Breaking Down HBO Industry’s S3E3 Before Season 4!!! (And Before Paramount or Netflix Make Major Changes 😂)

Join Morgan Stanley alums Jen and Kristen as we decode the finance behind Industry Season 3, Episode 3, "It" which takes place at the COP conference in Switzerland. We break down the aftermath of the IPO and why pressuring a research analyst for a buy rating isn't just frowned upon—it’s illegal. We also analyze the mechanics of Petra and Harper’s attempt to launch their non new ESG fund at a climate conference, and why Harper’s calling herself a former "trader" rather than a salesperson is was so interesting.

This episode is also a hedge fund goldmine. We geek out on the famous "golden handcuffs" war between Chris Rocos and Alan Howard (Brevin Howard), explaining how non-competes actually work on the buy-side and what it takes to spin out and launch a rival fund. We also dissect the brilliant, layered writing around the COP climate conference, analyzing the show’s sharp critique of ESG hypocrisy and the difference between greenwashing vs. savvy investors actually making real money

Beyond the finance, 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 (Game of Thrones' Jon Snow). We discuss the reality of IPO lockup periods, the dynamics between banking / sales and trading and research. Jen also gets to put that Princeton English degree to work helping us explore the literary references to King Lear and Leviathan that foreshadow the power struggle between Harper, Petra, and 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?

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