Ask DickFuld November 2014
Apologies for not doing this Q&A for awhile. Fire away and let's get this started.
Apologies for not doing this Q&A for awhile. Fire away and let's get this started.
+233 | My chaotic IB journey | 27 | 5h | |
+211 | MS M&A vs GS HC | 48 | 14h | |
+176 | Ending My Life if I don't get an SA 2025 Offer | 63 | 21h | |
+115 | Anyone live in a different country before? What’s it like? | 43 | 17h | |
+72 | Hazing in the Bullpen. What to do? | 15 | 7h | |
+53 | MD shoved food down my throat. Is this normal? | 16 | 19h | |
+39 | Improving in TMT | 11 | 3h | |
+35 | Basically necessary to be a varsity athlete to get BB IB from Bowdoin? | 22 | 1d | |
+34 | Later Chodes - I'm Taking My Talents to The Mega Fund Leagues | 8 | 1d | |
+19 | Too late to be Analyst 1 with 5 years of experience? | 16 | 2d |
Career Resources
Why did u get into a fist fight with your commanding officer when you were in the Air Force?
He was a bully. I don't stand for that.
Haven't you been known to be a bully yourself?
http://ironman-40.blogspot.com/2008/10/dealing-with-wall-street-bully.h…
What's your opinion on where Skip McGee may go next?
The great debate: Bill Ackman or Carl Icahn?
Xbox One vs PS4?
+1 Dick. You are a true patriot!
If you were joining a bank (BB/EB) out of undergrad or business school now, which would you choose and why
Doesn't that go against your religion? Jewish banks were supposed to stick together, no?
Kill, fuck, marry?
Bernanke, Geithner, Paulson
Holy shit. DickFuld is a Certified User now.
i got like 60 monkey shit on that thread lmao
guess he proved me wrong
Thanks, Dick. How long do you think the boutique advisory firms will gain traction? Are the Moelis', Lazards, Evercores going to grow consistently, as they have been, and are they here to stay given the new regulatory environment?
Incidentally, all of those are publicly traded...
How did you rebound after losing Lehman?
Sincere question. Just interested in how you deal with it, because I know I'm going to experience catastrophe later on in my life and thought you'd have an interesting perspective on overcoming it. Thanks for the answer though!
Seriously
couple questions: did you ever work with Dimon when he was head of Smith Barney or was that after the split? either way, how is he as a person? I've heard he's incredibly brilliant but prickly to say the least
why do you think investment banks have never gotten the idea to leverage wealth management when doing IPOs/M&A? I know it's done in theory, but often times the bankers just hold onto all of the data and the firm loses out on potential revenue.
what do you think will come of the large banks in 20 years? some of the rhetoric makes it sound like the feds will try to break up the institutions, thoughts?
I'm not sure exactly what you mean in your second question. At Lehman, we employed the One Firm philosophy. Plenty of our investment banking activity was originated in our PCS division and a lot of our syndicate was run through that group.
The regulations in finance have become so onerous, that it pays to be big to spread compliance costs across a larger base. While it is true that there are some regulators that would like to break up the big banks, the management of those companies does not. I don't know how the government could force their hand to break up, because none of the banks are big enough to be considered a monopoly. Frankly, the ones that would most likely be asked to break up would be Citigroup, BAML, and JP Morgan Chase because they have both significant institutional trading capabilities and a retail banking presence.. However, I think a bigger issue for them in twenty years will be the cost of their retail branch network compared to online banking. As more people who are comfortable with doing everything online accumulate significant assets or are in control of significant assets at work, Internet based banks will get a larger and larger share of the market because they will be able to provide better lending rates and better savings rates because of their cost advantage. What do those banks end up doing with 1,000 branches that are only serving little old ladies who need to talk to someone?
1 - How much pot did you smoke at UC Boulder?
2 - Would your commentary of Stress Test be shorter or longer than the actual book?
Do you even lift bruh?
