Monkey to Millions | Victor (Session 2) - Honest Resume Review (Continued) - Dec 16, 2020

About

In this session, Victor and I review his updated resume. While it is much closer and looks more polished, we dive into each bullet and I push him to be more direct and less vague to give the reader more substance. We go over the differences between sell-side and buy-side, attack one of his internships from 3 years ago and debate how best to show his financial modeling training. This session is probably best viewed on Youtube since it's over an hour and 20 minutes long and for most of it I'm sharing my screen as I walk through his resume.

 

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WSO Podcast (Episode 2) 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. Victor and I review his updated resume. While it looks much closer and looks more polished, we dive into each bullet and I push him to be more direct and less vague to give the reader more substance. We go over the differences between sell side and buy side attack, one of his internships from three years ago, and debate how best to show his financial modelling training. This session is probably best viewed on YouTube since it's over an hour and 20 minutes long, and for most of it, I'm sharing my screen as I walk through his resume. Enjoy. All right, Victor, welcome to our second session.

Victor: [00:01:42] Thank you for having me.

Patrick (CEO of WSO): [00:01:43] I'm super excited to get started and take a look at your new resume. From what I've seen, it looks like it's in much better shape, but definitely have some feedback there. So, yeah, tell me what you've been up to since the last time we spoke. I think about three weeks ago, right? It wasn't, yes.

Victor: [00:01:57] So I took maybe the first week and a half to just make sure that my resume kind of gets to that level of working to that level that you wanted to be top shape. I send you that first draft. Then I looked around my LinkedIn. I tried to kind of get a head of it. I don't know if I did a good job, but I try to make sure that it looks clean and nice and we'll probably get to that. Then I started on your course that technical interview first. And as I was probably telling off the line and earlier, maybe a week before too, I thought that I went to Georgetown. I majored in international economics and finance. I have the background. They should not be that hard. First two weeks it was Greece, but starting in third week, I have to ask my third. I'm going back because I read it and I understand it well. So it kind of got tougher and tougher. I think, Yeah, it was a very humbling experience.

Patrick (CEO of WSO): [00:02:52] You focus mostly on the technical portion first.

Victor:  [00:02:55] Yes. Yes.

Patrick (CEO of WSO): [00:02:56] You haven't done the Excel modelling or anything like that yet, correct? No.

Victor:  [00:03:00] No. I wanted to get the technical portion first because you have

Patrick (CEO of WSO): [00:03:03] You have interviews coming up potentially right

Victor: [00:03:05] At the end of February or early March. Yes.

Patrick (CEO of WSO):00:03:08] So it's good. It's good. You're reviewing it first. Now we'll do it again in a few weeks and then again and then we'll potentially get some mock interviews. But let's jump. Since the resume is kind of the most important document for your entire job search. Let's share screen, and I'll actually just edit it right here or start doing it with you.

Victor: [00:03:26] Perfect. I'm just going to open this up. I put it as a resume, Not the optimism about progress and progress. So that, yeah,

Patrick (CEO of WSO): [00:03:36] I say so that I wouldn't be so mean. Yes, no. But it's in better shape format. I just, you know, I'm biased, but I like the format because it's the W show format. Yes, pretty much pretty proven in terms of. Let's see, I'm zooming in a little bit. It's a little easier to see. Ok, so for this? Just looking at it, standing back and looking at it. Spacing is still a little bit of an issue. So like, we have a big gap here and this feels a little crunched. So between each of the main sections, we should have a standardized base and then between each of the actual experiences, slightly less. So you probably were just trying to crunch it all in because you removed a lot of stuff, right? Yes, I did. But you did a good job. It doesn't feel like you still feel like you have a lot of space down here. So I would utilize that by potentially adding in a row in between each of these. Um, each of these sections here. And if those are, See this bringing it on to a second page, don't worry, we can fix that. Absolutely. Um. Because there's extra space here, for sure.

Victor: [00:04:45] Oh, not so what I wanted to put on the education. I'm sorry, I don't mean it up, but education. So I wanted to put that like a hundred plus hours. Doubly so in an Excel course because Goldman also sent me this VIP program financial edge to courses on quantitative modelling and the investment track. So I can't put those there as well. I'm kind of working on both level. I can't put a wallet.

Patrick (CEO of WSO): [00:05:12] You're doing a little bit more like S.A.. It sounds like you'll see two little things like this. You see how that bullet was misaligned.

Victor: [00:05:17] Yes. Yeah. So like,

Patrick (CEO of WSO): [00:05:19] It's so stupid, but like that tiny attention to detail, like, that's the type of stuff that people look at because they're so easy, like it. Just it just looks like you haven't been as careful, right? Like little things like this, there's extra spaces like this document should be like, look like space perfectly. It's because it's like, Oh, up for a client meeting like these pitch books, that's how crazy they get. They're like, you need to add a comma and footnote three hundred and fifty or page two hundred seventy three the seventh. It's like tiny little text. He's like, You're missing a comma, literally. I had an MD. Tell me that at four a.m. after I had this, And I remember taking notes and thinking to myself, What the F are we doing here? But that's the level of detail loops that we really need it there, so I'm sharing my screen, but like so? I think like one full space here is fine in between each here. Maybe what you can do is you drop the row size to like a six or a four foot drop a little bit. So it makes a little bit tighter here, but whoops. That didn't work. I mean, to me, it meant to say for. There we go. Uh, four here. Yeah, keep doing that, it keeps making out, what, Forty eight, I don't want forty eight. Okay. And then. Uh, for.

