WSO Caption Contest - September 2nd... Collect Silver Bananas and Win a Free WSO T-Shirt

WSO Caption Contests are back! You guys know the drill, all you have to do is leave a comment in this post with a caption you think is most fitting for the cartoon posted below. The winner will be determined by the community based on the number of Silver Bananas awarded to each comment. In the event of a tie, the admins of the site will decide the winner or send out multiple free shirts if we can't decide. Wall Street jokes welcomed and encouraged!



Beijing Blunders: Bull in a China Shop!

I have generally steered from using my blog as a vehicle for rants, not because I don't have my share of targets, but because I know that while ranting makes me feel better, it almost always creates more costs than benefits. It is true that I have had tantrums (mini-rants) about the practice of adding back stock-based compensation to EBITDA or expensing R&D to get to earnings, but the targets of those tend to be harmless. After all, what can sell-side Equity Research Analysts or accountants collectively do to retaliate? Refuse to send me their buy and sell recommendations? Threaten me with gang-audits?

This post is an exception, because the target of the rant is China, a much bigger and more powerful adversary than those in my mini-rants, and it is only fair that I let you know my priors before you read this post. First, I am hopelessly biased against the Chinese government. I believe that its reputation for efficiency and economic stewardship is inflated and that its thirst for power and money is soft-pedaled. Second, I know very little about the Chinese economy or its markets, how they operate and what makes them tick. It it true that some of my ignorance stems from the absence of trustworthy information about the economy but a great deal of it comes from not spending any time on the ground in China. So, if you disagree with this post, you have good reason to dismiss it as the rant born of ignorance and bias. If you agree with it, you should be wary for the same reasons.

The Chinese Economic Miracle: Real or Fake?


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My Valuation Class: The Fall 2015 Model Preview

It is almost September and as the academic clock resets for a new year, I get ready to teach a new valuation class. With three hundred registered students, it is about as diverse a class as any I have every taught, with a mix of full-time and part-time MBA students, law and engineering graduate students and a few dozen undergraduates. And with a market meltdown framing discussions, it will be interesting to see how the class plays out. As always, I cannot wait for the class to start and as I have, each semester, for the last few years, I invite you to follow the class, if you are so inclined.

Setting the table

Valuation is an intimidating title for a class, stirring up visions (and nightmares) about spreadsheets, accounting statements and financial theory. This may be the default version of the class and it serves experts in the topic well to preserve this air of mystery and intimidation. I have neither the expertise nor the desire to teach such a class, and I hope that you will not only take my class, no matter what your background and experience, but that you will also learn to enjoy valuation as much as I do. The best way for me to start describing my class is to tell you what it is not about, rather than what it covers. So, here we go:


Canada vs. China: Which Economy has a Larger Impact on the U.S.?

Hey Monkeys,

China may have been getting the most press over the past few weeks, but Canada isn't doing too well either. Here is a quote from the Financial Post:

Canada counts for 19 per cent of total U.S. exports, followed by Mexico at 16 percent, each more than double China's 7 per cent share. And the Canadian dollar is sliding much faster: It has fallen about 12 per cent against the U.S. dollar since the start of the year, while China's yuan has dropped just about 3 per cent.

Since Canada is the largest U.S export market, does Canada's current situation spell more trouble (in the U.S.) than China's decline of late?


WSO NYC Commercial Real Estate Happy Hour/Meet Up

Happy hour is geared towards CRE professionals however all are welcome.

Date/Time: Thursday, September 3rd @ 7PM

Location: Galway Hooker - 7 E 36th Street, between 5th and Madison

How to find the group: Mention "WSO" or "WallStreetOasis" at the door and they'll direct you to where we are located.

When: 
September 3, 2015 - 7:00pm
Event type: 
WSO Happy Hour

AMA Boutique Investment Banking Analyst

I'm currently an analyst at an industry focused boutique located in the NY area(throwaway account to protect identity).

At the risk of being screamed at for having no prestige, I'd like to answer people's questions on life at a leading boutique covering a specific industry. There is a ton of info on this site regarding BBs but not a lot covering boutiques. I know when I was researching the industry I had questions about life at boutiques so I figured I'd give back a little and answer anyone's questions!


Money, Death, and Wall Street: Is there really a change on the horizon?

As an outsider it can be easy to shake your head at the death of a Wall Street analyst, to say: "just quit" or to label any and all demises "categorically senseless" or espouse the media's buzzy "it's a suicide contagion!"

All are valid, and yet, none tap into the very essence of what makes Wall Street the sort of environment where the workload would become too much, the pressure unbearable and the hours so long that one might lean towards killing themselves over just walking away from the job.

The only certain element in all of this is working on Wall Street can be an extremely tough gig.

"I think the working conditions of Wall Street banks are a constant -- they've always been bad, they'll probably always be bad," says Kevin Roose, author of New York Times bestseller Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits.

But Roose, who spent three years post-recession shadowing eight young workers at financial firms like Goldman Sachs and J.P. Morgan for his book, says the interesting thing is this: despite all the chatter surrounding working conditions and the shuddering economy, the Wall Street post-crash and the Wall Street of today still look similar.


Interview: Not the Usual Question

I am starting a long-term internship at a Middle-Market bank next Monday.

I also happened to have a final round at a top BB this week, but the MD who is responsible for hiring decided to spend an additional week snorkeling in the Bahamas.


Webinar: OCR - from the perspective of the recruiter -- 5pm ET, 9/3/15

WEBINAR DESCRIPTION

On Thursday September 3rd, 5pm ET Wall Street Mentor Vanessa will be hosting a webinar entitled "On Campus Recruiting - from the perspective of the recruiter", with a q&a session to follow. Vanessa is a former Goldman Sachs intern program manager and has done recruiting at numerous OCR events.

What she will cover: On Campus Recruiting Process & Timeline / Analyst Mentors / On-campus Interview / After The On-campus Interview / Q&A

WATCH HERE

If you missed the webinar, it will be available on the homepage in exactly 1 month, for 24 hours October 3, 2015 before going into the WSO Video Library.

When: 
September 3, 2015 - 5:00pm to 6:00pm
Event type: 
WSO Webinar

Join the WSO Resume Review Team

We are looking to add several Resume Reviewers to the WSO Resume Review team.

Requirements:

  • At least 1 year of professional experience in Investment Banking or other financial field, IB and/or PE background preferred
  • Previous experience screening resumes, experience with IB resumes preferred
  • Strong attention to detail
  • Willingness to go above and beyond to make the client happy
  • More info:


    2016 Full-time IB Recruiting Timeline Megathread

    It's that time of year again, folks. Time to polish those resumes, fire up the LinkedIn and WSO search functions, and bug the hell out of the career advisers at your schools. It's recruiting time!

    We are all looking for information on timelines and deadlines for every bank possible. If you or your school has information on important upcoming dates, please, please, please share them with us!

    I'll collect all the information I can here in this first post, and I'll update it from info in the body of the thread. If you have information and you don't want to post for whatever reason, PM me and I'll add it.

    I realize some of this will be speculation, so if you see something here you know not to be true, let me know.

    Applications / Interviews / Superdays