Monkey to Millions | Grace (Session 9) - Was this IB Technical Mock too Easy or Hard? - June 3, 2020
About
In this session with Grace, we cover how she finished up with finals in the past month and how sporadic her hours are at the current IB remote internship. I encourage her to use her free time on the lighter days to drill on the new WSO modeling courses that she has available to her and we spend the last half of the session going through an investment banking technical mock interview. Listen in to find out how she did...
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WSO Podcast (Episode 9) Transcript:
Patrick (CEO of WSO): [00:00:23] Hello and welcome, I'm Patrick Curtis, chief monkey of Wall Street Oasis, and this is monkey to millions. A show where you get a front row seat as I mentor young students and professionals to try and help them break into their dream jobs in the first cohort. You'll meet four students, all preparing for intense job interviews while trying to also balance a personal life and schoolwork. The goal of this show is to shine a light on the struggles of trying to break into competitive positions with a non-traditional background and to give you a roadmap for your own success. My hope is that as you get to know these four impressive students, you're inspired to dream big. Remember, these are real people, and this is their true story. Let's get to it. In this session with Grace, we cover how she finished up with finals in the past month and how sporadic her hours are at the current Ivy Remote internship. I encourage her to use her free time on the lighter days to drill on the new modeling courses that she has available to her, and we spend the last half of the session going through an investment banking technical mock interview. Listen in to find out how she did. All right, Chris, thanks for joining. I think this is either such an A. And I always lose count, but how is it going? We are now in June in the midst of summer. How is how's everything going?
Grace: [00:01:46] Oh, it's been good. So I've finished with finals and everything four classes a couple of weeks ago and then now I've been spending more time on my internship and that's about it.
Patrick (CEO of WSO): [00:01:59] And how is the how's that going? Like, when did you finish exactly like mid-May, mid-May? So do you have a week to relax?
Grace: [00:02:06] Maybe I'm kind of. I mean, the internship, it kind of ebbs and flows with how much work I have. So I guess just it depends on the day.
Patrick (CEO of WSO): [00:02:16] Yeah, I was talking to Andrew a couple of days ago and he was saying some days are like one hour or nothing. And then the next day he's like doing like 18 hours and he's up till like 2:00 in the morning or he's getting calls in the middle of the night. He's like, what's going on? Right? It's just sporadic. Is that is that similar to what's going on with you?
Grace: [00:02:34] Or yeah, just because normally they said if I were in the office, they'd have me working on a few live deals. But deal activity is obviously slowed down a lot too. So there's just not as much work that I can be doing as an intern, especially.
Patrick (CEO of WSO): [00:02:50] Yeah. So I know you have access to I think you have access to our Excel modeling course that I give you access to that. Not yet. Not yet, OK. So we just released, we just announced on the site, actually, we released the first three out of the six courses that'll make up the elite modeling package. So we have. Up and ready to go, the Excel modeling financial statement modeling course and an LBO modeling course that we're super proud of all those, all those three, I think we're really excited about them in terms of how engaging they are and how much fun they are compared to a lot of what else is out there. The LBO modeling courses taught by an actual private equity guy who worked at a megaphone. So he that what they built, I say they, because it's multiple professionals kind of combining is better than any private equity model I ever saw. I was like, it's crazy. It has like toggles for recaps, dividend recaps, toggles for like be able to layer in like a rollup strategy and acquisitions and roll it in seamlessly. It's pretty awesome. So I'll send access to all that stuff for you so you can start digging through on the lighter days. It probably makes sense. I think still the Excel modeling, even though you're probably are you getting some reps with that at your internship?
Grace: [00:04:06] Mm, yeah. I mean, a lot of the simpler stuff more, but even still just getting all the shortcuts and
Patrick (CEO of WSO): [00:04:11] Learning that, yeah, so that might be a good one just to start with, because it's so foundational if you can get just faster with it and drill. And you know, like I said, I think I mentioned this last time. It's like the piano. Again, if you can kind of get that, get it out from the frontal cortex to the hippocampus. That said, the cerebellum rather part of your brain where it's more like you're not thinking about the quickies, they're just happening. Mm hmm. It just it makes a big difference in terms of right, allowing your freeing up your left brain, your frontal cortex to actually think about why you're doing what you're doing, rather than just like trying to get the formulas in the Knesset, if statements working properly and all that stuff. Ok, and then so, so anything, are you working on any live deals?
