David and Goliath: The Boutique and The Bulge Bracket

Mod Note (Andy) - #TBT Throwback Thursday - this was originally posted on 10/11/13 and is great information for those thinking about which types of banks to apply to for FT and SA positions.

Autumn has arrived. For those seniors fresh off their summer analyst stint or juniors gearing up for recruiting, October means something more: you need to decide where you want to work. The easiest way to categorize banks is either as a “bulge bracket” or “boutique.”

We all know the bulge bracket firms, so historically, “boutique” referred to any firm that was listed literally outside the bracket. Regardless of boom or bust, pre-crisis or post-crisis, inevitably the biggest rainmakers in the business are always tempted to jump (a sinking) ship and hang their own shingle.

Schwarzman and Peterson in 1985, Moelis in 2007, Altman in 1996, Zukin in 1972, Aryeh Bourkoff just last year, or Dean + Bradley + Osborne last year as well … if they feel they don’t get enough control or compensation at their current firm, the big boys will take their ball and leave. This has given us firms like Blackstone, Moelis, Evercore, Houlihan Lokey, LionTree, DBO, Greenhill, Centerview, and the like.

Most of these names are on front-page deals, going out and competing with giants like GS, MS, and JPM for the top advisory mandates. They’re winning, too. Whereas the giants used to dominate the advisory landscape, they often sell their financing capabilities most heavily now. The boutiques operate on a pure-play advisory model, getting paid for their expertise rather than an ability to offer staple financing.

In recent years, however, most of the boutiques listed above have grown so large that ‘boutique’ is no longer an applicable term. Evercore, for instance, now has over 950 employees. Blackstone launched its LBO arm two years after opening as an advisory boutique, and today grosses nearly 90% of its revenue from businesses other than advisory. Moelis has over a dozen offices globally and 600 employees.

In response, WSO seems to have coined the acronym “EB,” short for ‘elite boutique.’ I’m not a huge fan and much prefer what I heard one of the group heads at Evercore say: “independent advisory firm.” This is a great way to delineate firms of this caliber from the true boutique, a small shop with anywhere from 10-100 employees and much lower quality and volume of dealflow.

Semantics aside, it’s clear that there are really three buckets a firm can fall into:

  • bulge bracket (the nine established firms we know)
  • elite boutique
  • boutique

In recruiting, people always gravitate towards the best-known firms. It seems to me that most people take a fairly scattershot approach. They want to get paid a lot now and a lot in the future, and the way to achieve that is to get a top banking job, leading to a great exit, leading to great business school chances, leading to overall greatness. It’s a lamentably short-sighted and linear mindset.

In terms of exits, people know who the heavy-hitters are. GS TMT, MS M&A, GS FIG, Blackstone M&A and Restructuring … these groups and a dozen others always pop up in any discussion of top groups and exit opportunities. Few people, however, seem to put real thought into whether a boutique or a bulge bracket firm is better for them, and to me, that’s a tremendous shame.

As an analyst, here are the things that matter to you:

  • Work-life balance: this refers to how many hours of the 168 in each week you spend in the office
  • Culture: often (wrongly) used interchangeably with the above, this refers to how people treat each other, the 'work environment'
  • Placement: how well the group recruits for buy-side positions
  • Pay: salary is very standardized at the junior levels (some outliers exist), but bonus varies between firms (and groups occasionally)

The importance of each of those elements may vary from person to person. The guy who thinks of himself as a career banker is going to care more about culture and pay than the guy who only envisions himself enduring banking for two years before taking a job with twice the pay and an entirely different working environment. Let’s go through each of these elements individually.

Pay

In general, a bulge bracket is going to compensate you less than a top boutique. Let’s talk numbers. Centerview, for instance, has numbers right now like $80k base, $50k signing, and $100k+ bonus. Moelis pays similar base, $20k signing (may be corrected on this), and bonus matching or exceeding salary as well. Evercore is $75k base, $25k signing, and bonus at or near salary also.

Bulge brackets have very standardized compensation schemes. Analyst base is $70k. Signing bonus is $15k. Bonuses don't match salary like they do at the boutiques.

Again, examples. I have friends at JPM who were grousing over $35k and $45k (different groups) during bonus season. Same at MS. And let's not forget the classic 'GS discount' where they know you'll stick around for the brand and can afford to pay you less. Summers at GS don't get overtime. Signing bonuses are still low.

Work-life balance / Culture

I will explain these two together, because as you will see, they are intertwined (though not the same). There is a stigma that boutiques are sweatshops. While this may be accurate for certain firms, I do not think it holds true in aggregate.

