Market Maker

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

What does it take to keep going when things get tough?

In this episode of the Market Maker Podcast, Anthony Cheung is joined by endurance cyclist, two-time cancer survivor and motivational speaker James Golding for a conversation about resilience, mental toughness and performing under pressure. While James has completed some of the world's toughest endurance challenges, this isn't a podcast about cycling. It's about the mindset behind sustained success and how anyone can apply those lessons in their career.

Together they explore how to deal with rejection, overcome self-doubt, recover from setbacks and stay focused on long-term goals. Whether you're preparing for interviews, working in investment banking, trading, or simply looking to become more resilient in your professional life, this episode is full of practical insights that can be applied immediately.

If you've ever wondered what separates those who thrive under pressure from those who give up, this is an episode you won't want to miss.

(00:00) Introduction
(01:30) James Golding's Story
(06:20) Why Cycling Changed Everything
(10:33) Cycling Across America
(14:28) Building Resilience
(24:12) Small Wins Matter
(28:35) The Power of Reflection
(32:21) Overcoming Self-Doubt
(35:30) Performing Under Pressure
(41:52) Why Your Team Matters
(50:05) Dealing with Rejection
(55:46) Tour de France Challenge

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James Speaker enquiries - info@onestepatatimeuk.com

Goldman Sachs has advised on more than $1 trillion of mergers and acquisitions in record time, highlighting the return of blockbuster dealmaking. We explain what's driving the surge in investment banking activity, why AI is fuelling both M&A and IPOs, and what it means for markets.

We also break down the growing crisis at Thames Water, why nationalisation is back on the table, and how years of private equity ownership led to one of the UK's biggest corporate challenges. Finally, we analyse Snap's dramatic decline from a $130 billion company to under $10 billion, why its founder-led governance matters, and whether its bet on augmented reality glasses can ever pay off.

(00:00) Coming Up
(02:32) Goldman Sachs Hits $1 Trillion
(06:08) M&A League Tables 1H26
(09:08) IPO Markets Returns
(17:29) What Next for M&A
(19:11) Thames Water Explained
(24:32) Special Administration Regime
(32:27) Can Thames Water Be Saved?
(36:54) Snap's $120B Collapse
(40:07) The Founder Control Problem
(45:24) Does ESG Still Matter?