Have you ever seen a "hole in one" deck?

Like the title says.  Curious if anyone has reached the point in their own skill or in trust from their group where the V1 deck makes it external / out to the client - where it makes it through analyst/associate/VP/MD/compliance review with 0 changes.  Or is this a mythical goal that will literally never happen?

Comments (24)

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  • Analyst 2 in IB-M&A
Nov 11, 2021 - 5:06pm

Literally never happens - there will always be comments. If the Asso/VP doesn't provide at least some comments then it looks like they haven't done any work.

  • Analyst 2 in IB-M&A
Nov 11, 2021 - 5:19pm

Agreed with the above, someone will always find a comment to make. 

Thats why the pro gamer move is to rename v01 as v06 and v06 as v12

Nov 12, 2021 - 12:16pm

As much as this sounds like a joke, its serious. There's been multiple times where I've pulled together materials as an analyst for a live deal and went straight to ~v4 and it went out with no comments. Bankers are scared to step on toes / take a hard stance on something so if they think others have opined and there's nothing blatantly wrong they will hold their tongue. 

  • Analyst 1 in IB - Cov
Nov 12, 2021 - 12:29pm

Had a friend at Q, just because they run so lean they often send stuff directly to client. Might have just been a one off but it makes sense when it's just you and an MD who doesn't want to get in the weeds. 

  • Analyst 1 in IB-M&A
Nov 12, 2021 - 12:47pm

Can't believe people here are able to send out early versions- is this just may bank?

I make a deck- send to associate for comments. Associate gives comments (because he's useless and needs to feel important), I turn them.

After associate approves, send to VP. Get comments, turn them. Send to associate again, chances are he has a bone to pick with something about how I addressed a VP comment. Fix that, send back to VP. He approves.

Send to MD, he gives comments. Repeat process of me fixing, get associate approval, get VP approval, etc. it's insane.

So now we're probably at v40 on one round of MD comments, if I'm lucky it'll be client ready now, if not we'll do another round or two of MD comments and get to v100+.

  • Analyst 2 in IB-M&A
Nov 12, 2021 - 2:36pm

This is the way. Inevitably one of the VPs or MDs comments will be asking for data that is impossible to find, so you will have to explain that every turn all the way to the top

Nov 12, 2021 - 2:50pm

I wouldn't sweat making that your goal. If it ever happens, the difference between a hole in one and a hole in one deck is no one gave a shit about the latter (or the client it went to). Highly unlikely for some of the sharpest, aggressive, and most opinionated bunch of people to have no say on something that matters.

  • 2
  • Analyst 1 in IB - Gen
Nov 13, 2021 - 7:37pm

"My work Means something, it's sooo nice to be working on something that matters" he exclaims, as the client turns and puts the discussion materials in the trash, never having opened them.

fuck my asshore hawder. He screams! 

Nov 12, 2021 - 6:47pm

Come hang out in the lower middle market I've seen some comically bad pitch books. When I interned at a Pe firm part of my job was going through the avalanche of cims we get sent. Spelling mistakes and shady financials were common. The funniest I remember seeing was a pitch deck for a $250m ev water purifying company with ridiculous colors like neon yellow and magenta.

  • Analyst 1 in IB-M&A
Nov 12, 2021 - 11:32pm

It doesn't happen and there's 2 reasons why:

1) as people mentioned, people are afraid to look like they added no value so they will always try to find something 

2) Most the time comments are subjective. Here's an example:

Should the subtitle of a slide be:

"Impressive operating leverage allows a scalable business model" or Scaleable business model provides impressive operating leverage"

Additionally, more often than not comments are things like, "can we gray out logos or make boxes brighter" both personal preferences that can vary between MD's and within a team/ a VP might have one preference and the MD will have another.

The only way you get no comments are everyone is too busy.

Nov 13, 2021 - 6:39pm

Agree with #2. The rewording of phrases or font formatting ("Change it from a size 12 to an 11!") are guaranteed. 


  • Associate 3 in IB-M&A
Nov 13, 2021 - 1:49pm

Never. Completely agree with the advice to add versions wherever possible (within reason, don't skip to v_15 from the start)

if it's v_02 by the time it gets to the MD they will view it as a starting point and rip it up, v_14 they'll think it's more finished. But you will always get comments no matter what especially from VP/new directors who want to look like they have input

Nov 14, 2021 - 3:49am

Yeah never will the v1 deck be the client copy. Too many folks who want to wordsmith and get their thoughts down to "best tailor the messaging" for the client. You can certainly come close if you're lucky but there will always be changes no matter how strong the deck is.

Nov 14, 2021 - 7:00am

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