Yet Another Lovelorn Banker

December 7, 2011, 4:41 am

≫ Next: IB Analyst - Sponsor Finance - Energy & Infrastructure - NYC 2-5 yrs Exp

≪ Previous: Coming soon to a brokerage near you

Remember the story of the married banker who fell so hard for his analyst that he creeped her all the way to London and sent her enough texts to fill up War and Peace? Well, you should, cause it was yesterday. But if you missed it, fear not. There is always another too-desperate-by-half banker right around the corner.

Allow me to introduce you to Mike. He's a New York asset manager who went on a date with a young lady named Lauren. Mike obviously felt there was a deep connection; Lauren, well, not so much. When she wouldn't call him back, Mike did what any socially retarded banker would do - he Googled her deep (we're talking like Page 5 deep) to find her email address, and then sent her a 1,600+ word missive detailing her shortcomings and audaciously asking for another date.

He accused her of leading him on by saying provocative things like, "It was nice to meet you" at the end of the date. She teased him all night with the "highest per-minute eye contact" he'd ever had on a date. And get ready for this: she played with her hair. Yeah, that's right, played with her hair. She might as well have been naming their future kids, for chrissakes.

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IB Analyst - Sponsor Finance - Energy & Infrastructure - NYC 2-5 yrs Exp

December 7, 2011, 6:30 am

≫ Next: Hedge Fund Guru Answering Inbox Questions Here. Thanks Mr. Pink Money

≪ Previous: Yet Another Lovelorn Banker

As an Analyst, you will work your tail off supporting the Financial Sponsor Coverage Team. They will most likely ask to you to do a ridiculous amount of work and expect you to work miracles to get it done in time.

You need to be a wiz on excel and powerpoint.
You need to have the fire in your belly to delight these guys/gals.
If you speak more than one language, that will light them up, especially if its Spanish.

In return you will gain:

- A great leverage point and exposure career wise with direct experience in Investment Banking, specifically in Energy and Infrastructure.
- A full range of exposure to all investment banking products and services

Compensation:

Market

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Hedge Fund Guru Answering Inbox Questions Here. Thanks Mr. Pink Money

December 7, 2011, 9:37 am

≫ Next: Is it hard to get a BO job right now?

≪ Previous: IB Analyst - Sponsor Finance - Energy & Infrastructure - NYC 2-5 yrs Exp

Some of these messages are very old but I'm going to answer them anyway b/c I’m in a helpful mood.

Question: How would I know what the career path for [this particular hedge fund]?

Every fund has their own "career path"...it just depends what the founder thinks. Some give a shit and want to develop junior people. Others don't care at all and will churn and burn you. A good proxy for a quality career path is employee turnover. Are guys sticking around or not?

Question: Also, how do you tactfully talk about salary?

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Is it hard to get a BO job right now?

December 7, 2011, 4:03 pm

≫ Next: Job Hunt Excursion

≪ Previous: Hedge Fund Guru Answering Inbox Questions Here. Thanks Mr. Pink Money

Assuming one wanted to get a job doing something along the lines of trade settlement (not for the purpose of trying to move to the FO, just because they thought it was an intrinsically desirable position), are such jobs becoming increasingly scarce as trading jobs themselves are being cut and trading volumes decline? Even if the number of BO jobs is remaining stable, is it likely that recently laid off traders are flooding into these jobs in the hopes of networking their way back to the FO? Oh, and one more question (because I'm a noob), are entry level BO jobs only available at banks, or do hedge funds also hire entry level BO employees?

Any insight on this from the people in the trenches would be greatly appreciated.

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Job Hunt Excursion

December 7, 2011, 5:11 pm

≫ Next: New Benefit for Certified Users

≪ Previous: Is it hard to get a BO job right now?

So we all know that us non-targets don't really stand a chance when it comes to online applications or job boards. Besides cold calling and cold emailing and other various methods of online networking their isn't much we can do....or is there?

