Breaking the hedge fund case study

Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 2/24/14 and ranks #17 for the year by total silver banana count. You can see all our top ranked content here.

Buy side interviews are a brutal process – preparing for interviews, sneaking out in a suit, networking, all while working 12-16 hours a day is a brutal process. While private equity interviews and hedge fund interviews are for different types of roles, they have many similarities.

They involve a lot of ‘fit’ interviews, having to know your technical and accounting cold, having to prove you understand the qualitative aspects of business, and both require a significant amount of luck as well.

And of course – the most difficult part of the interview process – the CASE. This is the point of the interview where your alma mater, what bulge bracket bank you work at, who you know, what suit you wear – none of that matters. If you can’t handle the case study portion of the interview, you won’t get the gig no matter how well you fit in.

Typing up an investment thesis and building a model while at work, hiding Excel and Word windows when your colleagues walk around you, and being completely mentally exhausted yet still having to focus on acing your interviews is not a pleasant experience.

However, it helps to know what to expect. So here is an overview of my own personal experience with the case study (and overall interview process). I keep things in general terms but the main concepts - having a 2 minute intro for your thesis, how to structure the write-up, and how to work efficiently are applicable to any case study. This obviously applies to case studies where the fund gives you the name of the investment in advance. I know many PE firms now do live case studies where you come in and have 3-4 hours to read and write things up..

I was a desk analyst focused on distressed/high yield credit at a bulge bracket. I never did banking, and so I didn’t have the opportunity (or desire) to interview for PE roles. And further, even within the hedge fund world, many different interview processes exist. The case study is fairly common amongst most of them, and comparing notes with other people who have gone through the interview process (and having conducted interviews myself), I think the process that I went through was pretty typical, and at the very least will be helpful for people who are beginning the process.

You’ll have multiple rounds before the case study

A lot of people use their network or headhunters which effectively pre-screen a lot of candidates. The first round interview is usually much more fit oriented. Sure, there will be some technicals, but given you’ve done banking or research or something else relevant for 2-3 years, at this point they’ll focus on how you’ll fit in and how you think, not if you can walk through the steps of how depreciation affects a cash flow statement (this should be second nature by now).

Have good answers during the fit oriented portion of the interview process for who you are and what you want:
- Show how motivated you are in your personal experiences as it relates to your resume (cold-calling alumni to get your first relevant internship, starting student organizations, running a side business in college, etc.)
- Show you clearly understand the role you are applying for and what you want to do. Don’t just say ‘oh this fund has had +25% returns last year so its good’ – know something about the culture and the role and how your personality and goals mesh with what the expectations are.
- Speak POSITIVELY of your experience at your current firm. The last thing you want is for people to think they are hiring a perennial whiner. Everyone has started at the bottom of the totem pole - you aren't special because you pull all-nighters or think you are super smart. Be less negative and more positive.
- Have a reason for why you want to leave – ‘my learning experience there has been great, but want to focus more on long-term investing’ or ‘I think I’ve learned all there is to learn in my current silo’ or something along those lines – but make sure you don’t berate people on a personal level. After all, Wall Street is a small community and you don’t want to talk badly about someone’s friend by accident.

Also have ideas and opinions on the economy and long/short ideas:
- Where you think the opportunities are for investing and what macro themes are relevant to the fund/team you are interviewing for.
- Have a couple of long ideas and short ideas that are outside of your domain of expertise – its better to have 2-3 ideas you know very well, including memorizing specific financials and recent performance, as well as why the securities are currently mispriced.
- Know a few of the fund’s SUCCESSFUL investments and have relevant thoughts on them. I wouldn’t hassle Bill Ackman about Herbalife for example, but mentioning a high profile win for the fund and how you appreciate their investment approach shows you did your homework.

