Monday @Mentions July 6th 2015

July 6, 2015, 12:00 pm

≫ Next: What does it take to be a competent investment analyst?

≪ Previous: Rewind - Is an MBA worth it for you? + Q&A

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Happy Monday WSO, hope you all had a great 4th!

Upcoming events:

Webinar: BB TMT Associate - Week in the Life, Monday June 6th, 730pm ET
Webinar: Masters in Finance vs an MBA, July 8th, 430pm ET
Webinar: TMT Investing - Everything you need to know, July 9th, 830pm ET

Webinar Rewind - Is an MBA worth it for you? July 6th
Webinar Rewind - Rewind - Recruiting in Europe for IB with an MS in Finance Degree, July 7th
Webinar Rewind - The Secrets of Peak Productivity, July 8th

Posts of the Week:

3 Myths About Excellence That I Used to Believe by @Deconstructing Excellence. 16 SB's.
Notes from a Girl in Consulting (and Finance) by @AtypicalMonkey. 8 SB's.

Discussion Topics of the Week:

Woman Awarded $18M in Sexual Harassment Suit Against Wall Street Boss by @tackytech. 47+ comments.
How do you guys deal with negative press about finance? by @sben3726. 46+ comments.

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What does it take to be a competent investment analyst?

July 6, 2015, 1:46 pm

≫ Next: Mid-Market PE Valuations: Where Up is Down

≪ Previous: Monday @Mentions July 6th 2015

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A competent analyst is one who has an above-average ability to generate satisfactory investment returns (well know examples will include Ben Graham, Walter Schloss, Warren Buffett etc.).

While I am too young into the industry to be passing pronouncements on 'what it takes to be a competent investment analyst', I have written this post to focus on things that I have learnt from those more experienced and accomplished than I am. Hopefully, this post will help other young analysts in setting their priorities:

The first and most important requirement is a passion for learning and for business/economics. While obvious, it is worth reiterating that an absence of this trait is enough to guarantee failure while a presence of this trait alone can take you a good deal towards success.

Mid-Market PE Valuations: Where Up is Down

July 6, 2015, 3:00 pm

≫ Next: What exactly happened to all the fired analysts/bankers in 2008?

≪ Previous: What does it take to be a competent investment analyst?

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With U.S. stock markets near record highs, and M&A activity on-track for another big year, there has been much commentary about whether markets have once again detached from intrinsic value. By and large, the labour market has returned to normality, the housing market has recovered, and consumers are spending again. However, what's missing is any obvious catalyst for accelerating economic growth to drive corporate profits, and thus, boost markets any higher. This is all relatively common knowledge, but underneath this picture is the activity in the middle-market of private companies; an area that has some surprising facts of its own.

Traditionally, middle-market firms tend to be laggards of their public market brethren. This is often the result of their smaller size (which suggests greater risk), and liquidity discounts (because an owner cannot quickly dispose of their interest like an owner of a public company can). Recent experience by our team has turned this notion on its head.

Over the past few months, we were involved in a competitive sale process to acquire a niche-market retail company. This company had been able to carve out a segment of their industry that left them with few true competitors and subsequently had experienced consistent growth. Despite this growth, the company was still a regional player and thus had annual revenues of around $20MM, and EBITDA of approximately $2MM.

What exactly happened to all the fired analysts/bankers in 2008?

July 6, 2015, 4:13 pm

≫ Next: Recent Market Commentary by James Investment Research (6/29 -7/3)

≪ Previous: Mid-Market PE Valuations: Where Up is Down

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As someone entering finance soon, it is growing interest to me. From what I remember and how it was seemingly perceived in the media, banks were letting people go like they were nothing. Did they go into different fields (corp fin, consulting) and/or cities, or did they just sit in unemployment till things mellowed out a few years later? Sorry if this is an incredibly stupid post. I obviously wasn't in the finance scene when this all went down, and I didn't really follow the developments of it, but it really interests me. Thanks for any help.