With help from the company database on this site I have come across several interesting firms that are within 15 miles of my area, which is remarkable enough considering I live in Deadville.

What I want to do is the following:

1. Acquire all addresses of the firms.
2. Dress up in interview clothing.
3. Do some foot work and enter these places and ask about working there.

This is better than spending 40 dollars to get into the city where no doubt many people try this sort of thing, but I consider myself a local of where I'm going to.

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New Benefit for Certified Users

December 8, 2011, 3:50 am

≫ Next: LivingSocial: Canary in a Coal Mine?

≪ Previous: Job Hunt Excursion

As a way to say thank you to our Certified Users, I wanted to announce a new benefit for those that meet some minimum standards.

If you are a Certified User, have 10 or more Silver Bananas and a SB:Monkey Shit ratio of at least 2:1, we'd like to offer a free 3 month access to our job board, a $40 value. Just e-mail Ivy your certified username and she will make sure you get access.

If you are not a Certified User yet, but meet our criteria (no exceptions), please apply by sending an email from your work account to Ivy@wallstreetoasis.com with your username.

Thanks,
Patrick

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LivingSocial: Canary in a Coal Mine?

December 8, 2011, 7:18 am

≫ Next: The IPO Buzz: Zynga and an IPO Explosion

≪ Previous: New Benefit for Certified Users

Big hat tip to The Analyst for digging this up. I never would have found it otherwise.

Most of us would agree that there is a bubble in Web 2.0 offerings at the moment. Absurd valuations for companies like Demand Media, LinkedIn, and most recently Groupon will mark 2011 as the year of the sucker bet in the IPO market. Well, the biscuit wheels may have just fallen off the gravy train.

Groupon knock-off Living Social filed a Reg D-506 offering to sell $400 million worth of restricted stock to private accredited investors, with the sale commencing on November 18. None other than JP Morgan and Silicon Valley's Code Advisors are handling the offering, and in the midst of a frothy Groupon IPO, selling Living Social shares should be like falling off a log, right? Wrong. To date less than half the money has been raised.

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The IPO Buzz: Zynga and an IPO Explosion

December 8, 2011, 2:34 pm

≫ Next: Socioeconomic Map of New Jersey

≪ Previous: LivingSocial: Canary in a Coal Mine?

When the stock market surged to its sharpest single-week gain in well over two-and-a-half years, there was not an IPO in sight. That picture is about to change. Bankers are looking to price 14 deals over the next two weeks and expect to raise $3.5 billion in proceeds.

That’s right – 14 deals to raise $3.5 billion. Flip back to a week ago on Friday, Nov. 25, when the IPO calendar listed just two deals that were expected to raise $101 million.

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Socioeconomic Map of New Jersey

December 8, 2011, 7:33 pm

≫ Next: Worked @ Goldman IBD last summer and could use advice

≪ Previous: The IPO Buzz: Zynga and an IPO Explosion

NJ Map

For all of you who live in New Jersey, and those that do not, feel free to laugh at all in New Jersey.

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Worked @ Goldman IBD last summer and could use advice

December 9, 2011, 1:58 am

≫ Next: WSO CDO Year End 2011 Update

≪ Previous: Socioeconomic Map of New Jersey

Hi all,

I had the opportunity to work @ GS this past summer in IBD (industry group). Unfortunately I did not come away with an offer. I have decided to stay an extra semester and take another summer analyst position.

I am looking at some of the better known boutiques in NYC and will be submitting applications through non-target recruiting.

My question is this: Even though I do not have any contacts through my school or career center at many of these top boutiques, will I need to cold email people through linkedin to even have a shot at a first round?

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WSO CDO Year End 2011 Update

December 9, 2011, 5:41 am

≫ Next: Investment Banking Interview Topic: Net Income vs Cash Flow

≪ Previous: Worked @ Goldman IBD last summer and could use advice

We're skipping Bonus Bananas this week because I wanted to bring you guys up to date on the year-end results of the Lending Club CDO I set up last year. Lending Club gets a little nervous whenever I write one of these because they believe (correctly) that a portfolio of 10 loans is simply not large enough a representative sample. Be that as it may, the 10 borrowers I selected have been good debtors and there hasn't been a single late payment all year. And it's posted an annual return of 11.87%.