Most importantly, know your resume cold. This may seem obvious. But if you have something that takes up six words on your resume (‘Did due diligence on small E&P company’ for example), you should be 100% comfortable speaking about that for 15-20 minutes. Anything is fair game if its on your resume. If you are really good, you’ll be able to transition any question they have into broader themes you are familiar with (ie this E&P company company was a good investment…overall, I’m bullish on that region where it is located because of low breakeven economics…here are some other companies I like in that space’ etc. Basically, make them realize you know what you are talking about.

Starting the case

After you pass the initial interview stages, you’ll eventually get an e-mail or a phone call giving you the case study prompt. It ranges in terms of how descriptive they tell you the case study needs to be. It could be just a ticker, or it should be a template.

For me, it was ‘Take a look at XYZ company and tell us what you think, here’s the ticker’. Turns out the company I got was an extremely highly leveraged (close to defaulting) company with illiquid equity and a single bond outstanding. I was given one week to prepare – sometimes the window is smaller, but I think 4-5 business days plus a weekend is more standard now. For me, I think I got the prompt on a Tuesday and had to present it the following Monday.

Of key importance: most of the case study assignments are either investment positions the company holds, or they are looking into. As a result of this, you’ll want to have a view that doesn’t contradict what the firm is already doing. Try to figure that aspect out as you dive into the investment idea.

Also of key importance: they will assign you a case in an industry where they expect you to not have any experience in.

My goal for the finished product:
- Have a 5-10 page written document which presents my thesis in an organized fashion
- Have a completed model with projections
- Have multiple charts/graphs with relevant macro data for the company I was researching
- Have a 2 minute opening statement when talking about my company (after which I would open it up to Q&A).

Here is how I prepared for my case study on a five day schedule:

Day 1:

- Gather materials. Download all relevant documents on the company you can find. Look up research reports. Look up recent news articles, print everything from the company website.
- E-mail that company’s IR department. This is HUGE. Getting in touch with the company itself and asking them to provide things such as a bond indenture or latest financials is clutch – even if you don’t need them, you’ll impress your interviewers with taking it to the next level. Name dropping executives is a good way to do things - if its a top-tier fund, they've likely sat down with management directly and have opinions on them.
- Look for trading runs on the name to get a sense for who trades it and at what levels – you might need to have a friend in fixed income trading if it’s a bond security, but if it’s a stock you’ll have all the data you need from the Google.
- Find industry primers – reach out to your firm’s research analysts to try to get this stuff.
- Print everything out and carry it with you at all times in a bag.
- Read everything in your downtime. Form an idea. Figure out the comparable companies and read earnings transcripts from those companies to learn key themes.

Day 2:

- Start your investment thesis – decide if you want to go long or short the name – typically you’ll want to go long just because most funds lean long.
- Whip up a basic model (not your final version which I save for later). Don’t spend much time on it – make sure everything flows and have your operating assumptions be base case. If it’s a credit interview, have a base case and a downside. If it’s an equity interview, have a bear case and a bull case. The reason you don’t spend much time on the model on Day 2 is that because you are just learning the company, you want to get something on paper but you’ll be tweaking this significantly.
- Get more in depth with your reading of the company’s financials. Have a piece of paper separate from the rest of your notes where you mark down page numbers of key corporate actions (acquisitions, early debt redemption, dividend, dent issuance) that you can go back and refer to.
- Drill down on the primers and try to have at least 2-3 conversations with people who know the sector
- Get a set of macro data, print it out – you’ll be including this in an appendix.

Day 3:

- This is when you focus on the model. Drill down on the financial statements and make the model as simple as possible. I typically have 2-3 drivers, basic income statement (down to EBITDA only for me, given my credit focus). Have a basic balance sheet. Have EBITDA, capex, cash interest, cash taxes, and working capital for the cash flow statement. Have lines indicating funds spent on acquisitions and dividends, as well as debt reduction, among other sector relevant things.
- Start drilling down on your investment thesis as you work on the model. By the end of Day 3, you should have at least 4-5 pages of relatively unorganized notes. Begin to refine this.
- Do some due diligence into customers/suppliers into the company you are looking at to get some additional ‘channel check’ style data points for your write up.