Grace: [00:04:57] No, not right now. But it sounds like maybe
Patrick (CEO of WSO): [00:05:01] I would be surprised if you were.
Grace: [00:05:03] Yeah, they said in a few weeks, there's something that's on pause right now, so they might have me just start working on some initial things more in advance just to give me something to work on. So I'm still waiting here on that.
Patrick (CEO of WSO): [00:05:15] Ok, so yeah, I mean, I think a good thing to tide you over is to work on these courses. Mm hmm. I mean, I also think it's important you take a little bit of a break because you push really hard your first year to get the internship to do well in class. I think it's important to take at least a week just to decompress. I don't know how you decompress, whether it's working out or Netflix or whatever it is like. I think it's important that you do something like that and just actually take it. Maybe it's just a couple of days, but really just doing nothing and just reflecting and maybe hiking or doing whatever you enjoy. Maybe just reading a lot about fashion, whatever it is, whatever it is, I think it's really important to get that because otherwise it's just like nonstop.
Grace: [00:06:03] Mm hmm. Right? Yeah, I did. Have I gave myself about four days?
Patrick (CEO of WSO): [00:06:08] Ok, so well, if you need another a few more, don't hesitate to take it this summer. There is a little bit of benefit of being remote as you can. You can going to find those times for yourself when you're not feeling it a certain day to just relax, sleep in, do take advantage now when you can. I can't do that anymore with the three years. So it's like, you know, I really just enjoy that. In terms of like the stuff they're having to do, so it's like pitch work is a lot of PowerPoint stuff,
Grace: [00:06:39] A lot of PowerPoint and then a lot of compiling. It's like buyer's books. So especially for some of these smaller companies where we don't do the whole process, it's more just kind of using my MDS network and then he gets a commission for it. So I do a lot of the work with kind of just doing research to find possible buyers for these really small companies, usually around one or two million revenue.
Patrick (CEO of WSO): [00:07:02] Ok. And. Very cool, and then in terms of like what you think the summer is going to look like, you're just going to be at home, you think for the foreseeable future.
Grace: [00:07:13] I think so. I'm I think I'm going back to the city soon. Okay, so. Oh, you are going to go backwards? Yeah. So I've a friend through school who had a bedroom open there, so I'm probably going back up.
Patrick (CEO of WSO): [00:07:27] Yeah, that'll be fun. A lot more fun in the city. Well, we'll see what it's going to be like this summer, right? And how much things are going to open up and stuff. But it'll be fun to be there around your friends and stuff. So are you planning? So just this basically just this internship, maybe some self study anything else over the summer planned any trips or anything, obviously, maybe road trips instead of flying? No, no, not anymore.
Grace: [00:07:56] I'm not completely sure I might go to the beach with my family. I was supposed to go to Seattle at the end of August, so I'm not sure yet if that still happen.
Patrick (CEO of WSO): [00:08:07] Yeah, I have a trip, a beach trip booked in August with the family, but it's right here. It's only a half hour away, so I think we're going to be able to make that driving road trips, I think are going to be a thing this summer.
Grace: [00:08:18] Oh yeah. Then I also have recruiting stuff starting up soon. So actually tomorrow I'm doing a mock interview with someone from the Fordham team at Goldman. Awesome. So that's been nice. I was I wasn't expecting them to offer do mock interviews with me, but so that'll be good. I have that tomorrow and then their applications open up July 1st.
Patrick (CEO of WSO): [00:08:44] And so are they. Are they prepping you for like the Harvey or you have to go through that first?
Grace: [00:08:49] Yeah. So I think that's what the mock interview is mostly supposed to prep for.
Patrick (CEO of WSO): [00:08:54] So odd. But you have a lot of experience not speaking into a camera, right? So that's you have like the perfect setup. It's perfect. Is, yeah, good lighting, right? It's funny. Yeah. In terms of tips for that, I think just don't try to rush, speak slowly, clearly smile as much as you can, you know, friendly, you know? I think the people who struggle with that, if they start, you know, trying to, like, memorize all their answers and then they get really nervous and they forget something, they have to go back and then, like their face, is showing a lot of stress.
