Market Maker

All the major tech firms have now reported and it's been quite the opposite of what you might expect. Meta (Facebook) came out trumps while Alphabet (Google) sank! We deconstruct the tech giant earnings and look at whether or not a bad season for most is a sign of things to come or just a temporary blip for these titans of industry. Attention then turns to the rally in stocks following the latest...

In this episode, we explain what you need to know from the first of the big tech companies to report their corporate earnings this season, Microsoft. We dive into the numbers and explain what they all mean and why investors are most interested in the performance of their cloud computing division.  Elsewhere, Citadel has leaped past Bridgewater Associates to be crowned the top hedge fund manag...

In this week's episode, we discuss the latest corporate earnings from some of the world's largest financial institutions. Ever wondered what the difference is between the likes of Goldman Sachs, Morgan Stanley, J.P. Morgan, and BlackRock? We break down the difference between investment banks and boutiques and explain how commercial banking and wealth management fits into the picture. Hopefully, it...

In this episode, Piers and I dissect this week's US CPI report and discuss what it means for the US central bank and the broader market.  The release saw some wild intraday moves and in this conversation we look at how the different types of market participants react to this type of information from high-frequency hedge funds to value investors. In single stock news, we take a look at the fig...

Welcome back to the channel and our first episode of 2023! This week we review how 2022 finished to set the scene for how this year may play out. Breaking down the major macro themes into how that will likely impact stock sector selection for the coming 12 months. Last year, not many people would have predicted that Russia would invade Ukraine, so we take a look at the potential 'Grey Swan' events...

Welcome to the final episode of the year! The week was dominated by central bank meetings where the Federal Reserve, Bank of England, and the European Central Bank all raised interest rates by 0.5%, signaling that there is still more tightening to come. The policy decisions came despite a decline in both US and UK CPI readings, so what exactly is the reason for them to stay hawkish...

For this episode, I spoke with Ben Arnold an investment director in value and European equities at Schroders. Ben's got a really unique story. As a teenager, his number 1 dream wasn't to work in finance but rather to play hockey at the Olympic Games. Shortly after graduating from the University of Nottingham in 2012, he started working in the City part-time at RBS while he trained with the GB hock...

In this episode, I take a look at what Goldman Sachs has to do with crypto. Whether it's picking up extra-institutional volume or seeking recruitment opportunities, the demise of FTX has a silver lining for some of the largest investment banks on Wall Street. Then over to Credit Suisse, whose shares are actually outperforming the broader market today after the Swiss firm raised $4.3bn in a two-pro...

Piers returns to the podcast to talk with me about the latest rise in US stocks following hints from Fed Chairman Jerome Powell that smaller rate hikes are coming. In fact, US stocks had their first streak of back-to-back monthly gains since 2021, with a gradual upward trend punctuated by a sharp rally on the last day of November. We also discuss our thoughts on the upcoming OPEC+ meetin...

Happy Thanksgiving to any of our US followers! I have some holiday-related stats to quiz you on to get the episode started this week. Then from a market perspective, I cover what information we learned from the latest FOMC minutes, why the UK is set to be one of the worst performers in the G20 over the next two years, and what caused volatility in the oil market this week. Free daily newslett...

In this episode, we use the latest Berkshire Hathaway 13F to understand some basic principles in managing a stock portfolio. Buffett's buy-and-hold strategy has served him well but the latest filing shows he's moved further into tech, purchasing a $4.1bn stake in the Taiwanese chipmaker TSMC. Is this a new direction for the 92-year-old Oracle from Omaha? Elsewhere, we review the lat...

In this episode, we attempt to unpack what exactly happened in the crypto market this week which was rocked by news about FTX and Binance, two of the world's largest crypto exchanges. The move came as FTX CEO and founder Sam Bankman-Fried, who was hailed as something of a savior earlier this year, was subject to an investigation centering on the possibility that the firm used customers’ depos...