Victor:  [00:06:42] So far in between those work experience and

Patrick (CEO of WSO): [00:06:47] Yeah, I'll send this to you. And then this still feels like it's too big. I got to get rid of, you know, you know, it's helpful, I think layouts.

Victor: [00:06:56] You could lines I played around, I played around, but it just felt like, I'm just going to live this for you to see first. Yeah, did you did you do

Patrick (CEO of WSO): [00:07:05] The layout view grid lines? Did you see

Victor:  [00:07:07] That? Yes.

Patrick (CEO of WSO): [00:07:08] Yes, yes, that's helpful. So you can see there's an extra row in here that we don't really need. Um, so what I can do is delete cells. Delete entire row. Well, and then that'll bring that up. And so now same thing with here, Let's delete this row.

Victor:  [00:07:26] Cool. Patrick, on this little tip, I left it because the Goldman likes that guys. Yeah, they told me that put that under leadership, which is you told me to put up the experience. So I kind of left it like that. But if you want to kind of move it upwards, I can do that.

Patrick (CEO of WSO): [00:07:43] Yeah, so a couple of things. Number one, You put your most recent work. Now you say contract here. Yes. I rather I understand that's being very honest, that's good. Um, but can we put that in your title more rather than up next to the thing because it really takes away so Goldman Sachs analysts credit risk contract rule something like this?

Victor: [00:08:07] Yes, yes. I mean, I'm going to rely on you to make it perfect. So I think that

Patrick (CEO of WSO): [00:08:13] I think that is still being honest. You still have it there, but it's not bolded next to Goldman Sachs. So you get, You know what I mean? I think they're going to show that you're, Uh, yes, You're in middle back office. So don't worry about the sound. Ok, so. Let's now let's look at these two bullets, you're pretty critical because it's like your lasting, so monitored entities with live credit agreements, with the GS, with the GS, ensure they. With the terms of the agreement.

Victor: [00:08:40] So while you're reading those out, I'll tell you this I reach out to my supervisor and the people who actually worked in my role before. What did they put? They moved on to their new companies or new roles. This is basically what they put. I just basically because I've been here only a little over, like maybe 14, 15 weeks. I'm still kind of learning, but this is the two things that very much, I would say, 80 percent of my day to day job. What do they mean, entities?

Victor: [00:09:08] And that look, corporate entities like, for example, if they're bringing on board in like, let's say, Patrick Curtis MSD Lp, that's an entity Morgan Stanley, and

Patrick (CEO of WSO): [00:09:20] I think that's like I feel like that's like, of course, credit agreements are always with an entity. So like saying entities is like redundant. So just want to monitor credit agreements or analyse that are monitored.

Victor: [00:09:34] Um, monitor all sound also. I do both because sometimes there is nothing absolutely going on if it's just a confirmation or confirmation.

Patrick (CEO of WSO): [00:09:43] And I just analyzed 100 agreements. With the guess, what does that mean with the Goldman Sachs, with the.

Victor: [00:09:52] What does that mean? So here, agreements that was signed by GS and with the other entities or supervised by GS, I just didn't know what to put there. I just left it there because

Patrick (CEO of WSO: [00:10:06] It I think with the this is this is where this is, where the written English is a struggle, Where it's going to be a struggle. So I think modern analyzed credit agreements to ensure they remain in compliance with the in compliance. Well, that's what we're meaning in compliance is with the terms of the agreement. So again, it's you're very verbose and wordy. You're very flowery at the language and it makes it feel softer.

Victor: [00:10:30] So I see how many credit agreements have you reviewed so far? I was one hundred plus. And this is the conservative side that I can confidently say. Say, 70, because hundreds, thousands around.

Patrick (CEO of WSO: [00:10:52] Say 70. Yes. Modern analyzed over 75 credit agreements to ensure they remain in compliance with the terms of the year. So what are you looking at and the credit agreements?

Victor: [00:11:01] So I look at the compliance there. For example, a few ratios that ratio total net asset ratio. Yeah.

Patrick (CEO of WSO: [00:11:16] Um. Fixed income ratio,

Victor: [00:11:19] Fixed income ratio, so there is also there was a better ratio. They have about that and it's not for every single one of them, but this is

Patrick (CEO of WSO: [00:11:34] Why this is. Do you realize having this at the top of your resume? These key phrases are it makes a big deal.

Victor: [00:11:41] Ok, I don't, but I

Patrick (CEO of WSO: [00:11:42] Know because like there are searches, there are searches around these like fixed income ratio, including fixed income ratio. So do you know what these are? If I say, what's the ratio, would you know, be able to spit it off right away?

Victor:  [00:11:54] Yeah. Fixed income ratio, please don't quote me. But this is, I think fixed income ratio is the total debt over total assets. I don't even know.

Patrick (CEO of WSO: [00:12:03] I mean, I think it's like, I think you're right. No, I don't even know so. But make sure you study the technical side. Yes, yes. But does enterprise value to ebitda ratios so modern and credit to ensure they remain in compliance? Who are they?

Victor: [00:12:19] They the entities that

Patrick (CEO of WSO: [00:12:22] Senator graham is for who? Who are these ed, their clients of Goldman Sachs,

Victor: [00:12:26] Clients of Goldman Sachs, or sometimes even third party Goldman Sachs kind of hired to kind of monitor their good ticker?

