Idk if anyone else has noticed this but at least at the undergrad/intern/analyst level, everyone I’ve met who works in Rx or is gunning for Rx has been a complete hardo. Like just genuinely gets a raging erection thinking about distressed debt waterfalls. Talks to girls abt finance at the bar type shit. Is this true as u move up in the industry too? Anyone have a theory to explain this phenomenon?
P.S. if any butthurt Rx analysts MS me for this ur proving me right
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Thats crazy bro
No you’re right. Biggest hardos in banking
Been trying to break in and definitely true. Folks at GLC seem to be an exception however
You're not wrong. It takes a certain type of person to (1) do extra prep during recruiting for RX technicals, (2) get an RX offer which are usually only at EBs, (3) be interested in RX and aim for distressed PE and credit funds down the line than "traditional" exit opps.
Hell yeah bro. I'm erect right now working on this bullshit profile.
if we're being honest, not wrong
I've recruited for RX but ended up not pursuing it/getting an offer
That was an interesting time, was def a hardo, and debt waterfalls lmao
Intelligent ≠ Hardo
plenty of intelligent ppl who aren't annoying and snotty and think they're better than everyone because they work at Ducera. That is the type of person I am referring to
I don’t really understand why you say this like it’s a bad thing. If you’re going to do something for 80 hours a week, I’d hope they enjoy it.
Just wait til you meet the lawyers
based
my experience is that many of the Tier 2 shops/locations (i.e., HL Dallas/Chicago/Minneapolis, GUG, ROTH, RJ, LAZ Chicago, JEF, etc. - note: not claiming that these are on equal rankings/tiers, just saying they're not the EVR/PJT/LAZ NYC's of the world) are a lot more chill and normal. Agreed that those gunning for T1 are indubitably hardo nerds that are likely unbearable to be around (as confirmed by my interviews with these shops and talks with those at my school who've gotten offers from those places). For me, I was just genuinely so much more interested in reading up on RX conceptually compared to M&A, and the extra prep never felt like a chore.
HL RX does not belong in T2.
holy shit... of course it's the bozo, shit-for-brains Tier 6 Baird Analyst commenting such a braindead comment. The point was not to make a rankings post. But objectively the satellite HL RX offices are less competitive than NY/LA HL RX and are a lot more chill/normal as the Wharton hardo's gun for NY/LA. Thanks for your insight, buddy.
Yep, pretty much my observations as well. Think RX is just something that generally doesn't get talked about much (relative to normal-course M&A). But once there's an economic downturn, it becomes the "hottest new area" where all the debutantes are compelled to weigh-in. So naturally, people who have been monitoring the situation and chomping at the bit for certain indicators to actualize are gonna wanna flex their muscles a bit.There's also a precision element to our product that's a bit more intense than others. Whereas a paused sell-side can often be "approached later/monitor situation", there's often not (hopefully not) a second opportunity to advise a company/creditor through a liability management/restructuring/chapter 11. It also seems like RX is much more relationship-nuanced, where you need to have an extensive network of lawyers, financial advisors (operational consultants), management and sponsors, to be in the hunt for a lot of mandates.Just my thoughts as an AN; welcome other perspectives.
Absolutely agree, I've heard FYs call it "the flavor of the month". I thought compared to the alternative, regular IB, RX is far less network heavy as mandates typically come from the restructuring plan brought forth by firms and their approach. Moreover, the only relationships I imagined being beneficial is a MD has a good connection with a lawyer who gets a deal first and then can help bring it to the firm. Or a PE firm that had a deal go south that worked with the firm previously to acquire the business. But other than that, I don't see the networking being that vital for getting deals at least from understanding. Just my two cents, not in the industry so only speaking from third party information and from the guides.
Rx nerds fr
Yea
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