The same cannot be said for my other Lending Club portfolio (which is quite a bit larger and probably a more accurate sampling). I've had a few late payments in that one, but still no defaults. That probably has something to do with the fact that I sell the notes of late payors immediately in the secondary market. I usually take a small loss to do so (my biggest individual loss to date was $1.80 on a $25 note), but the way I look at it is if someone is going to pay late, there's a decent chance they won't pay at all. I'd rather take a small loss and make that someone else's problem.

This is the first full year I've been investing with Lending Club, and I'm happy to report a Net Annualized Return of 13.12%, which puts me in the top quartile of Lending Club investors. I can think of a few hedge funds that would kill to report a return of 13%+ this year (ahem, Paulson).

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Investment Banking Interview Topic: Net Income vs Cash Flow

December 9, 2011, 9:58 am

≫ Next: Occupy Info Sessions

≪ Previous: WSO CDO Year End 2011 Update

As many monkeys here know, the technical side of the investment banking interview is often comprised of valuation questions, capital markets questions, and accounting questions.

In the coming weeks and months, we will dissect many of the questions that typically appear in these interviews, which I hope some of you going through the interview process will find helpful. Today, let's focus on accounting. A favorite interview topic is the relationship between cash flows and net income. It is almost inevitable that a candidate will encounter questions like these (answers at bottom of the post):

Quote:

If cash flows from operations are consistently lower than net income, what could this be an indication of?

Quote:

Can a company showing increasing operating cash flows relative to net income be in financial distress?

Quote:

Can a company showing negative cash flows be in great financial health?

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Occupy Info Sessions

December 9, 2011, 2:24 pm

≫ Next: Why Asia Ex-Japan

≪ Previous: Investment Banking Interview Topic: Net Income vs Cash Flow

To protest outside an information session is one thing, but to collectively stand up and interrupt a couple alumni talking about IBD career paths is another.

I know everyone not at Princeton is thinking along the lines of- “hopefully they annoy recruiters to the point of borderline insanity, maybe then BBs will show up at my non-target.” Fact of the matter is: it’s not going to happen.

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Why Asia Ex-Japan

December 10, 2011, 3:08 pm

≫ Next: Wall Street Mentors - Your Personalized Job Search & Interview Prep Resource

≪ Previous: Occupy Info Sessions

This has been bugging me for a long time. Seems to me as though everybank who has presence in Asia, makes it Asia ex-Japan. Why exclude Japan? Why make Japan its own region? Like for Morgan Stanley, the regions will be broken down to North America, EMEA, Asia ex-Japan, and then JAPAN. Whats so special about Japan that every bank makes it its own separate region?

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Wall Street Mentors - Your Personalized Job Search & Interview Prep Resource

December 10, 2011, 5:03 pm

≫ Next: The Weekend Wrapup 12.10.11

≪ Previous: Why Asia Ex-Japan

Wall Street Mentors is now offering the opportunity for anyone to connect with one of our 200+ finance executives. It's a great way to get some inside tips & tricks, networking strategies, and interview prep from industry pros.

Click Here to Get Started

Wall Street Mentors have mentors that have worked and recruited at many of the top finance firms including - Goldman Sachs,Bain Capital, Morgan Stanley, Carlyle, Fortress Investment Group, Citadel, Riverside Company, Gores Group, and JPMorgan - and in addition have mentors that have worked at leading consulting firms and corporations like Apple, BCG, P&G, McKinsey, Microsoft, and many more.

Click Here to See Featured Mentors

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The Weekend Wrapup 12.10.11

December 10, 2011, 5:30 pm

≫ Next: 3 Lessons from Tebow to Non-Targets

≪ Previous: Wall Street Mentors - Your Personalized Job Search & Interview Prep Resource

Americas:

• This week was chock-full of ups and downs thanks mostly to the rumor mill but nevertheless, US indices ended the week in the black with the S&P up 0.9%, the DOW 1.4% higher, and the NASDAQ up 0.8%.

