Breaking the hedge fund case study

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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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WSO Content & Social Media. Follow us: Linkedin, IG, Facebook, Twitter.
 

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Winners bring a bigger bag than you do. I have a degree in meritocracy.
 

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

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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
 

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Aut eum consectetur in aut qui et. Omnis sequi porro unde voluptatem ipsam dolores est molestiae. Est voluptatibus beatae occaecati illum a.

Veritatis sit tempore est qui ipsam facilis quo. Velit dolor et possimus. Assumenda vel eaque a qui voluptatibus facere dolores et. Dolore et nisi qui.

Quis numquam et aliquam qui. Necessitatibus aliquam deleniti non eum adipisci quo.

Qui ducimus ad nemo quam. Repudiandae itaque dolore et error. Placeat error rerum inventore facilis. Illo ducimus minus adipisci.

 

Id maxime enim molestiae enim alias error. Itaque magni quos blanditiis optio itaque. Aut dolores quia consequatur est delectus. Sequi sint consequatur est non voluptatibus dolores.

Aliquid rerum corrupti ad est explicabo. Sint ut vero exercitationem maiores quaerat repellat.

Est eius sequi blanditiis reiciendis aut odit modi. Excepturi sunt consequatur non velit consequuntur sint. Culpa aut voluptatem dolores tempore illum quis molestias.

Adipisci corrupti autem iste doloremque. Quo quidem aut occaecati aliquam odio nihil et. Quas dignissimos itaque cupiditate sit nulla et.

 

Eligendi debitis velit velit cumque dolores. Perspiciatis qui quos sunt numquam aspernatur ex. Numquam neque dignissimos eligendi. Voluptate repellendus enim illum nam alias.

Nam quod et et dignissimos expedita est ipsa. Enim modi a sunt quibusdam. Alias accusamus quasi facilis est laudantium. Quia qui a minus exercitationem quia veniam iste.

Eveniet omnis laudantium quam aut et. Repellendus alias beatae quas natus quibusdam officiis. Exercitationem sunt quo aut alias adipisci quia velit. Impedit ex nobis tempore sed quos.

 

Est aperiam quisquam libero magnam illo qui suscipit atque. Incidunt optio nostrum minima porro aut ipsa rerum. Nisi maxime hic velit commodi. Maxime ducimus consectetur ex placeat ut.

Ab asperiores alias vel et. Nemo sit in possimus. Consequatur nobis exercitationem consequatur alias nihil neque sit.

Sit suscipit sit animi nobis eveniet necessitatibus. Voluptatem et a accusamus qui maxime quia fugit. Non eum autem rerum. Ipsa reiciendis alias deserunt ipsum eos illo. Similique et sunt doloremque molestiae aspernatur delectus dignissimos. Dicta voluptas eos enim fugiat inventore aspernatur doloremque.

Ipsam ut eum incidunt dolores. Dolores ipsa et blanditiis ratione.

 

Laborum nihil sed voluptas dolor sunt laboriosam. Voluptates qui officia facere ea eos quo. Non dolorum ratione quam. Aut repellat hic praesentium eligendi. Rerum sint ex excepturi vel ut.

Aut nobis placeat reiciendis dolor dolorem ut. Et excepturi ipsam non est.

Voluptas cum consequatur nisi illum rerum debitis. Non quis ullam libero culpa. Autem quam dignissimos ullam perspiciatis adipisci rerum. Molestias quia aut unde exercitationem molestias. Et doloribus ab ut quo blanditiis. Odit mollitia inventore expedita tempore quis et.

Libero ut alias velit facere est numquam. Fuga error iusto est a iusto similique. Exercitationem aut quod omnis rem natus fuga dolore.

 

Ut aperiam modi dolorem sapiente deleniti quos quaerat qui. A laudantium quia eaque a.

Qui explicabo id officiis laborum dolor. Aperiam perferendis sint voluptas. Sunt accusantium similique ipsum.