Patrick (CEO of WSO: [00:12:33] Ok, but their clients are so modern analyzed over 70 countries ensure clients remain in compliance with. We're going to stay with the terms of the agreement, that's extra that we don't need, including fixed income ratio, EBIT EBITDA, what else the bit net debt to anything like that

Victor: [00:12:53] Net debt to net debt?

Patrick (CEO of WSO: [00:12:54] Definitely debt. Net debt to EBITDA.

Victor: [00:12:57] Net debt to EBITDA. Yes. Cash flow. Cash flow. Net debt to cash flow.

Patrick (CEO of WSO: [00:13:03] But what cash will free cash flow or how do they define it? Free cash flow yeah.

Victor:  [00:13:08] Free cash flow. I will add somewhere there are two or three more on top of my head.

Patrick (CEO of WSO: [00:13:12] I just think of that. I will.

Victor: [00:13:14] I will take notes. I said at ratio, you

Patrick (CEO of WSO: [00:13:17] Know, all these definitions, I would this like this? Just make

Victor:  [00:13:22] Sure you know,

Patrick (CEO of WSO: [00:13:22] I mean, this is very because this is very I mean, this is an impressive that you did this. It's more looking at ratios, calculating you were you calculating these ratios?

Victor: [00:13:32] So I calculate, but it's also they're just trying to make sure that calculation is right because at the end of the day, I put my name on the report saying that this is good. So it's already calculated there. But I have to kind of do the steps, maybe two or three steps and it's Excel based here, you said automated, several labor

Patrick (CEO of WSO: [00:13:50] Labor intensive, intensive, not sensitive and labor intensive processes using Excel. Make sure you say VEBA here. Vba macros resulted in reduced risk. You don't reduce risk by hours. Um.

Victor: 00:14:10] So what I mean by the OR is there it's, for example, sometimes when you send out a report like you have the coverage, time is not right, place you have sample, he's not. So by automating that, it kind of takes that out of you, you don't have to.

Patrick (CEO of WSO: [00:14:24] They're going to push you on this. Several labor intensive processes. Several What do you mean? Like what?

Victor: [00:14:31] First one was that you had to type in your coverage to your senior coverage and general coverage. Second, you had to put what is the exposure level? You have to go check back the company's exposure level, making sure that it's good there. But what I did, basically, I put in more

Patrick (CEO of WSO: [00:14:47] Like data. It's more like data entry. Yes, automated data entry. Yeah. Uh, processes that are saying Labor Day processes and reduce risk and savings and saving. Of so how dramatic when over what time period, oh,

Victor: [00:15:09] What a week over a week, really. So how, yes, how I came up with this. Maybe again, I'm just going to give you maybe too much, but this is how I came up to it. So one and one entity, If you put that in by just going one by one and that exposure, That was the coverage, have they been covered before? It takes about for each entity three to seven minutes, right? And daily. I do like a 20 of them on average, which is why I'm doing it. Let me get a sheet out. Let's check my math.

Patrick (CEO of WSO: [00:15:42] They say five minutes times. How many a day?

Victor: [00:15:44] 30. I tell you. Twenty five to thirty. That's 230. Yes. Ok, 30 a day. That's one hundred fifty, which is one hundred and fifty minutes. ] And if you do like now, if it was before like 15 minutes or 20 minutes before. So that's what.

Patrick (CEO of WSO: [00:16:01] Oh, now I take this long.

Victor: [00:16:03] Yes, it takes only five minutes if you step up 15 20 minutes. So if you're saving 10 minutes per thing

Patrick (CEO of WSO: [00:16:09] Or perfect time times 20, you said 20 a day.

Victor: [00:16:13] Thirty twenty five to twenty five is OK. Three hundred

Patrick (CEO of WSO: [00:16:18] To three hundred minutes per day. Yes. I don't think that is this divided by what is 60 is how many hours per day five It goes this times, five days a week, you're working twenty five hours.

Victor: [00:16:32] Ok, cool. See, I went way over.

Patrick (CEO of WSO: [00:16:35] That's but that's OK. That's still a significant um. That's saving almost half an employee. There's a simple automation. Yeah, definitely, right. So you're telling me before you came into this, they weren't using cell to process these

Victor: [00:16:54] Things. So they had it, they had it in place. But there was people before me, they left. There was nobody else doing this job and they expected this happened, but there was no one else to kind of train me. They showed me the old, you know, an automated way of doing this. And every day I just calculated what it takes me this much to do one entity.

Patrick (CEO of WSO: [00:17:12] But it didn't happen. It didn't have a macro already set up in the field.

Victor: [00:17:16] It's not. It wasn't enough. The macro was there. But this steps I have to kind of programming. You but you actually

Patrick (CEO of WSO: [00:17:24] Built the macro,

Victor: [00:17:26] No macro, was there a program in the Bba? Those steps? Four or five extra steps.

Patrick (CEO of WSO:  [00:17:31] Ok, so did they train you on that or how did you learn?

Victor: [00:17:34] No, no. Because I did took a class on Courser Excel, beginning to build the work to advance. And that's what I want to hear.

Patrick (CEO of WSO: [00:17:43] Okay, so automated entry processing resulted in reduced risk and saving of.

Victor: [00:17:49] Uh, twenty five. Yes. I'll just say

Patrick (CEO of WSO: [00:17:51] 20, 20 good, 20 plus man.