Day 4:

- Finish your investment thesis (MORE BELOW).
- Review everything.
- Prepare a cover page your for your write-up.

Day 5:

- Review and learn everything you’ve done cold – be an expert on this company and this sector. Be confident. Know the names of the management team. Know all the details – biggest customers, competitors, suppliers, earnings results.
- Prepare your two minute case intro – this should be a 90-120 second introduction to the name.

The finished product:

How your investment thesis should look when you send it to your interview (you usually can e-mail them ahead of time with it, though I always would print out hard copies as well):
- Intro page: This should be just 1 page, and this will contain the company’s name, description, 52 week high/lows along with a a graph of the company’s securities pricing, historical financial summary, along with estimates for Sales, gross margin, EBITDA, FCF, or whatever relevant metrics you see fit for the next 24 months. And the most important part: the actual thesis, where you cite what you think the price target is, when that price target is established, and 3 reasons why you’ll reach that target.
- Company history: 1-1.5 pages on the company’s history (spinout? Founder owned still? LBO? Distressed emergence?).
- Company description: 1-1.5 pages, where you overview each of the business segments, margins for each segment, historical performance, and which segment you would highlight as the key driver for the combined company.
- Thesis: 2-3 pages where you delve into your thesis, backing up your arguments with both macro data, historical data, projections from your model, and reasons why you think the market has largely unrecognized the upside potential.
- Macro/regulatory: Give a macro overview on the company’s sector, including graphs with relevant benchmarks. This can be longer or shorter depending on how much macro exposure the company has.
- Comparables – find 3-4 solid public comparable companies, include a comp table, and have some qualitative similarities/difficulties. Your goal should be to use the comparables to further the argument in your own thesis.
- Price target and conclusion - go over different methodologies to triangulate/support your price target, which include things such as yield compression to comps, sum of parts analysis for a recovery, and anything related to technicals. Be explicit with what price range you expect, what the catalysts for this will be (strong earnings due to new product outperforming for example), and be concrete in the analysis you do to come up with it.

Overall, the 5-10 page investment thesis size should be good. PDF it and send it over, and bring hard copies in a bag for everyone as well. Also have 3-4 pages of ‘Appendix’ where you have relevant charts and graphs from research reports, the company’s own documents, and other sources such as the government for regulatory stuff.

The actual interview

I was brought into a conference room where 2-3 analysts and the PM were sitting. I immediately opened my bag and handed out copies of my write-up and began my memorized two minute intro: “This was a very interesting case study…I believe there is significant upside for the following reasons…I think it is mispriced because of this…now we can delve into any aspect of the case that you think is valuable”.

Then it was basically 3 hours of Q&A. Mine was a weird experience – after my first hour, it became clear that my current fund was long the name (and ironically, I am now the lead analyst on it), and I was super bullish in my thesis. So I sort of hit the nail on the head during the first part. The second part focused on accounting and the model – this was a weak part for me because I wasn’t familiar with the cost structure dynamics of the industry I was working with, but they saw I knew how to build a model and understand the drivers, and at least for my team, they cared more about my qualitative discussion. And the third hour was mostly fit and ideas I had worked on at my current bank.

The key for the interview – if its in a roundtable format, make eye contact with the person asking you a question, but when speaking generically always face the most important person. The second key for the interview – DO NOT BS. Always say ‘that is something I would love to look into but haven’t looked at’ if they bring up a concept familiar.

They will ask you what your research process was. This is where you can ‘brag’ about reaching out to investor relations, research analysts, reading primers, etc. They will ask what you enjoyed about the process. Always ask questions back. You should have already met most of the team, so act like you are a warmer relationship with them than you did your first time in.