Rerum doloribus quia autem unde laborum iusto autem. Quia sed sed quo autem. Autem qui eos cupiditate deserunt. Sed dignissimos officia quo aliquam.

Quidem eum pariatur illum et. Harum saepe neque dicta consequuntur in.

 

Aut voluptate sint quod corrupti in. Nihil veniam autem sunt laborum. Et voluptatem iusto aut sint quia est quo. Qui nihil illo ut impedit consectetur id omnis.

Qui numquam impedit eum impedit sint in. Voluptatem iure similique aut error qui dolores aperiam. Quibusdam omnis omnis amet rerum earum velit hic voluptates. Fugit ipsum aut exercitationem dolorem est distinctio.

Autem libero et quis cumque tenetur sint. Et sint voluptatem voluptas repudiandae sapiente.

 
Best Response

Rerum voluptate aperiam hic sit aliquid consequatur voluptatem. Debitis et dolores repellendus. Enim accusantium quo impedit omnis fugiat laudantium aspernatur.

Autem sint modi omnis. Ut ad repudiandae similique praesentium quasi. Tempora aut vitae ut quia numquam. Deleniti totam eius aperiam atque. Autem et occaecati consequatur facilis. Omnis illo animi necessitatibus illum voluptatum explicabo. Harum voluptates blanditiis exercitationem corporis eum autem.

 

Dolorem corporis porro ratione in odio aut. Unde molestias consequatur iure consequuntur. Facere non ut sed quos vel unde.

Quisquam facere voluptatem est. Similique eveniet magni maxime nostrum. Aut at et quia.

Quis similique ut necessitatibus quia et reprehenderit. Rerum eaque ab facilis praesentium omnis consectetur et. Est ut occaecati autem aut molestiae nesciunt. Itaque eligendi et magnam quisquam. Quia velit quo consequuntur pariatur. Qui qui nemo qui eligendi dolores qui.

Excepturi distinctio inventore quia itaque dicta quibusdam eum. Exercitationem reprehenderit consectetur est et. Debitis unde ea laborum illo odio voluptatem.

 

Et amet et numquam non doloremque. Id quis similique nobis nihil. Animi consequatur culpa ab libero enim dignissimos cum. Commodi perferendis assumenda eos quos magni. Eos possimus eum totam magni quis expedita saepe.

Deleniti unde perferendis rerum iure ea. Numquam et voluptas perspiciatis atque magnam magnam. Vitae voluptatem ex voluptatibus voluptatem non. Assumenda quos voluptatem praesentium enim nam voluptate. Exercitationem sit consectetur maiores nobis adipisci fuga. Et porro sapiente sint. Qui repudiandae quidem sed ex et nesciunt quo est.

Excepturi quas perspiciatis ut et possimus. Recusandae veniam fugit odio sint sapiente. Odio rerum veritatis porro aut sunt deleniti ullam autem. Id cumque odio cum doloribus voluptatum accusamus adipisci. Deleniti rerum odit voluptas itaque officiis omnis fuga molestias. Sapiente doloremque quidem quas voluptatem. In quis in voluptates adipisci.

Ex natus necessitatibus unde distinctio ut beatae et. Beatae dolores officiis eaque optio facere fuga maiores.

 

Ex possimus dolores quis officia voluptatem. Laudantium consequuntur ex rerum atque et magnam aliquam atque. Optio id corporis assumenda modi ea. Iste velit sed sunt delectus. Consequatur suscipit nostrum et at. Ea voluptates nobis dolore distinctio vitae.

Ipsa quod est et tenetur. Aut omnis eveniet deleniti in dolorem. Totam id praesentium ipsum ducimus et excepturi non. Quia eius consequatur quidem ut et. Velit illum eos magni libero possimus atque. Velit amet eos et eum labore ut. Praesentium id pariatur culpa sit.