Recent Market Commentary by James Investment Research (6/29 -7/3)

July 7, 2015, 1:00 am

≫ Next: Rewind - Recruiting in Europe for IB with an MS in Finance Degree + Q&A

≪ Previous: What exactly happened to all the fired analysts/bankers in 2008?

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Stock Market Analysis

Rewind - Recruiting in Europe for IB with an MS in Finance Degree + Q&A

July 7, 2015, 5:00 am

≫ Next: Taking the GMAT purely to get into IB

≪ Previous: Recent Market Commentary by James Investment Research (6/29 -7/3)

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In case you missed our April 29th webinar entitled Recruiting in Europe for IB with an MS in Finance Degree, have no fear. The full recording of the webinar can be found below (free for only 24 hours and then it goes into our video library). Do you want to a 1 on 1 mentoring session with Brian? Click below:

SIGN UP WITH BRIAN

All rewinds will be available everyday at 8am ET.

And, as always, if you want to sign up to hear about upcoming webinars before they happen, sign up inside the post...

Taking the GMAT purely to get into IB

July 7, 2015, 8:00 am

≫ Next: The Fight Against Uber Continues

≪ Previous: Rewind - Recruiting in Europe for IB with an MS in Finance Degree + Q&A

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Hey there,

I am considering taking the GMAT purely to get into Investment Banking, i.e. only to put it on my CV. I am already in a masters program, GMAT's are not used where I am doing my masters.

The Fight Against Uber Continues

July 7, 2015, 11:54 am

≫ Next: 5 insights from starting a company while at Harvard Business School

≪ Previous: Taking the GMAT purely to get into IB

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Here is a quick summary of the dispute going on between Toronto taxi drivers and Uber's "UberX" service:

Since 2012, the Silicon Valley-based company's UberX service has raised the ire of Toronto's taxi industry by operating outside the city's licensing rules. This, coupled with the city's convoluted and highly regulated taxi licensing system, frustrates cab drivers. In recent months, the tension exploded into public view with two massive cab strikes in downtown Toronto, and a threat by cab officials last week to stage a citywide strike during the Pan Am Games.

Initially, the city agreed with the cab industry's assessment that Uber is operating an illegal taxi service, and launched legal action against the company. On Friday, an Ontario Superior Court judge dismissed the case, saying the city's own bylaws have not been updated or crafted in a way to account for Uber.

In my opinion, the taxi drivers should focus on new ways to improve their company's services, rather than pick a fight against a company that is innovating.

Thoughts on the Toronto taxi drivers' continued fight against Uber? Are the cabbies right?

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5 insights from starting a company while at Harvard Business School

July 7, 2015, 12:35 pm

≫ Next: Marine Officer/Aviator Ask Me Anything

≪ Previous: The Fight Against Uber Continues

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Each year, every first-year student at Harvard Business School spends a semester building a startup in teams of five or six. In total, 180 teams work to gain traction and prove a viable business model in less than six months.

I learned a lot from starting cleverlayover with my team as part of this Harvard experiment and from watching the other teams tackle incredible challenges. It was definitely inspiring to see some of the innovative ideas developed by our peers. I’d like to share some of the insights we learned through all the hard work; after all, rarely do you get the chance to observe 180 teams of top-performing students solving real-world problems.

1. Ideas can come from both problems and solutions

Marine Officer/Aviator Ask Me Anything

July 7, 2015, 3:00 pm

≫ Next: Tax Rates For Major US Financial Cities?

≪ Previous: 5 insights from starting a company while at Harvard Business School

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I'm pretty new to the forum and have been using it as a very useful informational supplement to my post-USMC career. I have been Pm'ed by several guys about flying/military in the short time I've been on the forum. I was also surprised to see how many of the young guys/girls were considering the military as a path to a top MBA or how many would do a stint in the military if they could do it again.

My story is that I am a relatively low GPA (3.2) from a top 20 state school (business major concentration in finance, history minor). I did a summer audit internship after my junior year and was bored out of my mind. I got a little scared at the prospects of waking up as a bored regretful 45 year old accountant so I secured a flight contract in the Marine Corps.

