Industry | Investment Bankers' Analysis of HBO Max's "Industry"

In this episode we delve into the intricate world of finance depicted in the Season 3 premiere, breaking down the complexities behind the IPO process, explaining key concepts such as leverage ratios, net debt, and the influence of natural gas prices on energy companies like the fictional Lumi. We also explore the regulatory landscape of public company financial disclosures and the strategic maneuvers companies make to prepare for a...

In this episode, we break down the finance behind the Industry Season 2 finale—and without exaggerating, this might be our favorite episode yet. There was so much to dig into, starting with the trade that the whole season built toward: Jesse Bloom’s long Rican / short FastAid position.

We unpack the insider trading angle, including whether what Jesse did was in fact insider trading. We get into the ethics behind Harper finding out t...

We’re back and breaking down Season 2, Episode 7 of Industry: “Lone Wolf and Cub.” This one is dense with real finance concepts—starting with Harper, Eric, and Rishi's attempt to “hit a bid away” and pitch themselves as a ready-made desk to rival firms. We get into how traders actually get paid, why comp guarantees are risky, and what it means to bring “client color” as your leverage in a job switch. Plus: why Rishi’s pitch as...

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 h...

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 ...

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 ...

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 dif...

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 ...

In this episode of the unofficial companion podcast to HBO Max's hit show "Industry", Jen and Kristen dive into the premiere of Season 2, titled "Daddy." They provide a deep analysis of critical finance concepts such as block trades, sales credits, credit default swaps (CDS), and the impact of market volatility on trading desks. The duo examines how the show accurately portrays the challenges of navigating ...

In this episode of 'The Wall Street Skinny,' Jen and Kristen dive deep into the finance-heavy intricacies of HBO Max's hit show 'Industry,' Season 1, Episode 7, aptly titled 'Pre Crisis Activity.' 

They discuss the ramifications of the 2008 Global Financial Crisis on Wall Street culture, touching upon terms like 'pre-crisis activity' and austerity measures implemented to curb ex...

In this episode, we dissect the various finance mechanics depicted in HBO Max's Industry Season 1, Episode 6 (Nutcracker). We explore the depiction of holiday parties on Wall Street and discuss why Eric's unconventional decision to give Harper her year-end bonus early not only doesn't make sense, but the numbers are crazy in light of the fact that it should be a stub. We also delve into the complex relationship dynam...

In this episode of the unofficial companion podcast for HBO Max's hit show 'Industry,' we dive deep into the financial intricacies of Season 1, Episode 5. Join Jen and Kristen as they break down the implications of an Italian Brexit and explore how jargon like 'Brexit' has evolved within financial circles. We also delve into the challenges and nuances of bonus structures, discussing the impacts of deferred ...

In this episode, Kristen and Jen delve deep Season 1 episode 4 of HBO Max's Hit show, "Industry". 

They kick things off by breaking down the significance of the non-farm payrolls report and its sweeping impact on various market instruments like bonds, stocks, gold, and the dollar. They dissect Harper’s misbooked cable trade and explore the severe repercussions it has on both her career and the firm's PN...

In this episode we delve into episode three of HBO Max's hit show, 'Industry,'. We walk through Harper's cross-asset trade idea involving puts on the homebuilders index, calls on gold, and credit default swaps (CDS), and her interactions with bosses Daria and Eric and use it to discuss mentorship on Wall Street. We further use the show as an excuse to explain sales credits, trade executions, and correlation trad...

In this week's episode of 'The Wall Street Skinny', Jen and Kristen return with another insightful deep dive into the world of finance as depicted in HBO Max's hit series, 'Industry'. Leveraging their combined 25+ years of experience in investment banking and teaching, the duo offers an educational exploration of key financial concepts, clarifying everything from the basics of foreign exchange (FX) tra...

We've heard your countless requests for a review of HBO Max's hit TV show The Industry, and we are buzzing with excitement about our new favorite show!!!  

In this episode we break down everything from investment banking's pitch book processes and the  discounted cash flow (DCF) valuations to the high-energy environment of sales and trading floor. We aim to demystify the rigorous demands of both sectors whil...