WSO,
I am looking to break into restructuring and have been considering purchasing the premium newsletter of Petition and / or Pari Passu.
I am relatively new to this vertical, so I do not know much besides the fact that Petition costs 10x and their content seems shorter while covering more deals
Does anyone have a view on what I should purchase?
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is this for SA recruitment? or you're an an1 looking to lateral in?
An1 looking to lateral in
agree with other posters like PP is more your speed, it goes alot more indepth in explanations while petition assumes you're in the field already. the best resource for learning about rx is restructuringinterviews dot com, which is cheaper than either option and has a somewhat structured course with many indepth materials(not promoting this website, anyone familiar w the source knows its cheap asf and he just writes to educate)
Great q and have subscribed to both myself. I think these two platforms have distinct value-adds and that should inform your decision:
In short, Petition does a good job tracking the US RX market and "initiating coverage" on various processes (have seen less of Europe and APAC). Frankly, I find their analysis less nuanced but they do a good job of providing different snippets from key documents on a wide variety of different deals (hence why I still subscribe). Pari-Passu is ran by one guy (I think) and is often a more directed deep dive into a particular transaction, LME, or even industry group (I recall reading about a deep-dive on nuclear a while back which was very interesting). PP is definitely a more interesting read for me and I find myself learning more but as mentioned, it is fit for a different purpose to petition.
Hope this helps
Just realised I forgot to actually give a recommendation oops. I would say that if you haven't worked in credit before, Petition might be a lot of information to digest; the writeups offer less intuition into the reasoning from an investor/advisor's perspective. Without even considering the price differential, I would still recommend you go for PP. The cases will be incredibly helpful to internalise and bring up in interviews (e.g. Serta, Ardagh which PP should be posting next week)
I have been a paid subscriber for Petition and am now a paid subscriber for Pari Passu, so I can help
Chump_3 is pretty spot on. Petition pretty much copies and pastes bankruptcy filings in; there is realistically very little analysis (which is why I cancelled my subscription quickly) while Pari Passu deep dives are a lot more interesting and informative.
To your question, I would 100% purchase Pari Passu. You really do not need Petition to know what small cap just filed, but having Pari Passu writeups to get up to speed on the big situations is really valuable.
Petition is also stupidly priced and Pari Passu is very cheap for some reason so the decision is rather simple.
Do either offer a student discount?
No
Agree with all above that PP is likely better (and cheaper) for your situation. Coverage is in-depth and and explains unfamiliar terms, which is pretty helpful as a Sophomore.
If price is an issue, one thing I’d recommend is referring your friends who are recruiting to the newsletter. PP has a referral program that unlocks premium articles for free. This is what I did back when I was recruiting.
Do you happen to know why all of my referrals are pending?
TLDR: Pari Passu would definitely be more useful for where you're at rn. It's cheaper, more in-depth, and explains/gives you nearly all aspects of interview prep you would need (more on this below)
This is gonna be a longer response, but I really struggled during interview prep, so I have a lot of thoughts and want to help as many prospective rx interns as I can. For context, I am subscribed to the premium versions of both and mainly used Pari Passu + other guides to prepare for interviews when I was recruiting for rx last cycle. I come from a completely non-finance background and am not in any finance/investment clubs at my uni; back in Nov 2024, I couldn't even tell you what 'leverage' meant. I literally thought I wanted to do consulting until 2 months before apps opened, when I discovered what rx even was (read: Pari Passu + other online guides largely helped me learn everything I needed to know in under 2 months).
My takeaway as someone who learned everything from square one: Petition, IMO, is NOT helpful for someone looking to learn about rx and understand the mechanics behind the transactions you read about; it's more helpful for industry professionals. Below are pros and cons of both:
Pari Passu Pros (+ explanations about why they are helpful for people looking to learn ab rx specifically)
Pari Passu Cons
Petition Pros
Petition Cons
petition for professionals
pp for students
That’s just wrong
does ur MD read PP? I doubt it. But he may 100% reading Petition
PP is very educational in the sense that it covers RX terms, how things are done, explains old deals, etc. I feel like a student while reading it which is perfect if you're a prospect/junior
Petition no, I could pull filings by myself and read them, but the way they explain it is more fun. Is like what's Matt Levine on Money Stuff for Bloomberg. You could read the news and get to the point, but you're looking for that touch of entertainment.
I don't know why, but I also feel that the one behind Petition might be a lawyer. Feels like a total different caliber and his stylistics are closer to a lawyer/ex-lawyer than someone from pure RX/finance background (speaking as someone who's been on both sides)
First kid to break into RX from my school… ever - PP was an incredible resource
Did PP just raise prices? Looking at $150 now when I could have sworn it was $100 a week ago
who wanna pool money together and share the PP subscription?? dm me bc that price is abusive dawg
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