students know they need to “network” to break into finance. Very few are told how to actually do it properly.

In this episode of the Market Maker Podcast, Anthony Cheung sits down with corporate finance analyst Liam Edward Proctor to break down how students can build relationships, stand out in applications and navigate finance careers without coming from a traditional background.

Liam shares how he went from a non-target university into corporate finance, common networking mistakes students make, how to approach coffee chats, LinkedIn strategies that actually work and why commercial awareness matters more than ever in today’s graduate market.

The conversation also explores rejection, imposter syndrome and how students can create opportunities beyond simply submitting online applications.

If you’re applying for internships, spring weeks or graduate roles in finance, this episode is packed with practical advice you can apply immediately.

(00:00) Liam’s Finance Journey

(01:59) Do You Need Internships?

(04:33) What vs Who You Know

(06:48) Coffee Chat Preparation

(08:34) Building Commercial Awareness

(13:29) Leveraging LinkedIn & Imposter Syndrome

(16:55) Meeting Howard Marks

(22:00) Handling Rejection

(26:39) Non-Target University Advice

(30:08) Networking Follow-Up Tips

In this episode, we break down a surge in global dealmaking, from a $67 billion mega-merger in US utilities to private equity circling Magnum Ice Cream, and why UK takeovers are suddenly booming despite negative headlines.

We explain how AI demand is reshaping entire industries, especially energy, infrastructure, and data centres, and why that’s triggering a new wave of consolidation. You’ll also learn how deals are actually financed, using a real-world bond issuance example to connect the dots between M&A and capital markets.

And to finish, we look at one of the wildest stories in markets right now: a TikToker trying to raise money to buy a bankrupt airline… and somehow getting hundreds of millions pledged.

If you’re looking to break into finance or want to better understand how deals really work, this episode gives you a front-row seat to the mechanics, strategy, and trends shaping today’s M&A landscape.

(00:00) Intro & Themes in Focus

(01:57) $67BN NextEra AI Power Deal

(04:09) Credit Ratings & Deal Strategy

(13:27) Deals Flow Despite Macro Headwinds

(14:21) Magnum & Private Equity

(18:12) How Deals Get Financed

(26:20) Where M&A and DCM Meet

(29:07) UK Takeover Boom

(35:57) TikToker Buys an Airline?

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