Market Maker

• 2026 M&A Outlook: Mega Deals, PE Exits & Private Credit

  It’s our most anticipated episode of the year! Stephen Barnett returns to grade our 2025 predictions and lay out the playbook for 2026.We break down the massive $4.2 Trillion year in M&A, analysing why deal volume dropped while deal value skyrocketed. We also do a deep dive into the "Indigestion" facing Private Equity, with 50,000 businesses owned and nowhere to sell them, and why Private Credit is starting to look dangerously like the "Big Short" era of 2008.Plus, we reveal our Company of the Year (hint: it’s a comeback story) and our Person of the Year (is it Jensen Huang or... Michael Burry?).(00:00) Grading our 2025 Predictions (S&P, Nvidia, Bitcoin)(04:58) $4.2 Trillion in Deals (Goldman vs. J.P. Morgan)(09:38) The Rise of Boutique Banks & Size Matters(14:25) Private Equity "Indigestion"(17:52) Will Lower Rates Save Private Equity?(21:05) Is Private Credit a Bubble?(25:20) "Rating Shopping" & The Cockroach Theory(31:10) 2026 Crystal Ball: Tailwinds vs. Headwinds(35:05) Company of the Year: Google goes "Beast Mode"(40:58) Person of the Year: Jensen Huang vs. Michael Burry(44:53) The 2026 Prediction: OpenAI Gets Acquired?

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• How to Break Into Investment Banking: What Top Interns Do Differently

  In this episode, Anthony speaks with Ela Saruhanoglu, an LSE Management student who secured a full-time investment banking role at J.P. Morgan for 2026 after converting her summer internship. Despite not having a traditional finance background or spring week, Ela shares how she built technical skills from scratch, leveraged curiosity, used productivity hacks, and developed a mindset that set her apart.(00:00) Ella’s Journey to J.P. Morgan(01:21) Why Finance?(04:39) Learning Technicals(06:18) Purposeful Productivity(11:14) Balancing Uni & Applications(13:54) No Spring Week, No Problem(17:01) Preparing Ahead of Time(20:25) Managing Imposter Syndrome(24:05) Internship Tips: Visibility, Mindset, Speed(26:35) Knowing You Why

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• The $100bn Hostile Takeover: Netflix vs. Paramount

  It’s the "final battle for the soul of Hollywood." In this breaking episode, we bring back Stephen Barnett to break down the Netflix vs. Paramount war for Warner Bros. Discovery (WBD).Stephen breaks this deal down like a Hollywood movie script—literally. We cover the Backstory (Zaslav’s failure), the Cast of Characters (from "nepo-baby" David Ellison in his Ferrari to the "anti-hero" David Zaslav), and the Plot Twist where Paramount gets "ghosted" on a Thursday only to launch a hostile counter-attack.We also dive into the "Monopsony" risk that has writers terrified, the "Whirling Dervish" factor of a Trump presidency, and why this deal proves that if you aren't a $500bn tech giant, you're just prey.(00:00) Stephen Barnett Returns(01:59) Battle for the Keys to the Kingdom(04:09) Backstory: Why WBD Ripped 160%(06:12) "Anti-Hero" Zaslav & "Nepo Baby" Ellison(10:30) The Plot: "Begging" Texts & Being Ghosted(16:17) The Role of Bankers(18:47) "Black Box" Fear: Advertisers vs. Netflix(21:30) The Trump Factor in M&A(23:15) Monopoly vs. Monopsony(27:47) Conclusion: Why a Big Tech Win is Scary

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• Inside the Biggest IPO in 2025 & Amazon AI Chip Reveal

  In this M&A edition of Market Maker, Anthony and Piers break down Medline’s potential $5 billion IPO, the biggest of the year, and what it signals for private equity exits and the 2026 deals landscape. They also explore Amazon’s bold entry into the AI chip race with Tranium 3, how it stacks up against Nvidia and Google, and what it means for cloud dominance. Plus, OpenAI hits the panic button as Google’s Gemini and Anthropic’s Claude rapidly gain ground.(00:00) Medline’s $5B IPO(08:52) ECM Process(12:45) Bank Rankings Shuffle(20:06) Amazon’s AI Chip(28:09) Cloud Wars Heat Up(32:04) OpenAI’s Code Red*****Final chance to join our in-person Finance Bootcamp happening in London 15-19 December 2025. Use code BOOT500 at checkout to access a £500 discount as a loyal podcast fan!

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• Investing Shift: Big Tech Down, Pharma Up, Dollar Risks Ahead

  Big tech is stumbling while pharma stocks surge, what does that mean for markets heading into 2026? In this episode, Anthony and Piers unpack why Nvidia, Microsoft, and Amazon are dragging, while Eli Lilly and Merck lead a surprising rotation. They also explore shifting Fed rate cut expectations, conflicting US labor data, and what it all signals for the S&P 500’s next move.We also break down Deutsche Bank’s “triple whammy” dollar call, Trump’s Fed chair pick, and why a yen carry trade unwind could shake crypto markets. Plus, UK PMI surprises and pound strength, are brighter days ahead for the UK economy? Tune in for easy-to-follow macro insights this week!(00:00) Topics & Listener Shoutouts(02:51) Big Tech Wobble, Pharma Surge(09:16) Fed Cut Expectations & Labour Data(18:27) Trump’s Fed Pick & Market Reaction(24:23) Deutsche Bank US Dollar Call(30:07) Yen Carry Trade & Crypto Risk(36:01) UK Budget Bounce & PMI Surprise*****Last chance to join our in-person Finance Bootcamp in London 15-19 December 2025. As part of our podcast community, you can use the code BOOT500 at checkout for a £500 discount.

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