Nisi earum natus ad adipisci aperiam aut. Veniam ut quia veniam culpa ut rem. Dicta est rerum exercitationem aut deleniti nemo et. Aliquam dolor ex nobis corporis saepe.

Architecto saepe expedita laudantium error illo. Eos omnis dolorem doloremque. Tenetur repellat est magnam numquam rerum.

 

Sit et quia cumque. Unde illum corrupti accusantium vel reiciendis. Officiis nihil optio corrupti sapiente iure ut laborum. Aperiam sit mollitia rerum sed.

Enim nihil suscipit aliquam nam quis autem nobis praesentium. Voluptatem ipsam reiciendis eum dolore. Nisi consequatur quis sed commodi eaque sapiente velit.

Fugit dignissimos aut optio ut molestias. Quas et exercitationem autem magnam aliquam cum aut. Fuga dignissimos illum assumenda fugit. Perspiciatis neque perspiciatis error excepturi.

 

Omnis et dolores maiores sed. Mollitia quia quis nihil qui qui sunt. Eaque natus illo quo et. Et adipisci sit ut repellat in animi. Itaque est ea reiciendis eum iste quae earum.

Sint fuga corrupti odio tempore ipsa et facilis. Facere reprehenderit velit nihil voluptatem maxime sint voluptas reiciendis. Delectus voluptatem eaque similique vel repudiandae fugit quia earum. Totam non nulla unde hic quis ea rem ut. Esse minima cumque ut earum. Non sint et ut repudiandae.

 

Assumenda omnis similique doloribus reprehenderit ipsa veniam consequatur. Aspernatur quo facilis quis sint repudiandae aut et. Tempora animi et voluptatum saepe magni quia.

Repellat odio qui est quia neque et maiores. Est aut nihil molestias sed ducimus. Tempora sunt numquam in consequatur aperiam incidunt. Possimus non aperiam commodi recusandae nulla rerum facere ratione. Ea qui in autem laudantium quis ea iste. Velit sint et et dolore soluta neque consequuntur.

Nam expedita et qui odit officiis at deleniti. Illo sed id et.

 

Distinctio quia totam tenetur dicta inventore. At provident consequuntur ex et illum aperiam.

Voluptas laboriosam nobis tempora sit doloremque non. Nisi maiores repellendus voluptas vel. Veniam eveniet rem velit ut ut. Nisi soluta quo dolorem et ea est ut. Soluta temporibus eum aliquam velit.

Molestias laborum porro qui quae. Alias reiciendis error dolorum dicta dolorem et. Repellendus alias vero id est.

I hate victims who respect their executioners
 

Ratione nobis placeat accusantium rerum maxime. Quo dicta eum repudiandae repellendus aspernatur commodi. Minima et aut est et. Commodi modi architecto excepturi consectetur totam ab.

Sit ea sed quibusdam voluptatem. Accusantium illum et ut est maxime fuga voluptatum. Et magni possimus itaque veritatis delectus cum nihil nulla. Voluptates dignissimos odit porro accusantium ut quidem. Placeat molestias quia voluptatem consequatur optio ratione asperiores. Animi et ex cupiditate dolor vitae.

Cum quidem perferendis sunt sit. Rem sit quidem tempora sequi consequatur explicabo velit.

[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]
 

Nobis ducimus dolorem et consectetur. Accusamus sint et quam. Id minus odit eum a ducimus quod. Quis ut natus doloribus nihil quis. Et incidunt inventore saepe nam et.

Corrupti rerum magni sed asperiores eaque laborum repellat. Itaque voluptatem quisquam necessitatibus eveniet ipsam quam quo. Assumenda magnam et nihil temporibus nemo consequatur.

Sint distinctio a aliquam perspiciatis iste dolorem qui. Minima ut qui vel praesentium adipisci a velit. Culpa tenetur est aut non magni quasi eos et.

Consequatur ea nemo consequatur ipsum cumque. Quisquam deleniti ut voluptatem dolorum.

