Hoping to get some recommendations in terms of what books about M&A you guys recommend me checking out before starting my full time IB gig in July. I am more interested in books that focus on pure M&A strategic advice than how the processes of buy/sell-side transactions work.
Thanks!!
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You're not going to be delivering strategic advice as an intern (or analyst or associate), and to my knowledge, there are no good books on the subject. The true practitioners don't write books about it, and things change fast.
Better off getting fast with Excel / PPT.
Thanks - I understand that I won't be delivering strategic advice as an analyst, I would love to get some background prep in order to better understand grand scheme of things when deals come along.
Thanks!
Rosebaum book is pretty good on the valuation aspect.
Honestly, dealbook is probably the best for this. Or Barbarians at the Gate is a fun read. But most books that focus on M&A are not only boring and not helpful, they're usually misleading.
bump. interested to know as well! Is Applied Mergers and Acquisitions a good read?
No - waste of time
Can you explain why its a waste of time? Much appreciated!
Read biographies of business folk, like The Everything Store, or Phil Knight's book
If you are referring to Shoe Dog then I agree it is a solid read.
Here's one
https://www.amazon.com/Outsiders-Unconventional-Radically-Rational-Blue…
I always thought Scoopbooks was a solid, practical resource. Definitely more on than finance side than the strategic side.
Honestly, never really came across any legit resources on the strategic side. Once you start, reviewing the old deal files is extremely helpful.
Best of luck.
https://scoopbooks.com/products/the-practitioners-guide-to-investment-b…
I can second this on scoopbooks. If someone really wants to understand investment banking from experienced professionals, this book has an amazing amount of material from a highly credible and diverse base of experienced MDs across the industries.
Yeah, this book is the jackpot. Not sure why I read it given that I'm not in M&A, but the book does make your eyes bleed!
American Psycho by Bret Easton Ellis
Go download the Investment Banking book. Incredibly relevant and easy to read. Other than that, read something not related to finance. You are going to be up to your neck in finance and business for the next 2 years and you might as well relax a little. You got the job, you are smart enough. You'll learn the finer points once you get there.
This x10. I was so focused on getting to the end goal without considering the costs, I didn't bother with dating, vacations, and general R&R for a long time. Haven't been in IB for all that long, but after enough instances of having to plan things weeks in advance I used to be able to slot in day in advance, I've come to realize how crucial it is to take advantage of real free time when you have it. Knowing what I do now, if I was in OP's shoes I'd be spending my time taking weekend trips and trying to get laid.
I did get laid regularly so that part was taken care of.
Speaking of traveling and going on weekend trips, I'd love that too but I can't do it without considering money, you know? I saved a little bit and can use it for a few days trip within US but can't do it often. Any other advice?
Thanks.
I agree with much of what is said above. Unlike many other profession, M&A on the context of strategy really isn't something you can learn by book. While it is true that you could learn what a golden parachute is and what a poison pill is, for instance, much of that has little impact when it comes to an IB position, especially as a junior banker.
You will rarely be asked about the reason for which any decision is made, and will surely not be making any remotely substantial decisions in deal-making. Focus on getting better at Excel, and recognize that 90% of what you will need will be learned on the job, so just make sure you are a quick learner.
Ok at the risk of sounding stupid, I am gonna have to ask - could you elaborate on how to make sure I am a quick learner? I mean you either are or you are not, right? Ways to improve?
Thanks!
Can someone tell me about the investment policies of the employees of most investment banks these days? I heard that analysts are not allowed to own/invest their money in individual stocks?
This is a stupid question. Ask HR. (Per above - this would fall into the "google it" category)
Accidental Investment Banker by Jonathan Knee is quite good and definitely worth a read.
Rosenbaum book and Macabacus website may help you to become Excel Ninja. You'll be more efficient and have the time and energy to learn more about M&A as FT.
I guess reading news article on M&A also helps for some people. Dealbook has a specific blog for this
Check out King of Capital about Stephen Schwarzman's Blackstone.
Rosenbaum
Check out this thread
You should read this one from Bottura, better than the materials they give you during the analyst training.
Bollocks - that's a waste of money.
Did you buy it? it doesn't even cost $5
why you think it's a waste of money? Just curious.
I can understand why ppl recommend Rosenbaum, I read part of it and think it's good, but... it's really boring/tedious/textbook like to be honest.
I was looking for something that's more interesting/not boring at least to read. If I want to read a textbook I will get plenty of valuation textbooks to read at school. I want something that's not gonna put me to sleep, rosenbaum will put me to sleep fast.
Well too bad. A lot of the basic valuation / accounting can be a bit tedious but that's what you gotta do.
Rosenbaum is hands down the best book for IB, not because it is based on theory but on actual practice. No one's saying you should read it for fun but If you don't like it/aren't interested in it, you aren't cut out for banking.
I like to M&I and watching videos while learning - I think it's fun.
But Rosenbaum textbook ish style is not my type. No offense.
Quick question about Rosenbaum. I have the book now and about to start reading it. Did you guys read the book and take notes, build the models while you read, or just read straight through? Just trying to see what's most effective at retaining it all.
You won't retain it all (most likely) - read through it and make sure you understand it as you read it, and then maybe build out a sample for some random company after going through it. Obviously, this depends on individual preference and learning style.
Honestly, the Damodaran is much better than the Rosenbaum in my view. But both of them are extremely tedious, full of info that are relevant only to beginners with no clue about finance and they could be summarized in half of the pages.
Everybody has his preferences, but I prefer books that are too the point and talk about what "I really need, not what somebody else might need...". Also, a lot of the theory explained in the book is good just for university. If you think that valuation is a science, better you go to find another job ;)
If you already know the subject and you need just a quick reference, as an intern or as a first year analyst, then the AMT Midnight Manuals are what you need (although I don't like some of the modelling examples).
If you want something more comprehensive and that is good for for everything from uni exam, interviews, internship or even analyst, then the Bottura book is the right one, and it doesn't even cost $5.
exactly, this is what I am trying to say.
McKinsey: Valuation
Young Money by Kevin Roose
Folks any thoughts on Synergy Trap by Sirower?
Good Books on M&A From a Corporate Perspective? (Originally Posted: 01/06/2017)
I was wondering if anyone has recommendations on good reads on how to analyze strategic mergers, moreso from a corporate perspective (i.e. for corp dev/FP&A practitioners). A lot of the usual recommendations on here for M&A, i.e. Rosenbaum, etc. mostly talk about the financial modeling part and the deal process for sell-side analysts. However, I'm looking for good reads on how, for example, a CFO looking to grow his business through deals would go about assessing how to draw maximum synergies, etc. from the deal to generate value to shareholders.
Even a biography of an executive who has worked on a lot of deals and comments on his thought-process regarding which ones to do and which ones to not do might be good. If anyone has thoughts on this, that'd be great!
I would suggest
Barbarian & the Gates and Predators Ball
When Fools Rush In - The AOL Time Warner Merger
Too Big to Fail - Not a traditional M&A book but a good narrative of deals that were struck in the wake of the financial crisis.
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