What're some examples of proprietary information you guys keep locked away at your firm? Competitive Intel etc.

I think the obvious answer here is the proforma template, although we know you brokers aggregate everyone's stuff! I'd love to see a debt broker's library of models from firms across the country.

We do a little of both. On the debt side, a lot of times it's an Argus run and cashflows in Excel. When raising equity, groups typically want the whole thing. I guess my comment should sub debt broker for capital markets, in general.

Was this person a broker? I've known of some brokerage shops in which one broker will hide the ball and the relationship with a coworker, although that's a shit way to look at the business.

Short of personal financial data or specific returns, I'm not sure what my company would get upset about. The model, I suppose, but I'm not sure why I would take it to another company in the first place and our model is a frankenstein of various stolen models to begin with, so that would be amusing.

Blue Horseshoe loves Anacott Steel.

We're an LP, so our current form JV agreement is a big one.

At our large firm that does a lot of development projects, after every project ends the teams have to fill out a survey that includes basic construction costs, land costs, delays, and other basic information, so we have a big database of this information that the internal research team uses.

If a brokerage firm, they'd want to keep you from running off with their CRM data too.

Someone showed me a deal with the proforma in pdf. I asked for the excel version, to which they replied that it was "proprietary". There was nothing proprietary about it, they just didn't want me to ask them questions about how they arrived at their numbers - was a big red flag about how they would share info. And just took a couple hours or so to build the proforma in excel.

Don't know that its "proprietary" but we're very tight lipped about what aspects of our JV agreements, of our deals, etc are important. Always nice to be able to be seen meeting an investor/contractor/etc halfway when in reality we don't give a crap about what we're giving up.

We also have equity partners that we do a lot to keep out of other firms' hands. If we're the operating partner through which they funnel money into local deals, I don't want to let another group get a foot in the door and start making us give ever more aggressive terms to get money from these partners.

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