Wall Street Oasis logo


  • Recent
    • All Recent Content
    • Top WSO Bloggers
    • WSO Chat Room
    • Hot Topics - Week
    • Hot Topics - Month
    • Hot Topics - Year
    • Hot Topics - All Time
    • Top Comments - All Time
  • FAQs
    • Best Interviews
    • Common Questions
    • Industry Specific
    • WSO 101
    • Education
    • Recruiting
    • Life in Finance
    • WSO Company Database
    • WSO Finance Dictionary
  • Forums
    • Post Forum Topic
    • Best Interviews
    • Best Comments
    • WSO Chat Room
    • Job Search Advice
    • Investment Banking
    • Private Equity
    • Venture Capital
    • Trading
    • Consulting
    • Hedge Funds
    • Corporate Finance
    • Real Estate Finance
    • Equity Research
    • Asset Management
    • WSO Success Stories
    • Other Careers
    • Business School
    • Resume Forum
    • Wall St. Fashion
    • New User Intros
    • Monkey Around
    • WSO Products
    • Site Suggestions
  • Groups
    • Browse Groups
    • Create Group
    • My Groups
    • Non Target Networking
    • Energy Trading
    • State your salary
    • Read the Footnotes
    • Proprietary Traders
    • WSO Investment Forum
    • CFA
    • The Restructuring Group
    • Economics
    • RE Finance/Investments
  • About
    • About WSO
    • Press
    • Contact Us
    • RSS Sitemap
    • Advertise on WSO
    • WSO Discounts
    • WSO Store
  • Login
  • Sign Up!
  • Hot Topics
  • My Profile
  • Company Research
  • Modeling
  • Resume Review
  • Events
  • Interview Guides
  • Job Board
  • Intern Positions

6 Free Financial Modeling Lessons...and More.

Enter your e-mail below to get our new Free Modeling Tutorials ($200+ Value).

Wall Street Oasis » Forums » I-Banking Bullpen
< previous | next >

MSFT act of YHOO: how did bankers come up with the $31/share price
 

ibdizzle's picture
ibdizzle
      IB
 
(Monkey, 58
 
Points)
 on 2/3/08 at 3:29pm
MSFT act of YHOO: how did bankers come up with the $31/share price

Any insight on how MSFT came up with such a big premium to YHOO's previous trading price? Thanks guys = )

  •  
  •  
Tags:
  • I-Banking Bullpen
fordhammasta's picture

a mixture of bullshit and

fordhammasta
      IB
 
(Senior Orangutan, 463
 
Points)
 on 2/1/08 at 3:46pm

a mixture of bullshit and synergy.

But seriously, Microsoft wants to take on Google, and it can only do it with the combined force of Yahoo. They really didn't care what they have to pay for this. the offer was more or less what they felt they had to pay to acquire Yahoo...not so much of what they felt its true worth was.

  • 0
  •  
  •  
PublicEquity1's picture

Bullshit and Synergy?

PublicEquity1
      PE
 
(Baboon, 127
 
Points)
 on 2/1/08 at 4:01pm

You seriously think Bill Gates, Microsoft, and Microsoft's shareholders would offer to shell out $41 BILLION dollars based on Bullshit and Synergy? Clearly you are ill informed on how these things actually work. Something you must of overlooked is as early as November, Yahoo was trading at or above the $31 / share level. Microsoft enacted a brilliant tactic, and their timing (bankers) seem to be impecable. They took a recently battered and bruised shareholder base, and offered them a seemingly great "get out of jail free card" to gain back all of their losses. Yes, to current levels, the premium is large... but basically Microsoft values Yahoo the same exact way as the entire market did about 2 months ago. Do you think the intrinsic value of the company declined in the past 2 months or just the market valuation?

  • 0
  •  
  •  
GameTheory's picture

PublicEquity is right

GameTheory
      PE
 
 
(King Kong, 1,435
 
Points)
 on 2/1/08 at 4:42pm

SternMonkey, no big business decisions are made without careful thought and valuation (with the exception of some biotech and start-up tech valuation...very finger-in-the-wind). Billions of dollars are at stake here, and if MSFT didn't think they would get a return at a higher growth rate than they projected for themselves as a standalone entity, they wouldn't do the deal, that simple.

PublicEquity1 is right - Bain Capital just did the same thing with Bright Horizons. Idiot financial journalists were baffled at the giant premium paid ($48.25, a 47% premium), completely ignoring the fact that as recently as October 2007, Bright Horizons was trading at over 45 dollars. Doesn't really sound like a terribly high premium now, does it?

