Why would Sainsbury's sell one of Britain's best-known retailers for a fraction of what it originally paid?

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down the sale of Argos and explain why the headline tells only part of the story. Was this a disastrous investment, or a smart strategic decision? They explore how corporate strategy, private equity and changing consumer behaviour transformed one of the UK's most iconic high street brands.

Along the way, they also discuss the latest developments at SpaceX, AstraZeneca, Shein and Snap, and what these stories reveal about today's markets and economy.

If you're interested in business, investing or improving your commercial awareness, this episode explains the thinking behind one of the UK's biggest retail deals in a simple, engaging way.

(00:00) This Week's Biggest Business Stories

(03:00) Market Maker Meets Listeners in New York

(05:06) SpaceX Earnings & AI Spending

(10:09) AstraZeneca's $400BN Merger Talks

(12:26) Shein's IPO Returns

(15:17) Snap Earnings Surprise

(20:13) Why Sainsbury's Sold Argos

(21:50) Stephen's Argos Story

(24:39) The £1.4BN Mistake?

(30:54) Why Investors Loved the Deal

(34:25) Who Bought Argos?

(39:24) The Rise of Argos

(42:00) Why Argos Stopped Growing

(45:24) Can Argos Make a Comeback?

(49:27) The Real Lesson for Investors

A 22-year-old former OpenAI researcher built one of the hottest AI-focused hedge funds on Wall Street, generated extraordinary returns, then watched it unravel in spectacular fashion after a leveraged bet went wrong. Citadel stepped in to buy the portfolio, markets rebounded, and the episode raised important questions about AI investing, risk management and whether today's market is repeating the mistakes of the past.

In this episode of Market Maker, Anthony Cheung and Piers Curran explain what really happened to Leopold Aschenbrenner's fund, why leverage can turn winning trades into disasters, how margin calls work, and why Ken Griffin and Citadel emerged as the biggest winners. They compare the story with the collapse of Long-Term Capital Management in 1998, showing why human psychology often matters more than intelligence in financial markets.

They also break down why the S&P 500 has returned to record highs, what blockbuster earnings are telling us about the AI trade, whether semiconductor stocks have found a bottom, what falling oil prices mean for interest rates, and whether today's rally is built on solid foundations or growing optimism.

Whether you're investing in AI, preparing for a career in finance, or simply trying to better understand global markets, this episode explains the biggest stories shaping Wall Street and what they could mean for investors next.

(00:00) The AI Hedge Fund That Blew Up

(02:00) Who Is Leopold Aschenbrenner?

(05:30) 439% Returns... Then Disaster

(08:04) How Leverage Really Works

(14:28) Margin Calls Explained

(19:45) Why Citadel Bought the Portfolio

(24:11) The Ken Griffin Playbook

(27:00) The LTCM Crash Comparison

(31:08) The Psychology of Greed

(37:22) Why the S&P 500 Hit Record Highs

(41:53) Is the AI Trade Back?

Artificial intelligence is changing the world, but who will actually make the money?

In this episode of the Market Maker Podcast, we explore the AI investment ecosystem to understand where value is really being created. From OpenAI and Anthropic to Nvidia, Apple, Microsoft, Alphabet and Amazon, we break down the business models, investment strategies and competitive dynamics shaping the next phase of AI.

Rather than focusing on the technology itself, we ask the questions investors should be thinking about. Is the AI boom sustainable? Which parts of the ecosystem are most likely to capture the profits? Could today's winners become tomorrow's losers? And what does all of this mean for investors, businesses and young professionals building careers in an AI-driven economy?

If you're interested in investing, business strategy, financial markets or technology, this episode provides a practical framework for understanding one of the biggest investment themes of our time.

If you enjoyed the episode, don't forget to like, subscribe and let us know in the comments: Who do you think will be the biggest winner in AI over the next five years?

(00:00) The AI Investment Story

(01:13) How Big Is the AI Opportunity?

(07:06) Is AI Becoming Another Dot-Com Bubble?

(09:30) OpenAI, Anthropic & The AI Labs

(20:54) Is Being First Mover an Advantage?

(22:30) Hyperscalers: Microsoft, Google, Apple & Amazon

(32:09) Apple's Surprisingly Different AI Strategy

(37:11) Nvidia & The Picks-and-Shovels Trade

(43:08) Are AI Data Centres Becoming a Bubble?

(49:12) Who Really Wins From AI?