How I wish I could go back to being a super nerdy 20 year old virgin!
What are you up to these days?
There is no doubt that my experience does not hold a candle to yours. That said, one of the few things I have learnt is that "reputation" is subjective. At some point you just have to stop worrying about what others think. Anyway, thanks for hanging out here and sharing your thoughts.
How do you feel about the conspiracy theories that you are a lizard recruited by the Illuminati?
We had '01 and '08, where do you see the next market crisis stemming from and when?
How are your kids doin'?
What really brought you to WSO?
Your favorite movie and color? ;)
Lehman green, duh
I don't really watch movies.
Green, which should be fairly obvious. I bleed it.
Do you think you'll attempt a comeback, probably not at the same scale as Lehman, but in some way? Or is it just not worth it, and not simply for financial reasons, but the scale and fun of the game just wouldn't be there? I used to do business with an executive who was previously a Marine Corp fighter pilot back in Vietnam, was a Top Gun instructor and one of the test pilot for the F-18. When someone asked him if he ever flew small private planes, his response was something along the lines of "I used to fly nearly Mach 2 and pull 9 G's. Getting behind the controls of a twin engine turbo prop wouldn't even register."
Your analogy is absolutely perfect and relevant to me. I would have probably stayed at Lehman until the day I died, because I loved it. I could never feel that way about another place. I don't have the energy to start my own shop either.
Too much money to ever spend? Can you buy me some new Gucci loafers and a Patagonia vest? I feel real left out at work and since I work at UBS my bonus will probably be zero.
Why did you choose capital markets earlier in your career? What would be your advice to "traditional" corporate finance people interested in transitioning to capital markets?
Thanks for your answer.
By traditional corp fin I meant things like budgeting, reporting, profitability analyses, etc. - still finance, yes, but not anything to do with capital markets. I thought I would try it out because of the supposed 'strategic' aspect. Nearly a year doing this and I am bored out of my mind.
As a young person with a newly-developing professional network, how do I develop a large pipeline of proprietary deal flow quickly without putting too much work in or having to get on a plane?
Did you ever work with a James Cahill?
Would you still want to be a trader if you were a college student right now?
What's your advice for building a scrappy but resilient broker-dealer that can rival GS, MS, and the others? Is it still possible with all these financial supermarkets (BAML, JPM, UBS), or is the broker-dealer model officially dead for good at the BB level beyond MS and GS?
Starting a full service firm from scratch would be extraordinarily difficult to do now. I think the best way would be to start your own boutique where you bring tons of your old clients from your previous firm and build from there. Sort of like what Frank Quattrone did. If they can continue to build upon that success, you never know what could happen. It sure as hell won't be easy.
What's your advice for building a scrappy but resilient broker-dealer that can rival GS, MS, and the others? Is it still possible with all these financial supermarkets (BAML, JPM, UBS), or is the broker-dealer model officially dead for good at the BB level beyond MS and GS?
What's your advice for building a scrappy but resilient broker-dealer that can rival GS, MS, and the others? Is it still possible with all these financial supermarkets (BAML, JPM, UBS), or is the broker-dealer model officially dead for good at the BB level beyond MS and GS?
Do you have a favorite trade? Be it your largest win, the trade that had the most doubters, whatever. Any trades you look back on and still remember the high?
"When I find a short seller, I want to tear his heart out and eat it before his eyes while he’s still alive" Do you still feel the same way about short sellers?
Here's an easy one: what makes a good leader?
great thread as usual thanks for doing this
What do you think of a career algo / market marker houses like Jane Street and Jump Trading for an entry level? What about renaissance?
Have you ever considered writing an autobiography?
I am still the most hated man in America by many people. The public isn't ready yet.
Maybe the public isn't ready yet, but you need to eventually. People need to learn the truth about Lehman.
Sorry guys. Had a little too much Bombay and passed out for a little while. I'll try to get to all the questions soon.