  • 0
  •  
  •  
SBE's picture

Are investment banks

SBE
      IB
 
(Baboon, 173
 
Points)
 on 2/1/08 at 4:52pm

Are investment banks advising MSFT on this deal? I seem to remember hearing they do all their M&A/Valuation work in-house.

  • 0
  •  
  •  
curiousG's picture

Yes,

curiousG
      IB
 
(Baboon, 168
 
Points)
 on 2/1/08 at 4:54pm

Blackstone & Morgan Stanley

http://www.thedeal.com/dealscape/2008/02/just_in_a...

  • 0
  •  
  •  
apache22's picture

Blackstone and MS advised

apache22
     
 
(Senior Chimp, 25
 
Points)
 on 2/1/08 at 4:55pm

Blackstone and MS advised Microsoft. Lehman and GS advised Yahoo.

http://blogs.wsj.com/deals/2008/02/01/microsoft-gi...

  • 0
  •  
  •  
SBE's picture

re:

SBE
      IB
 
(Baboon, 173
 
Points)
 on 2/1/08 at 4:59pm
curiousG:

Blackstone & Morgan Stanley

http://www.thedeal.com/dealscape/2008/02/just_in_advisers_for_microsoft.php

Nice, thanks. It would be great to see one of these mega-acquisitions go through after ADS, Clear, etc appear to be falling apart.

  • 0
  •  
  •  
AltESV's picture

My thoughts...

AltESV
      IB
 
(Senior Orangutan, 401
 
Points)
 on 2/1/08 at 5:11pm
PublicEquity1:

Do you think the intrinsic value of the company declined in the past 2 months or just the market valuation?

While I don't necessarily disagree with your overall point, I would have to answer that the intrinsic value of the company clearly did decline. Did you hear their Q4 Earnings Call? Yahoo has been rapidly declining, and the market finally caught up to what people in the valley have known for years—Yahoo is just riding off of the pageviews/brand presence they created 10 years ago when they were actually an innovative company.

While I don't think it was "Bullshit and Synergy," I think MSFT is doing a bit of a hail mary to try and do something worthwhile on the internet, at which they have failed miserably thus far despite the best wishes of Bill Gates, the Shareholders and all of their billions in the bank. It also, of course, has a lot more to do with Google than with Yahoo, again showing the desperation. Maybe it will be accretive in the short term, but MSFT is basically grabbing a falling knife by the blade here. It's hitting the ground one way or the other, the only question is how much damage will be done on the way down.

  • 0
  •  
  •  
GameTheory's picture

Re:

GameTheory
      PE
 
 
(King Kong, 1,435
 
Points)
 on 2/1/08 at 5:21pm
SBE:
curiousG:

Blackstone & Morgan Stanley

http://www.thedeal.com/dealscape/2008/02/just_in_advisers_for_microsoft.php

Nice, thanks. It would be great to see one of these mega-acquisitions go through after ADS, Clear, etc appear to be falling apart.

Assuming Yahoo deems it a fair price, I don't see alot of risk in the deal. MSFT has a sizable cash/ST investment balance (21 billion), and it's a cash/stock deal, so I'm assuming there won't be an incredible amount of leverage involved. On top of that, the market will be much friendlier to strategic deals like this one vs. sponsor deals like CCU and ADS.

  • 0
  •  
  •  
2007Analyst's picture

who's leading the advising

2007Analyst
     
 
(Baboon, 163
 
Points)
 on 2/1/08 at 9:41pm

who's leading the advising syndicate for both?

assuming MS for MSFT and GS for Yahoo?

  • 0
  •  
  •  
recedinghairline's picture

Microsoft's final offer

recedinghairline
      O
 
(Chimp, 14
 
Points)
 on 2/1/08 at 10:11pm

Microsoft's final offer (that is, if there is one) could go north of $45 billion. Analysts on CNBC mentioned that this could be one of several Microsoft offers. So, it'll be interesting to see how it all pans out if the MSFT and YHOO do enter negotiations.

  • 0
  •  
  •  
holymonkey's picture

Accounting and finance

holymonkey
      O
 
(Gorilla, 675
 
Points)
 on 2/2/08 at 11:29am

Accounting and finance Voodoo.

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

  • 0
  •  
  •  
dosk17's picture

While probably many years'

dosk17
      IB
 
 
(Senior Gorilla, 885
 
Points)
 on 2/2/08 at 1:30pm

While probably many years' worth of thought and valuation went into the analysis, there's no denying that the price is actually a terrific steal because $31 is around where YHOO was trading earlier in 2007! So really, MSFT is also taking advantage of a depressed price to recent bad news, earnings, etc.

My view is that this merger is not really a great deal for either of them, but it's something that has to get done and will get done.