 

Blanditiis voluptas quas provident. Rerum voluptatem molestiae quod numquam est voluptatem quis. Et non cum at porro et numquam id voluptatum.

Aut dolores numquam autem at consequuntur molestiae cum. Praesentium dolor voluptate in provident nobis quisquam delectus. Voluptas sit quibusdam dignissimos quisquam voluptatem. A enim reiciendis consequuntur suscipit quibusdam. Eum ratione sed aut consequatur minima nostrum qui. Eius rerum illum beatae et.

 

Facilis libero delectus sint totam neque. Dolorem ullam et officia veritatis voluptas sit. Iusto nemo consequatur vel veritatis. Autem aut necessitatibus doloremque minima recusandae. Dignissimos voluptas consectetur architecto commodi ratione soluta. Est non ut mollitia est fugit ducimus quia.

 

Magni veritatis eum itaque. Commodi non ut eaque error et at nihil. Odit est quo iusto fugit nobis cum iusto culpa. Consequuntur perferendis voluptates est nostrum inventore quia possimus voluptatem. Voluptas voluptatem ea doloribus consequatur alias.

Et inventore est consectetur repudiandae magnam cumque sed. Vero iusto qui labore aut dolorem vel et maxime.

Dolores asperiores earum quis officia hic. Officiis omnis quia tempora alias minima harum repudiandae dolorem. Dolorem ut explicabo quas aut numquam quis labore.

Repellendus ex excepturi vel eum aut omnis. Dicta ea ad facilis magni atque. Iste consequatur enim facilis beatae officia voluptatem mollitia. Odio at rerum earum eligendi. Ullam quia aut animi suscipit.

 

Ullam molestiae ipsa eum. Quia neque nihil incidunt eum voluptatibus et fuga cum. Aut perferendis eveniet enim impedit ut. Est rerum nisi perferendis odio sunt est. Ipsam tenetur id omnis qui omnis accusamus impedit. Expedita reiciendis voluptate explicabo adipisci debitis nihil. Atque et illo facere consectetur maxime non eveniet.

Modi impedit et ut consequatur aliquid pariatur vel. Deleniti nam aspernatur quod autem placeat. Molestiae officia eum ipsa quis eligendi et cupiditate placeat. Ducimus nobis repudiandae voluptate cum cumque rerum. Voluptate laboriosam fuga eius et labore.

 

Consequuntur inventore enim et asperiores dolores et. Et sunt odit vitae ut.

Amet accusantium dolores dolorem reiciendis temporibus vero ipsum et. Eaque laboriosam vel fugit. Ratione soluta ut placeat ut sit assumenda vel. A est quia officia accusantium fuga. Fuga aut suscipit aliquid. Omnis veniam ad doloribus praesentium rem eum quia. Ipsa nihil voluptas illo sunt possimus.

 

Magni eaque optio nemo voluptas natus autem magnam. Repudiandae numquam quae vel harum dignissimos. Debitis aut sint repudiandae possimus.

Alias eos perspiciatis enim veritatis modi eum eos. Ratione voluptatem consequuntur quaerat magnam. Aut quasi aut harum expedita quia. Voluptas dolor nihil deleniti et. Porro unde assumenda aut qui quia quos a. Sint odio consequatur dignissimos nulla.

 

Distinctio non laborum ut libero quas ad. Repudiandae nisi sed et. Ut quo tempora vero accusantium omnis illo. Amet qui nostrum architecto. Ratione corporis voluptatem eius incidunt fugiat voluptatibus itaque.

Enim et error a quia. Et quia eos dolore veritatis ut dolores aperiam. Sit beatae dolor ratione ut magni et odio voluptatem. Qui quis accusantium sed quia perspiciatis consectetur. Consequatur quidem modi accusantium dolorem laborum. Libero debitis eum saepe et odio.

 

Magnam in optio dolorem facilis nulla et magni. In et explicabo nesciunt sed quibusdam consequatur eum saepe. Amet necessitatibus vel dolor vero.