If you were a junior guy on a trading desk right out of undergrad, what would you do to try and position yourself to climb the ladder?
Which would you choose: Equity Sales or Derivative Sales?
If you came from no money, had a small network, and recently graduated from a non-target, what would you do to try and get in front of people that matter?
I would greatly appreciate your time and insight, thanks!
All I can say is hustle and figure out a way to get in front of people and tell your story. It's really not complicated, just find them and get in front of them. Whatever it takes and take a lot of shots.
When you try to network with people as a non target college student, do you think it is better to try to network from the top to the bottom, like from CEOs to MDs to VPs? Or you would start to network first with those analysts.
What do you feel are the biggest differences in finance (Wall Street finance overall, not a particular concentration) from when you got into the business to today? I ask this thinking about how people (like my mother to a lesser degree and a guy like Lew Ranieri to a much larger degree) ended up trading or in others areas of IB who didn't have today's typical Ivy League pedigree but were still able to break in and become successful. I'm probably one of the only other people on this site who actually knows and interacts with "old timers" and I get a mixed message where some people say it was tough to break into Wall Street without having a Herbert, Walker, Prescott or Harriman somewhere in your name/lineage and others who say you could start out not just in the proverbial mail room, but the actual mail room, and make it.
I'm also interested in hearing your thoughts on the differences not only related to how people did or did not break in. Smaller partnerships vs. large publicly traded entities? Glass-Steagall and other regulation? The emergence of hedge funds and PE? The general consolidation of every industry and the consolidation of finance (I'm thinking along the lines of how there were many large companies, not planet wreckers like today, in places like Boston or Philly and how there were dozens of banks/brokerages in those cities to service them, and now there's just far fewer of each in both cities and the IB's are primarily rolled up in NYC).
That's probably enough to fill part of your autobiography of course....
And, while I'm by no means asking for a job, and I by far wouldn't be the only person, and you don't know me from Adam, if you ever wanted to start your own shop I would be more than honored to work with Dick Fuld. You and Lehman got so screwed that revenge would be a dish best served cold. Thanks for giving back.
No offense, you already know I'm two liters deep on Bombay and you write a Moby Dick sized novel for me to read through.... You found my kryptonite. Are you Lex Luthor or just another average middle aged bald guy?
I'll have to get to this tomorrow. I'm sure it's great stuff as you usually write, of course. I am just seeing six of it and can't decipher it now.
Lol. I'm Lex Luthor with better hair genetics. Middle age and stress is making me grey but my hairy fucking Irish brethren still makes my grow hair, everywhere, unfortunately. But I do have kryptonite in my pocket. Unfortunately it's my own as well.
I'm still on the imperial measures so until a liter equates to a half gallon, I'm still thinking Mama Cass could live and therefore I can too. Two more fingers and then two more...
The biggest differences:
The trust level from clients is unimaginably lower than when I started, that would be my number one difference. Clients used to be believers about the advice we gave. People are much more cynical and sophisticated now. The complexity of the offerings is probably the second biggest difference. I'm sure that these two issues are somewhat related.
As far as breaking in goes:
It's much more difficult today than before. If you could prove yourself as someone who was smart and would work hard, places like Salomon Brothers, Bear Stearns, and yes, Lehman Brothers would be much more likely to take you on than most places today. This was especially true of trading desks compared to investment banking, where the snootiness factor has always been present to a fairly high degree. Of course, it helped a lot if you were already from New York, because networking would be much harder than today if you were out of town.
Hedge funds and PE:
Hedge funds are places where you are worried about making a bid or offer to, because it was such a different dynamic from the real money investors that were pretty straightforward trading partners. Obviously, I loved the trading volume they brought and the lending we could do for them, but it was anything but the more traditional research driven relationship we had with real money guys.
PE was nothing but upside on the advisory side from my perspective. Huge fee business and minimal risk.