Why does it not make sense? Both YHOO and MSFT have been losing search market share against Google for a long time now. Google simply monetizes better, matches ads to searches more effectively, and has been gaining market share to the point where it's now at around 70% I believe.

YHOO/MSFT combined could do little to counter this. Yes, they would have some more scale, but fundamentally their technology is worse despite many attempts and billions of dollars spent trying to improve it. Combining two losing players... not a great strategy. And while there are other properties that make sense to combine, make no mistake, search is what this is really all about and where the money is.

It has to happen because YHOO shareholders have been pressuring for change for a long time, MSFT ones have similarly been wondering when their MSN/Live efforts will pay off. On paper, it seems like a great deal if you just know the companies are #2 and #3 and nothing about what I mentioned above. And YHOO really has no options left after repeatedly failing to turn itself around.

As for the $31 price - this represents around 30x TTM EBITDA, which is certainly higher than any PE firm would pay. With these market conditions, good luck getting any of them to go above 15x EBITDA for a tech company, if that. It's also close to where YHOO was trading in early 2007.

And on paper it again seems like a great deal from a 1-day premium perspective.

I'm sure they looked at cost/revenue synergies etc., but make no mistake: MSFT made this bid to win. And they can afford to do that by preemptively outbidding everyone else who could make a credible challenge.

  • 0
  •  
  •  
merkhet's picture

I don't think I entirely understand the answers here

merkhet
      O
 
(Monkey, 44
 
Points)
 on 2/3/08 at 11:15am

Most of the people in this thread who are defending the MSFT price have been saying "well, look at where it was trading in 2007... it was in the 30s" (paraphrasing). However, I don't see how it follows that this particular price is right for Yahoo just because it's close to a price that Yahoo was trading at on the public markets. Using that logic, Yahoo's price two weeks ago would also be the "right price" for Yahoo.

The counter that I assume most people would use against this last point is that Yahoo's recent prices were due to fear-based selling that had nothing to do with fundamentals. However, this does not explain whether Yahoo's price in the 30s during 2007 was based on exuberance-based buying or if it was based on solid fundamentals.

Ergo, if the price that Microsoft is currently paying for Yahoo is the "right price" then someone should be able to offer a good fundamentally-based reason for the $31 per share.

--------
Right now this is a job. If I advance any higher in this company, then this would be my career. And um... Well, if this were my career, I'd have to throw myself in front of a train.

--------
Right now this is a job. If I advance any higher in this company, then this would be my career. And um... Well, if this were my career, I'd have to throw myself in front of a train.

  • 0
  •  
  •  
freeloader's picture

I think what the sentiment

freeloader
      PE
 
(Senior Gorilla, 917
 
Points)
 on 2/3/08 at 8:35pm

I think what the sentiment is that msft made a good bid because:

1. They stand the most to gain with a yahoo acquisition, and have the platforms to actually benefit from yahoo's assets/brand name/market share, etc.
2. The $31/share bid is likely more than what competitors are willing to pay and deters a competing bid, while offering enough of a premium to yahoo's shareholders that they'd be willing to take the deal.

Just my opinion.

  • 0
  •  
  •  
Prince of Wall Street's picture

The High Bid Is To Scare Others

Prince of Wall ...
      IB
 
 
(Gorilla, 560
 
Points)
 on 2/4/08 at 12:37am
You must be signed in to read advice below.
Sign In with FacebookSign In with Google
Connecting helps us build a vibrant community. We'll never share your info without your permission.

Sign Up with email

  • 0
  •  
  •  
ideating's picture

Dude, stop spamming the

ideating
      O
 
(King Kong, 1,548
 
Points)
 on 2/4/08 at 11:24am

Financial Modeling Training
Guide to Finance Interviews
Banking Resume

  • 0
  •  
  •  
ibdizzle's picture

why?

