Markets extended their stunning 2025 rebound, with the S&P 500 logging one of the fastest recoveries from a bear market on record. Anthony and Piers unpack Goldman’s bullish upgrade spree and how Nvidia’s $4 trillion surge is fueling the rally.
They dissect Trump’s copper tariff shock, the market’s technical whiplash, and what it reveals about U.S. supply chain fragility. Plus, the “Big Beautiful Bill” signed on July 4th quietly eliminated a top 2025 risk while cutting taxes and scrapping green subsidies.
Also on the docket: Apple’s AI lag, UK gilt drama, and why big money like BlackRock is buying the dip. From CDS mechanics to market psychology, the episode maps the key drivers behind the summer surge.
(00:00) Intro & Key Themes in Focus
(02:21) Market Outlook and Stock Predictions
(08:51) The Rise of Nvidia and Big Tech
(13:53) Trump's Tariffs and Copper Market Dynamics
(22:56) The Big Beautiful Bill and Debt Ceiling Updates
(26:07) Understanding Credit Default Swaps (CDS)
(31:52) UK Gilt Yields and Market Reactions
Markets staged a stunning rebound in the first half of 2025 - after a brutal start that saw the S&P 500 plunge into bear market territory. Anthony and Piers rewind the chaos: Trump’s tariff shock on “Liberation Day,” the inflation scare that followed, and how a market left for dead came roaring back to record highs.
They unpack the Fed’s evolving rate path, the quiet rise of a “shadow chair” ahead of Powell’s potential exit, and why Nvidia’s earnings may have rescued the AI hype cycle. Plus, Netflix and Uber emerge as surprise stars of H1, while Italy’s bond market revival puts it on the economic leader board.
From VIX lows to fiscal turnarounds, this episode cuts through the noise and spotlights what really mattered and what’s coming next.
(00:00) Intro & Themes in Focus
(02:18) Market Overview: A Roller Coaster Year
(08:43) What to Watch Going Forward
(13:20) Trumps Escalate to Negotiate Strategy
(14:48) AI Stocks Remain a Key Driver
(16:49) VIX: The Fear Gauge
(19:56) Sector Performance and Key Players
(23:39) Banks Strong Performance in 1H25
(25:50) Netflix Successful Turnaround
(31:13) Uber's Turnaround and Future Prospects
(36:07) Italy's Economic Recovery and Political Stability
Anthony, Stephen, and Silvia break down the $10 billion blockbuster sale of the LA Lakers. Why did the Buss family cash out after 40 years and what makes the Lakers the world’s most valuable sports franchise? From brand power and valuation layers to the media rights behind the deal.
Then, Chelsea FC quietly sells off its women’s team… to itself? Stephen exposes the dark arts of private equity and how Chelsea dodged FFP rules with some creative accounting.
Finally, ESPN buys into lacrosse, and English rugby looks to American-style franchising to stay alive.
Is sport just business now and what does it mean for the future of valuations?
(00:00) Intro and Farewell
(04:57) Welcome Silvia to the Show
(05:57) The LA Lakers Record-Breaking Valuation
(27:15) Private Equity in Women's Soccer
(37:09) Emerging Trends in Lacrosse and Rugby Investments
Markets hit new highs this week, but under the hood, things are anything but settled. Anthony and Piers unpack the Nasdaq’s breakout, Nvidia’s relentless rally, and why a historic rebound might be more than just a bounce.
They dig into Trump’s latest attack on Powell and the rise of a “shadow chair” theory already shifting rate expectations—and markets.
Plus, why Iran’s missile strike on a U.S. base sent oil crashing, not soaring. From data to geopolitics, this episode filters out the noise and finds the signal.
(00:00) Intro & Themes in Focus
(01:50) Market Resilience Amidst Turbulence
(08:12) Nvidia Back on Top
(13:18) Trump's Influence on Monetary Policy
(25:18) Geopolitical Tensions and Market Reactions
In this episode, Anthony speaks with Wee Kii Teh, a Portfolio Manager at Allianz Global Investors, about the practical skills and mindset needed to succeed in a competitive finance career.Drawing on experience across credit risk, capital markets, and now impact investing, Wee Kii shares what really sets top interns apart, how to adapt to new roles quickly, and why asking smart questions is more important than knowing all the answers.Whether you’re preparing for an assessment centre, trying to decide between sell-side and buy-side, or figuring out how to navigate workplace culture, this conversation is full of actionable insight.Expect practical tips on upskilling, career transitions, building strong relationships, and finding roles that match your values and ambition.(00:00) Introduction and Career Journey(02:26) Transitioning from STEM to Finance(08:59) Building Confidence and Seeking Mentorship(13:36) Adapting to New Environments and Upskilling(16:33) The Importance of Company Culture(21:21) Internship Insights and Attributes of Top Interns(24:54) Buy-Side vs Sell-Side Experience(27:53) Cultivating Relationships and Mentorship(31:58) Career Priorities and What Changes with Seniority(34:08) Impact Investing and ESG Opportunities(40:02) Advice for Young Professionals
Anthony and Stephen explore how Cursor became the fastest-growing AI startup ever, from MIT roots to “vibe coding” hype and a $20 billion valuation in just 14 months.
