I'll be starting as a first year analyst at an elite boutique in London this coming summer. I will be working as a generalist, mainly focusing on M&A but will also gain exposure to restructuring.
I have a considerable amount of free time between now and then (I'm no longer at University so don't have the stresses of exams to worry about), and am keen to prepare myself as best as possible.
I don't need advice on how to prepare myself non-professionally (i.e. I will have plenty of fun and enjoy my time over the coming months), but I think I'd be silly not to use some of this time to gain some more career momentum (or at least to think about it...)
I'm sure that there are many beer connoisseurs here on WallStreetOasis, and I don't claim to be one of them -- after all, there is a reason that PBR is my avatar. But, being that I'm interested in F&B, I bring to you today a story of two large companies, vying for eternal partnership, and a big bad DOJ who isn't quite sure about the merger.
Anheuser-Busch InBev sought to acquire Group Modelo to the tune of $20.1BN...what happens is certainly TBD.
The bottom has clearly fallen out for Apple's stock price. After last week's earnings report, the stock that had already dropped 30% from its high of $705 set in September to $500/share, dropped another 15% to finish at $440/share. The company that could do no wrong a few months ago now is viewed as incapable of doing anything right. Has the stock fallen too much or is this just the beginning of a longer term drop in value? Is it time to buy, time to sell or time to sit on your hands?
Looking at the landscape, I would categorize Apple investors and potential investors into three groups right now, based on their views of its value and the current price.
Moderator Note (Andy): Best of WSO - this post originally went up December 2009 and we thought it deserved to go back on the homepage for those who may have never seen it.
I got a PM asking how to prepare for an informational interview with a HF manager. Since I don't post often, I'm going to post the bulk of my (stream of consciousness) reply here. This may give you an idea of the "it" factor fund mangers are looking for. Just keep in mind these suggestions are for fundamental value investing fund, and can apply to both undergrads and MBAs (with the bar being higher for MBA candidates). The advice obviously differs with the strategy. The key is to try to replicate the things you would do at a fund on your own.
The other day, I had the opportunity to attend a presentation by an analyst who's focus is in Rates Trading. During the presentation, he talked about the future outlook of US Tsys and what that said about the US Government's future relating to its credit rating and debt/gdp ratio.
The most disturbing and eye opining chart was an overlap with the US Tsy yields and the AVERAGE AAA Corp yields, with the X-axis extending 30 years. Naturally, the AAA yields were a little higher than the Tsys...until year 25, where they intersected. Thus, year 30 showed that the AAA yields were lower than those of US Tsys (suggesting AAA Corps carry less risk in the long run).
So seeing the "Silly Shit Interns Do" on the front page today got me thinking. It comes at a really appropriate time for me, as I just finished doing OCR at my school and am probably going to accept an offer within the week at a MM firm in NY. My main feeling right now is a mixture of excitement/relief that I'm going to be employed, but obviously I want to make sure I'm prepared when I start work this summer.
So: What should I do before/during my internship to make sure I perform well and get a full-time offer at the end of the summer?
I don't understand what hedge funds do (their impact on the market and what managers do in the company). Could someone give a layman's explanation?
Bob Rice, Managing Partner, Tangent Capital, had the second most most voted answer:
Ok, a plain English overview of hedge funds and how they impact the market:.
First, what are they? Hedge funds are collective investment pools run by an investment manager-- but with radically fewer restrictions and less regulatory oversight than, say, a traditional mutual fund. There are over a dozen major strategies/styles, but all hedge funds share two traits: they invest in relatively liquid securities (unlike private equity or venture funds, for example), and they practice very active risk management, deploying assets in a way designed to protect the overall fund against big losses... the "hedge" that provides the name. Of course, all investment managers try to avoid losing money through diversfication and wise security selection, but hedge funds go farther, often allocating some portion of their assets to "insurance" positions that will pay off if the fund's main bets are wrong. (That is a big reason why "average" hedge fund returns often lag the stock market when it's on a tear, but almost always outperform it during down periods.)
I got fired like 2.5 hours ago. I hated the job, but it still stings. It wasn't performance based and they said when I left (as when I was hired) that I was the smartest analyst they had. It was that I pushed too hard for advancements in their risk analytics, or for the layman, I told them what they were doing was stupid/antiquated.
Let Dale Carnegie's book "How to win friends and influence people" be read by everyone. People naturally don't take criticism well, regardless of how reasoned it is, and they will harbor animosity. It sucks, but lesson learned.
Many seasoned veterans of WSO will recognize a common thread posted by many prospective monkeys, "Help Me Solve This Case Study," where a prospective candidate will outline a given case study and their attempts for a solution. As many of us know, these case studies can give a potential employer insight into the thought process of the candidate but, the reality is, no candidate has ever been given a real life investment problem that a firm needs solved. Thankfully, Bridgewater Associates has recently released a report on the construction of their All Weather strategy, giving us an insight into the thought process of an industry titan, Ray Dalio, when solving a real life investment problem.