ibdizzle
      IB
 
(Monkey, 58
 
Points)
 on 2/4/08 at 11:54am
  • 0
  •  
  •  
GameTheory's picture

I'm not so sure about

GameTheory
      PE
 
 
(King Kong, 1,435
 
Points)
 on 2/4/08 at 11:38am
  • 0
  •  
  •  
net worth or nothing's picture

Trojandizzle. The guy

net worth or nothing
      O
 
(King Kong, 1,146
 
Points)
 on 2/4/08 at 12:32pm
  • 0
  •  
  •  
Disjoint's picture

You made me laugh net worth

Disjoint
      IB
 
 
(Gorilla, 720
 
Points)
 on 2/4/08 at 1:05pm
  • 0
  •  
  •  
ibdizzle's picture

Why can't a guy advertise

ibdizzle
      IB
 
(Monkey, 58
 
Points)
 on 2/4/08 at 2:39pm
  • 0
  •  
  •  
7S's picture

so banks earn fees by

7S
      PE
 
 
(Orangutan, 350
 
Points)
 on 2/6/08 at 2:44pm
  • 0
  •  
  •  
zhouij's picture

I've overheard that the

zhouij
      O
 
(Senior Chimp, 19
 
Points)
 on 2/6/08 at 3:12pm
  • 0
  •  
  •  
Prince of Wall Street's picture

In response to Game Theory

Prince of Wall ...
      IB
 
 
(Gorilla, 560
 
Points)
 on 2/7/08 at 4:23am
  • 0
  •  
  •  
holymonkey's picture

KB81: isn't that like, a

holymonkey
      O
 
(Gorilla, 675
 
Points)
 on 2/11/08 at 3:57am

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

  • 0
  •  
  •  

6 Free Financial Modeling Lessons...Straight to Your Inbox.

Confirm your name and e-mail below to get our best tips

Monkey Stats
Account information
We respect your Name and E-mail privacy. By joining you accept our terms of service.
Skip this step
Terms and Conditions of Use
These are the "Terms and Conditions" under which you may use WallStreetOasis.com. Please read this page carefully including the Privacy Policy below. If you do not accept the Terms and Conditions and Privacy Policy stated here, do not use this web site or any services offered by this web site. By using this web site, you are indicating your acceptance to be bound by the terms of these Terms and Conditions and Privacy Policy. IB Oasis Corp. (the "Company") may revise these Terms and Conditions and Privacy Policy at any time by updating this posting. You should visit this page periodically to review the Terms and Conditions and Privacy Policy, because they are binding on you. The terms "You" and "User" as used herein refer to all individuals and/or entities accessing this web site for any reason.

Neither WallStreetOasis.com, IB Oasis Corp. nor employees of IB Oasis Corp. are investment advisors. The purpose of this website is NOT to give any advice on your personal investment strategy. If you base your investment decisions on content of this website, you may lose part or all of your money.

You should not violate any other law or regulation, including, without limitation, the rules and regulations of the U.S. Securities and Exchange Commission and the national or other securities exchanges, especially including the rule against making false or misleading statements to manipulate the price of a security or the rule requiring you to disclose any compensation you may receive for describing a security.

You should not access WallStreetOasis.com by any means other than through the interfaces we provide for use in accessing our services or use any automated means, including, without limitation, agents, robots, scripts, or spiders, to access, monitor, copy, or harvest data from any part of our sites, except those automated means that we have approved in advance and in writing.

The Company, in its sole discretion, reserves the right to remove any postings, or deny access by any individuals, for any reason or no reason.

If you see something that you feel is a violation of the these Terms and Conditions, please notify us by emailing wallstreetoasis at wallstreetoasis.com.

We reserve the right to change the Terms and Conditions at any time. Changes will be posted on the applicable web page.

Use of Material.

The Company authorizes you to view and download a single copy of the material on www.WallStreetOasis.com (the "Web Site") solely for your personal, noncommercial use. By using the Web Site you are giving the Company the sole right to use any and all content you generate or publish on the site for commercial, non-commercial or promotional purposes. This includes any and all forum posts, comments, blog posts or any other material you generate on the Web Site.

The contents of this Web Site, such as text, graphics, images, logos, button icons, software and other items (collectively, "Material"), are protected under both United States and foreign copyright, trademark and other laws. All Material is the property of the Company or its content suppliers or clients. The compilation (meaning the collection, arrangement and assembly) of all content on this Web Site is the exclusive property of the Company and protected by U.S. and international copyright laws. Unauthorized use of the Material may violate copyright, trademark, and other laws. You must retain all copyright, trademark, service-mark and other proprietary notices contained in the original Material on any copy you make of the Material. You may not sell or modify the Material or reproduce, display, publicly perform, distribute, or otherwise use the Material in any way for any public or commercial purpose. The use of the Material on any other web site or in a networked computer environment for any purpose is prohibited.

You shall not copy or adapt the HTML code that the Company creates to generate its pages. It is also protected by the Company?s copyright.

Acceptable Site Use.

General Rules: Users may not use the Web Site in order to transmit, distribute, store or destroy material (a) in violation of any applicable law or regulation, (b) in a manner that will infringe the copyright, trademark, trade secret or other intellectual property rights of others or violate the privacy, publicity or other personal rights of others, or (c) that is defamatory, obscene, threatening, abusive or hateful.

