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Wall Street Oasis » Forums » Real Estate Epiphany
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Real Estate Q&A
 

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RE_Banker's picture
RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 7/2/12 at 5:00am
Empire

So the deal I have been working on won't close by the end of the year. This means I'm going to have a few slow weeks heading into the holidays and will need something to do. I've been getting a lot of PMs about Real Estate lately and thought it would be good to get a good Q&A going on RE.

Ask anything you want about RE or RE finance and I'll do my best to answer. International Pymp, Mr1234, VT4ever and the other RE focused monkeys can also chime in to help.

Thanks,

RE_Banker

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Tags:
  • reit
  • repe
  • REIB
  • Real Estate
  • Advice
  • property
  • Real Estate Epiphany
steve001's picture

What jobs in the finance

steve001
     
 
(Monkey, 49
 
Points)
 on 12/12/10 at 5:18am

What jobs in the finance sector would best position you to get the experience needed to start building your own real estate portfolio? (specific firms would also be useful, if any)

What would you personally consider to be 1- the best/most respected RE/RE Finance firms and 2 - the best compensated RE/RE Finance firms.

Also, what advice do you have for somebody trying to get financing for their investment properties (I know this is a really broad question but bear with me). I'm referring to both residential/commercial RE.

thanks for making this thread by the way.

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RE_Banker's picture

steve001 wrote: What jobs in

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/12/10 at 6:05am
steve001:

What jobs in the finance sector would best position you to get the experience needed to start building your own real estate portfolio? (specific firms would also be useful, if any)

What would you personally consider to be 1- the best/most respected RE/RE Finance firms and 2 - the best compensated RE/RE Finance firms.

Also, what advice do you have for somebody trying to get financing for their investment properties (I know this is a really broad question but bear with me). I'm referring to both residential/commercial RE.

thanks for making this thread by the way.

1. The best jobs for learning how to build your own real estate portfolio will be smaller private REITs/REOCs and possibly working for one of the brokerage firms that deal smaller assets. Unless you have a few million you are going to start by buying small multi-family residential or strip malls. The skill sets you want to learn are asset and property management skills. The small REIT/REOCs will give you those skills i.e. they will teach you about finding the right tenants, setting up the leases, basic due diligence, and bank financing while the brokerage experience will give you local contacts to help you source deals. I spent a summer in my early university years working with a well know brokerage firm in the small retail team ($1-15mil assets) and basically they called their friends first to see if they wanted the assets and if not, that is when they would do wider marketing. In terms of specific firms - it depends on your location. Remember RE is very local, especially when you are dealing with smaller assets.

2. Best RE firms - it gets very specific on geography and sub-sector focus. In the US, the top REITs include Vornado (Diversified), Simon Property Group (Retail), Brookfield Properties (Office), ProLogis (Industrial) (this is a good list http://en.wikipedia.org/wiki/List_of_public_REITs_...). In Europe there are a bunch of good REITs like Unibail-Rodamco (continent) and Land Securities (UK). In terms of REPE - Blackstone Real Estate is tops. PERE puts a list of the top 30 firms http://www.perenews.com/resources/PERE%2030/PERE_3.... Some of the firms at the top are struggling like Whitehall and MSREF, but others are doing really well.

In terms of best compensated, again it is Blackstone, although Colony, AREA, Carlyle, Starwood, Beacon and Lone Star pay really well too. What is also starting to happen is that some of the big PE firms are starting to build an RE presence and I have heard rumours of pretty good comp packages. To give you an example, TPG wants to buy ING REIM and KKR was in that process as well. Apollo just bought Citi Property Investors.

3. I've never done this, but I'd go about it in the following way: Find an opportunity (the hard part). Model out the cash flows and get a good chunk of the DD in order. Make an appointment with the person who does commercial mortgages that are in the range you are looking for. VT 4ever might have more experience in this.

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steve001's picture

Wow, thanks for the quick

steve001
     
 
(Monkey, 49
 
Points)
 on 12/12/10 at 6:19am

Wow, thanks for the quick response. This is way more info than I ever thought I was going to get. repped.

I am looking to getting a summer position in some type of RE/RE Finance organization. Currently, I'm an undergrad finishing up my 3rd year in May. Do you have any suggestions as to what the best way to enter the Industry would be? Ive done some casual research on the firms that you mentioned above and it would be awesome if I could work at one of them, only problem is that I dont have prior experience.

Also, whats standard entry level compensation for these types of firms?

Finally, I know WSO asks this question way way way too much, but what type of exit ops exist after ones started out in RE? My goal wouldnt be to get in and get out as quickly as possible, it would be more of an 'in case things didnt work out' type of assessment.

Again thanks a lot for your help, its been really useful.