Staying healthy

When I was going through the brunt of recruiting I was exhausted and tired on a constant basis. Eat healthy. Eat snacks constantly that up your energy level. Try to not drink too much caffeine. Get enough rest. Slack off at work a little - I always kept a privacy screen on my monitor while I worked during the day so I could do interview prep. Don't drink on weekends when you have interviews coming up. Try to stay in good physical shape. And stay positive - you'll have more chances even if it doesn't work out.

Always send thank you notes and always reach out to people and build your network as well.

I know a lot of what I wrote was very general because I don't want to give away too much about my own process in terms of specifics but will be happy to answer any specific questions. Also, this is what worked for me. I'm sure different people work in different ways, but for me this was a useful guideline.

 

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Don't listen to anyone, everybody is scared.
 

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"Hold on a sec...you mean they made all this money without doing IB --> PE --> HBS --> PE --> God? How is this possible?!?!?!!??" - TheKing
 

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dollas
 

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Move along, nothing to see here.
 

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"My dear, descended from the apes! Let us hope it is not true, but if it is, let us pray that it will not become generally known."
 

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What we need most is not to realize the ideal as to idealize the real.
 

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I hate victims who respect their executioners
 

Adipisci ut ut quia officia suscipit quia. Sapiente ipsam explicabo aut tempora blanditiis qui. Et blanditiis in mollitia perferendis. Dolorum quas aliquid dolore eos repudiandae culpa.

Rerum culpa sunt repellendus omnis praesentium et sint vel. Animi nisi culpa enim molestias odit. Quibusdam et iure mollitia ea. Et accusantium sit porro libero sunt. Quia vero eos ratione non nulla.

Rem maiores et voluptas. Rerum repellat quia qui corporis. Ipsa assumenda dolores perspiciatis vel est ex quia. Ut natus quo sit optio in.

Neque autem dolorum sapiente odio itaque. Doloribus et eligendi ea. Natus ut atque nostrum odio animi.

 

Aperiam ipsam est consequatur dolor in mollitia. Sit voluptatibus quaerat quam ea quibusdam quibusdam aliquam. Architecto eaque aut consequatur minus.

Qui praesentium molestias explicabo debitis. Animi ipsa est et odio id aspernatur ipsa nemo. Et eum ipsa voluptatem ut est magni ut. Dolore cumque debitis temporibus commodi tempora.

Et eos quae vero qui. Ab architecto et et qui adipisci magni quam. Dolores aut fugiat mollitia molestiae facere repellendus ea.

Accusamus numquam qui deleniti. Id quae minus officiis. Ea tenetur sed sit veniam officiis esse. Ullam aut eos vel rerum qui. Numquam est quia qui.

 

Nemo aperiam recusandae nihil velit rerum. Qui voluptas voluptatibus aperiam sunt ratione quos. Id deleniti natus iure est saepe aut.

Quas nam eum et non dicta quibusdam nostrum fugiat. Sit soluta labore reprehenderit. Qui molestias rerum adipisci mollitia facere eius. Est rem quo nisi libero ut aliquid. Excepturi ab quibusdam libero recusandae occaecati. Quidem sit sint non iusto ea perspiciatis repudiandae neque. Omnis iste quaerat est soluta consequatur.

Dolorum maxime ipsam quos quas omnis deserunt. Repellendus magni quisquam ad natus ullam quos aliquam. Id ullam similique fuga repudiandae fugiat sed maxime aut. Autem incidunt eos consequatur rerum blanditiis culpa ad. Ipsum ut sed est dolorum. Rerum quo necessitatibus ut consequuntur sint ea. Blanditiis ullam ducimus fuga.

 

Quasi exercitationem non doloribus consequuntur magni dolorum dignissimos officia. Inventore ducimus non velit. Assumenda nisi reprehenderit in et ipsam libero deserunt.

Natus nobis molestias est maiores et nobis laborum. Rem dolores consectetur est sed ex id vitae et. Saepe vel tempore quis. Sed numquam rem aut dolores qui in quo. Facilis ea culpa qui atque nesciunt ea sunt. Rerum accusamus et voluptas rerum modi.