Web Site Security Rules. Users are prohibited from violating or attempting to violate the security of the Web Site, including, without limitation, (a) accessing data not intended for such user or logging into a server or account which the user is not authorized to access, (b) attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization, (c) attempting to interfere with service to any user, host or network, including, without limitation, via means of submitting a virus to the Web Site, overloading, "flooding", "spamming", "mailbombing" or "crashing", (d) sending unsolicited e-mail, including promotions and/or advertising of products or services, or (e) forging any TCP/IP packet header or any part of the header information in any e-mail. Violations of system or network security may result in civil or criminal liability. The Company will investigate occurrences which may involve such violations and may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.

Specific Prohibited Uses.

The Company specifically prohibits any use of the Web Site, and all users agree not to use the Web Site, for any of the following:

  • Posting any incomplete, false or inaccurate biographical information or information which is not your own accurate resume
  • Using any device, software or routine to interfere or attempt to interfere with the proper working of this Web Site or any activity being conducted on this site.
  • Taking any action which imposes an unreasonable or disproportionately large load on this Web Site?s infrastructure.
  • If you have a password allowing access to a non-public area of this Web Site, disclosing to or sharing your password with any third parties or using your password for any unauthorized purpose.
  • Notwithstanding anything to the contrary contained herein, using or attempting to use any engine, software, tool, agent or other device or mechanism (including without limitation browsers, spiders, robots, avatars or intelligent agents) to navigate or search this Web Site other than the search engine and search agents available from the Company on this Web Site and other than generally available third party web browsers (e.g., Netscape Navigator, Microsoft Explorer).
  • Attempting to decipher, decompile, disassemble or reverse engineer any of the software comprising or in any way making up a part of the Web Site.
  • Aggregating, copying or duplicating in any manner any of the materials or information available from the Web Site.
  • Framing of or linking to any of the materials or information available from the Web Site.

User Information.

When you register for the Web Site, you will be asked to provide the Company with certain information including, without limitation, a valid email address (your "Information"). In addition to the terms and conditions that may be set forth in any privacy policy on this Web Site, you understand and agree that the Company may disclose to third parties, on an anonymous basis, certain aggregate information contained in your registration application. The Company reserves the right to offer third party services and products to you based on the preferences that you identify in your registration and at any time thereafter; such offers may be made by the Company or by third parties. Please see the Company's Privacy Policy below for further details regarding your Information.

Registration and Password.

You are responsible for maintaining the confidentiality of your information and password. You shall be responsible for all uses of your registration, whether or not authorized by you. You agree to immediately notify the Company of any unauthorized use of your registration or password.

The Company's Liability.

As a condition to your use of this site, you release the Company (and our agents and employees) from claims, demands and damages (actual and consequential, direct and indirect) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes. If you are a California resident, you waive California Civil Code d1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

We are under no legal obligation to, and generally do not, control the information provided by other users which is made available through the Web Site. By its very nature, other people?s information may be offensive, harmful or inaccurate, and in some cases will be mislabeled or deceptively labeled. We expect that you will use caution and common sense when using this Web Site.

The Material may contain inaccuracies or typographical errors. The Company makes no representations about the accuracy, reliability, completeness, or timeliness of the Web Site or the Material. The use of the Web Site and the Material is at your own risk. Changes are periodically made to the Web Site and may be made at any time.

You acknowledge and agree that you are solely responsible for the content and accuracy of any resume or material contained therein placed by you on the Web Site and you agree to let any users that are identified as recruiters (designated in the sole discretion of the Company) to have access to your resume.

The Company is not to be considered to be an employer with respect to your use of the Web Site and the Company shall not be responsible for any employment decisions, for whatever reason made, made by any entity posting jobs on the Web Site.

THE COMPANY DOES NOT WARRANT THAT THE WEB SITE WILL OPERATE ERROR-FREE OR THAT THE WEB SITE AND ITS SERVER ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL MECHANISMS. IF YOUR USE OF THE WEB SITE OR THE MATERIAL RESULTS IN THE NEED FOR SERVICING OR REPLACING EQUIPMENT OR DATA, THE COMPANY IS NOT RESPONSIBLE FOR THOSE COSTS.

THE WEB SITE AND MATERIAL ARE PROVIDED ON AN "AS IS" BASIS WITHOUT ANY WARRANTIES OF ANY KIND. THE COMPANY, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE COMPANY MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS.

Disclaimer of Consequential Damages.

IN NO EVENT SHALL THE COMPANY, ITS SUPPLIERS, OR ANY THIRD PARTIES MENTIONED ON THE WEB SITE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL AND CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE THE WEB SITE AND THE MATERIAL, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT THE COMPANY IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Links to Other Sites.

