Industry | The Unofficial Companion Podcast for HBO Max's "Industry"

• S2 E6 | "Short to the Point of Pain": GameStop, Short Squeezes, Fundamentals and More

  IIn this episode, we break down Season 2, Episode 6: "Short to the point of pain". The plot centers around FastAid, a company caught in the middle of a short squeeze reminiscent of GameStop’s 2021 rally. We analyze the mechanics of short selling, how hedge funds and institutional traders manage risk in volatile positions, and why liquidity and market perception play crucial roles in determining price action. The episode highlights how traders react to crowded short positions and the ways in which misreads on positioning can lead to significant losses. The discussion also touches on market-making, bid-ask spreads, and the importance of accurately assessing order flow in a high-pressure trading environment.Jesse Bloom’s reference to the Martingale betting strategy provides insight into flawed risk management approaches that have historically led to major financial losses. We break down how doubling down on losing trades can amplify risk, drawing parallels to hedge fund collapses and the dangers of overleveraging in financial markets. Additionally, the episode examines how narratives and sentiment, rather than fundamentals, often drive price action—echoing the GameStop short squeeze, where retail traders forced institutional investors to exit short positions at unsustainable prices. The FastAid trade also raises questions about the role of market makers, liquidity providers, and how short-term pricing inefficiencies can be exploited.Beyond the trading floor, the episode also explores the broader implications of professional decision-making in finance. Gus’s career shift highlights the tension between public service and financial ambition, mirroring real-world debates about the role of finance professionals in shaping economic policy. Meanwhile, the discussion of legacy and career trajectory reflects how individuals in finance weigh personal fulfillment against external expectations. As the episode unfolds, it underscores the high-risk, high-reward nature of trading and the broader structural forces that shape financial markets.Join our PE / IBD January 23rd Masterclass HEREOur Investment Banking and Private Equity Foundations course is LIVE:Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

  12/2/2025  

  1:54:52
• S2E5 Kitchen Season | MD Promotion Process, On Campus Recruiting, M&A and More!

  Season 2, Episode 5 titled Kitchen Season, kicks off with a discussion on the intricacies of investment banking promotions, specifically focusing on the elusive Managing Director (MD) title. Kristen and Jen explore how promotions in finance are not linear and often depend on numerous factors including firm politics, desk performance, and the candidate's rockstar qualities. They dissect Rishi’s predicament, comparing the rapid ascent of star traders versus those who languish in executive director roles for years.The conversation then shifts to the critical implications of mergers and acquisitions, highlighting a potential Amazon and FastAid deal that could spell disaster for smaller competitors like Rican. As Gus finds himself privy to insider information in his political role, the stakes rise significantly for Jesse and Harper’s financial strategies. Kristen and Jen break down the potential fallout from these corporate maneuvers and what it means for the characters involved.Listeners are then treated to an analysis of the recruitment strategies employed by investment banks, illustrated through Robert's experience at Oxford. They discuss how top-tier firms entice the brightest minds with promises of prestige and financial rewards, revealing the high-pressure tactics used to lure in future bankers. This episode is a must-listen for finance enthusiasts as it intricately ties personal struggles with professional growth in the high-stakes world of investment banking.Join our PE / IBD January 23rd Masterclass HEREOur Investment Banking and Private Equity Foundations course is LIVE:Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

  05/2/2025  

  1:18:35
• S2 E4 | “There Are Some Women”: Forming an Investment Thesis, Comp, Power Plays & More