Then, it’s boardroom drama in Spain as Sabadell spins off TSB to block a hostile takeover from BBVA — a strategic move with big implications for European banking.
Finally, Barclays brings in McKinsey to cut costs. What happens when consultants start targeting front-office jobs and what does it signal for banking careers in the age of AI?
(00:00) Intro & Topics in Focus
(02:40) Cursor and Vibe Coding
(18:23) The Spanish Banking Landscape and TSB
(30:51) Barclays and the Role of Consultants in Investment Banking
Welcome to Market Maker - the podcast that makes finance interesting and easy to understand for everyone.
Hosted by Anthony Cheung, Chief Content & Culture Officer at AmplifyME, each week he and a guest break down what’s really moving markets, from interest rates and tech stocks to global politics and the latest M&A deals.
Think of it like the FT... but with fewer buzzwords, more clarity, and a lot less taking ourselves too seriously.
For anyone looking to understand markets better, whether for their career, business, or just curiosity — this is your edge.
Subscribe now to Market Maker and stay one step ahead.
Markets have stayed calm so far this week, but central banks and geopolitics were anything but. Anthony and Piers break down the Fed’s muted meeting, the revised growth and inflation forecasts, and the hidden signals in the dot plot. Over in the UK, a dovish shift at the Bank of England suggests more cuts are coming despite a steady headline rate.
They also unpack rising tensions between the U.S., Israel, and Iran, and what oil markets are really telling us about the risk of escalation.
From vote splits to forward guidance, this episode filters the noise to reveal the signals that matter.
(00:00) Intro & Topics in Focus
(02:03) Fed Hold Rates But Dot Plots Move
(17:49) Bank of England's Strategy and Vote Split
(27:39) Geopolitical Tensions and Market Reactions
From a $33 billion family tie-up at Toyota to Japan’s 400% surge in M&A activity, Anthony and Stephen break down the latest investment banking scorecard and why dealmakers are suddenly flocking East.
They also dig into Disney’s final takeover of Hulu, the $15 billion Meta bet on AI startup Scale, and the fiery rise of Dave’s Hot Chicken, where three friends turned a $900 parking lot pop-up into a billion-dollar brand.
Essential listening for anyone tracking global M&A trends, streaming wars, AI arms races and the unexpected lessons of franchise chicken economics.
(00:00) Intro & Themes in Focus
(02:09) Investment Banking Scorecard Overview
(04:09) Japan's M&A Surge: A Deep Dive
(10:46) Disney's Strategic Acquisition of Hulu
(16:46) Meta's $15 Billion Bet on AI
(23:25) The Rise of Dave's Hot Chicken
****
Check out the AmplifyME Summer Analyst Tradining Programme https://amplifyme.com/summer-analyst-programme
Markets erupted this week as oil spiked 13% overnight following Israeli strikes on Iran. Anthony and Piers unpack what it all means from geopolitical shockwaves to the tactical chaos of trading during breaking news.
They also dive into the concept of backwardation and why it's dominated the oil market for years, despite the headlines. Plus, what U.S. inflation data reveals about Trump’s tariff strategy and the real pressure behind his attacks on Fed Chair Jerome Powell.
With the Fed meeting looming, a surging FTSE defying weak UK GDP, and signs of a subtle U.S.–China détente in London, this episode helps you connect the dots in a world full of noise.
(00:00) Intro & Key Themes in Focus
(02:14) Market Reactions to Geopolitical Events
(12:33) Understanding Oil Market Dynamics
(17:47) US Inflation Data and Its Implications
(25:39) Trump Pressures the Fed to Cut
(27:50) US-China Relations and Market Impact
(32:45) UK GDP and the Resilience of the FTSE 100
From Wall Street’s wild recruiting arms race to the collapse of KKR’s £4bn Thames Water rescue, Anthony and Stephen unravel the biggest private equity stories shaping markets right now.