Grace: [00:09:31] Yeah.
Patrick (CEO of WSO): [00:09:32] So I think it's a very odd time because we never had to deal with anything like that and all the new people going through now have to everyone has to deal with it.
Grace: [00:09:41] Right now that even most super days are probably going to be virtual, too. I don't know how that's
Patrick (CEO of WSO): [00:09:46] Going to work, but you literally have the best training with this show. But being on this right? But I can, I can. I can also do that. I mean, do you want to do like any sort of mock interview or any sort of anything like that, maybe behavioral or? Or technical?
Grace: [00:10:04] I guess I got to be helpful.
Patrick (CEO of WSO): [00:10:06] When's our next thing scheduled, you said July 1st was your first thing.
Grace: [00:10:10] Well, that's when the applications open. I think Super Day's start, maybe the week this week after that or two weeks after that
Patrick (CEO of WSO): [00:10:18] From what it's like. So we'll get one more session in before then.
Grace: [00:10:21] It sounds like it.
Patrick (CEO of WSO): [00:10:22] So it might make sense for us to just do a quick one. Ok. Right now, if you're if you're up for it, yeah. Yeah, you're OK.
Grace: [00:10:32] I don't know how prepared I am, but that's OK.
Patrick (CEO of WSO): [00:10:34] I mean, well, just to get a feel for. I feel for kind of how comfortable you are. Have you have you had any chance to kind of go through any of the technical interview course?
Grace: [00:10:46] I've gone through a lot of it a while ago and then I recently, I've just been reviewing it lightly whenever I have a few minutes. So not real drilled in, but something.
Patrick (CEO of WSO): [00:10:58] Ok, so. Let me just ask you like a basic question, so what's your do you follow the mark in you? Let's just start out here. Welcome. Welcome, grace to the interview. Thanks for taking the time to join us.
Grace: [00:11:14] Yeah, thank you for having me.
Patrick (CEO of WSO): [00:11:15] So I'm going to just jump straight in and just ask you questions around. This is going to be a little bit more technical based interview. So, you know, if you don't know, that's fine, but if you could just give your opinion on whatever you think, that'd be great. So I want to start off kind of just talking about the markets and this time we're in. Do you have any opinion on whether you think things are overvalued or undervalued right now?
Grace: [00:11:37] I will. It does. It certainly seems that the market is ignoring a lot of the things happening currently, but then I also read something recently about what's called the boredom markets hypothesis and how a lot of the I guess increases in stocks currently are due to people having so much extra time on their hands. And so that's especially for retail investors in that they're coming in with a little bit extra money that they're almost okay to gamble with. So they're just putting money into a lot of things, and that's causing the increase in value of a lot of these stocks. Despite many of the negative things happening in the world.
Patrick (CEO of WSO): [00:12:17] Yeah, it's very volatile. Any opinion on certain sector you would invest in now or things you'd stay away from.
Grace: [00:12:26] Well, airlines have definitely been an interesting one to watch. And also with that, companies like Boeing and so I saw recently that Boeing walked away from their deal. They were supposed to acquire the jetliner business from a Brazilian aerospace company, and they had agreed on that the middle of last year and then got held up an antitrust review. But now they've walked away from it, especially. Yeah. Well, some of it is to probably preserve liquidity because of not only all the scandals with the MAX, but then also just the market currently and the airline business in general and the cancellation of a lot of orders for them.
Patrick (CEO of WSO): [00:13:10] So I think they put your retirement in Boeing or any airline stocks.
Grace: [00:13:14] Not currently.
Patrick (CEO of WSO): [00:13:16] No, you don't like to gamble. No. So in terms of do trade at all or do you have any sort of portfolio?
Grace: [00:13:23] Uh, not anything serious, no.
Patrick (CEO of WSO): [00:13:26] Ok, great, and tell me a little bit about why. Well, actually, I'm not going to ask that that's more like a behavioral question. In terms of specifically. Valuation, have you done a lot of valuation work at your internship?