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RE_Banker's picture

steve001 wrote: Wow, thanks

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/12/10 at 8:10am
steve001:

Wow, thanks for the quick response. This is way more info than I ever thought I was going to get. repped.

I am looking to getting a summer position in some type of RE/RE Finance organization. Currently, I'm an undergrad finishing up my 3rd year in May. Do you have any suggestions as to what the best way to enter the Industry would be? Ive done some casual research on the firms that you mentioned above and it would be awesome if I could work at one of them, only problem is that I dont have prior experience.
Also, whats standard entry level compensation for these types of firms?

When you say RE/RE Finance organizations, do you mean the REPE firms or REITs or brokerages? I'd go about the job search in the slightly differently for each.

steve001:

Finally, I know WSO asks this question way way way too much, but what type of exit ops exist after ones started out in RE? My goal wouldnt be to get in and get out as quickly as possible, it would be more of an 'in case things didnt work out' type of assessment.

It depends on where you start in RE. I hate the term pigeon-holed, but generally if you start in RE it is because you want to do RE in the future and your exit ops will be RE related. With that said, RE is pretty diverse and you could theoretically start in a development company and then move onto a REIT and do asset management before ending up working for a pension fund in their RE investment arm.

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International Pymp's picture

^+1 to that. starting in RE

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/12/10 at 8:25am

^+1 to that. starting in RE is not ideal if you want to do anything other than something RE related over the long term. That said, real estate is a huge and expansive industry. You can work at REITS, REPE firms, REIB doing advisory, Developers, Brokerage Houses (sometimes pseudo-REIB), Equity Research Coverage of RE-industry, Asset management, etc...

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International Pymp's picture

Question: RE_banker, do you

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/12/10 at 8:29am

Question: RE_banker, do you know much about Carlyle REPE in D.C.? Anything about pay/culture/hours would be very helpful

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RE_Banker's picture

International Pymp

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/12/10 at 8:50am
International Pymp:

Question: RE_banker, do you know much about Carlyle REPE in D.C.? Anything about pay/culture/hours would be very helpful

Unfortunately I don't know too much about the DC team, but I have had dealings with the London and Paris teams. I got on pretty well with one of the associates who told me that hours are not bad (and I was never able to get a hold of him after 9pm). Pay for a fresh associate would be around 60K GBP but I'm not sure about the bonus. I suspect that they don't get as much as the PE team, but that is speculation on my part.

To tie it into my earlier post about unclear exit opps - a quick look on the Carlyle RE team in the US shows that a lot of the junior folk didn't do i-banking - they came from real estate companies (CarrAmerica, Marriot) and other RE investment and consulting/brokerage firms (JLL).

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RE_Banker's picture

double.

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/12/10 at 8:56am

double.

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International Pymp's picture

Yeah, I've taken a peak

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/12/10 at 9:02am

Yeah, I've taken a peak through their associates/analysts... A few impressive resumes, but also some pretty soft ones (random colleges, etc.)

thanks.

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Dman33's picture

Thanks for all the info, its

Dman33
      O
 
(Monkey, 48
 
Points)
 on 12/12/10 at 9:15am

Thanks for all the info, its been extremely helpful!

I have sort of an odd ball question, hopefully you can help out. I'm currently working in a structrued finance group that focuses on CMBS and CDO structuring/issuing (not the best place to be, but slowly starting to come back). However, I'm interested in eventually trading CMBS. So I was wondering if that is a logical career switch, to go from structuring or RE IB, or RE PE to trading real estate related assets? Or is trading a completely different beast? Thanks!

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RE_Banker's picture

Dman33 wrote: Thanks for all

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/12/10 at 10:34am
Dman33:

Thanks for all the info, its been extremely helpful!

I have sort of an odd ball question, hopefully you can help out. I'm currently working in a structrued finance group that focuses on CMBS and CDO structuring/issuing (not the best place to be, but slowly starting to come back). However, I'm interested in eventually trading CMBS. So I was wondering if that is a logical career switch, to go from structuring or RE IB, or RE PE to trading real estate related assets? Or is trading a completely different beast? Thanks!

I must admit I don't know a ton about CMBS trading. I've only been on one deal where our client was trying to buy back CMBS,. It sounds logical, but I should say the liquidity of CMBS is pretty questionable right now, so I don't think there are too many jobs on CMBS desks. Maybe someone from FICC division can chime in. Quickly googled CMBS analyst and found this. It's not exactly trading, but it's a step in that direction - and shows that your structuring experience is useful in that type of roll: http://www.fins.com/Finance/Jobs/53516/Real-Estate...

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Dman33's picture

Wow, thanks a ton for the

Dman33
      O
 
(Monkey, 48
 
Points)
 on 12/12/10 at 11:45am

Wow, thanks a ton for the quick response!