Glass Steagall: I don't know how old you think I am, but I was not around when that went into effect. Of course, I was around for the repeal. If it couldn't be reinstated after the '08 financial crisis, it's never coming back in its original form.
That's all I have for now.
Thanks for doing the Q&A, it's been great.
People would have walked into your office with all sorts of ideas all day and you'd have to make a go/no go decision on the basis of maybe 15 minutes briefing.
I figure, at that point, you're not evaluating a deal entirely on its merits, but also on the signaling you're getting from the people in the room (and those not in the room).
What heuristics/shortcuts did you use to use to filter deals?
eg did you peg people as sales guy vs details guy in the first 30 seconds? Did you look to particular functions in the bank, disregard others (eg Risk)? Did you look for stuff like "where is this guy vs his budget ie what desperate gambles for revenue may he be making to keep his job?".
And, in retrospect, how would you have adjusted those shortcuts?
If I could do it all over again, I would have liked to have listened more and encouraged a 'devil's advocate' on major decisions. Ultimately, I kept pushing people to do more and more and eventually it caught up with us. I also realize now, that some people may have been afraid of me and that's why I should have encouraged more dialogue.
Do you shower and brush teeth at the same time?
If you could go back in time and do it all over again, what are some of the things that you would've done differently at Lehman?
where are interest rates headed?
i got this one Mr. Fuld.
thebrofessor - up
Interesting, I was talking to a friend of mine at a credit fund, he's thinking rates are going to have one last big push lower by early 2015 before the trend turns to rising rates. Probably a more 'speculative' rationale than he usually comes up with, but the guy is pretty sharp.
thank you for your comment, I meant more specifically for @"DickFuld" it's a given that eventually at some point rates will go up. the debate in my mind is lower for longer or 5%+? either way, what has to happen to get there. essentially I want his schpiel on rates, not just up down or sideways.
If the Fed leaves its foot on the gas too long, what will be the next bank to go the way of Lehman?
One more question, thanks again for doing this. I'm moving into ER at a large firm, how do you see the future of research? I believe its role as a liaison between businesses and the investment bank is pretty crucial and profitable. Do you think hedge funds tend to look at ER talent with higher regard than IB talent due to the applicability of the skill set? Thanks.
I see you are a Bombay guy but what about Beefeater? How do you take it? Rocks with lime?
tanqueray ftw
Also a fan, just getting into gin in the last few months. Beefeater seems to be a lot smoother but you can't beat a tanq and tonic.
How do I take it? Well that depends...
I like to start off the day with a pull directly from the bottle. Later, you'd be surprised how well it goes in coffee....highly underrated. If you're at brunch, try it with orange juice. For lunch, a classic G&T is always at your disposal. By the time you hit dinner, a tall glass neat is the way to go.
I will be trying this, thanks
how did your experience as a comm paper trader prepare you to run Lehman and how did it impact the way you ran the bank?
thoughts on the bankers vs. traders dynamic? difference in culture, the types of people who work in each role and are successful and how they get along (at Lehman and other banks you know of)?
thoughts on the FICC space and where you see it going over the next 5 years at BB banks? what desks will be major profit centers, which desks are headed for secular decline? the business took a lot of heat for what happened in '08 and has been crimped by regulation. will it ever be back in a big way? is that a good thing for the world of finance and the economy?
why/ how did you end up on the comm paper desk starting at Lehman? if you were starting at a BB bank today in a S&T role which desk/ seat would you push to get?
Guys,
Let's try to limit this to a question or two at a time. I can't do multi-part questions a la Rodney Dangerfield in 'Back to School'. I just don't have the attention span or sobriety level to answer Russian doll type questions within questions.
@"glen Ross". I'll try to get to some of these tomorrow. PS, never say FICC to me. That's a GfS term, not a Lehman term. We had Fixed Income and Equities within Capital Markets. Use one of those terms only please.