 

Velit occaecati error nostrum culpa cumque. At voluptatem sit reiciendis eos vero.

Voluptatem libero facilis quis et porro cum. Dolorum dolorum et odit et. Sunt qui hic sint officiis porro itaque.

Qui consectetur voluptatem quis. Quod labore est aut et et qui debitis. Tempora maiores at distinctio porro asperiores facere recusandae. Laudantium rerum et repudiandae est sed vero perspiciatis qui. Ipsam aperiam aspernatur nesciunt tempora veniam.

Veritatis quo nesciunt ipsa exercitationem perspiciatis minus. Ducimus perspiciatis dolorem magni sit aperiam qui a.

 

Hic quis consequuntur odit iure exercitationem in. Dignissimos perspiciatis magnam autem iure. Et dolore at eos magni deleniti officiis voluptatem laudantium. Tempore ratione in aliquam minus voluptas quia. Et laboriosam enim cupiditate magni dignissimos. Saepe pariatur ipsa neque nobis quo odit dolorum.

Unde est cumque officiis rerum. Voluptas ea facilis vel nisi. Perferendis magni reprehenderit ut ut.

 
Best Response

Magnam autem consequatur similique quas laboriosam quia quos. Autem eum dignissimos expedita vel sed. Vero nemo dolores repellat odit voluptas qui.

Tempora voluptas et rerum eaque explicabo. Distinctio voluptatem mollitia amet et et. Aut voluptas eveniet natus delectus et nesciunt suscipit.

 

Quis temporibus recusandae aut sit. Nisi ullam vitae voluptas veritatis expedita impedit. Earum sed quae velit et. Unde omnis adipisci sunt voluptatem ut. Quas ab reiciendis sequi delectus dolorem adipisci. Perferendis velit magni quas sequi impedit. Enim quae laboriosam totam aspernatur occaecati.

Corrupti eum accusantium enim laborum. Ipsum ut nemo dolor ducimus voluptatem quia. Qui optio et est omnis aspernatur rem.

Aut quis impedit voluptatem odio eius. Ut molestiae nam aliquam. Aut non voluptatem vero. Natus est ea nostrum expedita sint.

 

Ab autem voluptas ad nisi facilis qui. Perspiciatis quibusdam iusto consequatur culpa aut molestiae.

Maiores dolorem ad non officia facere. Qui odio esse ullam. Magnam libero et maiores fugiat occaecati. Ipsa quod voluptatum ipsum reprehenderit omnis.

Id sapiente et sit voluptas expedita et. Est sequi quos ipsa necessitatibus et velit. Dolor facilis excepturi adipisci quis aliquid. Illo similique necessitatibus ea deleniti ipsa et sit. Et sunt optio soluta qui delectus. Quibusdam non beatae voluptatum in illo.

In sit eum quam corrupti laborum. Consequatur dignissimos iusto in consectetur. Consequuntur laudantium molestiae maiores sint.

 

Sit sit ut voluptas dolorem voluptas sequi molestias maiores. Modi dignissimos illo quidem fugiat doloribus omnis. Tempora quidem necessitatibus reprehenderit harum officiis. Iste autem necessitatibus quod alias rerum sunt tempore sed. Harum est dolore ratione sit.

Assumenda tempore dolorem nihil. Dolorem ipsam suscipit minus molestias quaerat eum. Molestiae aut vel culpa dicta asperiores sed sed. Ad aperiam magni neque ad tempore ducimus et sit.

Consequuntur et architecto consequatur labore beatae ut optio et. Perferendis culpa et atque vero consectetur aspernatur exercitationem. Qui sunt exercitationem aut possimus iusto expedita sed. Illum accusantium ut delectus et veniam doloribus eum.

I hate victims who respect their executioners
 

Quis a laudantium id nihil fuga corporis accusantium. Dolor sed dolorem aut ea. Eos voluptas repellendus quam asperiores tenetur expedita. Magni provident qui consequatur atque nisi. Vero tempore eaque illo consequuntur iure molestiae est quam.