The Web Site may contain links to third party web sites. These links are provided solely as a convenience to you and not as an endorsement by the Company of the contents on such third-party Web sites. The Company is not responsible for the content of linked third-party sites and does not make any representations regarding the content or accuracy of materials on such third party Web sites. If you decide to access linked third party Web sites, you do so at your own risk.

No Resale or Unauthorized Commercial Use.

You agree not to resell or assign your rights or obligations under these Term of Use. You also agree not to make any unauthorized commercial use of the Web Site.

Limitation of Liability.

The aggregate liability for the Company to you for all claims arising from the use of the Materials is limited to $1.

Termination.

The Company reserves the right, at its sole discretion, to pursue all of its legal remedies, including but not limited to immediate termination of your registration with or ability to access the Web Site and/or any other service provided to you by the Company, upon any breach by you of these Terms and Conditions or if the Company is unable to verify or authenticate any information you submit to the Web Site registration with or ability to access the Web Site.

Indemnity.

You agree to defend, indemnify, and hold harmless the Company, its officers, directors, employees and agents, from and against any claims, actions or demands, including without limitation reasonable legal and accounting fees, alleging or resulting from your use of the Material or your breach of the terms of these Terms and Conditions. The Company shall provide notice to you promptly of any such claim, suit, or proceeding and shall assist you, at your expense, in defending any such claim, suit or proceeding.

General.

The Company makes no claims that the Materials may be lawfully viewed or downloaded outside of the United States. Access to the Materials may not be legal by certain persons or in certain countries. If you access the Web Site from outside of the United States, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction. These Terms and conditions are governed by the internal substantive laws of the State of New York, without respect to its conflict of laws principles. Jurisdiction for any claims arising under this agreement shall lie exclusively with the state or federal courts within New York, New York. If any provision of these Terms and Conditions are found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term. Except as expressly provided in additional terms of use for areas of the Web Site a particular "Legal Notice," or Software License or Material on particular Web pages, these Terms and Conditions constitute the entire agreement between you and the Company with respect to the use of Web Site. No changes to these Terms and Conditions shall be made except by a revised posting on this page.

PRIVACY POLICY

The Company recognizes that you are concerned about privacy. We are committed to preserving your privacy and safeguarding your sensitive information. The following statement describes the general information-gathering and usage practices of our sites.

Our staff, contractors, Internet service providers and others involved in this site follow this policy or similarly strict policies regarding your Information.

Disclosure

The Company is committed to fully disclosing our policies regarding the collection, use, maintenance, disclosure and security of personal information obtained from users of our site. The term "personal information" includes a name, address, email address, or any other information which could be used to contact you directly or to identify you personally.

Use and Disclosure Limitations

The Company only uses personal information about its Web site users for specific purposes. We do not share user information with third parties except when we have told users about the disclosures, when we have prior consent, or when required by law.

Use Policy: When the Company gathers personal information from users, we ask for permission first. We also disclose, at the time of collection, how the information will be used by us. Personal information is used for activities such as auto-completion of commonly-used forms and helping us contact you when you solicit information from us.

Disclosure Policy: We do not normally disclose personal information to anyone outside of the Company unless we have previously informed users about the disclosures. However, some data may be used from time to time by outside contractors, including auditors or consultants, to assist us in carrying out necessary financial or operational activities. These uses will be consistent with this privacy policy and all contractors using this potential personal information must agree to safeguard it, to use it only for the authorized purpose, and to return it or destroy it upon completion of the activity.

The Company might be required to disclose personal information in response to a valid legal process such as a subpoena, search warrant or court order.

Although unlikely, it is possible that we may have to make certain disclosures to ensure the security of our Web site, to protect its integrity, or to take precautions against potential liability. In any of these situations, we will take any reasonable steps to limit the scope of the data disclosed.

Web Logs: The Company maintains standard Web logs that record basic information about visitors to our Web site. These logs contain: * The Internet domain from which you came to our Web site. * Your IP address. An IP address is a series of numbers which uniquely identifies your connection to the Internet. Although it is possible in some instances, certain types of IP addresses may be used by interested persons to identify users but we do not attempt to identify users in this way. * The type of browser (e.g., Internet Explorer or Netscape) and operating system (e.g., Windows 98) you use. * The date and time you visited the site, and the pages you saw.

We use Web log information to design our Web site, identify popular features, and in similar ways. We do not try to identify individuals from Web logs or to link Web logs to other user information. However, if someone tries to damage our Web site or use it in an unauthorized or illegal way, we may share Web log information with law enforcement agencies. The Company may provide aggregate information such as the number of users who visit particular pages of the site, or the number of people who link to certain external sites from our site, to other parties.

Changes to Privacy Policy

The Company's features and services will change over time and our information-gathering practices and policies may also change.

