Market Maker

In this episode of Market Maker, Anthony and Piers unpack why the pound has dropped to a seven-month low following Rachel Reeves' rare pre-budget comments, and what it signals for UK markets. They explore London’s rise as a global quant hub, attracting top STEM talent and reshaping finance. Plus, they break down the $49 billion Kimberly-Clark and Kenvue merger, why markets hate it, and what it...

What does bravery look like in the world of finance? Terri Duhon, Wall Street trader turned board director, TEDx speaker, and award-winning educator, shares her remarkable journey from rural Louisiana to MIT, J.P. Morgan, and the boardrooms of Morgan Stanley International and rising fintech firm Wise. In this inspiring episode of the Market Maker Podcast mini-series spotlighting women in finance,...

This week on Market Maker, we unpack three big themes moving markets. Nvidia briefly hit a $5 trillion valuation before a Trump–Xi meeting wiped billions off the stock. We explain what happened and what it reveals about AI hype and geopolitics. We then break down big tech earnings: Alphabet soared while Meta slumped, despite similar numbers. Is “BATMMAAN” the new “Magnificent 7”? And finally, the...

In this episode of the Market Maker Podcast, Anthony Cheung is joined by Joe Little, Global Chief Strategist at HSBC Asset Management, to explore the personal journey and professional insights behind one of the top roles in finance. From discovering economics by chance to immersing himself in investment classics and landing a role at J.P. Morgan, Joe shares how curiosity and persistence shaped his...

In this episode, Anthony speaks with Kate Hill, Global Head of Trading at Aviva Investors, about her three-decade career spanning Citi, Morgan Stanley, HSBC, and Aviva. Kate shares what it was like stepping onto the trading floor for the first time, how major market events shaped her path, and the cultural differences she experienced across leading global institutions. She also reflects on transit...

With a rate cut from the US central bank now almost guaranteed, we break down what it actually means and why the Fed is also quietly ending its multi-billion-dollar balance sheet tightening. Meanwhile, Wall Street's heavyweights, J.P. Morgan, Morgan Stanley, Goldman Sachs and BlackRock just posted monster earnings. We unpack why deal-making is back, what Jamie Dimon's "cockroach"...

In this episode, Anthony is joined by Marc Bergeron , a veteran of nearly four decades in finance, from bond trading in the '80s to co-founding his own firm and now championing mentorship at Orchard Global, a leading alternative investment manager. Marc shares real stories about navigating market crashes, learning the hard way about soft skills, and why adaptability and resilience are make-or-brea...

In this Career Insight episode, Anthony Cheung speaks with Ben Hayward, co-founder and CEO of TwentyFour Asset Management, about his unexpected journey into finance. From studying history of art and pursuing advertising to launching a fixed-income boutique in the midst of the 2008 financial crisis, Ben shares invaluable lessons in career adaptability, leadership, and resilience. Whether you're...

In this episode of the Market Maker podcast, we dive into the largest leveraged buyout in history - Electronic Arts going private in a $55 billion all-cash deal led by Saudi Arabia’s PIF, Silver Lake, and Jared Kushner’s Affinity Partners. What does this blockbuster transaction say about the future of gaming, geopolitics, and private capital? We also unpack Jefferies’ record-breaking Q3 performanc...

In this episode, Anthony speaks with Romy Cuadras, Head of Alternatives and Fund Solutions at Pictet Wealth Management, about her unconventional path into finance and the lessons she’s learned across global markets. Romy shares how her Cuban heritage, resilience, and adaptability shaped a career spanning operations, trading, hedge funds, and now leading alternatives for ultra-high-net-worth client...

In this week’s Market Maker Podcast, Anthony and Piers dive into three huge stories shaping markets, technology, and careers in finance: Trump’s U-turn on Ukraine & the defense stock boom – What does his latest stance mean for NATO, Europe’s defense spending, and why has one German arms manufacturer surged 2,000% since the war began? Nvidia’s $100bn OpenAI deal & the global AI race – From...

In this episode of the Market Maker Podcast, Anthony is joined by M&A expert Silvia Magni to break down one of the most common questions in investment banking: 👉 What’s the difference between sector coverage and product teams? Whether you're prepping for investment banking interviews, navigating your M&A career path, or deciding between technical vs client-facing roles, this episode c...