They unpack why PE firms are hiring grads five years early (and why J.P. Morgan’s furious), the 35% drop in global fundraising, and what it means for the industry’s future. Plus: Salesforce bets $8bn on Informatica in a bold AI data play, and after 717 days of drama, the Telegraph sale finally nears the finish line.
Essential listening for anyone navigating the high-stakes world of M&A, private equity power moves, and the politics behind billion-dollar deals.
(00:00) Intro & Themes in Focus
(01:55) What Makes a Good LBO Candidate
(04:54) Recruiting Mania in Private Equity
(14:16) KKR and Thames Water Update
(21:06) Private Equity Fundraising Trends
(30:33) Telegraph Acquisition Insights
(34:34) Salesforce's Acquisition of Informatica
Piers Curran returns to break down the macro landscape as we head into the second half of 2025, just in time for interview season.
We unpack the three economic pillars: growth, inflation, and interest rates through the lens of Trump’s tariffs, the U.S. deficit crisis, and conflicting market signals.
Why are stocks near highs while bond yields and the dollar signal caution? What’s really behind gold and Bitcoin’s surge? And how should you interpret these moves when sitting across from an interviewer?
Whether you're prepping for an assessment centre or trying to read the market tea leaves, this episode is your macro cheat sheet.
(00:00) Introduction and Overview of Market Trends
(03:07) GDP, Inflation, and Interest Rates
(06:13) The Impact of US Politics on Markets
(08:55) Market Reactions: US yields vs US Dollar
(16:33) What On the Radar In The Coming Months
(21:28) What Next For Stocks?
(25:13) Retail vs Institutional Investors
(27:53) Crude Remains Weak While Gold and Bitcoin Rally
(31:43) China's Economic Performance and Global Implications
In this episode, Anthony speaks with Sara Ruozzo, whose journey from classical studies in Milan to internships at Microsoft and Tesla, and now working in sustainable investments at UBS, is a masterclass in career pivoting with purpose.
If you're a student from a non-finance background or early in your career, wondering how to break into finance (and feel like everyone else already knows the playbook), this one's for you.
Sara discusses the real value of a STEM background in the finance industry and why saying yes to new experiences (even when you're unsure) can be the fastest route to finding your edge.
Expect jargon-free advice, practical tips on self-teaching, the value of rotations and graduate schemes, and how to build a story that makes employers sit up and listen.
(00:00) Introduction and Background
(03:01) Career Pivots and Decision-Making Process
(05:49) Transitioning into Finance
(08:23) Building Confidence and Self-Awareness
(11:58) Knowledge Gaps and Learning Strategies
(14:53) Soft Skills and Growth Mindset
(19:10) Practical Steps to Upskilling
(26:24) The Power of Networking
(27:28) Cultivating a Growth Mindset in Finance
(31:51) Leveraging a STEM Background in Finance
(36:36) The Value of Cultural Experiences
(43:55) Articulating Your Career Journey
(46:56) Practical Tips for STEM Students in Finance
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From a $35bn “Valentine’s Day love letter” to OpenAI’s mysterious $6.5bn hardware play, Anthony and Stephen break down the biggest deal stories shaking up markets this week.
They also dive into the private equity pullback as firms like Blackstone and KKR slump, why Goldman Sachs is going big on the Middle East, and how Victoria’s Secret is fighting off unwanted attention with lingerie and a poison pill.
Essential listening for anyone curious about the mechanics of mega M&A, private equity’s shifting playbook, and the strange overlap between fashion, finance, and billion-dollar drama.
(00:00) Intro & Key Themes
(01:43) The $35 Billion Love Letter
(09:36) OpenAI's Bold Acquisition
(16:42) The State of Private Equity
(23:23) Goldman Sachs in the Middle East
(27:14) Victoria's Secrets Poison Pill
(32:55) Google's $700 Million Gift
*****
Are you a student interested in exploring a career in finance?
Check out the AmplifyME Summer Analyst Training Programme https://amplifyme.com/summer-analyst-programme
Hosted on Acast. See acast.com/privacy for more information.
From a surprise jump in UK inflation to soaring retail sales and a surging pound, Anthony and Piers break down why Britain’s economy is defying expectations and what it means for interest rate cuts.
They also unpack the bizarre logic behind OPEC’s production hike amid falling oil prices, gold’s fresh rally on renewed debt fears, and how Trump’s “Big Beautiful Bill” could push US borrowing costs to record highs.
Essential listening for anyone trying to make sense of inflation surprises, energy market gamesmanship, and the slow-burning fuse of America’s fiscal crisis.