While our philosophy of protecting user information from inappropriate uses and disclosures will not change, this policy will be updated occasionally to include any change that materially affects the collection, maintenance, use, or disclosure of personal information.

Forum Topics

  • New
  • Active
  • Rank
  • Comments
  • Similar to the Anatomy of a 10-K thread I was hoping someone could walk us through how they dissect CA and indentures and explain what parts are most important and/or relevant when looking to...
    Anatomy of a Credit Agreement and a Bond Indenture?
  • Macquarie, after cutting bonuses for many of the analysts has now cut Seamless allowance. Crossed the line, guys. “Macquarie is making further cuts to analysts. Weekend Seamless is now $25/day, cut from $40. All analysts are trying to leave. Morale is extremely...
    Bonus cuts are one thing, but now Seamless cuts?
  • Was curious if anyone has any idea what National Sales group does at BB PWM. Obviously it involves sales, but how do BB National sales groups stand out from different more regional teams within the BB PWM groups. Anyone have any experience with these types of...
    Group placement
  • I am curious about which one is better. I'm a first generation for college and I can't decide whether I should go to a target like Ross and end up with a 3.2 GPA or go to an easier college like OSU and get a 3.8/4.0 GPA. My goal isn't necessarily to get an IBD position straight out...
    Non-target with 3.8/4.0 GPA vs target with 3.2 GPA
  • Hi, this is my first post. I am looking for a new suit and after doing some research on styleforum.net, it seems that SuitSupply is my best bet. I really like the Washington fit they offered for its high rise and slim cut pant. However, since there aren't that many options, I am wondering...
    Are these suits appropriate for SA?
  • It is called "Brocair Partners" and it is in Midtown NYC... They cover the Healthcare sector and have deal size ranging from 30 - 250 Million. So they seem pretty good in regards to size, and have decent deal flow as well. Also have a lot of international exposure and overseas deals, so...
    Has anyone heard of this Boutique?
  • I'm working at a smaller MM investment bank in a relatively smaller city (not NY, Chicago, LA, SF, and the like). About 6 weeks ago, I received an email saying that I had an offer to intern at the bank as a summer ibanking analyst, and the MD just wanted me to respond back stating that I would...
    Background check
  • I thought I would help out the WSO RE community a little bit. If your in RE then you know who Hines is. Anyways they have a position open for their Irvine, CA office. I don't work for Hines, but I dealt with them before. You guys can go ahead and apply online, don't send me a resume. Just...
    Hines Analyst Position Is Open, Apply Here
  • Recently the site hasn't been properly displaying quotes within quotes when there are about 3 levels or more. Here is an...
    Quoting Bug
  • My original plan was to write a series about starting my eccomerce business; going through the process of finding a market, a product and funding. I still plan to do this, but I would like to talk about something that is far more pressing to me: IP...
    Entrepreneurship and patent lawsuits
  • Alright let's break up the finance monotony for a bit. I'm looking for opinions regarding the best MBA programs for someone hoping to go into marketing management and strategy (basically, looking for anything that will put me on a good path to a CMO/VPMarketing position down the...
    Best MBA programs for Marketing/Strategy
  • I propose we change the name of this forum because I do not think consulting is "consulting" in its traditional sense especially not in the industry that I have experienced in the last 4...
    My Journey Into Consulting: "Be Careful What You Ask For"
  • As a freshman in NYU CAS and a prospective Econ/Math double major (not joint major), I sent an application to LSE for their Econ program, to which I got accepted. I would hopefully like to get an internship in Consulting or IB within the next two years. Do you think going to LSE would make a...
    NYU CAS or LSE for Econ B.A.?
  • Hi, Does anyone have any tips on best way to Linkedin network into a Consulting role without upsetting the current boss? My background is CIMA qualified industry professional. Not sure of the best way to strategise the networking and attract attention from the hiring managers of big 4 consulting...
    Advice re Strategic/Effecient Linkedin neworking - London based
more

Upcoming Events

  • New York School of Finance: Summer Session 2013
    Jun 3 2013 - 8:00am - 10:00am
  • Financial and Valuation Modeling Seminar (Washington DC)
    Jun 6 2013 - 8:00am - Jun 8 2013 - 4:30pm
  • WSO NYC Happy Hour: Fri. 6/7, 7pm
    Jun 7 2013 - 6:00pm - Jun 8 2013 - 1:00am
  • Advanced Excel for Finance Professionals Webcast
    Jun 11 2013 - 5:00pm - 8:00pm
  • Financial & Valuation Modeling for the Oil & Gas Industry (New York)
    Jun 13 2013 - 7:00am - Jun 15 2013 - 4:00pm
more

