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Books on 3G or PE operations/mgmt?Any suggestions on good books that effectively function as case studies about ruthless cost-cutting by PE firms / actually creating value through operational changes? Looking for some inspiration. There are a few books about 3G but not sure how good any of them are. 1 month 2 weeks
Harrassing/spam PMsAm I the only person getting *tons* of bizarre/harrassing/spam PMs from users with names like lavenderpony, sky blue pony, [insert color here] pony? It's actually ridiculous, on the order of 10-20 messages over the course of a few minutes. And I can't block because whoever it is keeps signing up... 9 7 months 3 weeks
forum deletionsThe amount of people posting and then deleting their posts after the fact is getting ridiculous. The whole point of the site is to serve as a repository of knowledge. 12 1 year 2 months
Moving geographically - how easy?Just curious -- for a mid-level hedge fund analyst (~5-7yrs buyside exp), how easy/difficult is it to move internationally, eg from US to Europe? (Assuming languages aren't a problem.) Seems like the big hurdle is lack of local market familiarity, but at the same time people *have* made that move... 5 1 year 4 months
Blowdown scenario modelling -- O&GHow would one go about modelling this based on public filings for a single-asset producer with ~100 operating wells and no public detail on each individually? All I know (or at least, all I think I know) is the current overall corporate decline rate and a general idea of the decline rate for any... 8 2 years 3 months
Portfolio companiesFor the other PE analysts/associates here, how many portfolio companies and live deals are you covering/working on at any given time and what's the typical team size for each? 3 2 years 3 months
Good, tough technicals to ask?I want to up the technical difficulty of my interviews -- what are some tough but fair technical questions to ask people who have 2-5 years of IBD experience? (i.e. beyond the "If depreciation goes up by $10", or "How do you calculate FCF" questions) 35 3 years 2 weeks
How would you value this?Convertible bond. Face of 500. If the underlying equity doubles in 5 years, you get 1,000 (cash or equity). So it's up 100pct. If not, you just get your 500 principal. I'm thinking this is a bond with a binary option? But not sure. 6 3 years 2 months
Company CompensationAm I the only guy who is pissed off by all these 0-year analysts posting their starting salary and $0 bonus? It just clogs up the site and gives absolutely no information we don't know. On another note -- any way users can add clarifying comments? Some of the salary/bonus ranges for some... 4 3 years 5 months
Good accounting book?Does anyone have a recommendation for an accounting reference that gives or includes a good in-depth treatment of goodwill accounting/deferred tax assets (NOLs, book vs. tax depreciation)/anything else that you need to know backwards and forwards for PE? This is for someone who has no formal... 3 3 years 6 months


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West Coast Analyst: inaccurate because it does...[quote="West Coast Analyst"]inaccurate because it does not include a vest.[/quote] Preferably a Bear or Lehman one. 5 1 day 10 hours
RobberBaron123: The reason I almost always...[quote="RobberBaron123"]The reason I almost always answer with "My understanding..." is because I don't want to look like a fool if someone proves me wrong, alright? That's logical to me. If you want to be a wise ass, let me distinguish better:You would DEPRECIATE physical assets. INTANGIBLES are... 11 2 days 16 hours
RobberBaron123: My understanding is that the PP...[quote="RobberBaron123"]My understanding is that the PP&E would be capex, as you stated. The patent costs would contribute to an intangible asset, which may (or may not) be amortized. CapEx is depreciated.[/quote] Is that really how you distinguish Capex? That it's depreciated? Do you... 11 2 days 21 hours
How about instead of demanding people send you a...How about instead of demanding people send you a model, you let us know what you are having trouble with and we help you *think* through it. For starters, do you think you can handle this problem if the sponsor just bought 100% 2 2 days 23 hours
LeveragedTiger: Would be important to clarify...[quote="LeveragedTiger"]Would be important to clarify if the asset sale proceeds are before or after creditors are paid out, as well as whether the proceeds of your $120MM cash injection goes straight to operations, or also pays off some debt. However, assuming the $55MM sale price now is before... 19 1 week 4 days
juniormistmaker: Sell the investment. With any...[quote="juniormistmaker"]Sell the investment. With any reasonable interest rate on the debt your FCF is wiped out and the problem doesn't indicate what % ownership you have so you don't even know what percentage of that FCF you're entitled to. Additionally, back of the envelope math indicates a... 19 1 week 6 days
cortana: Going to assume FCF is FCF to equity (...[quote="cortana"]Going to assume FCF is FCF to equity (i.e. interest rate not relevant) and you own 100%.Option 1 you invest $120m bringing your equity basis to $120m + $50m = $170mYou get $3m FCF p.a. implying a 1.8% equity FCF yield ($3m / $170m).Option 2 you sell your $50m stake for $55m giving... 19 1 week 6 days
IG bonds don't really have covenants...but in any...IG bonds don't really have covenants...but in any case, I would probably do something like this: 1) Look at bonds that have these covenants 2) Look at how they trade vs. comps (or other bonds issued by that company) that don't have those covenants 3) Figure out how much of that spread is... 2 1 week 6 days
People need to stop getting hung up on...People need to stop getting hung up on terminology. "Mezz" doesn't mean *anything* other than that it ranks between senior debt and equity. And OP please ignore the two posts above because neither has a clue about restructuring. You don't "foreclose" on equity -- namely, because a company doesn'... 4 2 weeks 1 hour
I'm not sure what OP means by "worth it." They're...I'm not sure what OP means by "worth it." They're glasses -- so you're paying for the style and the name. 6 2 weeks 3 days
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