Market Maker

In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets.

We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions.

We also break down why Trafigura is launching a new supertanker business as spot shipping rates surge towards $1 million a day, and how disruption in the Strait of Hormuz is transforming the economics of moving oil around the world.

Finally, we examine KKR’s acquisition of DCC Energy and explain why private equity sees an opportunity in one of Europe’s biggest energy distributors.

00:00 The Global Energy Shake-Up
02:08 Nigeria’s $1.6BN IPO
04:17 Inside the Dangote Refinery
07:10 How Do You Value African Companies?
12:12 Nigeria’s Energy Revolution
17:45 Lukoil’s $20BN Sale
24:29 Inside Trafigura
28:56 The Supertanker IPO
31:53 Why Shipping Rates Are Surging
37:24 KKR’s Acquisition of DCC Energy
40:23 How Private Equity Creates Value
43:04 The Deal Gets Approved

UK government borrowing is surging, bond yields remain elevated and the cost of servicing Britain’s debt is becoming increasingly difficult to ignore. But how serious is the problem and what happens if borrowing costs stay high?

In this episode, Anthony Cheung and Piers Curran break down why Britain’s public finances are under pressure, how the bond market can constrain government spending and why the Bank of England’s decision to step back from quantitative tightening could matter for UK borrowing costs.

We also explore whether governments can simply keep accumulating debt, why the US and Japan have managed even larger debt burdens, and whether AI-driven productivity growth could eventually offer Britain a way out.

Finally, we look at the bigger question facing developed economies: if debt keeps rising, what could actually cause the music to stop?

00:00 Britain’s Debt Problem
02:22 Why Debt Is Getting Expensive
08:56 The Global Debt Problem
10:49 Britain’s Borrowing Surge
11:50 Why UK Inflation Is Different
15:44 Is Britain’s Economy Stalling?
17:53 Why Bond Yields Matter
21:20 Quantitative Tightening Explained
27:32 Could QE Return?
30:29 Can AI Save the UK Economy?
36:00 Can Britain Keep Borrowing?
40:12 Is the West Losing Power?

HYROX has exploded into one of the biggest trends in fitness, and now private equity wants a piece of it. But what exactly makes the business so attractive?

In this episode, Anthony Cheung and Stephen Barnett break down how HYROX makes money, its rapid global expansion and why private equity giant L Catterton has invested in the business. We look at its asset light event model and ask whether HYROX can become a lasting global fitness brand or risks following the same path as CrossFit.

We also unpack Oura’s reported $16 billion IPO, from its hardware and subscription model to the 42 billion hours of biometric data it has collected. Could Oura become much more than a wearable technology company, or is there a risk it becomes the next Peloton?

(01:52) Oura’s $16B IPO
(02:50) Why Oura Is Booming
(06:33) The Subscription Engine
(08:08) Investors in Oura
(10:53) The Role of Robinhood
(12:43) IPO Underwriters
(15:39) History of Oura
(19:12) Oura Business Model
(23:41) Oura’s Data Advantage
(27:52) The Peloton Warning
(31:42) Celebrity Endorsements
(34:10) Can Oura Justify $16B?
(40:35) Why HYROX Is Exploding
(44:25) How HYROX Makes Money
(50:40) The CrossFit Warning
(54:58) Oura vs HYROX: Who Wins?

The Federal Reserve has raised interest rates for the first time in three years, with Fed Chair Kevin Warsh delivering a unanimous 25 basis point hike as inflation once again becomes the dominant concern for financial markets.

In this episode, Anthony Cheung and Piers Curran break down why the Fed decided to hike, what Warsh means by “removing accommodation”, and why the decision could be an important test of the Fed’s independence amid political pressure from Donald Trump.

We also explain the reaction across bonds, equities and the US dollar, why short and long-term Treasury yields are moving differently, and what the Fed’s latest projections could mean for interest rates over the rest of 2026.

Whether you’re following markets as an investor or preparing for a global markets interview, this episode gives you a practical framework for understanding one of the most important macro stories shaping the global economy.

(00:00) Why This Fed Decision Matters
(01:13) Why the Fed Hiked
(06:49) Policy Accomodation
(09:13) What’s Driving Inflation?
(16:18) Is the Fed Independent?
(21:44) How Markets Reacted
(25:51) What Happens Next?
(29:56) Lessons From Past Rate Hikes
(32:50) Interview Cheat Sheet

Application season is underway, and if you’re targeting investment banking, understanding what’s actually happening in M&A can give you a real advantage in interviews.

In this episode, Anthony Cheung and Stephen Barnett break down the huge resurgence in global dealmaking in 2026, why mega-deals are dominating, which sectors and banks are benefiting, and how interest rates, AI and valuations are shaping the outlook.

Most importantly, we explain how to turn that knowledge into better interview answers: which deals to research, how to structure your response and how to demonstrate genuine commercial understanding rather than simply memorising headlines.

(00:00) Investment Banking Interview Prep
(01:48) The M&A Boom
(04:47) Why Mega Deals Are Surging
(10:52) What Drives M&A?
(17:46) Merger Arbitrage
(19:41) The Hottest Sectors
(24:04) Which Banks Are Winning?
(26:15) How to Target Your Applications
(30:21) Stephen's Favourite Episode
(33:26) Anthropic IPO Prediction
(34:46) Impact of US Mid-Terms
(41:23) Number One Advice