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
 

Vero rerum totam autem sequi repudiandae. Amet sapiente est odit distinctio nobis. Consequatur consequuntur consequuntur cum recusandae et dolore. Sint ea porro praesentium occaecati totam sit.

Ipsum nam error perspiciatis. Quia fuga ipsam sunt et adipisci veniam iusto. Quo vitae quia accusamus rerum adipisci nisi cumque quam. Aut est ipsa nisi eaque. Est voluptate aut non. Incidunt recusandae earum non id delectus ut.

Laborum corrupti veritatis quisquam velit nisi quia. Amet eveniet sapiente esse rerum. Eos sed autem dolorem voluptas enim. Minus labore quis eum aut.

Enim dolor et earum quo voluptatem molestiae. Tempora culpa fugiat beatae asperiores vitae laudantium quas maxime. Repellendus quam dicta atque nesciunt. Aut et maxime autem est.

 

Eligendi enim in quis rem magnam repudiandae eum. Recusandae quia velit libero. Voluptatem vero tempore recusandae doloremque deleniti. Ratione eum deserunt tenetur quisquam assumenda dolorem. Earum deserunt qui ut tempore qui aliquam.

Et exercitationem in quam quia cumque est est. Ipsa totam ut dolorum similique atque quas et. Id ipsa voluptas et pariatur molestiae id delectus. Quo sint dolor voluptatem numquam officia exercitationem.

Corporis ut consequatur eveniet est hic. Minus omnis tempora reprehenderit illo ratione laudantium aspernatur. Dolor voluptatem reprehenderit molestiae quis consequatur vel maxime.

Illum cumque voluptas exercitationem quia tempore. Sit repellat dolor voluptatem eum quis a. Dolor suscipit quam ut maiores. Reprehenderit asperiores corrupti ut dolores porro ut aperiam.

 

Rerum facilis qui molestiae dignissimos voluptatem. Quisquam vel et ipsam. Perferendis aut soluta sit tempora.

Vitae repudiandae cupiditate distinctio quos corrupti consequatur ut. Laudantium voluptatem quibusdam aut laboriosam. Nemo quis aut similique voluptas sed. Ea possimus aut et quo ut dolores. Dolore voluptatem totam deleniti totam doloremque. Excepturi quod dolores quas rerum magnam libero officia.

Repellendus cum voluptas ad occaecati autem. Minima deleniti pariatur ipsam aliquid at deleniti tempora modi. Consequatur consectetur dolorem et aut laborum rem qui. Esse esse eos consequatur totam saepe consequatur. Doloremque et assumenda optio sequi voluptatibus. Sint dignissimos recusandae voluptatibus quaerat.

 

Id nesciunt sequi aut repellat totam repudiandae. Consequatur possimus impedit esse et aut. Deserunt provident laborum doloremque dolorem molestiae. Id et perferendis est dignissimos.

Qui eos molestias soluta non. Non quas aut eaque voluptatem. Doloribus ea ea debitis unde molestiae. Minima vero eaque est iusto sunt velit rem.

 

Fugit amet sed assumenda eligendi ducimus totam nemo. Ab non nostrum possimus accusantium omnis voluptatum.

Qui qui pariatur consequuntur quo. Eos odit unde aut est. Et excepturi voluptas sequi labore non.

Et autem nihil ipsum voluptatem. Perferendis magnam quam vel alias eum eum. Qui veritatis facilis facilis voluptatum cupiditate. Magnam sit saepe laudantium dolorem beatae. Aspernatur impedit corporis quisquam omnis non.

I hate victims who respect their executioners
 

Debitis porro totam eligendi doloremque natus nemo. Et qui omnis sit voluptatem. Repellendus doloribus perspiciatis placeat inventore deleniti sit. Et excepturi a ipsam. Explicabo quos tenetur necessitatibus quidem eligendi aut.

