Market Maker

What does it actually take to build a successful career in financial markets?

In this episode, Anthony Cheung sits down with Jamie Philip, who began his career trading at a hedge fund before spending nearly 19 years at J.P. Morgan, ultimately becoming Managing Director and Head of EMEA Futures and Options Execution Sales.

Jamie shares what senior bankers really look for when hiring graduates, why being teachable can matter more than appearing impressive, and the mistakes young professionals often make once they land their first job in finance.

We also discuss the importance of consistency, trust and reputation, why comparing yourself to others can derail your career, and the lessons Jamie learned from nearly two decades inside one of the world’s biggest investment banks.

For anyone trying to break into investment banking, sales and trading or financial markets, this is an inside look at what it takes not just to get the job, but to build a career that lasts.

00:00 Breaking Into Finance
02:58 Buy Side to Sell Side
10:13 A Non-Linear Path
17:18 What MDs Look for in Graduates
20:24 How to Stand Out
22:28 Why Consistency Matters
27:11 Handling Mistakes Under Pressure
29:43 The Early Career Trap
32:46 Money, Success & Perspective
37:08 Finding Work-Life Balance
43:49 Jamie’s Advice for Graduates

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