Tax Rates For Major US Financial Cities?

July 7, 2015, 5:29 pm

≫ Next: HSBC Stages Mock Execution, Real Firings

≪ Previous: Marine Officer/Aviator Ask Me Anything

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New York City 2.907%-3.648%
New York 4%-8.82%
(more tax rates at the bottom of the post)

Do you all consider income taxes of different cities when considering living there? I've read before that when city, state, and federal taxes are calculated for a wealthy New Yorker, their tax burden is about on par with London.

Another thing that's important are the taxes that the above list doesn't consider: sales tax, property tax, etc. For example, Texas is known for its considerable property taxes. However, I doubt many people on here (I could be wrong) would want to BUY a house/apartment before 30.

HSBC Stages Mock Execution, Real Firings

July 7, 2015, 8:39 pm

≫ Next: WSO Hedge Fund Interview Prep Package in the Works!

≪ Previous: Tax Rates For Major US Financial Cities?

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Thankfully it was the legal division and not IBD, but Jesus.
http://descrier.co.uk/news/uk/hsbc-employees-sacke...

WSO Hedge Fund Interview Prep Package in the Works!

July 7, 2015, 9:00 pm

≫ Next: 2015 Bonus Speculation / Changes

≪ Previous: HSBC Stages Mock Execution, Real Firings

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***NOTE: I am willing to pay cash AND give you a free copy of the package if one of your cases or pitches ends up in the actual guide.*** Please send me an e-mail (Patrick@wallstreetoasis.com) explaining the case or pitch (long vs. short or type of case study) and I'll tell you more.

2015 Bonus Speculation / Changes

July 7, 2015, 10:00 pm

≫ Next: Working at a I-Bank... Close all other accounts?

≪ Previous: WSO Hedge Fund Interview Prep Package in the Works!

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I know it's early, but has anyone received any sort of clue as to what 2015 bonuses should look like for analysts, assuming the market maintains the status quo? Assuming that the ibankers here who have seen multiple bonus rounds would be able to add some solid input.

Working at a I-Bank... Close all other accounts?

July 8, 2015, 1:00 am

≫ Next: Rewind - The Secrets of Peak Productivity + Q&A

≪ Previous: 2015 Bonus Speculation / Changes

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Hi guys,

I've been browsing the forum for a while now and decided to post my question since I can't seem to find a thread that addresses this. When you get a job at an I-Bank, do you have to close all of your personal accounts with a different bank that you use (and move them to the bank you're employed at) due to insider trading concerns or just general company policies?

Thanks in advance for any insight on this.

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Rewind - The Secrets of Peak Productivity + Q&A

July 8, 2015, 5:00 am

≫ Next: Webinar: Masters in Finance vs an MBA -- 530pm ET, 7/8/15

≪ Previous: Working at a I-Bank... Close all other accounts?

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In case you missed our May 4th webinar entitled The Secrets of Peak Productivity, have no fear. The full recording of the webinar can be found below (free for only 24 hours and then it goes into our video library). Do you want to a 1 on 1 mentoring session with Dillan? Click below:

SIGN UP WITH DILLAN

All rewinds will be available everyday at 8am ET.

And, as always, if you want to sign up to hear about upcoming webinars before they happen, sign up inside the post...

Webinar: Masters in Finance vs an MBA -- 530pm ET, 7/8/15

July 8, 2015, 9:58 am

≫ Next: Are small cap hedge funds worth it?

≪ Previous: Rewind - The Secrets of Peak Productivity + Q&A

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WEBINAR DESCRIPTION

On Wednesday July 8th at 530pm ET (new time) Wall Street Mentor JP will be hosting a webinar entitled "Masters in Finance vs an MBA (using LSE vs Wharton as examples)", with a q&a session to follow. JP is an industry veteran with experience in Trading and will be starting at Wharton this fall. He has been one of our best presenters so far, don't miss this one if you have any interest in the topic.