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superlyduper's picture

This thread is really

superlyduper
      HF
 
(Chimp, 9
 
Points)
 on 12/12/10 at 1:28pm

This thread is really helpful. Can anyone elaborate on the distinctions between what REPE and real estate Hedge Funds do and what it is like to enter and work in both?

Also, what are some sites I might be able to find news or read up on distressed real estate?

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tagliatelle's picture

Real estate hedge funds

tagliatelle
      O
 
(Senior Chimp, 21
 
Points)
 on 12/12/10 at 2:34pm

Real estate hedge funds invest in instruments with real estate-linked returns. For example, listed RE securities, unlisted funds, index derivatives, REPE club deals and mezzanine debt funds. Generally, they don't physically own the bricks-and-mortar.

REPE is simply PE for real estate. The fund owns the bricks-and-mortar. The typical strategy is to find properties with asset management potential and manage them out to get the valuation uplift, or to develop properties and hold. It's a more aggressive strategy than what REITS usually undertake.

PERE News is a great source of information on the latter.

I work for a RE hedge fund and I enjoy every moment of it. Real estate is not particularly cerebral so I like the contrast between the two disciplines.

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superlyduper's picture

aussie82: Thanks, that

superlyduper
      HF
 
(Chimp, 9
 
Points)
 on 12/12/10 at 4:14pm

aussie82: Thanks, that cleared things up for me

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dondarmady's picture

Hey All, Are you guys

dondarmady
     
 
(Chimp, 1
 
Points)
 on 12/12/10 at 4:29pm
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Takeover's picture

RE_Banker, Have you seen any

Takeover
     
 
(Senior Chimp, 19
 
Points)
 on 12/12/10 at 5:02pm
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RE_Banker's picture

superlyduper wrote: This

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/12/10 at 5:18pm
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RE_Banker's picture

Takeover wrote: RE_Banker,

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/12/10 at 5:28pm
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Virginia Tech 4ever's picture

steve001 wrote: Also, what

Virginia Tech 4ever
      EN
 
 
(Neanderthal, 2,319
 
Points)
 on 12/12/10 at 5:42pm
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TeachmehowtoBucky's picture

Are there any schools that

TeachmehowtoBucky
      CF
 
(Monkey, 50
 
Points)
 on 12/12/10 at 6:22pm
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JBelfort's picture

What are some good REPE and

JBelfort
     
 
(Chimp, 11
 
Points)
 on 12/12/10 at 6:39pm
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International Pymp's picture

To answer a few

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/12/10 at 9:17pm
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RE_Banker's picture

TeachmehowtoBucky wrote: Are

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/13/10 at 2:18am
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RE_Banker's picture

JBelfort wrote: What are some

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/13/10 at 2:28am
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dagwood's picture

Okay guys, I've finally

dagwood
     
 
(Monkey, 65
 
Points)
 on 12/13/10 at 2:39am
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International Pymp's picture

^I think townsend is in

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/13/10 at 2:43am
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International Pymp's picture

@dagwood: interesting

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/13/10 at 2:46am
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dagwood's picture

International Pymp

dagwood
     
 
(Monkey, 65
 
Points)
 on 12/13/10 at 2:54am
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International Pymp's picture

it definitely could be...

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/13/10 at 3:06am
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Hoover1's picture

aussie82 wrote: Real estate

Hoover1
     
 
(Monkey, 48
 
Points)
 on 12/13/10 at 8:48am
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dagwood's picture

Hoover1 wrote: aussie82

dagwood
     
 
(Monkey, 65
 
Points)
 on 12/13/10 at 11:00am
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Dr Barnaby Fulton's picture

Thanks for starting this

Dr Barnaby Fulton
      AM
 
(Orangutan, 329
 
Points)
 on 12/13/10 at 1:36pm
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SAC's picture

WSO definitely needs an RE

SAC
      HF
 
(King Kong, 1,171
 
Points)
 on 12/13/10 at 1:54pm

Learn Financial Modeling
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dagwood's picture

SAC wrote: WSO definitely

dagwood
     
 
(Monkey, 65
 
Points)
 on 12/13/10 at 2:32pm
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dagwood's picture

Dr Barnaby Fulton wrote: Long

dagwood
     
 
(Monkey, 65
 
Points)
 on 12/13/10 at 2:59pm
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ToBeOrNotToBe's picture

Second that

ToBeOrNotToBe
     
 
(Monkey, 32
 
Points)
 on 12/13/10 at 2:59pm
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Dr Barnaby Fulton's picture

dagwood wrote: If you're not

Dr Barnaby Fulton
      AM
 
(Orangutan, 329
 
Points)
 on 12/13/10 at 4:06pm
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Dr Barnaby Fulton's picture

dagwood wrote: SAC

Dr Barnaby Fulton
      AM
 
(Orangutan, 329
 
Points)
 on 12/13/10 at 4:07pm
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RE_Banker's picture

Dr Barnaby Fulton

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/13/10 at 4:28pm
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RE_Banker's picture

Dr Barnaby Fulton

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/13/10 at 4:37pm
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RE_Banker's picture

SAC wrote: WSO definitely

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/13/10 at 4:38pm
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Virginia Tech 4ever's picture

Great performance by Baldwin.

