Markets staged a stunning rebound in the first half of 2025 - after a brutal start that saw the S&P 500 plunge into bear market territory. Anthony and Piers rewind the chaos: Trump’s tariff shock on “Liberation Day,” the inflation scare that followed, and how a market left for dead came roaring back to record highs.

They unpack the Fed’s evolving rate path, the quiet rise of a “shadow chair” ahead of Powell’s potential exit, and why Nvidia’s earnings may have rescued the AI hype cycle. Plus, Netflix and Uber emerge as surprise stars of H1, while Italy’s bond market revival puts it on the economic leader board.

From VIX lows to fiscal turnarounds, this episode cuts through the noise and spotlights what really mattered and what’s coming next.

(00:00) Intro & Themes in Focus

(02:18) Market Overview: A Roller Coaster Year

(08:43) What to Watch Going Forward

(13:20) Trumps Escalate to Negotiate Strategy

(14:48) AI Stocks Remain a Key Driver

(16:49) VIX: The Fear Gauge

(19:56) Sector Performance and Key Players

(23:39) Banks Strong Performance in 1H25

(25:50) Netflix Successful Turnaround

(31:13) Uber's Turnaround and Future Prospects

(36:07) Italy's Economic Recovery and Political Stability

Anthony, Stephen, and Silvia break down the $10 billion blockbuster sale of the LA Lakers. Why did the Buss family cash out after 40 years and what makes the Lakers the world’s most valuable sports franchise? From brand power and valuation layers to the media rights behind the deal.

Then, Chelsea FC quietly sells off its women’s team… to itself? Stephen exposes the dark arts of private equity and how Chelsea dodged FFP rules with some creative accounting.

Finally, ESPN buys into lacrosse, and English rugby looks to American-style franchising to stay alive.

Is sport just business now and what does it mean for the future of valuations?

(00:00) Intro and Farewell

(04:57) Welcome Silvia to the Show

(05:57) The LA Lakers Record-Breaking Valuation

(27:15) Private Equity in Women's Soccer

(37:09) Emerging Trends in Lacrosse and Rugby Investments

Markets hit new highs this week, but under the hood, things are anything but settled. Anthony and Piers unpack the Nasdaq’s breakout, Nvidia’s relentless rally, and why a historic rebound might be more than just a bounce.

They dig into Trump’s latest attack on Powell and the rise of a “shadow chair” theory already shifting rate expectations—and markets.

Plus, why Iran’s missile strike on a U.S. base sent oil crashing, not soaring. From data to geopolitics, this episode filters out the noise and finds the signal.

(00:00) Intro & Themes in Focus

(01:50) Market Resilience Amidst Turbulence

(08:12) Nvidia Back on Top

(13:18) Trump's Influence on Monetary Policy

(25:18) Geopolitical Tensions and Market Reactions