Victor: [00:17:58] So I set my own hours, laboured hours, and I kind of settle on the nine hours that I thought, that sounds OK, but

Patrick (CEO of WSO: [00:18:05] Yeah, that's fine. I made a dentistry process using cell VBA macros resulted in reduced risk and saving of 20 plus hours per week. Ok, I think that's good. Um, looks much better now. Ok, I'll pat myself on the back on that one.

Victor:  [00:18:17] Awesome. Awesome. Awesome.

Patrick (CEO of WSO: [00:18:19] Okay. So yeah, for the listeners out there, if they want to follow along on this, we do release all these episodes on YouTube. So if they want to watch what I'm actually doing on the resume, it's probably easier than listening on the podcast. But basically, we're editing some bullets here on this Goldman experience and Salt Lake. So OK, be clear, this is all still very much back office work processing work, which is fine, but at least we make it look a little more financially. Ok, let's go to the next one. Let's see what you did here, Altman. Summer analyst advised leading educational NGO on optimizing price strategy expanding services by building pricing and product simulation modelling using Qualtrics.

Victor: [00:18:57] Um, so remember, you asked me, what did you use to do that and I went back and looked at all possible tricks? Yes.

Patrick (CEO of WSO: [00:19:05] Ok. What is Qualtrics? It's like a simulation model pricing.

Victor:  [00:19:09] It's a simulation model. Pricing, yes, and it's a step by step process. It's not that hard. It took me maybe two days an afternoon to kind of a tried and tested. Yeah, I was. It wasn't like anything advanced model. And it was just, you have to plug in the information, the data on it.

Patrick (CEO of WSO: [00:19:26] But still, it shows you're able to jump into a new software and figure it out. Yeah. Helped build five separate viewership models for the sports industry, allowing them to better track and deliver the most profitable segments of all sports viewers. So all the spin clients, helping them, helping clients,

Victor: [00:19:44] Clients and the firm itself because this was not designated, this is basically our own company.

Patrick (CEO of WSO: [00:19:51] It's just an internal search. Yes, allowing us. Allowing firm.  Allowing the firm.

Victor:  [00:20:03] Patrick, may I ask a question here? Yes, I was kind of hung up on the lead in education NGO, it seems to market English. Yes, I know what to put there, but it is an NGO.

Patrick (CEO of WSO: [00:20:14] What can you say who it is? I don't have the

Victor:  [00:20:18] Name on top of my head, but what they do is basically they track down their college education and see how their life outcome turns out. People who stops not going to college or they go vocational school. And it's one of the actual leading ones. Actually, they are the leading ones. They have the market share close to seven point seventy five percent. I will put the name there once I find out. I mean, I don't remember like at the top of my head, But I will figure it out. I put that because you might want to do advise the name and then you put parentheses in lingo.

Victor: [00:20:49] I see. Ok. And your name OK? Yeah. And you could say, helped build five

Patrick (CEO of WSO: [00:20:53] Separate viewership models.

Victor: [00:20:55] Um, or. Do you want to put what's involved? No, no.

Patrick (CEO of WSO: [00:21:01] What's involved in a viewership model?

Victor: [00:21:04] So the age demographics, income, The medium they're watching, what kind of medium they use to watch. Sometimes group family, how much they spend.

Patrick (CEO of WSO: [00:21:18] What's the point of doing this analysis of building these models? It was to allow your firm to pitch better. Yes. And also,

Victor: [00:21:25] They go tell the NBA, Hey, you guys are doing this wrong on TV, you should do this on twitch. You should do this on YouTube.

Patrick (CEO of WSO: [00:21:33] God, I got to go, allowing the firm to better track the most profitable segments of all sports viewers. Um. Did they use this or did they use this analysis or any of these viewership models in actual pitches?

Victor:  [00:21:45] Yes, they were going to because I was there only for 10 weeks and

Patrick (CEO of WSO: [00:21:49] You know how long, how many they how many times they've used this? And was this new when you got there? Did you build this from scratch?

Victor: [00:21:56] I know they were working. We're a team of about 20 people. Ok, so you just help out on this. Yes, that's what I put out. But I did like a mostly demographic and income section of each viewership model. Ok.

Patrick (CEO of WSO: [00:22:10] Um. That's fine, you can get into that in the interviews. Ok, OK. I think that's fine. I think that's better. It looks good like the two bullets.

Victor: [00:22:20] That's what I want. That's what I want to hear that I did some OK.

Patrick (CEO of WSO: [00:22:23] Yeah, no, no, you're. This is much better, man. there's less flowery stuff that's more direct. Morgan before you had like bullets that were like three or four lines, long paragraphs and it was just like. And half the words were just like extra, you know? Morgan Stanley calculated daily PNL for 10 convertible bond products with the trading just increase database response speed by. Database response speed, what does that mean?

Victor:  [00:22:48] So database response, but again, the way I calculated this and again, this was like two years ago, my number is I'm going to go very conservative to kind of be able to back this up. So every day I would get this the 10 convertible bond products, sometimes 10, sometimes eight, sometimes 12, but I put an average 10, so each single one of them, I had to call the trading desk and the kind of day walk me through the trade details, size and everything I can just say eight to 12. Ok, perfect. I put 10. Just yeah, that's fine. Average, yeah.

Patrick (CEO of WSO: [00:23:23] So they will capitalize this. Ok. Products.