(51:49) The Skills That Will Matter Most in an AI World

In this episode, Stephen discusses the often misunderstood field of corporate banking, highlighting its significance within the financial services industry.

He explains the core functions of corporate banking, the career paths available, and the technical skills required for success in this area.

Whether you're considering a career in corporate banking or just want to understand its impact, this episode is packed with valuable insights!

(00:00) Welcome Back and Introduction

(02:57) Understanding Corporate Banking Functions

(04:56) Corporate Banking vs M&A pay comparison

(09:49) Skills needed to excel in Corporate Banking

(13:58) The Profile of a Successful Corporate Banker

(17:37) Recruitment in Corporate Banking

Why would anyone spend $9.6 billion buying an NFL team?

This week, Anthony Cheung and Stephen Barnett break down the record-breaking sale of the Seattle Seahawks and explain why owning a sports franchise has become one of the world's most attractive investments.

From guaranteed TV revenues and billion-dollar media rights to stadium economics, private equity, and surprising tax advantages, they unpack the business model that has transformed NFL franchises into some of the most valuable assets on the planet.

Along the way, they compare the NFL with European football, explain why scarcity drives valuations, explore the role of concerts and live events, and reveal why billionaire investors continue to compete for sports teams despite eye-watering price tags.

If you're interested in finance, investment banking, private equity, M&A or simply want to better understand how billion-dollar businesses really work, this episode is for you.

(00:00) Why NFL Teams Cost Billions

(03:46) The Seahawks Sale

(06:52) Sports M&A

(08:04) The Auction Process

(09:14) Why NFL Teams Win

(14:12) Celebrity Team Owners

(17:25) Inside the NFL Business

(22:11) TV Money & Scarcity

(24:00) Most Valuable Teams

(26:40) Stadium Economics

(32:58) The Tax Loophole

(38:26) Interview Takeaways

(41:09) Private Equity's Move

Five days into office, Andy Burnham is already facing the same question every UK Prime Minister eventually encounters: who really controls the economy?

In this episode, Anthony Cheung and Piers Curran break down Burnham's first economic policies, why rising gilt yields matter far more than political headlines, and what investors should really be watching ahead of the Autumn Budget.

They revisit the Liz Truss crisis to explain how bond markets forced a government into retreat, why today's starting point may be even more challenging, and whether Burnham's regional growth agenda can survive higher borrowing costs.

Along the way they explain bond vigilantes, the importance of the Chancellor, why markets care about fiscal credibility, and the sectors that could emerge as winners and losers from the new government's plans.

Whether you're investing, preparing for finance interviews, or simply trying to understand how politics moves markets, this episode explains the mechanics behind one of the biggest stories in the UK economy.

(00:00) Andy Burnham becomes Prime Minister

(01:58) The Liz Truss crisis explained

(03:42) Bond vigilantes and government borrowing

(08:34) Why today's bond market is different

(10:32) Burnham's first economic policies

(13:44) Can the government afford these promises?

(17:25) Meet the new Chancellor, John Healy

(19:36) Winners and losers for investors

Wall Street isn't the only place where billion-dollar deals are happening.

This week, Anthony Cheung and Stephen Barnett break down ITV's agreement to sell its television and streaming business to Comcast, the owner of Sky, and explain why this is far more than just another media acquisition. They explore how investment banks advise on transformational M&A deals, why companies separate business divisions to unlock value, and what the transaction means for the future of UK broadcasting.

They also analyse Reformation's upcoming IPO, using it as a case study to explain direct-to-consumer brands, private equity exits, consumer investing and why some retail companies become stock market winners while others collapse. Along the way, they compare brands including Nike, Lululemon, Abercrombie and Allbirds, discuss what makes an attractive IPO candidate, and explain how investment banks position companies before going public.

Whether you're preparing for finance interviews, working in markets, or simply want to better understand the biggest business stories shaping the economy, this episode breaks down the commercial awareness behind the headlines.

(00:00) England Exit

(02:29) ITV Sold to Sky

(06:37) The Deal Advisers

(08:03) Comcast Explained

(16:07) ITV Business Model

(19:53) The Role of Banks

(30:07) Reformation IPO

(33:58) The Numbers

(40:17) Nike vs Abercrombie

(45:33) PE Exit Strategy

(52:08) IPO Boom

(53:54) Final Prediction

Wall Street has just posted one of its strongest quarters in history.

The world's biggest banks delivered record profits as trading desks, investment banking and wealth management all fired at the same time. But with Jamie Dimon warning that conditions are "nearly as good as it gets", is this a peak or just the beginning of an even bigger cycle?