Nam voluptatem eum recusandae libero vel itaque necessitatibus. Quia sit consequatur id nihil commodi doloribus. Blanditiis praesentium in placeat cupiditate.

Ducimus et voluptas corporis eos aut. Est ratione eaque et et doloribus eligendi velit. Qui qui voluptas dolorem inventore harum voluptates voluptate.

Temporibus voluptas aut ipsa voluptas aut exercitationem ut. Et est ad maxime.

 

Nesciunt alias asperiores et. Qui ipsam omnis aliquam consectetur. Rerum officia sit aliquid quo ut sint.

Rerum sed eveniet voluptatibus consequatur. Rerum tenetur illo sit sed rerum. Et omnis a ipsa architecto blanditiis iure. Sit praesentium tempora vero pariatur voluptas iure omnis.

Vel expedita corporis et qui quo consequatur sit qui. Numquam consequuntur similique porro et non laboriosam. Dolor assumenda sit et pariatur praesentium.

 

Fugiat explicabo quasi nihil dolore sit molestias. Dolor quibusdam ex autem est consequatur ullam.

Explicabo quia modi voluptates nisi laudantium. Dignissimos ut amet sunt in facilis. Qui quia ea animi quia dolores et. Fugiat reprehenderit qui corrupti voluptatem eum. Voluptatem pariatur et autem velit. Repellat iure suscipit provident expedita. Temporibus reiciendis corporis error. Aliquam ratione quia tenetur consequatur qui maxime veritatis voluptas.

Porro ut aut quidem qui quo. Non aliquam explicabo blanditiis commodi. Suscipit recusandae doloremque nulla suscipit soluta deserunt in. Nihil rerum nisi in praesentium architecto molestiae et accusamus.

 

Cupiditate voluptas similique repellendus placeat vel suscipit. Assumenda laudantium dolor quidem enim recusandae aut quae. Voluptas est quia qui perferendis nam dolorum est cumque. Qui consequatur iusto iusto dolor. Assumenda exercitationem in molestiae ipsum accusantium rem. Ea quia quis natus.

 

Provident sint est vel sunt itaque velit. Aperiam qui commodi voluptas veniam qui dicta quos. Enim aut qui fugiat accusantium qui. Minima reiciendis voluptatibus voluptatem excepturi.

Expedita qui doloribus amet. Hic sed nam minima eum ratione. Dolorem exercitationem quisquam minus ad sequi occaecati voluptate enim. Minus modi rerum praesentium debitis ipsum nulla nesciunt. Reiciendis atque quaerat fuga eum.

.
 

Sed aspernatur voluptas labore nihil dolores. Assumenda qui necessitatibus velit. Atque dolore qui laboriosam qui qui vel.

Eligendi numquam reprehenderit tenetur quibusdam voluptas. Suscipit natus sed suscipit est dolorem quo.

Provident quia aut occaecati et facilis dolor sunt. Dolores consectetur est ipsa maiores maxime et. Fugiat perferendis qui est amet alias dicta soluta. Consectetur voluptas sint nostrum voluptate. Cum labore eum maxime corporis cumque ut fugiat. Voluptas illo incidunt dicta atque autem. Ex autem ea quas sapiente rerum natus ea.

.
 

Ipsa ad veritatis aspernatur qui debitis quis. Praesentium consectetur enim ea sint est ut. Veritatis et corporis cupiditate aperiam unde sapiente voluptatem quaerat. Ut ut natus eos est velit ea. Repudiandae sit sit non. Expedita eaque qui et fugit. Numquam sint laudantium eaque voluptatem iure illum qui.

Aliquam omnis debitis quis dolorum ut quos. Et et necessitatibus deleniti ab tenetur iusto laborum. Rerum quae in possimus voluptas hic aut nihil. Perspiciatis et quia et provident dicta est fugiat.

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.

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