Victor: [00:23:32] And trade and us they would tell me that better trade details when it settles, how much will settle and what the terms of the trade. So Putin knows in the database again was just a data entry, but it was three different database. But two of them was proprietary. I don't remember, but one of them were just involved. Excel, which is upload, Excel and then just tease out the information. But it was just again, very manual process. So instead of that, I put into the BPA and the macros was there. I just put in a Bpa, automated my steps every day. Once they give me the information I plug in and it was automatically, you know, Let's say it would take me maybe 15, 20 minutes. Now it was like two or three minutes. That's awesome.

Patrick (CEO of WSO: [00:24:18] Ok, that's good. I like it again. You're looking, you're sounding more like a developer. You're going to want you to help them improve their processes that they're going to do. Ok. So instead of producing the weekly management committee report and deliver presentations on equity and debt deals. Up to 25.

Victor: [00:24:36] So I put up to twenty five because you told me that you OK? Yeah. So what would happen with this?

Patrick (CEO of WSO: [00:24:45] It could be like three people, but sometimes it was big.

Victor: [00:24:48] No, not really. It was always more than 15 20 people. Everybody was on Zoom, a certain time frame. There were people from South America. Some will be Japan, South Asia, North America.

Patrick (CEO of WSO: [00:25:01] That this is really good. This bull, it's really good because it shows you can present in front of people and you're confident with that. Yes.

Victor: [00:25:08] So what I said, assistant producer, because I did the mostly the market makers, Goldman and Morgan Stanley and its competitors. Yeah, OK. And how much money, how much steel they've gotten in the high-grade investments? Oh, sure.

Patrick (CEO of WSO: [00:25:26] Competition on the debt, equity and debt deals that have recently. Yes, yes. You're giving them the overall report on

Victor: [00:25:32] Exactly. Yes, that's great.

Patrick (CEO of WSO: [00:25:35] So you produce a weekly management report and delivered presentations on equity and debt mandates. Upgrading the five hundred million,

Victor: [00:25:43] So I don't know what, what is it? Yeah, I think

Patrick (CEO of WSO: [00:25:48] That 500 million. I look better. Ok, so on the

Victor: [00:25:55] Mandate, is that a right word for it? I got hung up on it and I left it. I said, OK, I'll ask Patrick, Did you say mandate? I think you put.

Patrick (CEO of WSO: [00:26:02] I just change it to mandates.

Victor: [00:26:04] Oh, OK, OK, OK.

Patrick (CEO of WSO: [00:26:05] I don't know. And equity and debt? You could say deals.

Victor: [00:26:08] Deals, right? Yeah. Yeah. Ok. Is it the same thing? Mandate and deal

Patrick (CEO of WSO: [00:26:13] Men, it's more like they're retaining you for like M&A. So I mean, they retain they retain banks, they're retaining these banks for an equity or debt deal. So yeah, you can call it a mandate, but it's almost like trying to sound too fancy. So let's just do deals. Ok, is our capital summary analyst.

Victor: [00:26:32] So just to recap everything? Wait a sec. So, yeah, so yeah.

Patrick (CEO of WSO: [00:26:36] So one of my questions right now, yeah, things are looking better. But tell me about what's happening between these summers.

Victor: [00:26:42] I'm in school full time and I'm working as a neighbour. These are your these are your, um, summer internships. Yes. Yes. Yeah. Three and a half years, I've been in school. I work weekends as a navy linguist and the summer time I did this and then the semesters I go to school.

Patrick (CEO of WSO: [00:27:03] Ok, wait, a second. Bachelor of Science in Foreign Service, International Economics and Finance Major. No, no. We lead with finance the science in Foreign Service. I wouldn't even say that. Okay. Because you're trying to get a banking job, right? Yes, to finance Bachelor of Science in is it a B.S. in finance?

Victor: [00:27:20] You know it is, but that's how it goes on my diploma on my

Patrick (CEO of WSO: [00:27:24] Part. But it's still a degree. You have a bachelor of science in finance, right? Oh, that's the name of it for international.

Victor: [00:27:30] Yeah. Yes, that's how it comes. Bachelor s Bachelor's of Science in foreign Service and the Finance and economics. That's the major.

Patrick (CEO of WSO: [00:27:40] But you have a separate the majors. Find it in international economics.

Victor: [00:27:43] Yes, yes, in economics and finance, but it's the same thing. Yes, I want

Patrick (CEO of WSO: [00:27:48] To reverse it because I want the word finance first when they see what's the major finance and then international

Victor: [00:27:54] Economics.

Patrick (CEO of WSO: [00:27:55] Yeah, exactly. Um. I took out the forms like I think it's all cool stuff, but like if they want to dig on that, they're going to get that in the in your multi language channel and you're in your navy experience. They're going to dig there if they want to hear about it. Well, like the skills you have with language and all the stuff, and you also hit on it here. So I don't want to get to like I think it's good to bring yourself as international and all this stuff, But I think it's good if we make it more financially. If we're really trying to break into banking here, we want to really try to just not confuse with good GPA from a good school with finance as a finance major period.

Victor: [00:28:36] Quick question there. The Bachelor of science in Foreign service that's how the name goes in Georgetown, especially the School of Foreign Service. So I'm just asking you if it's if they ask that confuse. I mean, I just don't want to kind of I want to be have a degree.

Patrick (CEO of WSO: [00:28:52] You have a Bachelor of Science in Foreign service, but then don't you get a dual degree? You also have a bachelor in science and finance and international economics.