(00:00) Intro & Key Themes
(01:37) UK Inflation and Consumer Confidence
(08:10) Oil Market Dynamics and OPEC's Strategy
(15:15) Gold's Resurgence Amid US Debt Concerns
Hosted on Acast. See acast.com/privacy for more information.
From eToro’s blockbuster debut to the return of SPACs and the flood of micro IPOs from China, Anthony and Stephen break down what’s really happening in the 2025 IPO market.
They also dive into the data behind Japan’s surprise IPO boom, why London continues to lag, and which investment banks are topping the ECM league tables, with one unexpected name climbing fast.
Essential insight for anyone tracking deals, equity markets, and the big stories behind this year’s public listings.
(00:00) Intro & Key Themes
(02:47) IPO Market Overview: Year-to-Date Performance
(05:14) Micro Listings: A New Trend in IPOs
(13:01) Understanding SPACs and Their Role
(17:41) Global IPO Activity: A Broader Perspective
(20:21) Sector Analysis: What Companies Are Going Public?
(24:01) eToro IPO & Notable Companies to Watch
(33:44) UK IPO Landscape: Challenges and Opportunities
(36:52) Investment Banks: League Tables and Revenue Breakdown
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From a blistering 20% S&P rebound to Trump’s tariff U-turn, Anthony and Piers unpack what’s behind one of the fastest stock market rallies in recent memory — and whether it can last.
They also dive into the surprise inflation slowdown, what it means for Fed rate cuts, and why the looming US debt ceiling deadline could be the next big market risk. Plus, is “taco trade” the new “buy the dip”?
Essential listening for anyone trying to make sense of fast-moving markets, policy shifts, and the psychology driving investor behavior.
(00:00) Intro & Key Themes
(03:05) What’s Driving the Market Rebound
(09:03) US Inflation Trends & Fed Rate Cut Hopes
(14:56) Trading Psychology: Fear, Risk & Strategy
(16:00) The Debt Ceiling Explained - And Why It Matters
(24:29) One Market Factor You Might Be Overlooking
Hosted on Acast. See acast.com/privacy for more information.
In this career insight episode, Anthony speaks with Mahgul Ansari, an Assistant Portfolio Manager at Premier Miton, about her unconventional path into investment management.
Starting out studying modern languages at Oxford University and later qualifying as a chartered accountant, Gul shares how she pivoted into asset management, the challenges she faced along the way, and how she built an edge in the industry by combining linguistic, analytical, and accounting skills.
Gul opens up about dealing with rejection, breaking into the industry without a finance degree, and why authenticity and personal branding matter more than ever.
(00:00) Gul's Journey: From Languages to Finance
(07:22) Navigating Career Challenges and Self-Discovery
(16:56) Finding Your Edge in Investment Management
(23:50) The Role of a Portfolio Manager
(28:34) Personal Branding and Authenticity in Finance
(37:46) Diversity and Inclusion in Asset Management
(45:45) Exploring Non-Traditional Paths into Finance
Hosted on Acast. See acast.com/privacy for more information.
From Shell eyeing BP in a historic mega-merger to 3G Capital’s surprise $9.4bn move on Skechers, Anthony and Stephen break down the M&A headlines driving markets this week.
They also unpack Sunoco’s $9.1bn cross-border play for Canada’s Parkland and explain what a “fairness opinion” really means.
Essential insight for anyone interested in deals, strategy, and what real money is doing in volatile times.
(00:00) Intro & Topics on the Table
(02:41) Mega M&A Deal: Shell and BP
(24:20) Skechers Acquisition by 3G Capital
(32:40) Sunoco's Acquisition of Parkland
(36:00) Understanding Fairness Opinions in M&A
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The Fed kept rates on hold - no surprise there. But in this episode, Anthony and Piers dig into the real story: the subtle shifts in language, the rising risk of stagflation, and how Trump’s tariff war is clouding the economic outlook.
They break down why traders hang on Powell’s every word, how markets react before policy changes, and what conflicting data says about where the US economy is headed. Whether you're trying to make sense of monetary policy or sharpen your market instincts, this is the episode that connects the dots, minus the jargon, with all the context.
(00:00) Understanding the FOMC Announcement
(02:47) Monetary Policy's Impact on Markets
(05:52) Decoding Economic Data and Fed's Challenges
(08:33) Powell Fires Back at Trump
(11:32) Unpacking Changes in the Fed's Statement
(16:14) Market Reactions and Future Expectations
(18:48) Tariffs, Negotiations, and Market Sentiment
(21:10) Interest Rate Futures and Market Predictions
Hosted on Acast. See acast.com/privacy for more information.
