Market Maker

Trump’s rumored choice for Fed Chair, BlackRock’s Rick Rieder, has suddenly jumped to frontrunner status. In this episode of Market Maker, we break down what his nomination could mean for US interest rates, inflation, and the direction of monetary policy.

We also explore why the US dollar is hitting four-year lows, the impact of Trump’s recent comments, and why Japan’s growing debt burden and political risks are putting pressure on the yen.

Markets are moving fast - don’t get left behind.

Follow the Market Maker podcast for timely and easy to understand insight on central banks, currencies, and global finance.

(00:00) Intro to Topics this Week

(03:30) Trump’s Fed Pick: Rick Rieder Explained

(04:53) Why Trump Wants Rates Cut

(06:12) Rieder’s Views on Inflation & Labour

(12:25) How Markets May React to a Rieder Fed

(16:14) Fed Meeting Recap: Powell’s Latest

(18:56) USD Drops: What’s Driving It?

(23:05) Is Gold Signaling Crisis?

(29:44) Japan’s Debt Problem

(35:59) Final Thoughts + What to Watch

Anthony flies solo to unpack the biggest stories in markets and M&A this week. First, a deep dive into the €25B Amsterdam IPO of Czechoslovak Group (CSG), a Czech defense giant capitalizing on Europe’s surging military spend. Discover how a 33-year-old CEO is leading one of the region’s most consequential listings amid geopolitical shifts.

Then, we break down Netflix’s bold all-cash move in its battle for Warner Bros., and how earnings guidance is reshaping investor sentiment.

Plus: key headlines from Soho House to GSK and mega-mergers in rail and insurance. All in under 25 minutes.

(00:00) Flying solo this week & episode overview

(01:18) Soho House $2.7B take-private deal

(01:49) Boston Scientific $15B acquisition of Penumbra

(02:10) GSK $2.2B purchase of RAPT Therapeutics

(03:11) Union Pacific & Norfolk Southern $71.5B merger

(03:52) Zurich Insurance £7.67B bid for Beazley

(04:21) Deep Dive into CSG’s €25B Amsterdam IPO

(07:17) From scrapyard to global defense giant

(09:42) Why CSG is listing now

(11:06) Europe’s defense boom

(14:04) Another IPO: Franco-German tank maker KNDS

(15:00) Netflix’s revised all-cash bid: Strategy explained

(17:00) Netflix Q4 earnings breakdown: Subs, ads, guidance

Why would a US president want to buy Greenland? In this episode of the Market Maker Podcast, Anthony Cheung and Piers Curran unpack the real story behind Trump’s controversial push and it’s far deeper than most headlines suggest.

You’ll learn:

Why Greenland is a military and surveillance goldmine

The untapped rare earth minerals and their role in AI and EVs

How China dominates the supply chain and why the US wants to catch up

The $2–$4 trillion resource potential hidden beneath the ice

Trump’s strategic use of tariffs, timing, and the art of the deal

What this move means for US elections, Europe, and global power shifts

From missile defense to minerals to midterms, this is one of the boldest plays on the world stage right now.

Subscribe and follow for more episodes breaking down markets, politics, and power plays shaping our world.

(00:00) Intro – Why Greenland?

(02:44) National Security & The Golden Dome

(05:05) The GIUK Gap Explained

(08:21) Rare Earths 101

(13:12) China’s Rare Earth Dominance

(14:27) Greenland's Mineral Reserves

(16:37) Oil, Water & Hydropower Value

(21:02) Is Greenland for Sale?

(24:39) Trump's Deal Structure

(27:25) New Arctic Shipping Routes

(29:01) Political Strategy & Midterms

(31:25) Defense Jobs & Voter Optics

(33:36) Race Against the Clock

(34:45) National Security Framing

(35:40) Corporate Pressure in Europe

(37:07) Final Thoughts & Wrap-Up

Not sure whether investment banking, equity research, or global markets is the right fit for you?

In this episode, Anthony Cheung is joined by former Goldman Sachs equity research analyst Silvia Magni to break down what these three front-office roles really involve. They cover responsibilities, hours, how each division makes money, skills required, and who each job suits best.