Virginia Tech 4ever
      EN
 
 
(Neanderthal, 2,319
 
Points)
 on 12/13/10 at 4:42pm
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kimbo's picture

Any thoughts on LSE MSc Real

kimbo
      ST
 
 
(Senior Baboon, 223
 
Points)
 on 12/13/10 at 5:03pm
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International Pymp's picture

LSE program is pretty solid

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/13/10 at 9:37pm
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Dr Barnaby Fulton's picture

Thanks RE Banker, this is

Dr Barnaby Fulton
      AM
 
(Orangutan, 329
 
Points)
 on 12/13/10 at 10:43pm
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RE_Banker's picture

Dr Barnaby Fulton

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/14/10 at 3:02am
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International Pymp's picture

I'll say I think that the

International Pymp
      RE
 
 
(King Kong, 1,882
 
Points)
 on 12/14/10 at 3:42am
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tprb52's picture

What a fantastic thread. What

tprb52
      RE
 
(Monkey, 64
 
Points)
 on 12/14/10 at 12:24pm
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RE_Banker's picture

tprb52 wrote: What a

RE_Banker
      PE
 
 
(Gorilla, 513
 
Points)
 on 12/15/10 at 4:09am
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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.

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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

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  • Hello WSO! I am starting in July as a first-year IB analyst at MM IB. I am excited and nervous at the same time: not sure about group placement and the office dynamic and exit opps etc. I am curious that if there is anything that experienced bankers would like to share here? things that you...
    Share with an incoming first-year analyst?
  • Sports is a fascinating business to me. It is truly amazing how quickly sports have grown into billion dollar franchises with top end players making up to $30 million a year. Baffling. On top of it, the numbers for broadcasting rights keep climbing right along with them and frankly seem to be...
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    thanks
  • Starting my MBA at Purdue in the fall (I know not an elite program but I got almost a full ride and they seem to place the best of the non-elite Midwest schools). I am looking to get into oil and gas post MBA (focusing in corp finance). I am currently 33, my original undergrad is in criminal...
    looking to break into oil & gas post mba
  • Hi everyone, I have an upcoming first round phone interview with Susquehanna International Group for an entry level equity research position and I was hoping for some idea of what to expect. I have used the search function, and no one seemed to answer the question of the interview process...
    SIG Equity research interview
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    Investment banking in London / Europe is a complete waste of time
  • 1) <strong>Bloomberg Best (and Worst)</strong> (<a href="http://www.bloomberg.com/visual-data/best-and-worst/s">Bloomberg</a>) - Awesome new research tool from Bloomberg. This is seriously cool and very comprehensive. Going to help a lot of us find a jumping off...
    Bonus Bananas May 24, 2013
  • looking on linkedin it appears that many HInes analysts end up going to b-school and then back to hines. I was curious to know if they pay for it? ...
    does Hines pay/sponsor your MBA??
  • I was curious to know about Lazard's private funds group....is this the equivalent to a sponsors group at a BB? Are the hours & intensity equivalent as well? or do the projects have a more long term focus since they are raising funds which can take considerable amounts of...
    lazard private funds group? - good training? exit opps?
  • Hi WSO, long time lurker here, lots of useful advice on the boards and I finally made an account. I am attempting to make the transition to Asset management and have a first round interview with JPM to join as an analyst. I am coming from an unusual background (non-target, big 4 tax experience)...
    JPM AM experienced hire process? - London
  • 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 have searched but could not find the exact difference between a prop Trader and a Portfolio manager.Could somebody please tell me?...
    Portfolio manager and prop trader
  • I recently received an message to a comment I made how I was able to break into IB as intern and would like to provide a nice update to where I am in my career. Original Story from April...
    My Story (A Thank You Card to Patrick and the Team)
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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
This is the reaction any analyst who has ever worked in banking has when you say you want to leave banking for business school then come back as a post b school associate... <img src="http://epicpinterestfail.com/wp-content/uploads/2012/11/how-i-met-your-mother-barney-why.gif"...
Why You DON'T Leave Banking for B School Just to Come Right Back...
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
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
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'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
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)
<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
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