In this episode, Anthony Cheung and Piers Curran break down what drove the blockbuster earnings from Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi, why AI has become the biggest force behind investment banking, trading and capital markets, and whether today's record profits could be borrowing growth from tomorrow.

They also analyse June's US inflation report, why the biggest monthly decline in CPI since 2020 isn't quite as straightforward as the headlines suggest, and what it means for Federal Reserve interest rate expectations.

Finally, they revisit the biggest IPO of the year. After surging in its first few days of trading, why has SpaceX fallen back to its IPO price? From index fund buying and green shoe options to lock-up periods and insider selling, they explain the market mechanics that most investors never hear about.

If you want to better understand what's driving global markets and how professionals think about the biggest financial stories each week, this episode is for you.

(00:00) Wall Street's Record Quarter

(02:55) Why Banks Made So Much Money

(10:15) Morgan Stanley's Hidden Winner

(15:24) Is This As Good As It Gets?

(19:00) AI's $1 Trillion Spending Boom

(25:14) US Inflation Cools

(31:14) Why SpaceX Is Falling

(35:10) Green Shoe Options Explained

(38:36) SpaceX Lock-Up Risks

(42:16) One IPO, Every Bank Wins

This week on Market Maker, Anthony Cheung and Stephen Barnett break down the £5.7 billion bidding war for easyJet and explain why private equity firms are suddenly competing to buy one of Europe's best-known airlines.

Using the deal as a case study, they explore how investment bankers value airline businesses, why easyJet became an attractive takeover target, and what students can learn about mergers & acquisitions from a real live transaction.

Along the way they explain key airline metrics such as ASK, RASK and CASK, discuss why airlines are notoriously difficult businesses to run, and reveal why the value of airport slots and aircraft fleets matters so much to investors.

Whether you're preparing for investment banking interviews, building your commercial awareness, or simply curious about how billion-pound acquisitions happen, this episode provides a practical insight into corporate finance using one of the UK's most recognisable companies.

(00:00) Why easyJet a Takeover Target

(01:38) The £5.7bn Bidding War Explained

(09:58) Why Private Equity Wants easyJet

(15:10) How Airlines Are Really Valued

(19:50) ASK, RASK & CASK Explained

(20:49) Why easyJet Looks Undervalued

(29:27) Breaking Up the Business

(34:05) Why Airlines Are Difficult to Run

Oil is up but stocks aren't blinking, so why has the market gone numb to the Strait of Hormuz standoff between the US and Iran?

Anthony Cheung and Piers Curran break down the real reason traders are shrugging off the latest flare-up, why Trump wants oil prices low ahead of the midterms, and what Iran's grip on the Strait actually means for shipping.

Then, new Fed chairman Kevin Walsh is tearing up the old central bank playbook in favour of real-time data over legacy models, and we ask whether that's smart evolution or a risky departure.

Finally, Apple's $30 billion deal with Broadcom: is this genuine supply chain strategy or a political shield against Trump's tariffs, and what it really means for iPhone battery life, AI processing, and data privacy going forward.

(00:00) Intro

(01:36) Iran-US Tensions Explained

(08:05) Oil Traders vs. Macro Markets

(10:42) Fed Minutes Breakdown

(16:10) How the Fed Actually Decides

(23:30) CPI Basket Explained

(28:54) Fed Goes Quant

(33:08) Apple's $30bn Broadcom Deal

(39:18) Apple, AI, and Data Privacy

Is OpenAI delaying its IPO, and why has it reportedly discussed giving the US government a 5% stake?

In this episode of the Market Maker Podcast, Anthony Cheung and Stephen Barnett break down one of the biggest stories in finance and technology before exploring the latest IPOs shaping global markets.

From Bending Spoons' blockbuster listing and Lime's stock market debut to Oman's largest flotation and Wayve's role in the London Stock Exchange's new private markets initiative, we explain what these deals reveal about investing, venture capital, AI and the future of capital markets.

Whether you're preparing for investment banking interviews, working in finance, or simply want to understand the biggest business stories of the week, this episode gives you the context behind the headlines in a clear and practical way.

(00:00) Coming Up

(02:54) OpenAI's 5% US Government Deal

(10:06) OpenAI IPO Delay Explained

(13:52) Bending Spoons IPO

(23:19) Lime IPO Explained

(29:28) Oman's Fertilizer IPO

(35:22) London's New Private Market