Grace: [00:13:47] Uh, no, nothing other than some comparable companies analysis, but nothing very deeply analytical and detailed.
Patrick (CEO of WSO): [00:13:56] Can you tell me what specifically like an example of some adjustments you had to make in some comparable company analysis? What analyses a company and try to determine the valuation? They're really three methods. Sorry, I have a video play. Sorry, go ahead. I know if you heard that that was one of the courses,
Grace: [00:14:19] I haven't done anything with making
Patrick (CEO of WSO): [00:14:21] Adjustments. No. So when you said you're doing comps, is it more what? Just prepping? How are you doing?
Grace: [00:14:27] It's more just prepping and then taking averages of industry multiples.
Patrick (CEO of WSO): [00:14:34] But when you're when you're kind of. So walk me through like what a trading compass analysis is. Like what? What it's the point of it. Like, why do we give the trading account analysis?
Grace: [00:14:43] So it's gathering companies that are in a similar market, a similar industry and have similar products and taking their current multiples trading on the market, such as EV, EBITDA multiple, for instance, and taking those together, often averaging them, finding a median and to arrive it in multiple range to apply to the company in question and arrive at a market price and market valuation based on those multiples.
Patrick (CEO of WSO): [00:15:15] And so. In doing so, how do you in doing so when I ask what adjustments you make, do you know the types of adjustments? Do you know what that means in terms of like adjusting all the different, different companies such that there's kind of some standardization? Do you know why we do that?
Grace: [00:15:33] Do you mean adjustments in the income statement?
Patrick (CEO of WSO): [00:15:36] I mean, like adjustments, like when you're doing a trading comp analysis, like getting one time items, for example.
Grace: [00:15:44] So that would be things like lawsuits and other.
Patrick (CEO of WSO): [00:15:48] Why do we do that? Why do we even do that? Why do we bother?
Grace: [00:15:51] Because those don't give an accurate picture of the ongoing operations of the company because they're just one time events. They aren't going to impact how the company runs in the long term.
Patrick (CEO of WSO): [00:16:03] And so how does this differ from like a DCF?
Grace: [00:16:06] The comparables analysis, yeah, well, in a DCF, it's not going to be market based the way a comparables analysis is. So in comparables analysis, if the market overall is very high at the moment, then you're going to probably have higher multiples that you end up with and thus a higher valuation for the company that you're looking at. But with a DCF, it's based solely on the projections of the cash flow you're making for that company in the future. So it's not going to be impacted by a currently highly overvalued or undervalued market.
Patrick (CEO of WSO): [00:16:39] What are the different ways in DCF? What are you discounting? Those cash flows back to with
Grace: [00:16:45] Are using the weighted average cost of capital, which is the required rate of return blended with consideration for the debt and equity structure of the company.
Patrick (CEO of WSO): [00:16:56] How do you get to even the cash flow? How do you project that with the company,
Grace: [00:17:00] The free cash flows you would you take earnings before interest and after taxes? So tax affected and then add back depreciation and amortization because those are non cash expenses and then subtract out capital expenditures, as well as the change in network and capital?
Patrick (CEO of WSO): [00:17:19] Great. And would you expect? Well, let me talk to me about where a lot of the value lies in the DCF. Is it in the let's say you do a five year DCF? Would you expect a lot of the value to be in the cash flows in the next five year or in the terminal value?
Grace: [00:17:35] You would expect it in the terminal value generally because the terminal value captures all the value from the cash flows beyond the projection period, which is supposed to be much more than just five years
Patrick (CEO of WSO): [00:17:48] Into the different types of ways to do thermal value.
Grace: [00:17:51] So there's the exit multiple method, which is simply applying a multiple to the cash flows from the last year of the projection period. And then there's the perpetually growth method, which is where you take a growth rate usually around the same growth rate as GDP and apply that to the growth of the company's cash flows.
Patrick (CEO of WSO): [00:18:13] Ok. In terms of. What you would expect to have the highest value? Out of and would it be trading commerce precedents DCF in general?
Grace: [00:18:28] Usually its precedence because those the values paid and those acquisitions generally have a control premium in them, so that's going to lead to higher values paid for those
Patrick (CEO of WSO): [00:18:38] Companies even more than DCF.