Highest Ranked Content

  • Week
  • Month
  • Year
  • All Time
  • Comments
I was writing an email to a fellow monkey who is about to start as a banking analyst in the summer. It's been a little over 5 yrs now since I was a wee young first-year analyst in restructuring for one of the Moelis/Houlihan/Evercore type firms (I call them the firms where most people will...
15 things I wish I knew as a first year banking analyst
I get a ton of emails and answer a ton of posts asking similar questions so I thought I would answer the most common ones I get here and allow others to post their questions so everyone can see them and the subsequent answers. Hope this helps. <strong>Summer Analyst...
MSF Question and Answer
Inspired by comments from this: http://www.wallstreetoasis.com/forums/basic-guide-ramping-up-on-a-company-with-public-information-part-1-of-3 Lets just jump in. <strong>Technology:</strong> In this space there are really two metrics that matter the most, sales growth and EPS...
Beginners Guide to Valuation and Metrics By Sector
I work as a currency volatility trader and manage one of the bigger G10 blocs in London. I've been lucky enough to get responsibility early in my career. I started off managing a single currency book a few months into the job, and have steadily been granted more responsibility to where I am...
Ask Me Anything: I'm a Currency Volatility Trader
I'm currently a Private Equity Analyst in Shanghai, China. Academically, I graduated from a target school majoring in Economics and Chinese. I also spent my time at college as the president of an on-campus student organization related to Finance and Economics and a volunteer for a local...
Ask me anything… I'm a Private Equity Analyst in Shanghai
<em>Mod note: Best of Bankerella - this was originally posted 10/1/12</em> I occasionally get PMed by people at colleges I’ve never heard of before, asking if they have a shot at IBD. Folks, why IBD? The finance world is broad and varied, and there are a million ways to...
My Biggest Career Mistake to Date: Prestige
For better or for worse, there’s a very unique feeling when everything goes completely according to plan yet nobody seems to care or notice. Such is the case with our favorite company of the moment, Tesla Motors. For those unaware, TSLA has rocketed upwards since its Q1 earnings release,...
A Perfect Storm
I work as a long/short equity analyst at a large hedge fund. I've been lucky enough to be more than just a model monkey early on in my career, but have also been exposed to the stress of being measured on returns. I primarily cover consumer and TMT names. I went the typical path (target...
I'm a Hedge Fund Analyst - Ask Me Anything
Fellow Primates, We are looking for 1-2 students on each campus to help WSO in its sales efforts to student clubs/career centers, and overall promotion at your school both online and on the ground. Below is a description of the position and benefits...thanks in advance for your help! <a...
WSO is Looking for Campus Reps For Summer/Fall 2013 (and beyond)
This is just fantastic. After sitting through Carl Levin and John McCain spewing a bunch of nonsense about how Apple doesn't pay enough taxes (despite being the #3 taxpaying company in America behind ExxonMobil and Chevron), Rand Paul lit them up about what a travesty it was to blame Apple...
Rand Paul GOES OFF at Apple Hearing
more

Recent Jobs

  • Family Office looking for Summer Intern (with option to continue part-time in fall semester)
  • Portfolio Manager - Immediate Mandate
  • Quantitative Portfolio Manager-Immediate Mandate
  • Immediate Hire - Quant Trader
  • WSO Test Job - Do not apply
more



Sell Tickets Online through Eventbrite

Poll

Why would you NOT go to the 2013 WSO Conference? :
View the current poll results.

Silver Banana Rankings

  • Silver Banana Leaders
  • Soiled Monkeys
UserSilver Bananas
Edmundo Braverman1125
TNA1105
CompBanker873
happypantsmcgee742
IlliniProgrammer726
UFOinsider635
TheKing622
BlackHat566
rufiolove424
Nouveau Richie420
more

Top WSO Members

  • Total Bananas
  • Active Monkeys
UserBanana Points
Edmundo Braverman14409
TNA13540
WallStreetOasis.com12074
UFOinsider10349
happypantsmcgee9621
IlliniProgrammer9244
CompBanker8508
Siberian Husky5862
AndyLouis5831
monty095405
more

New Groups

  • Denver Professionals
  • Minneapolis Bankers
  • Non-Target Networking in NYC
  • Prep School Bankers
  • Commercial Real Estate
  • University of London
  • University of Cambridge
  • Atlanta Monkeys
  • German Monkeys
  • University of North Carolina - Chapel Hill
more

© 2006-2012 WallStreetOasis.com | All Rights ReservedAdvertise | About Us | Contact Us | FAQs | Site Map | Privacy Policy

As Seen In

Sister Site

Syndicate content