Market Maker

This week on the Market Maker Podcast, Anthony and Piers unpack one of the most eventful weeks in global markets and business strategy.

Donald Trump nominates Kevin Warsh for Fed Chair. What does this mean for inflation, rate cut expectations, and the sharp reversal in gold and silver?

Microsoft and Meta post strong earnings - but only one stock soars. Why did investors rotate out of Microsoft and into Meta, and what role does OpenAI play?

Tesla announces a major strategic shift, ending Model S/X production and pivoting toward robotics and robo-taxis. Is this a bold long-term play or a risky execution challenge?

Apple delivers a record-breaking quarter but faces investor hesitation amid rising costs and muted AI positioning.

A deep dive into ANTA Sports’ $2.2B acquisition of a 29% stake in Puma — and what it tells us about global brand strategy, China’s sportswear ambitions, and geographic arbitrage.

Ideal for finance professionals, students, and anyone tracking markets, tech, and M&A trends.

(00:00) Fed Chair Shake-Up: Kevin Warsh Named
(04:01) Big M&A Moves: Clorox, CVC, Alibaba, Carlyle
(06:37) Microsoft vs Meta: A Tale of Two Earnings
(09:48) Azure Growth, Copilot Struggles, OpenAI Exposure
(15:12) Meta’s AI Spend Pays Off
(18:59) Tesla’s Strategic Pivot to Robotics
(24:53) CapEx Surge, Optimus, and Execution Risk
(31:50) Apple’s Record Quarter & AI Gaps
(33:26) ANTA’s Puma Deal: Global Brand Strategy

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

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