Grace: [00:18:40] Well, DCS also can have beyond the higher end because of often optimistic assumptions about the future cash
Patrick (CEO of WSO): [00:18:47] Flows of the company. They're okay when somebody says a deal's a creative, what does that even mean?
Grace: [00:18:53] It means that when you look at the earnings per share, the earnings per share are going to increase when based on that acquisition.
Patrick (CEO of WSO): [00:19:03] So what do you mean increase of the.
Grace: [00:19:06] And the acquired it's not going to. In other terms, the earnings of that company and the amount of shares that are being added from that acquisition are not going to dilute the earnings per share of the acquirer.
Patrick (CEO of WSO): [00:19:22] Got it. Do you? Are you familiar with? Are you familiar with like an elbow?
Grace: [00:19:34] Um, a little bit.
Patrick (CEO of WSO): [00:19:35] Okay, tell me, just like a basic what is the concept of a leveraged buyout and why did you do it?
Grace: [00:19:41] So it's taking on a lot of debt and using that debt to then acquire the company through almost a shell company and then either paying back the debt over time or making other operating adjustments to the company in order to increase its profitability and then selling that company off several years later in order to make a profit.
Patrick (CEO of WSO): [00:20:06] Why would you lever up a company with so much debt?
Grace: [00:20:09] And we'll increase the leverage can lead to much higher returns.
Patrick (CEO of WSO): [00:20:14] What about the downside?
Grace: [00:20:16] As you increase leverage, it also becomes a lot riskier if you aren't able to make those operating adjustments, increase profitability.
Patrick (CEO of WSO): [00:20:24] Do you know what makes a great LBO candidate? Can you list out
Grace: [00:20:28] There generally not going to be a cyclical company because then they would be very sensitive to downturns, which could again increase the risk if you have a lot of leverage. So it's generally going to be something with stable cash flows and with a lot of room for operating improvements.
Patrick (CEO of WSO): [00:20:46] Anything else you'd look for?
Grace: [00:20:49] Not that I can think of.
Patrick (CEO of WSO): [00:20:50] Yeah, well, we can talk about it after it, but yeah, that's good. You're right and the ones you listed, I think you can get a couple more in there. Tell me about. He. Do you know what a dividend recapitalization is?
Grace: [00:21:09] Uh, no
Patrick (CEO of WSO): [00:21:11] Dividend recap, OK? It's basically when a when a private equity firm issues a dividend to themselves by re levering. So let's say they have a company and they're not ready to exit. It's not a good time to exit, but the company is stable and his pay down debt over, let's say, the first three or four years of hold, and they know they're not going to exit for a few more years. They can actually go out, raise more debt, reliever the company and pay that those proceeds out as a dividend to themselves. They can help recapture some of the initial investment reduce risk in terms of getting capital out earlier and can help but potentially help IRR, although theoretically, the theory would say that by relieving that exit as well. So OK, but bye. There's also tax benefit of having that additional leverage. So. Okay, well, that's changed. And I'm not going to ask you super technical of twenty seventeen tax question of like how everything changed because it is crazy, complicated and like, I learned a lot by going through our LBO modeling cause I was like, Wow, this is insane in terms of like how taxes are adjusted based on like e bit versus EBITDA versus like accelerated depreciation schedule. And it's very easy to stump nowadays with all that, do you know a little bit? You know, a lot about like restructuring at all or distressed companies and kind of. Anything around that Chapter 11, Chapter seven, have you gone through any of that?
Grace: [00:22:46] Not that much.
Patrick (CEO of WSO): [00:22:48] Ok. In terms of like, what area of the business do you want to work in? Do you want to do DCM, ECM, M&A, industry groups in a certain groups that interest you?
Grace: [00:23:01] I'm very interested in industry groups and in particular something around real estate or infrastructure likely.
Patrick (CEO of WSO): [00:23:09] What interested you about real estate?
Grace: [00:23:11] I really like the tangibility of it is common answer that probably is, but I guess it because it's so tangible, it's something you get to really see the results of and see the impact of many years down the line as well.