  In this jam-packed episode of the Unofficial Companion Podcast to HBO Max's Industry, we dive into Season 2, Episode 4, There Are Some Women. This week, we delve into the nuanced depiction of compensation negotiations, or "comp season," exploring the implications of Harper's bonus reveal and the significance of her $25 million contribution to PeerPoint. What does it mean to be "paid at the upper end of the band"? And why do analysts and associates have their bonuses capped, even when they deliver exceptional results? We also touch on the regulatory requirement of "mandatory two-week vacations" in the trading world, designed to uncover potential fraud—a detail that adds authenticity to the storyline as Eric grapples with his sidelined status.We also dissect the fictional telemedicine company FastAid, a thinly veiled reference to the shifting healthcare market dynamics. From the challenges of last-mile care to the implications of Big Tech’s consolidation in the healthcare space, we discuss the real-world parallels of Amazon's acquisition of One Medical and how it reflects larger trends in private equity and telemedicine. The episode further explores the financial strategies of Yasmin's family office, raising questions about liquidity management, diversification, and the role of private equity in reshaping legacy businesses.Finally, we examine how power dynamics permeate every facet of the characters' lives—whether it's Eric's struggle for control, DVD’s attempts to outshine Harper, or Gus’s foray into politics. Mentor-mentee relationships become a recurring theme, blurring the lines between personal and professional. We’ll also analyze how these dynamics are often underpinned by issues of wealth, privilege, and ambition. Don’t miss this deep dive into the finance-heavy themes and human drama that make Industry such a compelling watch!Join our PE / IBD January 23rd Masterclass HEREOur Investment Banking and Private Equity Foundations course is LIVE:Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

  19/1/2025  

  1:51:54
• S2 E3 | "The Fool" Block Trades, Proxy Votes, Private Placement & More

  In this episode, we dive deep into HBO Max's hit show Industry Season 2, Episode 3, titled "The Fool." We unpack the intricate financial concepts and ethical dilemmas that drive the plot, exploring topics like block trades, private placements, proxy votes, insider trading, and more.We break down the logistics of block trades—massive transactions conducted outside public markets to minimize disruption—and how they differ from private placements, where securities are sold directly to strategic investors. With a focus on Jesse Bloom's 42% stake in RYKAN, we analyze the risks and implications of these financial moves.The episode also highlights the power of proxy votes, which enable shareholders to influence major corporate decisions without being directly present. We explore how ceding or maintaining voting rights can become a critical factor in corporate governance, mergers, and acquisitions—especially when conflicts of interest arise, such as suppressed information about RYKAN’s missing analysis.Finally, we delve into the ethical strategies behind long-term versus short-term financial decision-making. Harper's bold move to encourage Jesse to increase his stake in RYKAN at the cost of immediate dividends challenges the traditional focus on quick profits, emphasizing the potential for future market leadership.Join us as we dissect the financial intricacies and strategic maneuvers of Industry's gripping storyline, offering a nuanced look into the high-stakes world of hedge funds, corporate governance, and ethical finance.Join our PE / IBD January 23rd Masterclass HEREOur Investment Banking and Private Equity Foundations course is LIVE:Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

  10/1/2025  

  1:45:36
• S2E2 | Block Trades, IPOs vs. Other Equity Offerings, Perception of PWM & More!

  In this episode of the unofficial companion podcast to HBO Max's hit show 'Industry,' Jen and Kristen delve deep into the financial intricacies presented in Season 2, Episode 2, titled 'Giant Squid.' They start by dissecting the concept of block trades, highlighting how institutions handle large stock transactions and the associated financial risk. The discussion ties this to a real-world example of a recent $2 billion block trade by Citi and the potential losses from such high-stake financial maneuvers when investor demand is miscalculated.Jen and Kristen also provide insights into Equity Capital Markets (ECM) and Initial Public Offerings (IPOs). They explain the role of underwriters in building the order book and pricing the shares to ensure a successful IPO, emphasizing the importance of the roadshow in generating investor interest. They break down the differences between primary and secondary offerings, and discuss "rescue financing" in the context of private equity involvement.The hosts take a critical look at the private wealth management (PWM) sector as portrayed in the show. They discuss the stereotypes and realities of PWM roles, contrasting them with the fast-paced environment of institutional sales and trading. They underscore the impact of interpersonal relationships on financial success, using Celeste's mentorship of Yasmin as a case study. Through these discussions, Jen and Kristen not only enhance viewers' understanding of the dramatic plot but also provide a robust financial education.Join our PE / IBD January 23rd Masterclass HEREOur Investment Banking and Private Equity Foundations course is LIVE:Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

  09/12/2024  

  1:24:48

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