@"DickFuld" duly noted, fixed income from now on and brevity out of respect for your time. i chopped it down to 2 questions:
1.) if you were starting in a BB Capital Markets role today which seat would you push to get? 2.) thoughts on the differences between successful traders vs. successful bankers and how the 2 groups get along?
from what I understand you need a company email to get certified on this website, if so, which firm's email are you using to get the gold star? have you created a 1 man consultancy through which you funnel your speakers fees etc or something else?
The other thing I didn't mention yet is discretion. You don't need to tell everything to everyone, so exactly how I did it will not be mentioned.
Why do you prefer Bombay Sapphire? How do you prefer it (e.g. neat, on ice, mixed, etc.)?
Nice!
Thanks for all the great posts on WSO; they have all been phenomenal to read. You mentioned that you felt you lost everything in a short period amount of time back in 2008. How did you let go of the past after this? I mean, you had been so wildly successful before so how long did it take you to get more comfortable with your life post-Lehman?
You have probably gone through self-realization. How did you make use of what's left in the past to make a better future?
At this point, I'm using my posts on WSO as a small way to pass some of what was great about Lehman on to the next generation. Ten years from now, most people entering the industry won't have even heard of Lehman.....unless I can do something about it here. Keeping the Lehman name alive is important to me.
Thanks for all the great posts on WSO; they have all been phenomenal to read. You mentioned that you felt you lost everything in a short period amount of time back in 2008. How did you let go of the past after this? I mean, you had been so wildly successful before so how long did it take you to get more comfortable with your life post-Lehman?
You have probably gone through self-realization. How did you make use of what's left in the past to make a better future?
Your favorite industry group and why?
What would your investment outlook be for Europe for 2015? Opinion about Greece's recovery?
Dick, I'm a undergrad junior in a non-target college. If I want to become someone in upper management (maybe even a CEO) in a BB Investment Bank, where should I start out? CP like you? HF? IB? portfolio management?
If you want to manage a large and complex financial organization, in some ways, whether you start in trading or banking matters very little. You just need to ensure that you can sell, you know how to mentor those lower on the totem pole, you know how to enforce controls, and know how to manage an organization. You can only do that by working your way up and earning the respect of those around you.
Going the hedge fund route is probably preferable these days. The upside is nowhere near that of what it was for the founders and you absolutely should not expect to become a billionaire if you join someone else's hedge fund. But the money is relatively good and you aren't kissing ass almost all of the time.
Awesome thanks for the advice. And thanks for commenting on others' posts that I'm learning from. My ER buddy and I have been enjoying your posts on WSO for a while now. I'll make sure we do a shot of Bombay for ya. Cheers.
How much advisory is there in IB? I thought there would be more offering of strategic advice in M&A, it seems its mostly in capital restructurings. From the impression I am getting bankers offer some advice but their kinda just nodding their heads and making sure everything goes as planned. Was expecting to be able to advise clients using the knowledge I amassed from the beginning when I was a summer analyst?
Also why IB? I read your stories/ but none have answered it. Power? Money? Or, maybe you liked analyzing financial data for companies because it is very interesting the way the companies financials are like the cardiovascular system to the human body? Or was it all of the above? Did you have something to prove? (What/why)
Thanks.
Since you have both time and money in abundance, do you travel from time to time? Europe? SE asia? If so where did you have the best time? And would you advice young monkeys to get some international experience through studies or internships?
International experience is usually a good thing and I think it will become more important over time. The U.S. is a tiny fraction of the world population and a shrinking proportion of the global economic output. I wish I spoke Mandarin or Spanish fluently.....outside of English, those seem to be the most important languages to know going forward.
Thanks for doing this, 2 quick questions:
Where would you start off in the industry right now? IBD or trading? (given more roles in trading are getting automated)
Buy-side vs. sell-side?
then, is it true to say Cash Equities trading will no longer be there in 5 years?
@DickFuld - What's your angle with the 'green channel' for listing more Chinese SMEs in the US?