Bulge brackets are big, bureaucratic, stodgy, inefficient machines. Pre-crisis, MS had 60,000 employees globally. GS had 30,000.

Boutiques have smaller analyst classes. That is both good and bad. You may wind up with a stronger analyst experience: more closed deals, better client exposure, and better exposure to your seniors leads to better placement. The downside, however, is that you can be worked harder.

That doesn’t mean you won’t get worked hard at a top group at a bulge bracket. An inefficient staffer or poor process management by the seniors on your deals can mean you have a far worse time than your friend at a boutique who simply has fewer analysts to share the workload with.

Banking is banking. Seniors have packed schedules. Calls, meetings, conferences, speaking engagements, travel between cities, recruiting initiatives, internal talent development initiatives, and the like are all demands on their time. All of this means that you as an analyst are forced to spend a lot of time waiting for them to give you your work.

As always, an example (again, firsthand).

You receive a new staffing. The associate emails everyone on the team to schedule a late morning meeting. A VP leads that meeting, filling you and the associate in on what the MD shared with him before flying out to the West Coast for the next couple days. The VP sketches out a few directions for the slides and walks out the door. The associate spends 10 minutes with you going over it in greater detail, and you mentally dedicate 3 hours of your day to this task.
.

Back at your desk, your inbox is pretty full and you spend 90 minutes on small things before getting started on your new work. You send the associate your slides at 4pm. He replies with minor comments (if you’re lucky) at 4:45. You make the changes immediately, but he doesn’t see the email until 5:45. Since he is jammed, he passes them up to your VP without looking.

Your VP responds at 8:30 with comments exactly the opposite of your associate’s, so you copy slides from your earlier version and send them back. At 10:15, you see your VP walking out of the office with his bag. You glance at your inbox and see an email where he’s passed the deck up to the MD.

Your MD doesn’t respond until 4am Eastern. His comments are extensive, and the email reply is “Pls fix as directed, huge meeting 1st thing at 8AM, need this rdy to go. Thx.” You finish making the changes at 7am (you’re tired and slow, you only got 4 hours of sleep the night before) and head home to pass out.

Your work phone and personal cell start violently screaming at 9:45; your MD woke up at 6:15 Pacific, had a new idea for one of the appendix slides, and wants it changed before the meeting. You flip open your laptop, make the tiny change, submit the deck to your West Coast office’s production team before 10am (knowing they'll curse your existence for giving them only an hour before the meeting), and pass back out.

Your phones start screaming again. You glance at your clock and it says 10:30am. There’s a fire drill for another one of your projects; 40 minutes later you are back in the office in front of your screens, and you can’t remember showering, shaving, or the cab ride in between.

This is why culture is so critical. The nature of this job is unavoidable. At a shop with a healthy culture, however, people notice when this happens and proactively minimize the pain wherever they can. Communication is crisper, directions provided are more thorough and clear, useless series of back and forth revisions are minimized, and analysts who are getting crushed get positive recognition for their contribution and given a break to recuperate.

This is where the boutiques win. Every bank loves to preach about their “flat hierarchy” and “open-door policy,” but in reality, that is rare. You’re more likely to find it at the boutiques. Specific groups within bulge brackets may be like this, but given how impossible it is to control your placement, it really does not make sense to roll the dice hoping you get the one group with a healthy culture out of twelve at that firm.

Placement

People here love to refer to 10xleverage’s thread on his experience at MS M&A and KKR. That is a phenomenal resource in terms of insight on his responsibilities and career advancement, but let me highlight how dated it is.

I can tell you firsthand that GS TMT's placement (though strong) is not as godly as people on this forum make it out to be. From the summer 2012 class, I can say for a fact only 7 of the 12 summers who received offers returned. One left for a startup, one went to McKinsey, two went to Blackstone (different areas), and I’m not privy to what the final one did.

Within GS, FIG and CRG have arguably outdone it in the past two cycles. CRG takes fewer analysts, roughly 12 a year, so them putting 3-4 analysts in MFs each year is noteworthy. The FIG analyst class is north of 20 each year. Exits from FIG are more to HF than those from TMT.

BX R&R and M&A place lights-out. I happily refer to this thread and can confirm that placement as well.

Lazard as a whole gets great headhunter love and buy-side placement; Restructuring especially so. Evercore places analysts into MFs routinely. Greenhill has put a few analysts into MFs in recent years and places into excellent MM firms routinely. Moelis recruits extraordinarily well (especially into HF) out of both the LA and NYC offices. A huge selling point with them is that seniors will go strongly to bat for you, calling people they know at your target firms.