Victor: [00:29:00] It's not a dual degree. It's just a name, comes a Bachelor of Science in Foreign Service. That's just the School of Foreign Service. It goes for everyone economics, language, Linguistics, stuff, no matter

Patrick (CEO of WSO: [00:29:10] What you

Victor: [00:29:11] Do, no matter what you do. Yeah, then comes the, you know, your major, whatever the major you majored in. I majored in finance and economics with a concentration international commerce.

Patrick (CEO of WSO: [00:29:23] And a minority that's weird, like any other school, you get a bachelor's in finance or in economics. Ok. Like your major is your degree almost, you know what I mean, like it's a BS or BA in economics from my school.

Victor: [00:29:38] Let me do this. Let me just actually take a picture of that. Double check and just send you the screenshot. And then based on what you say, I'll go back.

Patrick (CEO of WSO: [00:29:45] Well, I know the degree I just what I'm trying to do is simplify. For people who don't know about the Foreign Service, That makes sense. I mean, you could say you say it here while school foreign service bachelor science, you could say bachelor's science and maybe just put a dash. It's less like in you say, I see.

Victor: [00:30:02] Yeah.

Patrick (CEO of WSO: [00:30:06] You could even say major here. Yes. Because science in foreign service, you're not saying in finance, you're saying it's a bachelor of science. And then you're it's in international economics major that way. Does that make you feel better?

Victor: [00:30:19] Yes. I mean, I just wanted to be kind of not

Patrick (CEO of WSO: [00:30:22] Clear. Exactly, I not. It's a bachelor of science in Foreign Service. Yes. But instead, I want to just call it, let's say you have a Bachelor of Science at the university, and it's a finding your findings in international economics major. Makes perfect. So what I want to really focus on,

Victor: [00:30:37] Should I put my minor or no?

Patrick (CEO of WSO: [00:30:39] What's your minor?

Victor:: [00:30:41] Oh, French. No. It's something I just wanted to make sure that I asked you, I, before I put in there.

Patrick (CEO of WSO: [00:30:47] Oh, that might help you, actually. Just getting long. Ok. You know, I can do. Finance economics major. French miner. Cool. Awesome.

Victor: [00:31:04] We didn't do that is our capital, did you? Let's go back, sorry.

Patrick (CEO of WSO: [00:31:08] Yeah. Yeah, I got, uh, I got all into this. So OK, some advice in your management on three strategic industries. So that sounds weird, strategic interests, Industries, any industries, really strategic, what do you mean?

Victor: [00:31:24] Yeah, strategic for them. Because that's what they do, they spend their money and deals on. Maybe I should be a little more clear, yeah, if I

Patrick (CEO of WSO: [00:31:33] Senior management on. Three core industries for I was going to say core, but. Why are you advising senior management, what was allowing you to do that?

Victor: [00:31:47] Because I did most of the research I joined as a researcher under the analyst, I did basically almost all the research. So when they needed something on this, for example, two companies or health care, one of them was consumer packaged goods, other one infrastructure. So I had to give them basic bottom line of their net.

Patrick (CEO of WSO: [00:32:06] I think you say that on that second one. Prepared and delivered biweekly. 10. Biweekly 10 presentations. It was a biweekly or 10 total over 10. Is it ten total presentations

Victor: [00:32:18] By five, 10 with 20 presentations the weekly to. So each week, each week, they would say. Each week was Wednesday and Friday and Tuesday and Friday we did, or Monday and Friday

Patrick (CEO of WSO: [00:32:36] Prepared to deliver 20 presentations to partners.

Victor: [00:32:41] But this was basically internal. But the partners wanted to hear what's going on their specific issues that they are doing right now. The first one

Victor: [00:32:50] Was I was brought in when they were seeing the clients.

Patrick (CEO of WSO: [00:32:54] So remind me, is our capital? Is that a private equity fund,

Victor: [00:32:57] Private equity fund? I think the last time I said twenty five billion, it was like a 17 or something like that. Middle market. But if you want to pull kugel, maybe. Yeah, let's

Patrick (CEO of WSO: [00:33:08] Look. Because, yeah, no, I don't think it was a private equity fund. I think they advised private equity companies when I see either capital. So do you understand the difference?

Victor: [00:33:18] What difference

Patrick (CEO of WSO: [00:33:19] Between like between an actual private equity fund and an investment bank or an advisory shop that advises private equity shop?

Victor: [00:33:28] So I'll with adviser shop. So this kind of a self explanatory advisory shop is basically they work on the specific issues that private equity kind of may be blown this out, but works so they can focus on the whatever the core functions they do, which is