Whether you're targeting a summer internship or a full-time role, this episode is your all-in-one guide to understanding the major divisions in investment banking.

Episode highlights:

• What it's like to work in IBD vs equity research vs markets

• The surprising differences in working hours and pressure

• Common myths and what recruiters really look for

• How AI and information overload are changing the skill set

• Tips on choosing the right division for your personality

(00:00) Intro: Finding Your Fit in Finance

(01:24) Investment Banking Division (IBD) Explained

(02:30) Equity Research: What It’s Really Like

(05:38) Jargon Buster for Division Names

(06:19) Global Markets Roles Overview

(09:08) Revenue Models: How Banks Make Money

(13:00) Working Hours & Lifestyle Differences

(18:01) Must-Have Skills for Investment Banking

(21:20) AI, Info Overload & the Skill Shift

(22:24) Key Skills for Markets Professionals

(26:33) Transferable Experience in Sales

(27:43) Equity Research: The Hidden Middle Ground

(30:49) Summary: Side-by-Side Role Comparison

Join our next free 2-hour simulation in Markets or Banking.

Anthony and Piers return to break down a busy start to 2026. They cover Wall Street’s Q4 earnings, where Morgan Stanley shines amid a wave of tech-led bond issuance, while J.P. Morgan and Goldman show mixed results.

They also dig into Trump’s proposed cap on credit card interest, his DOJ probe into Fed Chair Powell, and the implications for central bank credibility. Oil markets react to rising tensions in Iran and developments in Venezuela, while the latest US inflation data shows progress but risks remain.

Plus, why 2026 GDP growth could surprise to the upside if inflation and wage pressures stay in check.

(00:00) Intro and Overview of Key Topics

(01:36) Bank Earnings: A Mixed Bag

(03:39) Morgan Stanley DCM Boom

(11:01) BlackRock $14 Trillion AUM

(14:09) Trump's Proposed Credit Card Cap

(18:19) Powell and the Fed Investigation

(22:16) Geopolitics: Iran and Venezuela

(27:59) CPI Trends and Economic Outlook

(32:11) Wage Price Spiral

2026 could be a historic year for the IPO market with over $3.6 trillion in expected valuations hitting the public stage. In this episode, we break down the hottest and most talked-about names in the pipeline: SpaceX, OpenAI, Anthropic, Stripe, Revolut, Canva, Databricks, and TikTok US.

We discuss what makes SpaceX such a unique and defensible business, why OpenAI’s losses and leadership noise might be red flags, and how Anthropic is quietly building a much more sustainable AI model. Plus, the strategy behind Stripe’s long-awaited listing, Revolut’s super-app ambitions, Canva’s AI monetisation push, and the jaw-dropping TikTok U.S. deal that could become one of the biggest financial giveaways of all time.

We also dive into who’s really making money here with banks like Morgan Stanley, J.P. Morgan, and Goldman Sachs all fighting for billion-dollar fees.

Bullish or bearish, overhyped or undervalued, this is our full take on the biggest IPOs to watch in 2026.

(00:00) 2026 IPO Landscape Overview

(02:07) SpaceX: Trillion Dollar Debut

(11:59) OpenAI: Timing and Challenges

(16:02) Anthropic: A Different Approach

(21:12) ByteDance and TikTok: The Crony Bonanza

(25:31) Databricks: Data Intelligence Platform

(28:45) Stripe: Payments Powerhouse

(31:26) Revolut: Challenger Bank

(33:37) Canva: Design Tool with Potential

Traditional finance recruitment is at a breaking point. With a 0.7% acceptance rate at major banks and 90% of applicants using AI to "game" the system, the CV has become a redundant data point.

In this episode of the Market Maker Podcast, Chief Content and Culture Officer Anthony Cheung and Lara Montefiori, VP of Product, discuss how to solve the "AI Volume Crisis." They explore why traditional methods fail and how simulation-based assessments provide a "work sample" that identifies genuine potential through behavioral data.