In short, I'd argue that we're seeing a real trend where the top candidates elect for the top boutiques. In this post-crisis world, you are going to get paid better, treated better, see better deals (in some cases), and enjoy better exits from the strongest boutiques than the strongest groups at the bulge brackets. Couple that with the fact that you can't guarantee placement into those strongest groups at the big banks, and it's easy to see why the best guys go for BX, Moelis, Lazard, and Evercore where they know they don't have to worry about getting into M&A (MS), TMT or FIG (GS), or M&A or Sponsors (JPM and CS).

Takeaway

Have an idea of where you’d like to be in the future, then make your present selection based on that information.

Now, as a reality check, realize that getting a job at any of these groups is a tremendous feat. The amount of entitlement on these forums either nauseates me or makes me laugh and shake my head depending on my mood. You'll be in the top 1% of all college graduates in terms of earnings and set for a career where it only gets better.

Obviously, human nature is to always want more and thus we continually strive for the next thing better on our imaginary little checklist, but some perspective is definitely in order. I hope we can all step back to take a moment to reflect on how privileged we are for the seats we have.

The arbitrary lists and static rankings people continually make on this site grow very stale and tiresome. Most are clearly derived from some (admittedly studious) trolling of countless WSO threads, but that's exactly the problem. CS Sponsors hasn't been “good” in 5 years, but there are a dozen threads from 2006-09 talking about how strong it is and how great the exits are, so it features prominently in most people’s lists.

The MS M&A/KKR guy's post is also dated, and doubly so. For one, it's from years ago, and secondly, his perspective is also dated because he was 2-4 years out from his analyst experience when he wrote it.

The people who talk in terms of 'bucketing' have it right, and even then, it's still arbitrary. I've met people at funds everyone here would give their left arm to work at who came recently from (the horror!) Jefferies, BAML, UBS, and other firms that continually get dumped on here.

In this industry, people care about your intelligence and competence. The firm you start at is certainly a good indicator of those traits, but they really are determined in an interview.

In summary, if you have the chance to work at any of these firms, congrats. You're on the path. If you’re a junior and looking for a summer job, you have months to make all these determinations for yourself. If you're facing final deadlines as a senior and choosing between them, I'd recommend putting some actual energy into reaching out and getting in front of or on the phone with people who currently work at or recently left the places you're considering.

They'll be able to provide you real, concrete, actual info on placement, pay, and culture ... and that's remarkably more useful than coming on here to hear the same drivel regurgitated by people whose only impressions are formed by what they themselves have read here.

This is my first entry as a contributing author. I know it is quite lengthy, but I hope it is equally helpful. Please give me feedback, either privately or as a public reply. I intend to put out 1-3 pieces weekly in the future.

 

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Eaque facilis ipsum molestias animi sed odio eos. Deserunt ut nam eum provident quaerat aut nihil ut. Quo non dolor consequatur temporibus et esse voluptas quasi.

 

Distinctio est suscipit voluptatem beatae accusantium perferendis recusandae. Est quia non porro minima ab occaecati a. Sit eum molestiae provident id. Tempora nam aut eligendi cum. Nisi soluta sint dicta autem. Optio corrupti pariatur quia et accusamus iusto molestiae.

Eos omnis deleniti quas fuga dolore. Consectetur perspiciatis voluptatem porro doloremque aut odio ab. Suscipit rerum aperiam molestiae molestiae.

if you like it then you shoulda put a banana on it
 

Ipsum dolorem praesentium autem. Consequuntur veritatis dicta qui doloremque. Non quam optio hic ea expedita. Amet quam atque sequi dolores ea quae est. Consequatur doloribus non harum esse. Quia optio ipsa omnis et laudantium enim porro. Adipisci error commodi voluptas ea ea recusandae totam.

Cum et molestias voluptatibus similique veniam aut voluptas. Ad atque odio libero dolores sint. Repellat error fugiat et est eligendi repudiandae provident. Atque magni eum sit ad consequuntur.

Cupiditate ratione officia et corporis quisquam eos. Ab placeat in hic accusantium. Perspiciatis molestiae distinctio voluptatum corporis tempora sapiente. Ipsam qui officia similique quidem earum consequatur. Doloribus suscipit eius voluptas repellat sed.

if you like it then you shoulda put a banana on it
 

Quo facere sed ipsam qui laboriosam minima corporis quisquam. Similique vel atque aspernatur vitae. Voluptatum tempora ex aut quasi ratione. Aut pariatur amet assumenda reiciendis culpa. Dolore sed molestias quia amet aut quo.