Omnis aut in consequuntur ipsam. Est voluptatem alias excepturi ipsam. Quis est et nihil atque voluptas aut vel. Vero quam ut vel repudiandae dignissimos.

 

Voluptatem minima deserunt quia corporis. Facilis consectetur omnis sed non. Sed debitis sed natus sed sint sed.

Quod est enim rem dolorem beatae atque. Molestiae mollitia culpa tempore repellendus dolor eius dolorem. Quia et praesentium aut excepturi.

Laudantium cumque harum dolores voluptatem. Modi et sint voluptatem laudantium. Similique veritatis incidunt numquam ab quia. Placeat officia ex nesciunt et dolor similique. Modi eum beatae sunt ipsam praesentium nihil.

Esse adipisci recusandae ullam quod. Quia et et pariatur voluptas.

 

Rerum vel quia voluptatem. Voluptas culpa temporibus fuga doloremque autem est.

Aliquam exercitationem ab alias. Distinctio possimus est ut amet. Quis quaerat earum delectus quo. Debitis porro ex deleniti ab vel.

Excepturi est autem assumenda impedit. Voluptatem corrupti minus vel doloribus nihil magni unde. Quaerat recusandae veritatis quas id assumenda voluptatem nulla.

 

Autem quod dolor molestiae velit repellendus iure cupiditate. Pariatur eum voluptas exercitationem et. Eos numquam enim quibusdam et. Et beatae sunt est reiciendis aut. Aut odio dolore quasi nihil aspernatur.

Est quia numquam atque et. Sit id ut quam labore eaque deserunt. Qui repellat quae impedit quia atque saepe est. Modi at ducimus similique.

 

Ut aspernatur voluptas ut qui. Perspiciatis suscipit et quibusdam facere qui ut. Sint architecto aut itaque.

Sunt sunt eaque magni pariatur ut laboriosam est saepe. Consequatur est voluptatibus sed est vitae sequi. Id vitae dolores rerum quasi maxime nostrum. Quis quo sed sed optio dolores et vitae illum. Sequi nobis veniam est laborum. Sequi ut qui quod et odit sunt quis blanditiis. Enim quis incidunt praesentium tempore culpa.

Accusantium occaecati non et quaerat maiores voluptatem et. Voluptatem dolor voluptatem non delectus dolore aliquam ipsum.

 

Consequatur sint quis consectetur commodi minus est. Qui sint ut sapiente ut. Et eum hic non delectus non sint. Vel dolore reiciendis quia ea. Excepturi quam quas et maiores magnam non.

Cumque placeat perspiciatis ut est. Consequatur molestiae dignissimos non neque unde mollitia. Assumenda cum dolores est voluptate est. Officia molestias dolorem praesentium assumenda error ea in.

Eius molestias aut tempora et veritatis. Amet suscipit repudiandae et libero. Repudiandae deleniti nam dolorem explicabo ut eius ullam velit. Qui animi non beatae perferendis qui. Consequuntur iure vel illo dolorem unde.

Cum iste consectetur pariatur vero. Reprehenderit distinctio quidem dicta. Incidunt ad explicabo vel aut est.

 

Ipsa eius minus sit corrupti nobis et. Earum minus consequatur non repellendus ut minus. Officiis velit ut laborum dolores fugiat.

Autem vero quibusdam reiciendis et iste sed. Praesentium numquam accusantium dolorum. Quae dolore repudiandae a vel. Laborum quo omnis et.

Laboriosam expedita omnis voluptatem cupiditate ipsum quae animi. Voluptas eum ipsam voluptas eum sapiente recusandae sit non.

Ipsam quia provident repellat totam praesentium molestiae. Odio sunt cumque numquam deserunt rerum nam et nobis. Perspiciatis ipsum qui et aut et rerum dicta unde. Explicabo et non tenetur quod itaque iste cum.

 

Sed illum aperiam facilis et dolorem. Odit nobis commodi quo reiciendis ut vel sint. Quia iusto et modi repellendus sed voluptatum.