In this career insight episode, I am joined by Bilal Hafeez who is the CEO, Head of Research and Editor of Macro Hive. He spent over twenty years doing research at big banks – JP Morgan,Deutsche Bank and Nomura, where he had various “Global Head” roles and did FX, rates and cross-markets research. To mark his 25th year in the industry, Bilal has written an article on the 25 lessons learned fr...

Piers returns to the show and gives his verdict on the big tech earnings and explains why despite their weak performance the S&P continues to hold up. We then delve into the monetary policy decisions this week from the Federal Reserve and Bank of England, both of which raised interest rates by 0.75%. That move itself was not a big surprise but their forward guidance was. Find out why...

It's been a BIG week for US tech earnings and one that has seen seismic reactions in the likes of Meta and Amazon. So much so, that the net worth of Mark Zuckerberg has now fallen more than $100bn in just over 13 months. In this episode, I go beyond the headlines to see what really mattered in the earnings from Apple, Alphabet, Amazon, Microsoft, and Meta. My objective is to give you a better...

First up on the agenda this week is the resignation of UK Prime Minister Liz Truss, marking the shortest premiership in British history. Find out what happens next, the implications for markets, and whether we are about to see the return of Boris! I'm also joined by Stephen Barnett, our Head of Schools, to unpack the announcement from Goldman Sachs this week who are planning a sweep...

A busy end to the week, as UK Prime Minister Liz Truss sacked her Chancellor Kwasi Kwarteng and announced another U-turn in her government's tax cut plan. Find out exactly what happened and how markets reacted to the latest news.  We also tie in the latest developments in the UK bond market after Bank of England Governor Andrew Bailey told pension funds “You have three days to get out"....

In this career insight episode, I am joined by Tanya Tracey who is the CEO of Girls Are Investors (GAIN), which is a charity that seeks to address the lack of diversity in investment management through partnerships with schools and universities.  Tanya has over twenty years of experience in investment banking, investor relations, and diversity and inclusion, having worked at J.P. Morgan,...

In this episode, we discuss what happened to Credit Suisse this week as shares dropped and Credit Default Swaps (CDS) soared amid rumours the Swiss banking giant could be the next Lehman Brothers. But why did the market react so violently and is there any substance to this speculation? Next is Elon Musk, who has thrown in the towel and has revived his commitment to buy Twitter at the original pric...

Topics discussed in this episode Unprecedented Emergency Action: The Bank of England to purchase £80bn long-dated UK Government Bonds to save the Pension industry – But why did they do this, and will it work? UK Government bond yields spike above 5% in one of the largest market moves in history as traders panic over the sustainability of UK debt – Are these fears rational and where do yields go fr...

This week, we discuss why the Great British Pound continues to get hammered. From the split amongst policymakers at the Bank of England to the government setting out the most radical package of tax cuts since 1972. Has the probability of parity against the US dollar become more likely? We also review the latest interest rate announcement from the US central bank and explain why the news...

The UK chancellor is reportedly planning to scrap caps on bankers’ bonuses in a move to attract more talent to the City of London. Find out why the government is doing this and how investment banks manage bonus season. We review this week's US CPI report which acted as a trigger for the Dow to close down more than 1,200 points, marking the worst day so far this year. Why was th...

The founder of the outdoor clothing company, Patagonia, has given away 100% ownership of the $3bn company to help fight climate change.  Yvon Chouinard, the mountain climber, and unlikely business leader has always placed the planet as the company’s most important stakeholder, committing to give 1% of sales to fight climate change, and embarking on an extensive worn-wear campaign.  Today...

Earlier this week, TV personality and business women Kim Kardashian launched her own private equity firm SKKY Partners with the help of Jay Sammons, a former employee at investment firm The Carlyle Group. Piers and I use this deal to help explain the role that private equity plays in finance, how the industry works and the difference between P.E and venture capital. On the macro front, w...

The UK economy is facing one of its toughest economic periods in history.  A looming threat of a recession, acute dependence on foreign capital, soaring debt costs, and the rising likelihood that the Bank of England’s independence will be scrutinised under the new Tory leadership have all led to the demise of the Great British Pound. But how low will the currency go and is there a possibility...