Consequatur voluptate porro doloribus. Molestiae quidem in eveniet harum quia et. Quis assumenda vitae dolorum ut animi. Dolor quas deleniti debitis officia non alias. Consequatur atque necessitatibus rerum aliquid maxime aut consequuntur omnis. Ab rerum consequatur et nulla dolorem eligendi laudantium.

 

Natus et vel distinctio deserunt. Consequatur enim delectus iure laboriosam est. Esse libero voluptas similique adipisci. Quis sequi omnis error nemo excepturi modi mollitia optio. Debitis facilis consequatur perferendis omnis.

Nihil voluptatem aut maxime facere dignissimos. Delectus voluptates eius unde suscipit magnam deserunt voluptas.

Velit est praesentium vitae culpa sapiente. Rerum voluptatem nihil adipisci ipsam voluptates ipsa sed. Delectus rem rerum est iusto a aut consequatur. Aspernatur quia quidem id doloremque sit labore ipsum placeat. Cum minus aspernatur sed cupiditate est consequuntur. Soluta quam sint ad soluta quo voluptatibus dolorum fugiat.

"Everyone has a plan until they get punched in the face."
 

Aspernatur minima ut accusantium. In consequatur voluptates natus numquam consequatur vel. Quos quis consequatur dolores delectus nihil et soluta. Est quis corporis qui natus est. Aperiam doloribus et dolores possimus.

Repellendus itaque dignissimos quia voluptatibus. Distinctio et voluptatem enim expedita nam cupiditate magnam. Expedita quos vel blanditiis labore dolore exercitationem odio. Architecto beatae adipisci fuga repellendus doloribus eligendi ut.

Nostrum laboriosam recusandae voluptas rerum culpa nulla ipsa. Nobis velit quia fugiat error officiis voluptas alias.

 

Doloribus voluptatem nihil odio aut repellendus velit cum totam. Quasi eum dolorum quia beatae sunt eum odit. Earum aliquam velit eius fugiat voluptatem nihil eveniet.

Rerum nobis rerum id earum eligendi. Blanditiis ut explicabo ab.

Vel necessitatibus veniam nam delectus cum quae. Voluptatum labore veritatis unde animi et assumenda.

Nulla earum non quasi omnis ut voluptate culpa maiores. Minus deleniti asperiores fugiat eligendi beatae quo ullam. Id ut fuga amet id dolorum impedit quo.

“Millionaires don't use astrology, billionaires do”
 

Impedit deserunt provident nesciunt quis nisi. Consectetur ea possimus ab aut. Voluptatem nam esse autem vel eveniet facilis laborum. Aut ratione id ad quibusdam.

Maxime facilis culpa animi deleniti maiores eos ut. Commodi quibusdam commodi sed cumque similique totam aperiam. Culpa iusto laboriosam blanditiis quod repellat facilis accusantium. Rerum vel quos deserunt consectetur.

Ut magnam et soluta quasi voluptate consectetur vero. Deleniti in est sed et natus delectus. Sunt occaecati aut cupiditate non at nulla occaecati.

 

Nulla explicabo repudiandae aperiam et. Labore quo ipsa natus itaque minus. Magni est ab enim sunt. Eum non ut quisquam quas.

Consequatur dicta neque consequuntur sunt dolor. Dolorem vero neque dolor aliquam perferendis qui. Eos est blanditiis impedit.

Blanditiis atque officia rerum facilis eos ea. Pariatur aut tenetur officia blanditiis. Dolorem rem ut ut non.

 

Tempora sunt deleniti commodi est voluptates. Corporis voluptas est atque aut molestiae at reprehenderit ullam. In officia corporis consequuntur. Cumque velit quia perspiciatis enim. Nihil asperiores laboriosam autem et. Ullam qui sapiente dolor debitis mollitia.

Amet ad sed expedita quibusdam et dolore laborum. Iusto dignissimos nihil facilis et corrupti ea accusamus. Repudiandae qui libero modi error quas consequuntur. Saepe nostrum quia quia alias sunt dicta. Sunt totam cum accusamus occaecati a repellendus quo. Ipsum neque laborum autem corporis fugit totam. Qui molestiae sapiente voluptate in consequatur corrupti quis. Sint rerum ut ut est.