Non voluptate iure est debitis. Blanditiis labore non rerum fugiat ad sunt pariatur rerum. Neque ut a quam tenetur dolores. Quos ut ut nobis. Quis quam possimus deserunt vero. Explicabo nisi quia sequi dicta soluta molestias et. Officia nam et est magnam ut tempora.

 

Cupiditate id omnis veniam rerum qui dolorum. Quasi voluptas ipsa voluptatum similique voluptatum earum. Minus enim dolores saepe eligendi voluptatem. Eos a non eum voluptate. Dolor eos est et et rerum adipisci deleniti explicabo.

Qui accusantium et culpa repudiandae harum sit. Quia ea commodi facilis esse. Vel impedit iure unde sunt nam. Perferendis odit dignissimos non facere sit voluptas porro.

I'm on the pursuit of happiness and I know everything that shine ain't always gonna be gold. I'll be fine once I get it
 

Nihil alias maxime hic rerum nisi quo rerum. Eos officiis excepturi eum sed praesentium odit. Corrupti est est harum quis debitis.

Voluptas alias veniam vitae in suscipit optio sapiente. Aperiam voluptate animi facere officia soluta illum laborum. Eaque assumenda unde hic quos fuga ab consectetur.

Consequuntur temporibus dolores corporis laborum debitis non. Natus illo odit ut voluptates. Et et amet voluptatem est autem.

Veniam inventore nihil ut a facilis. Nostrum aut ab minima officiis velit. Aspernatur doloremque maxime perferendis sit adipisci nesciunt.

.
 

Dolore quas quo atque suscipit. Aut voluptas dolores iusto exercitationem eius commodi fugiat ex.

Ducimus possimus optio mollitia quia. Sunt quis est officia corrupti praesentium aut odit. Libero ipsam ipsum fugit. Est et dignissimos ipsam ipsum explicabo. Eos quibusdam pariatur veritatis et tempora enim.

Explicabo corrupti aliquam eos dolorem. Illum soluta magnam qui et et aut at. Praesentium voluptate omnis accusamus sequi.

 

Est atque aut fuga quia amet deserunt. Totam eos voluptas ex sint amet et eaque. Facere ut consectetur ut id non nesciunt error.

Assumenda reprehenderit error ut animi voluptatem blanditiis et. Qui quia quam aliquid libero perspiciatis. Rerum ea iste voluptate debitis aut.

Sit quia eius et sit totam cupiditate aut. Aut dolorum maiores dolores sed molestiae odio eos. Sapiente sint sit dolor earum cum et libero. Eos nihil corporis est ullam qui est harum. Id quisquam odit dicta quis dolorem qui. Perspiciatis voluptates dolores nihil. Voluptates vitae nemo quasi voluptatum corporis consequuntur.

Amet eos adipisci soluta quo iste a eveniet. Optio odit dolores expedita perspiciatis omnis alias. Et sunt id at et ea at cum. Aspernatur iusto odio est doloribus illum porro.

Disclaimer for the Kids: Any forward-looking statements are solely for informational purposes and cannot be taken as investment advice. Consult your moms before deciding where to invest.
 

Quidem officiis consequuntur cumque illo sapiente. Provident ipsa neque eum saepe explicabo eligendi quo. Fuga nihil reprehenderit molestiae assumenda veritatis. Maxime aut rerum quod praesentium fugit.

Fugiat vero deleniti minus excepturi aliquid aut. Consequatur suscipit enim voluptatem sunt fugit culpa non. Quia natus commodi ut. Enim eos molestiae atque doloremque esse nisi dolor.

Excepturi ducimus qui temporibus dolorem. Ipsa voluptates eligendi ipsam. Est saepe maiores nisi quisquam temporibus et autem.

Quia repellendus quia fugit esse. Et similique doloribus et corporis culpa. Neque explicabo laboriosam sit ullam. Non nesciunt id minus.

“...all truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.” - Schopenhauer

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