Key Insights:

The Volume Problem: Managing 600,000+ applications effectively.

The Validity Gap: Why traditional tests have less than 25% predictive validity.

The Simulation Solution: Using behavioral trace data to see how candidates handle real-world mistakes and market volatility.

Selection Rigor: Applying elite selection frameworks (like the SAS) to early-career finance.

About AmplifyME: We help financial institutions move beyond the resume to identify real-world ability through simulation technology.

Contact the team at www.amplifyme.com

(00:00) The Finance Hiring Crisis

(03:35) How AI is Breaking CVs

(08:39) Simulations for Assessments

(14:23) Genuine Talent Identification

(18:12) Building a Talent Ecosystem

(24:19) How the Product Works

(29:45) Validation & Reliability

(30:27) AmplifyME Product Vision

In this episode, Anthony Cheung is joined by Harvey Bracken-Smith, founder of the Personable podcast and incoming Goldman Sachs summer intern, to unpack his remarkable journey from a small island in Jersey to Eton, Duke University, and beyond.

Harvey shares insights on overcoming imposter syndrome, the power of consistency, building a personal brand, and how he’s managed to interview billionaires, CEOs, and Olympic athletes before the age of 21. He also opens up about the importance of family, dealing with personal loss, and why his mantra is simply: Why not you?

Whether you're navigating university, career uncertainty, or starting your own venture, this is a masterclass in mindset, grit, and taking action.

(00:00) From Jersey to Wall Street

(02:00) Eton Reality Check & Choosing the US Over the UK

(07:51) Lifestyle & Opportunity: UK vs US vs Australia

(15:59) Launching the Podcast: Purpose Over Prestige

(21:30) Consistency Greater Than Talent

(24:34) How to Land Guests: Confidence & Cold Approaches

(31:11) The Secret Characteristic of Success

(36:37) Handling Rejection: From 1,000 Emails to One "Yes"

(45:45) What Actually Gets You Hired in Finance

(50:30) Final Message: Why Not You?

In this final Market Maker markets episode of the year, Anthony and Piers deliver a global recap of 2025’s biggest winners, losers, and trends. From the AI-driven tech shake-up and Wall Street’s banking boom to the surprise surge in Spain’s stock market, they break down the key moves.

Looking ahead to 2026, will inflation, a Fed leadership transition, or even a ‘Great AI Energy Blackout’ derail the bull run? Listen in for clear insights, easy-to-follow strategy, and a few surprising predictions.

(00:00) Intro & 2025 in Review

(03:50) US Equity Sectors

(05:08) Hyperscalers Dominant

(14:41) AI Investment Ecosystem

(21:01) Data Integration vs SaaS Stocks

(22:45) Financials Stage a Comeback

(30:18) Value Rotation

(33:59) Healthcare Divisions

(42:52) Highlights in Fixed Income

(46:52) Gold Shines while Oil Slumps

(49:54) The End of the US Dollar?

(53:19) Outlooks for US Stocks in 2026

(59:22) Potential Risks

(1:02:38) Black Swan Event

What does it really take to make the leap from analyst to portfolio manager at one of the world’s largest asset managers? In this episode, we sit down with Ji Young Park, Senior Portfolio Manager at Amundi, to explore her two-decade journey in the investment world.

Ji shares what the role of a PM truly entails, from navigating decision-making under uncertainty to balancing technical expertise with interpersonal communication. We discuss how to know when you're ready to make the transition from analyst to portfolio manager, and why tracking your investment ideas early in your career can be a powerful tool for growth.

Ji also offers candid reflections and advice for aspiring female leaders and underrepresented professionals in finance, making this a must-listen for anyone aiming to break into or grow within the asset management industry.

(00:00) Intro

(00:54) What a Portfolio Manager really does

(03:47) Getting comfortable with being wrong

(09:18) The analyst-to-PM path

(15:38) Managing stress & work-life balance

(19:15) DEI in finance today

(24:57) Breaking into asset management

(28:42) Mentor-mentee relationships that work