Patrick (CEO of WSO): [00:23:26] For just a few more, let's go to some more basic concepts, so. Tell me, working capital, like how should I think of it in a growing company?
Grace: [00:23:42] Mm hmm. Well, since the capital is going to be assets minus liabilities, if in a growing company, they're often going to be using a lot of their cash to invest in various things.
Patrick (CEO of WSO): [00:23:55] So you said what is working capital now?
Grace: [00:23:58] Working capital is current assets minus current liabilities.
Patrick (CEO of WSO): [00:24:01] Ok, like what does that mean, exactly? What, what does it imply?
Grace: [00:24:06] Well, a positive net working capital is going to be a source of cash, while a negative net working capital is going to be a use of cash.
Patrick (CEO of WSO): [00:24:17] What do you mean by that positive or negative? So like if, let's say I have a company that's growing 300 percent a year, would I expect my networking capital being increasing or decreasing?
Grace: [00:24:28] You would expect it to be decreasing,
Patrick (CEO of WSO): [00:24:31] Increasing your assets? Yeah. So, yeah, increasing so it hurts your it's a use of cash. So like sometimes, why would a super fast growing company run out of money?
Grace: [00:24:43] Because they're going to be having they're going to be taking out a lot of debt and they're not going to be able to monetize.
Patrick (CEO of WSO): [00:24:49] No, not. No debt. No debt at all. They don't raise any debt. They're just super fast growing. They're selling a ton of making a ton of business. How could they go bankrupt?
Grace: [00:25:01] Well, they could. It could be it depends on the time it takes them to collect all of their revenue. So if they're even if they have buy all that inventory in advance, they might need to pay back for that inventory before they collect all the revenue from that.
Patrick (CEO of WSO): [00:25:17] Exactly. So are the accounts receivable could be ballooning even though they've sold technically sold and they had they're owed all that money. If their A.P. isn't big enough to offset an inventory is exploding to as a result, like you said, it can be a big problem, one that investors typically like to fund, though it's growing that fast. So in terms of I think that's good, that's good for now, so I think that was awesome. I think you did an amazing job. Mm hmm. I think the old there's very, very minor stuff, so the only one LBO candidate, I think you gave a couple correct. Good. Good answer. Stable city. Not cyclical. You said specifically. What else did you say? Stable cash flows, non heavy capex, I think
Grace: [00:26:09] You for improvements,
Patrick (CEO of WSO): [00:26:11] Yeah. Room for improvement. Yeah, for margins. I think some other ones is, yeah, non capital intensive business, non networking, capital intensive business. If they can come back and it's good, another thing you could say is just the management team. Do you have a management team specifically that you can like, drop in place or ways that. I like it kind of related to what you said, but I think management team is a big one that a lot of people look at and other ones like a moat to protect profitability, which is related to the non cyclicality, but something in terms of competitive advantage and thinking more like in consulting a consultant in terms of the strength, opportunities, threats and weaknesses. What else? There's a few more I'll get you. You should look at the elbow. The private equity interview course just to get a little bit more background on that or when you take the elbow modeling course, you'll probably see that stuff. But I think that's good. I don't. I don't. Sometimes they just like to test you, and I think your answer was perfectly fine, but it's good to just know additional stuff. And then you can say in terms of why, why do they use leverage? You can say it can magnify returns like you can say that I think you said something along those lines, but just say, Well, why does it magnify a return? I could have pushed you more instead.
Patrick (CEO of WSO): [00:27:28] Why does it magnify returns? You'd say, because the equity you're writing up front, the equity cheque you're writing upfront is so much smaller. So, so changes in the additional cash you get out is become a bigger percentage IRR. Mm hmm. Does that make sense? So it's like because your returns, it could also juice your losses, too, because a small drop in profitability can hurt your potential exit dramatically, such that it magnifies losses. Great. What else did we do at the oh, and then just the networking capital? Be careful. It's the changes of networking capital changes and don't say networking. So Networking Capital's current assets minus current liabilities. But the change networking capital is if it's positive, it's a drain on cash, right? Ok. So when I said a fast growing company, make sure you're like, Oh, that's a drain, because it's it's growing just like you talked about. Like, think of the fast growing company that can go bankrupt and that'll immediately trigger in your head. That was great, and then we could push you on the behavioral. Maybe next because I think behavioral actually often under practiced. Do you feel good? You feel like I didn't ask you the typical like ten dollars hits the income statement. What happened?