Patrick (CEO of WSO: [00:33:42] Just making it simpler. So think of it as like a private equity fund raises money. Yes. They take that money, they buy companies and they sell companies for more money three to five years later. Yes, so they're raising a pool of money. This is actual private equity funds or a hedge fund or VC fund, And they're raising a pool of money, putting it together. That's typically called limited partners, so the limited partners come in. They endowments and schools, institutions, whatever pension funds all throwing these checks, they pool it into. All those limited partners pool into this big thing so it can be $100 million and can be five hundred million dollars, making $80 billion, maybe $20 billion. If it's a mega fund, that money then gets allocated by the GP, the actual private equity fund to buy companies. Sell companies try to get a better return. So if they have a one billion one hundred million dollar fund, they're trying to turn it into two hundred or three hundred million dollars for their Lps, and then they get a cut of that upside. Ok, that's a private equity fund. That's a venture capital fund. That's any sort of buy side. That's what the buy side is. That's why asset management, even in private wealth management companies are the buy side. And in the technical sense, because you're taking money in your, you're making investments and then trying to get a better, a good return for your four, for that, for that client, for the LP in the private equity case. So advisory shop or consultants or bankers or all that stuff that's sell side, they're selling services. I think of a bank is still selling like a consulting service, right? Because they're coming in, they're saying, Oh, we're going to help you buy x y z. We're going to help you analyze this specific industry. Oh, we're going to serve as your M&A advisor for this specific acquisition of this new portfolio company. Right. So when I look at this and I'm trying to figure out, OK, what is this company is our capital. For example, I can go to what we do, right immediately, adviser, adviser, strategic advisory, joint ventures, mergers and acquisitions, corporate finance and capital raising. So they're helping advise all these people for strategic advisers. So like, let's say, do they do M&A, private equity, debt investment analysis, valuation and advisory. So they're helping doing valuation services. So private equity can say, Hey, we're thinking of buying this company. Can you help do some valuation on this? So it's investment banking services, really. And then their deal experience, they probably have. Tombstone has acquired the data, either Capital Group. Advise them on this, right? Yes. As Buy side M&A advisor. So they're doing a buy side engagement here, meaning they advised this company to buy the other. They service the buy side so they weren't there. Sell side and buy now. That's what that's all so confusing. So you can think of buy side and sell side is like private equity by side being like private equity, venture capital, hedge funds, hedge funds where you're making actual principal investors, You're putting money to work. Sell side is like consulting investment banking where you're getting hired by those. Typically, those companies are the people to do

Victor: [00:36:41] Due diligence and all that do due

Patrick (CEO of WSO: [00:36:43] Diligence to do M&A advisory to do. Whether you're helping them sell something or buy something that is typically called sell side, but then to make it more confusing. Now the banks, when they're advising somebody on a buy side mandate. That just means that they're helping advise on a potential purchase of a company. Here are Sarah and M&A adviser is Are Capital Group served as exclusive financial advisor to DMC Partners. I don't know what that is. It looks like probably for this acquisition. Ok, now, so yeah, that a portfolio company of this has made a significant investment into DCM. They don't disclose that. Portfolio company of this has acquired this. So, Isaac Apatosaurus, financial adviser to intrepid investment, so here they were on a sell. This is a sell side, right? Because this company acquired them, they were a financial adviser to Intrepid, who was getting sold right because Nexus acquired them. So this was a sell side engagement. So they're helping sell this company. So you can think of sell side or sorry investment banking as like they're basically helping companies that they're advising them. They're not actually putting their own money.

Victor: [00:38:01] Both the both sell side and the buy side, right? So private equity that put their own money to have the skin in the game, investment mechanism, whatever, like, OK, This is what the actual companies were. This is the due diligence.

Patrick (CEO of WSO: [00:38:11] They're hired guns. They're hired. Think of them as hired guns. Ok, now. So, so when you say all the private equity, well, really, really eyes are, as they say, middle market, the middle market investment bank. They have extensive U.S. cross with some specialty in the US and cross border. So. They've done hundreds of deals with over $18 billion in transactions over the course of the 18 billion is like the total amount of like all the deals they've done. And they typically would get a fee of that somewhere between three and 10 percent or something like that. I think it was five the last three

Victor: [00:38:52] Deals, I reckon. But yeah,

Patrick (CEO of WSO: [00:38:53] So you get the idea.

Victor: [00:38:57] So let's go back to that process. Yes, perfect, yes, perfect sense, this is the right after I in my first semester, first year in Georgetown as a sophomore or as freshman slash sophomore, I was a semester ahead, so I graduated. That's when I graduated December. I could not find any kind of internship because they didn't take me. They thought that I want to be a manager. I told them like I wanted to switch. And a friend of mine told me that Why don't you get in touch with this people? You won't get paid, but you will have at least a some kind of a private sector internship on your resume. I basically worked for free for 10 weeks, but I learned a lot at least like what is it that it doesn't take to do the basic financial analysis, the research and all that?

Patrick (CEO of WSO: [00:39:44] Did you do any evaluation work here? I did not. Did you do so, you did presentations, but how are you doing these, these presentations, how are you sourcing this data?

Victor: [00:39:54] They I used a lots of open source, but they also have their own.

Patrick (CEO of WSO: [00:39:58] Do you mean what do you mean? Open source, Google,

Victor:00:40:00] Bloomberg, Morningstar, Georgetown gave us an access. So I used that.

Patrick (CEO of WSO: [00:40:11] So really, this these two bullets are kind of the same because you've seen your management and you present it to them the same thing, right? That's what you're presenting.

Victor: [00:40:20] Oh, they are different, though. That's advice senior management was a client, senior management. The second one is, Oh,

Patrick (CEO of WSO: [00:40:26] This is the client and this is. Yes, yes, This is internal. Ok, so that wasn't clear. Ok, so advise senior management. So. what kind of crazy help,

Victor: [00:40:38] Maybe help advice that would be much better because I would call in a certain aspect of the presentation and others would turn to me, Hey, Victor, do you have anything to add? And when they ask a question? Yeah, Victor worked on this.

Victor: [00:40:49] Maybe you should fill you guys in on this stuff like that, but I just put up.

Patrick (CEO of WSO: [00:40:55] I think. So I'm going to say utilizing a company database, Bloomberg, I'm Morningstar.

Victor: [00:41:01] I remember that because George Georgetown gave us the access to that, How you do it. And I check that what's the so what were you pulling, though? Like what specifically were you pulling so over in price share last three years of financial information of their assets under management,

Patrick (CEO of WSO: [00:41:20] Generating 10 percent increase in actionable data like what the hell does? I don't have no idea what that means.