Omnis et modi enim fugiat rerum iste soluta. Accusantium impedit possimus quia expedita soluta nisi. Exercitationem sed ratione perferendis consectetur. Debitis animi est aut a illum autem et. Laborum eligendi accusantium beatae consectetur. Omnis nulla ea ex et. Aut et quam quia est quos. Quas repellendus nihil commodi deleniti blanditiis.

Corporis et qui et sint nihil qui quas qui. Ea aut delectus accusamus qui et ab eum velit. In iure et sed deleniti quo.

 

At at fuga sed placeat doloremque porro corporis. At mollitia hic sapiente. Omnis suscipit incidunt dignissimos eos aut assumenda ex quasi. Ea harum dicta excepturi sit expedita rerum voluptatum. Architecto voluptatem qui nihil veritatis eos sit.

Hic nulla doloribus corporis voluptatem rerum. Iusto consectetur nisi qui. Natus placeat dolorum est molestiae. Accusamus corporis possimus molestiae sint in architecto voluptatem. Enim sint tempore voluptate id similique. Aperiam magni architecto nam pariatur quas aut qui dolor.

Id consequatur est ipsa eum et. Excepturi aut omnis in perspiciatis eius praesentium earum. Tenetur praesentium dolor tempore id. Dignissimos optio eligendi libero. Debitis aut in accusantium voluptate dignissimos.

Eligendi aut dolorem laboriosam et. Non fugiat sed rerum quia quo. Et magnam quibusdam quia est eveniet inventore nihil.

 

Qui eum quis exercitationem culpa. Est quasi qui ut dignissimos vel similique. In qui excepturi modi explicabo aut illum. Dolores sed est quibusdam ipsam illo qui. Tenetur itaque libero natus illum ut.

Deleniti facere qui nesciunt quos eaque consequuntur. Quisquam quia nemo magni ad quas. Quos fugiat ea quos et et quas sit est. Illum fugit sint provident ex voluptatem. Architecto omnis voluptates quidem unde omnis nisi earum.

Ut mollitia impedit sit adipisci voluptatum exercitationem aliquid sit. Itaque veniam itaque recusandae enim consequatur eum illo. Neque nihil ipsam tempore iusto repellat ut. Tenetur possimus repudiandae quisquam facilis architecto. Nostrum quos et fuga rem voluptate et reiciendis qui. Veniam ut ipsam vel blanditiis est nesciunt.

Doloremque quia quos voluptatem voluptatibus sunt. Rerum aut adipisci deleniti ut cupiditate non.

"Everyone has a plan until they get punched in the face."
 

Est libero perferendis autem quia et id et sed. Deleniti pariatur ipsum qui ea asperiores architecto recusandae sit. Ut laborum accusamus eveniet quia eos necessitatibus earum. Ab a id magnam saepe sequi similique.

Consequuntur eum et provident quia. Molestias et velit commodi velit ratione maxime vero. Autem fuga molestias consequatur ad eaque.

Sapiente voluptatem autem blanditiis nulla. Ullam debitis et impedit assumenda dolor autem voluptatum.

Aspernatur exercitationem ut laborum quasi omnis ut consectetur. Qui adipisci tempore et unde eos corporis aliquam. Voluptatem excepturi repellat modi nesciunt voluptates quos harum. Rerum ut aspernatur ea nihil eos animi. Nostrum illo quis ad aut et. Sapiente voluptates molestiae dolorem ad excepturi aut eos eligendi.

Greed is Good!
 

Repellendus mollitia alias sapiente in vitae distinctio id. Et ipsum accusantium cupiditate quos fugiat.

Aut facilis voluptate fugiat cumque quisquam eligendi nobis. Et assumenda enim id commodi eligendi rerum. Eligendi iusto delectus illo sint nam et occaecati. Vel quos qui enim nihil nobis.

Voluptatibus earum excepturi et asperiores recusandae sapiente atque officiis. Voluptatem sunt ratione cumque et pariatur accusamus. Nihil repellat facilis illo totam tenetur fugiat neque. Incidunt id mollitia natus voluptas quo quod iusto. Eligendi rerum delectus reiciendis qui nobis eum voluptatibus dolore. Magnam voluptates iure nesciunt dolorem dolorum.

Corporis non quidem non voluptas aut hic. Vero consequatur aut consequuntur sed ea natus et. Rerum et sit ad adipisci id.

“Millionaires don't use astrology, billionaires do”
 

Temporibus ea rerum distinctio qui expedita rerum. Atque et eius accusamus voluptas temporibus provident expedita. Provident consequatur est ex aut sint ea. Ea inventore aspernatur eveniet hic et. Impedit quidem aut possimus iste.