This is gold. Ever since becoming a bit of a Tea Party celebrity in 2009, Rick Santelli has delivered the goods and this clip is no different. Despite his theatrics, he brings up a great point about how little sense it makes for the Fed to maintain "crisis mode" when the market is hitting new highs and the fact that there really is no way to put the toothpaste back in the tube (worth watching just for that, lol). I'm interested to hear what ripple effects you guys think the Fed's eventual exit from the market will cause. Soft landing, or crash and burn?
One of the things I hate most about banking is the high pressure / stress that gets put on the analysts from the rest of the team. I honestly think I could deal much better with external stress (ie: from markets), but I have a suspicion that hedge funds may even be more stressful than banking since a series of bad ideas would easily get you laid off. Can anyone working in the industry comment on their typical levels of stress and perhaps compare it to banking?
UG Recruiting Part I: How a resume becomes an interview<em>Mod Note (Andy): #TBT Throwback Thursday - this is the 2011 Finance-forum post of the year (from Jan 28, 2011). Thanks @Marcus_Halberstram" for a great post!</em>
Since it is recruiting season, Im posting a multi-part series on how the whole process works to help the...
2016 Full-time IB Recruiting Timeline MegathreadIt'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...
In This Business, You Need A Hobby—I’m A DJ<em>Mod Note (Andy): WSO readers qualify for a $100 discount to Jared's Daily Dirtnap daily market newsletter...just email [email protected] and mention "WSO Monkey Discount" You can follow Jared on twitter at @dailydirtnap. </em>
Things are okay now, but I got...
WSO Campus Representative Program WSO is now accepting applications to be a Campus Rep at your university for the 2015-16 school year. We currently have 42 reps signed up but would love to add 20-30 more.
We are looking for motivated students with a solid work ethic and strong presentation/communication skills who are...
Random Musing on Mr. MarketAgain take everything I say with a grain of salt...
<h3>1) Are we happy yet value investors? </h3>
A while ago, I was once asked if I was happy. It was a weird question since I'm generally a happy person but this investor thought I wasn't expressing an appropriate...
Hard work and sacrifice will get you only so far<em>Mod Note (Andy): This post by @SSits" is a comment originally posted in this thread <a href="http://www.wallstreetoasis.com/blog/karoshi-death-from-overwork-on-wall-street#comment-1292989">"Karōshi": Death from Overwork on Wall Street"</a> and...
BIG NEWS: 2014 WSO Compensation Report is OUT!Dear WSO Community,
I'm pleased to announce the release of the <strong><a href="http://www.wallstreetoasis.com/wso-annual-compensation-reports">2014 WSO Compensation Report</a></strong>! We had another great year with even MORE entries than last year...
Chances - Columbia EMBAHi everyone.
I am considering applying for the Columbia EMBA. Before I kill a ton of time pursuing this, just wanted to get a general sense of where my chances fall. Below are my stats.
Warning for Non-EU Interns in LondonPosting from a throwaway.
You may not be getting an offer in London. Today was the last day of my internship at a top 10 BB, and none of the non-EU interns got job offers due to the fact that there...
Monday @Mentions August 31, 2015Happy Monday Fellas
WSO NYC Commercial Real Estate Happy Hour/Meet Up, posted by @CREPATH.
-Webinar: Consulting Case Interview Preparation - ABC Film Studios --...
Off-Cycle Internship/Analyst at BoutiqueHello all! I have been lurking and finally mustered up the courage to post and ask for advice mainly because I am nervous about what is next for me. So I went to a non target liberal arts school and...
London IBD - Online SHL Reasoning TestsHow did you guys prepare for these tests? Are there any books or websites you would recommend? Anything available for free online appears to be insufficient. Many paid websites will try to sell you...
How to lead a due diligence process?Where do you start,
how do you divide the work,
how many people do you have on your team,
what software do you use,
what documents do you prepare for the Investment Committee,
how long does the...
Coffee Chat EtiquetteHey everyone,
Just wanted to know if anyone can provide some insight on coffee chats for networking.
1. How should I dress? They will likely be dressed in business formal(meeting during work, lunch...
Why did you take the CFA exam?Hello,
I will be taking the CFA exam this December. After reading the forum, and seeing people talk about how hard work does not equate success, I am starting to have serious doubts about whether...
Hard work and sacrifice will get you only so farMod Note (Andy): This post by @SSits is a comment originally posted in this thread "Karoshi": Death from Overwork on Wall Street" and I thought it deserved it's own spot on the frontpage
Best data room perks?Thoughts on the perks that data room providers give to clients? Which data room provider has the best perks?