We've already seen multiple waves of Chinese SMEs list in the US via RTO and then turn out to be frauds. Even Big 4 audits are meaningless in China and the US PCAOB has no reach into China to punish them when the Chinese offices of the Big 4 are negligent at best, complicit at worst.
Like I mentioned a little bit ago, I recently took a trip to China and this topic is the main reason why (as well as to vacation with my wife). The U.S. is in the business of capital markets and we should be doing everything we can to open up the capital markets for these small and medium sized companies based in China. This is something we should do as patriotic Americans.
As far as corruption in China, certainly China is not as advanced as we are today. Like almost all third world countries, like India, Somalia, and Italy, the greasing of the palms and political favoritism have a higher place in society than it should. That being said, China is making huge strides in these areas. And, anyway, we don't blanket prosecute entire countries, we prosecute individuals. So, not allowing some Chinese companies to list here because you disagree with national policies is downright unfair and wrong. The companies we should be supporting are those that are the fastest growing companies in the fastest growing parts of the world. This will be a boon for both investors here and companies there.
My viewpoint is that you can rage against the machine from the outside or you can try to provide real financial incentives to drive for change from within. Listing in the US will provide that incentive better than any hippie, do-gooder intentioned regulations.
Clearly, you have a viewpoint you would like to share, so, please go ahead.
Wholeheartedly agree with this.
My issue is more with this perspective. For where China is today, I think it's overoptimistic to think that the incentive works that way outside the large Chinese corporations, whether SOEs or private sector.
The current business culture in SME China when it comes to raising money offshore has heavy flavours of "get money off dumb foreigners", with the Chinese legal system providing a lot of cover through offshore investor-unfriendly laws around corporate control, company seals, legal reps etc.
Fleecing money from eager offshore investors is a perfectly rational and sensible approach in China where the legal system is largely offshore investor unfriendly, where the Party can decide overnight to shut down or cramp your business, or some Party rent seeker decides you must pay him your cut or else he'll make trouble.
That is, the incentives work to incentivise fleecing of offshore investors, rather than incentivising good, clean capital raising behaviour.
Even in a IPO regime like Hong Kong's, where the Exchange due diligences and vets the candidates (unlike the Western "just disclose everything" philosophy), you gets frauds slipping through eg China Metal Recylcing (HKG:0773). In the case of CMR, a recent HK judgment indicates that CMR execs are thumbing their noses at the offshore liquidator using the unfriendliness of the Chinese legal system as cover:
Source: http://legalref.judiciary.gov.hk/lrs/common/ju/ju_frame.jsp?DIS=95704&c… eg from para 37
There's a wide range of other Chinese companies that turned out to have dubious stories, like Sino-Forest (ie John Paulson's big long). I could be wrong, but my understanding is that none of Sino-Forest's PRC directors or auditors have gone down as a result of that deal.
In the short term, bringing SME Chinese companies to list in the US regime will discredit Chinese stocks in the longer run because the incentive effect of defrauding offshore investors overpowers any incentive effect for good corporate gvernance. We saw this in the the wave of Chinese RTO frauds a few years ago and nothing has changed the alignment of incentives.
In any case, this thread is not the place to argue the topic. Hopefully your public support for Chinese listings via the US is coupled with behind the scenes lobbying on the Chinese to make their domestic company law more offshore investor friendly.
Asperiores dicta iste atque voluptas atque. Rerum quod est rerum quis delectus omnis. Molestiae natus libero earum quia maiores. Temporibus esse dolores magni quia. At et occaecati aut eius.
Consequatur officia animi rem qui ea veritatis. Maxime itaque facere officiis perferendis. Quaerat eum id accusamus occaecati cumque sed magni.
Quas enim delectus aut quia voluptas deleniti dolorem vitae. Quae sint pariatur rerum veritatis delectus. Velit cumque ullam necessitatibus quia voluptate dicta. Autem et vitae iusto sint aperiam aliquam. Perferendis molestiae magnam rem sed. Et corrupti architecto in ratione. Fugiat voluptas qui voluptate molestiae explicabo officia eaque.