From JP: I see a lot of conversations flying around the forum regarding Masters in Finance vs MBA - people are extremely confused it seems, those are two things that are extremely different. So i'd like to help people 1. understand what they are 2. how to get into them 3. why get into them. I am just putting the names in front of the degrees (LSE vs Wharton) so people get excited about the talk and whatever pedigree comes with it. LSE has arguably the best masters in Finance in the world, and Wharton's MBA is top 3 so hopefully that should draw some interest.

To read JP's bio, check out this event page of a webinar he gave several months back. He's been one of our best presenter's so far, you don't want to miss this one!

WATCH HERE

If you missed the webinar, it will be available on the homepage for 24 hours (in 2 months, on September 1st at 8am ET after the initial presentation), before going into the WSO Video Library.

When: 

July 8, 2015 - 5:30pm

Event type: 

WSO Webinar

Are small cap hedge funds worth it?

July 8, 2015, 3:26 pm

≫ Next: 3 Myths About Excellence That I Used to Believe

≪ Previous: Webinar: Masters in Finance vs an MBA -- 530pm ET, 7/8/15

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I'm one year in an IB stint at one of the big Canadian banks, and I have an offer from a small hedge fund. When I say small, I mean $100 mm AUM, it's basically two portfolio managers and I would be the only analyst. They have a good strategy but they buy extremely volatile microcap companies; when returns are good, all-in will be easily six figures, and if bad, well base is $60k so you can get by but you won't exactly be living it up. The fund has historically done well, with returns averaging about 30%. Hours are good too; maybe 45-50 hours a week.

Perhaps more important than the money is the future career trajectory. Where do I go from analyst if the fund only has a couple people? Associate PM? Do I hop to another hedge fund? Yet I am miserable in my current spot and there just aren't many hedge funds in Canada, and I'd ultimately want to work in a hedge fund one day. Do I take the offer? I know this is a personal decision but would love to hear if anybody else has any relevant experiences / recommendations.

3 Myths About Excellence That I Used to Believe

July 8, 2015, 5:00 pm

≫ Next: INTRODUCING: The WSO Applicant Database. Take 5 minutes on WSO to Reach Hundreds of Finance Recruiters and Finance Companies

≪ Previous: Are small cap hedge funds worth it?

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This week, I want to share with you one of the sources that inspired my quest to deconstruct excellence. It was a fascinating (but very long) report in Sociological Theory that made me realize that the three things I thought I knew about what makes great people who they are were complete myths. This is what I learned:

The Jane Goodall of Excellence

Hamilton College Professor Daniel F. Chambliss spent a year and a half conducting a feat of unprecedented sociological research in the world of swimmers - living with coaches, attending practices, going to team meetings and parties, and interviewing over a hundred national and world class athletes.

He did so because swimming is uniquely suited to the measurement of excellence, as an individually segmented sport where classes of athlete are clearly delineated by division, and winners and losers are separated by mere milliseconds. This precision of measurement and segregation of variables provided an extraordinary opportunity to closely observe and painstakingly document the difference between mediocre swimmers and world-class athletes - in other words, to deconstruct excellence.

INTRODUCING: The WSO Applicant Database. Take 5 minutes on WSO to Reach Hundreds of Finance Recruiters and Finance Companies

July 8, 2015, 9:00 pm

≫ Next: No relevant skills, unemployed, desperately want to get into IB anything

≪ Previous: 3 Myths About Excellence That I Used to Believe

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Given that we have built up relationships with hundreds of companies and finance recruiters, we thought instead of just a simple job board (which you can find right here), we would also create a WSO Applicant Database.

This vision for the database is to allow all WSO users to create a detailed "Applicant Profile" that can be used by recruiters and companies to find great talent. It is similar to an online resume you see on LinkedIn, but with a lot more detail around actual skills relevant to financial positions, scores and certifications so that recruiters can use it to filter through candidates that are a great match for their spots.