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In this episode we sit down with Liz Myers, Global Chair of Investment Banking and Capital Markets at J.P. Morgan for an Equity Capital Markets deep dive. We get into IPOs vs follow-ons, primary vs secondary proceeds (and why sponsor-backed IPOs often use proceeds differently), convertibles and the reality of price discovery. Liz breaks down the modern IPO process — from test-the-waters investor education to the order book build — and explains the newer concepts that didn’t exist until recently like cornerstone investors, why they matter, and how banks think about allocating “precious” shares to create the right long-term shareholder base. We also get into market timing (their internal “IPO dashboard”), what makes the window feel open vs shut, and why the market loves certainty more than anything.

Liz Myers, Global Chair of Investment Banking and Capital Markets, J.P. Morgan

Liz Myers is Global Chair of Investment Banking and Capital Markets at J.P. Morgan, where she has worked for over 30 years. Prior to her current role, she served as Global Head of Equity Capital Markets where she led the team responsible for advising J.P. Morgan’s corporate clients on equity capital raising (IPOs, follow-ons and convertible issuance) in the Americas, Europe and Asia. She has been named one of the Top 25 Most Powerful Women in Finance by American Banker magazine and one of Barron’s 100 Most Influential Women in U.S. Finance.

Myers serves on the Executive Committee of Women on the Move at J.P. Morgan, which supports women employees and women-run businesses. She serves on the Board of Trustees for Princeton University and the Advisory Boards of the Bendheim Center for Finance at Princeton University and the Harvard Graduate School of Education. Myers is a National Board Member of the Posse Foundation, which expands the pool from which top universities can recruit young leaders. She is also a Board Member of New Yorkers for Children, a nonprofit with a focus on youth in foster care.

Myers graduated cum laude from Princeton University in 1992, with a major in Economics. She received an MBA from Harvard Business School in 1997.

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0-21:30: PSKY / WBD Deal breakdown
21:30-51:08 The Fed Breakdown
51:08-56:27: Donor Approved Funds for Charity

In this episode, Kristen and Jen continue to unpack Warner Brothers Discover bidding war from what the media is constantly getting wrong including missing the non apples to apples bids from PSKY and NFLX as well as why Paramount’s bid looks nothign like traditional M&A and is basically a straight-up leveraged buyout. They also break down the question everyone’s up in arms about: who is in control when this deal goes through.

Then Jen shifts gears into the Fed…and why the headlines are missing what actually matters. Yes, there was a 25bp rate cut — but the bigger story is the Fed’s new plan to support funding markets through reserve management purchases (RMPs) and short-dated Treasury buying. Jen translates the Fed’s most painfully dry policy language into plain English, explains what “ample reserves” really means, and walks through why the Fed is stepping in now — with historical parallels to 2019’s repo market stress and the post-2008 era of balance-sheet whiplash. The takeaway: this isn’t a red-alert crisis moment, but it is a meaningful shift in liquidity support… and it sets up some very interesting asymmetry heading into 2026.

Finally, they end with a practical PSA that could save high earners real money: a tax change coming in 2026 (and why there’s urgency before year-end) makes donor-advised funds newly relevant if you give to charity consistently. They explain how “bunching” donations can potentially maximize deductibility — and how donating appreciated stock can help you avoid capital gains taxes while still supporting the causes you care about. Not tax advice (seriously: ask your CPA), but if you’re philanthropic and market-savvy, this is one of those “tiny line in a bill, huge impact” moments you don’t want to miss.

Want to get an intense education in the world of corporate finance typically reserved for investment bankers and private equity professionals? Learn more about our 25 hour self paced course here! https://thewallstreetskinny.com/investment-banking-private-equity-fundamentals/#investment-banking

Learn more about 9fin HERE

Shop our Self Paced Courses:

Investment Banking & Private Equity Fundamentals HERE
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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

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We are back from hiatus and diving straight into the high-stakes world of Industry Season 3, Episode 3, "It." Join former Morgan Stanley investment bankers Jen and Kristen as we decode the finance behind the drama at the COP climate conference in Switzerland. In this episode, we break down the hypocrisy of ESG investing, the regulatory "Chinese Wall" between equity research and investment banking, and why pressuring an analyst for a buy rating isn't just frowned upon—it’s illegal. We also analyze the mechanics of Petra and Harper’s rogue attempt to launch a new "Leviathan" fund, fact-checking everything from non-compete clauses to Harper’s strategic lie about being a former "trader" rather than a salesperson.
Beyond the balance sheets, we dig into the psychological horror of the episode—from Eric’s glitter-covered spiral into a midlife crisis to the trauma-bonding between Yasmin and Henry Muck. We discuss the nuances of "dad trauma," the reality of IPO lockup periods, and the cringe-worthy dynamics of pitching a non-ESG fund at a climate summit. We also explore the literary references to King Lear and Leviathan that foreshadow the power struggle between Harper, Petra, and the wealthy Otto Mostyn.
Finally, we debate the double meaning of the episode title "It"—is it a reference to Stephen King horror, or simply who has the "It factor" to survive on Wall Street? We wrap up by delivering our Bullish and Bearish takes on the cast, deciding who is playing the long game and who is about to fold. Whether you’re here for the technical breakdown of hedge fund marketing or the messy workplace drama, we’ve got the skinny on what’s real and what’s just Hollywood.

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Investment Banking & Private Equity Fundamentals HERE
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Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.