• Business growth seems to be gaining some traction. Add a somewhat stabilizing housing sector, an uptick in consumer sentiment as well as an expanding use of credit, things should be on the up (if we were to believe the Ben Bernank). The bummer though is that the ISM services index dropped to its lowest since January ’10, which doesn’t bode well considering how big a chunk the services industry is to the economy.

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3 Lessons from Tebow to Non-Targets

December 11, 2011, 4:54 pm

≫ Next: UK Exiting the EU to Save Bankers?

≪ Previous: The Weekend Wrapup 12.10.11

He comes from a non-target. He throws like a monkey. He is too bulky, and not “pro-style” enough. But, especially after tonight’s win, everyone is doing it. From Dwight Howard to tourists outside the Taj Mahal, people around the globe are Tebowing.

Although I personally have a Floridian, Hill Billy affinity for the man, perhaps it’s time to add a little Tebow to your swag. Religion aside, here is three lessons we can all learn from the Messiah-esq quarterback:

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UK Exiting the EU to Save Bankers?

December 12, 2011, 5:56 am

≫ Next: Why Wall Street?

≪ Previous: 3 Lessons from Tebow to Non-Targets

I realize this probably isn't getting much airtime in the US, but the UK's lone veto of the unified Euro deal on Friday has been all anyone can talk about over here this weekend. First of all, let me clear something up: French president Nicolas Sarkozy did not snub British PM David Cameron by refusing to shake his hand after the veto. The French are far more obnoxious and obvious about their snubs than this. So that part of the story is much ado about nothing.

The much larger story is the ramifications of the move and the effect it will have on Britain's ongoing relations with their EU partners. It's no secret that it's been a pretty antagonistic arrangement that probably goes all the way back to Paris yielding the international date line to Greenwich in exchange for promises Britain never kept. But Friday's veto might be the diplomatic equivalent of your wife walking in on you with midget hookers. There might be no coming back from this one.

The question in my mind is whether or not this was a smart move for Britain. On one hand, they've managed to insulate themselves from the meltdown in European sovereign debt and the downgrades to the various banking systems that went with it. On the other hand, can a population of 60 million really go it alone against the larger backdrop of a unified Europe?

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Why Wall Street?

December 12, 2011, 6:52 am

≫ Next: Moving from MM to Small Boutique?

≪ Previous: UK Exiting the EU to Save Bankers?

WSO,

When I first started college, I didn't know what I wanted to be. Then someone in junior year yelled "Investment Banking" and I my eyes lit up when I saw the $$$.

Till I graduated, I networked, schmoozed, went to NY every month, did whatever the fuck I could to land a job at a BB. I was coming from non-target and had no experience, average GPA 3.3, econ major. For me it was either BB or GTFO. It was a helleva journey and I made some nice contacts and 2 very solid contacts in the industry who I can call friends.

But along the way, I found IB was not my real passion. My passion was really starting my own biz and macro speculation.

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Moving from MM to Small Boutique?

December 12, 2011, 1:51 pm

≫ Next: WSO Webinar - Tomorrow at 9:30PM EST: How to Break into Trading

≪ Previous: Why Wall Street?

So here's the backstory:

Currently working at a MM boutique that seems to be struggling quite a bit. I've been here since the summer and have yet to work on a live deal because my group doesn't really have anything going on. I feel as though I have not really learned anything since all I really do is put pitch books together and that I have no VP or Associate in my group (just me and an MD)

I recently found an opportunity to interview with a very small boutique (about 4 or 5 people) that focuses on Healthcare M&A. I'd be the only analyst in the group. When speaking to the MD, he mentioned that they have closed about 6 or 7 deals this year. Does it seem like it would make sense to switch to this smaller bank if I ultimately want to go into PE or a HF?

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