Grace: [00:28:40] Oh yeah, I practiced on that one a lot.
Patrick (CEO of WSO): [00:28:42] Ok, good. That's a very common one. The other thing that I think. I think your answers around the stock market were great. Should they actually knew something? I would say that you dabble a little bit, but mostly as index funds, you don't feel confident. You can just say, I don't feel like I have enough yet, but I do invest a little bit on the side for a little cash. I have, you know, in terms of. But in terms of next steps, I think you have you said it was early July potentially where you have a rare interview. I think for the next one, we should really focus on behavioral. Mm hmm. So I'll ask you a lot of behavioral questions because I think you're going to get that and especially for internship type hire review type questions, it'll be like, why this company? Why investment banking? Why real estate? Why do you know whatever group you're applying to? And so be prepared for that. But not answering just like, oh, because real estate is interesting, it's more tangible. But ideally something you can pull from your background.
Patrick (CEO of WSO): [00:29:45] Ok, so like, remember the stories we talked about? Mm hmm. And I did some of that, but I think just pulling in wherever you can and just pointing it back to, Oh, that's why that's why. And that's why I really that's why I want this job and bringing a little bit. I know it's, said Mark. So it's tough, but bringing a little bit more like energy to it. So it's like you're excited about it. Not like you don't be bouncing off the walls, but I don't think you would do that because you're not. That's not your personality. You still want to be comfortable and the way you're delivering it. But just making sure you have enough energy there that they feel like, Oh, she's like a go-getter, you know, and who you are. But I think you're more of a quiet type. You're more like the quiet working, like more kind of like how I was when I was younger to. So, yeah, any questions or thoughts on that? Was that fair critique?
Grace: [00:30:38] Yes, that was very helpful.
Patrick (CEO of WSO): [00:30:39] Ok, good. I mean, I don't think it was that helpful because I don't think there was that much. I would have changed. I think it was great. I think that would definitely get you to the next round. If I was, that was the person deciding it was just that one slip up at the end, which
Grace: [00:30:56] Could be the one question I always get mixed up on.
Patrick (CEO of WSO): [00:30:59] I just think of it as like the fast growing company can go bankrupt because networking capital just keeps going and changing. That working capital is going up, it's going up. And so like, it's draining, like it's all getting it all getting put into, ah, like they're revenue, they're recognizing all this revenue, but they're not collecting on it, right? So that's the easiest way to think of it. Anything else, any other, anything else I can do to help over this next month?
Grace: [00:31:27] I don't think so. So you said the modeling course I can get access to on there.
Patrick (CEO of WSO): [00:31:32] So me actually send Bella at Wall Street Oasis and email and tell her, you're just the mentee and you'll have access and she'll get you access to those three that are available now. Ok, great. And that'll be an awesome. Productive summer for you, even not going into the office. Yes, exactly. Awesome, grace. We'll have an awesome week the rest of the week and weekend and try to take some time for yourself to. I think it's good. Yeah, I could tell you, you looked at the stuff a little bit better. You did better, I think this time than the first time. Mm hmm. So that's good. Yeah. No, you're getting better. So you just keep that up. Keep reviewing it a little bit here and there. And then maybe as you get closer to July, I start really honing in on the behaviors and trying to practice at tying in your stories because that should come naturally. Like as soon as they start asking you a behavioral type question, you shouldn't be thinking, what am I going to say to answer? You should be thinking, what story am I going to bring in to show? Right. Like that should be your immediate like just instinct is like boom story, story, right?
Grace: [00:32:42] That's it. That's it. Ok, great.
Patrick (CEO of WSO): [00:32:44] Ok, so all right, Chris, we'll talk in about a month then.
Grace: [00:32:48] Ok, great. Sounds good.
Patrick (CEO of WSO): [00:32:49] Thanks. Bye. And thanks to you, my listeners at Wall Street Oasis. If you have any suggestions whatsoever, please don't hesitate to send them my way. Patrick at Wall Street Oasis. And till next time.
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