This week, Anthony and Piers dive into the Fed’s unexpected “risk management” rate cut, what does that even mean? And why is Powell suddenly more concerned about jobs than inflation? Then it's on to Trump’s latest bombshell, scrapping quarterly earnings in favour of semiannual reports. Maverick nonsense or a legitimate debate about investor pressure and corporate costs? Finally, the team disse...

In the second episode of our application-season mini-series with the LSE Alternative Investments Conference (AIC), I’m joined by Yuga Kozuki, Co-President of the LSE AIC. Yuga shares how he secured speculative roles across venture capital, M&A, and hedge funds using cold emailing strategies, automation tools, and the power of student societies. We also dive into handling pressure, reframing re...

In this episode, Anthony and Piers unpack a week of upside surprises, from inflation data clearing the path for Fed rate cuts to Oracle’s shock $455 billion order book and the tech rally pushing markets to fresh highs. They question whether Wall Street’s S&P 500 forecasts are still too cautious, explore why Klarna’s IPO success might reignite deal flow, and dissect the $53 billion Anglo-Teck c...

Kicking off our special application-season mini-series, we're joined by Raul Verma, Co-President of the LSE Alternative Investments Conference (AIC), to demystify the finance career journey from inside one of the world’s top universities. In this episode, Raoul shares his unconventional path, including dropping out and returning to LSE and the real pressures, decisions, and strategies behind l...

In this episode, Anthony and Piers dig into the surge in UK borrowing costs, now at their highest since 1998. Is this a warning sign or just a media-fueled blip? They explore the fiscal strain, political reshuffling, and why the pound took a sharp hit earlier in the week. The conversation then turns to the deeper structural issues—rising inflation, slowing growth, and a widening current account de...

In this episode, Anthony is joined by M&A expert Silvia Magni to break down how to confidently talk about M&A and corporate finance deals in investment banking interviews — even if you haven’t worked on a deal yourself. We cover what interviewers are really looking for, how to structure your answer like a pro, how to use recent or live deals the right way, and the most common mistakes cand...

Piers is back on the mic, and just in time. The markets are heating up and so is the political pressure. In this episode, Anthony and Piers unpack Trump’s latest attack on the Federal Reserve, this time zeroing in on Governor Lisa Cook with allegations of mortgage fraud. Is this just another headline-grabbing move, or a serious threat to the Fed’s independence? Then, the focus shifts to France, wh...

In this episode, we shine a light on one of the most powerful yet misunderstood sectors in finance - commodities. Joined by Lauren Haymond, Global Head of Talent Strategy at Castleton Commodities International (CCI), we unpack what makes this industry uniquely dynamic and ripe with opportunity for early career talent. Lauren shares her personal journey from headhunting to high finance, and breaks...

In this episode, we dive into the archive to take you back to 2022 when Anthony spoke to Will Hobbs, who at the time of recording was the acting Chief Investment Officer of Barclays Wealth Management. Will talks about his untraditional route into markets, from training in Italy as a chef to landing his first role in finance, working through the dot-com and financial crisis, and then deconstructing...

Earnings season is in full swing and Meta and Microsoft are stealing the show. Anthony and Piers dive into why Meta’s shares rocketed 12% on blockbuster earnings, a stunning rebound from its metaverse slump. They explore how Zuckerberg’s all-in AI pivot is paying off, from $100M talent wars to $72B in CapEx. Microsoft’s cloud machine, Azure, just clocked $75B in annual revenue with 34% growth cata...

In this episode, Anthony is joined by Dani Markovits, Creator & Community Manager at LinkedIn, to explore how anyone, from students and young professionals to entrepreneurs and senior leaders, can use LinkedIn as a powerful tool for career growth, authentic brand storytelling, and building a strong personal presence. Whether you're just starting to build your network or looking to stand ou...

Big Tech earnings are rolling in and Alphabet just dropped a strong quarter, with search and cloud firing on all cylinders. Anthony and Piers unpack why fears of AI eating into Google’s ad machine are overblown (for now), and what a mind-bending $85 billion AI spend tells us about the battle for dominance. Meanwhile, Tesla’s numbers paint a rougher picture. Revenue down, profits off a cliff, and E...

In this episode, Anthony speaks with Victoria Bryan, Senior Vice President, Trade Performance and Analytics, Banking and Markets, Northern Trust, about how data analytics shapes trading decisions and drives performance on the trading floor. Victoria shares how she built a career at the intersection of data, markets, and communication, teaching herself to code, translating complex insights for stak...