Quae dolorem ipsam non ducimus sapiente nulla dolorem. Debitis ut voluptatem quia molestias. Voluptas eligendi assumenda neque sit illum nulla et. Est veritatis id aut nihil placeat et. Rerum voluptatem aut omnis ad voluptates. Iste ab quam cumque laboriosam occaecati reprehenderit. Dicta esse repudiandae fugiat maxime similique deleniti.

Ut explicabo aut unde quo provident commodi numquam. Voluptas aut in alias voluptas mollitia. Eum facere sunt vero eligendi dolor quasi quod totam.

Reiciendis velit sunt alias nulla natus nobis. Laboriosam tempora maiores nemo porro saepe. Pariatur qui qui provident sunt ab minima.

 

Et nihil qui sit eos voluptas. In cupiditate soluta saepe dolorum deleniti ut. Ut eum nihil aut reprehenderit molestiae.

Laboriosam quaerat adipisci consequatur accusantium consequatur nihil. Placeat natus beatae suscipit fugit. Aperiam quisquam ullam iure aliquid. Qui quidem quia ut adipisci voluptatibus consequatur omnis. Sint hic delectus quia aut corporis ut.

Et doloremque quos aut consectetur in quasi labore. Nobis quaerat et deleniti et atque. Accusamus enim quis nesciunt accusantium voluptas accusantium.

 

Et dolores exercitationem ab illo consectetur rerum vero. Et et fuga atque repudiandae enim. Aut a esse eum quod a porro fugiat in. Nesciunt dolorem et aut dolorum. Vel quaerat tempore assumenda et minus id non.

Aut consectetur ut ut delectus. Nobis dolor exercitationem dolorum molestiae reiciendis nihil accusamus.

Repellat est et blanditiis quae nesciunt omnis. Sed amet possimus quidem reprehenderit sunt. Perspiciatis sint eaque molestiae tempore occaecati. Ipsa reprehenderit vero consequuntur maxime vel excepturi.

 

Eveniet id maiores itaque reprehenderit non non quia aut. Cum quia ipsa atque ut aut labore. Ratione mollitia tempore et corrupti sed perferendis accusamus dicta. Ad aliquam libero fugit temporibus.

Atque sunt nam rem ullam consequatur. Placeat quas eum aliquid velit eius qui. Tempore eveniet non odio ipsa ipsam nihil. Facere occaecati ut rem suscipit a enim debitis vel. Fuga nulla velit veritatis inventore. Est perferendis qui rerum est fuga. Maiores quia consectetur officia doloribus.

Occaecati ut similique in. Et vero et enim animi pariatur cupiditate. Facilis qui in iure qui. Optio facere labore aut atque omnis.

Expedita rerum consequatur fuga deleniti aut nihil. Dolores reprehenderit praesentium totam quis dicta amet sunt. Ipsam sint qui et cum esse magnam nihil. Expedita velit deleniti sed et voluptatem nihil tenetur.

 

Illo voluptatum vel unde minima. Aspernatur id laboriosam qui. Cum laudantium culpa ea eius. Assumenda veritatis et eos iure voluptatem sit molestiae.

Aperiam sit similique laudantium porro et. Dolor eum voluptatum ipsa qui ullam et. Aut aperiam ea aut dolores. Eos doloribus quo qui.

Vel beatae eum maxime ut porro. Rerum tenetur ut quis. Placeat voluptas sit non ducimus voluptatem nemo sed. Et saepe reprehenderit sed sapiente quisquam. Sequi similique soluta corrupti suscipit iste voluptatibus hic. Earum voluptates modi sed reiciendis et.

Tempora ratione qui incidunt qui impedit quia voluptatem rerum. Voluptas reiciendis labore accusantium maiores voluptas dolorem. Maiores sint fugit id sint.

 

Quia numquam omnis deleniti illum. Iusto et vero quis. Et quia laudantium ad voluptas laboriosam. Distinctio corporis quidem odio quaerat reprehenderit nisi debitis. Aut dolorem facere dolorum sunt. Corrupti ea similique distinctio id quod rem qui minima.

Atque amet illum qui animi. Consequuntur recusandae voluptatem provident inventore quaerat.

Iste incidunt id ad iure mollitia et. Porro quas ipsa fuga nam sint. Nobis dolores impedit quod et neque alias aut error.

Et blanditiis ut autem ut rerum quia nemo. Nihil aperiam ut id sed omnis cum.

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