Quam quidem sapiente voluptas aut neque soluta. Dolor soluta et id alias deleniti perferendis soluta. Consequuntur eos quia tempore vero ut. Voluptatem consectetur at dolor possimus perspiciatis. Non sit at non pariatur veniam. At illo repellendus nihil omnis voluptatem voluptas.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Amet a cupiditate aut et. Aut possimus est quod omnis mollitia officia dolore maiores.
Aut consequatur deserunt similique asperiores quis culpa quasi illo. Molestias ea optio quia temporibus voluptatem quod dolore. Delectus id et optio voluptates ab et aut.
Et veritatis magnam repellendus illum aperiam. Expedita rerum et autem assumenda neque eveniet et. Id consectetur modi quasi.
Inventore voluptas sit incidunt. Ea nobis omnis ut et molestias quis. Quos corrupti occaecati itaque nulla.
Quae error sit distinctio maxime est dolores et. Impedit aut magni ut non praesentium optio accusamus aut. Ipsam sequi molestiae aperiam odit fugiat consequatur maxime.
Aliquid hic omnis numquam et est vel consequatur. Atque doloremque molestiae delectus eligendi esse ea vel. Accusantium recusandae culpa velit libero. Asperiores illum voluptate repudiandae ipsa ut cum. Cupiditate aut beatae quos sapiente sit sint.
Magnam magnam numquam temporibus perferendis voluptates rerum voluptate velit. Reiciendis sequi exercitationem perspiciatis voluptatum. Qui facere est ad suscipit molestiae dolorem. Sit blanditiis beatae rerum quia dignissimos ut temporibus.
Enim quia cumque ut ex doloremque. Aut cum impedit ut beatae. Non eveniet pariatur et quia. Sed saepe molestiae sapiente illo assumenda sit. Et repudiandae quia unde.
Fuga necessitatibus consequuntur quisquam repellat. Ad dolor explicabo corrupti similique ducimus. Et repudiandae ut aperiam minima sit dicta non. Quo labore illo voluptatem dignissimos sint nemo.
Expedita nostrum illo earum facere natus est accusamus. Unde laudantium aliquid distinctio temporibus ipsum. Architecto et quaerat adipisci similique omnis qui. At maxime quos eos molestiae. Adipisci aut consequatur vel ad et.
Dolore veniam enim quia aliquid dolorem eum. Vel magni omnis repudiandae autem maiores voluptatibus enim alias. Perspiciatis dicta nihil quidem eveniet libero rerum. Sequi est nemo quae in accusamus fugiat dignissimos. Eveniet et voluptatem nulla deserunt nesciunt placeat quos. Cupiditate sunt iure et repudiandae numquam.
Vitae eos consequatur cumque vel libero quas id laborum. In ducimus neque similique facilis accusantium optio. Expedita consectetur hic quae voluptatum totam corporis tenetur. Fuga aliquid hic deserunt illum est sit in. Optio incidunt nobis ea.
Non non quis culpa placeat et. Non suscipit sit amet aut ullam hic et. Ipsa architecto saepe aspernatur voluptatem voluptates. Nam repellendus qui perferendis occaecati ad ut. Eum mollitia officia quas aliquid.
Sequi aspernatur exercitationem libero quibusdam officiis voluptatem. Qui voluptas est aliquid voluptatibus.
Omnis et facere laudantium voluptatem repudiandae quis minus. Enim non qui totam perspiciatis est unde quam. Minus amet temporibus amet optio magni quis asperiores. Libero nisi ipsam et debitis. Eum perspiciatis fugit rerum ad dolor sit qui aut. Aspernatur quo atque tempora sit et consectetur. Non voluptas est dolorum provident.
Est assumenda quia alias laborum minus qui officiis. Quia non error omnis.