Victor: [00:41:25] So what is that? I'm sorry. What is that 10 percent you had?

Patrick (CEO of WSO: [00:41:30] Here I deleted it to generating 10 percent increase in access.

Victor: [00:41:35] I mean, this is my partner helped me to write this, and he put 10 percent to. To be honest, I really don't know why it is 10 percent. Why not? I don't

Patrick (CEO of WSO: [00:41:44] Want. You don't want to. You don't have to always quantify. So like, there's just a certain level where, like, sometimes you just presented, you gave insight. Like being. I am like all four stretching in terms of quantifying because I think it really helps, but like when there's no place to quantify, don't force it into the detail because it just it fuels, it just feels forced. Yeah. So um. Macroeconomic trends is so vague, what do you mean?

Victor: [00:42:18] So like interest rates, companies that structure their moody?

Patrick (CEO of WSO: [00:42:23] What do you mean company's debt structure where like overall corporate debt levels or corporate debt level and most of

Victor: [00:42:28] These companies were based overseas? Latin America and Europe, mostly and the domiciled organization The Domiciled, where it was domiciled that country with that was the domestication that they had. It was 2016, I think yet that some of them, you know, Moody's or S&p would lower their rate. So that would kind of have an impact. So I would give that basic three five ideas. What's going on with their interest rate, Corporate debt level, unemployment level in the in the country or any kind of political or geopolitical risk? Just a few items to kind of let them know the big picture, then move on to the company.

Patrick (CEO of WSO: [00:43:07] All right. So I said prepare and deliver 20 presentation of partners on macroeconomic trends and put interest rates, international economic considerations, corporate ratings, debt levels, et cetera. Was that good? It's also, I think. They're going to push you on this man, like you better have like one or two countries that you know really well. Yes, because of what was going on back in May, you know, in the twenty seventeen and what was interesting and one of the things you advised them on how one

Victor: [00:43:34] Turkey and Russia, because I spoke the language as well. When you need it,

Patrick (CEO of WSO: [00:43:38] You need to know that. And so what were they? Why did it middle market investment bank give two shits about Turkey or Russia? Because they knew cross-border. Yeah, they were doing a cross-border investment and the

Victor: [00:43:49] Firm that was based in what

Patrick (CEO of WSO: [00:43:50] They were doing investments, they were putting principal capital to work, the clients

Victor: [00:43:55] That were put in investment. So it was a Turkish based entity like buying stuff in Brazil. So they wanted to know that, OK, this is the company. We understand why this is the, you know, Turkish company. Can you give us a little more understanding what's going on structure if we go invest it, why don't we say? For example, the government of Turkey is going to come and take away the money, so it was kind of a basic

Patrick (CEO of WSO: [00:44:21] Like 20 years on American in terms of Turkey and Russia interest rates, economic considerations governing debt levels and investments.

Victor: [00:44:32] Maybe stakes, would that be good for clients?

Patrick (CEO of WSO: [00:44:35] But you know what, you know what these bullets all struggle from. They all struggle from the vagaries of language, so they all struggle from like a strict definition, like how you're translating into English. The word you're choosing for English are either too very vague or they don't really match because there's like subtle differences in terms of understanding what. What you so like trying not really understand what you did is really hard from these bullets, which is a problem,

Victor:  [00:45:02] But did you understand what I tried to do?

Patrick (CEO of WSO: [00:45:04] Yeah. So like they had a client, so you're your company. Eyes are. Had a client in Turkey that was selling goods in Brazil.

Victor:  [00:45:14] Yes, they were buying this stuff in Brazil, like buying stuff and in Brazil, the important stuff. So the company wanted to know if they invest in this company and get that Turkish company, if they go as a JV, as a partner or a small stake, so they wouldn't understand the external factors, what was going on in turkey, the interest rates, should they

Patrick (CEO of WSO: [00:45:33] Be. They were a Turkish company or a Brazilian company.

Victor: [00:45:36] There were two partnership between Brazilian company and tell Who

Patrick (CEO of WSO: [00:45:39] Are your clients, though?

Victor: [00:45:41] A Brazilian company?

Patrick (CEO of WSO: [00:45:43] That's opposite of what? So OK for clients in Brazil. Um, there's an in her client for one client in Brazil. Or do you have any other clients out internationally, Brazil, any others in Spain? Your actual clients, meaning the companies that hired eyes are where in Brazil and in Spain? And the Brazilian company is looking at potentially A JV, a joint venture with a company in Turkey. Turkey, yes. And the Spanish one was looking into the I was in South America. I think it was a Dominican Republic. What were they looking to do?

Victor: [00:46:28] It was a consumer packaged goods. They wanted to set up the big stores like Walmart kind of stores. But sell those goods.

Patrick (CEO of WSO: [00:46:35] So what was the Spanish client? Who are they? The name, no. What would they do? What do they do?

Victor: [00:46:41] Oh, they. So they're like a Walmart kind of store.

Patrick (CEO of WSO: [00:46:45] Walmart, the

Victor: [00:46:47] Consumer goods store. Ok.

Patrick (CEO of WSO: [00:46:50] And so they were looking at one choir, a new place in Dominican Republic, saying they

Victor: [00:46:55] Wanted to go to minor, minor minority stake. They buy something to bring the expertise and make money off of that help the Dominican company

Patrick (CEO of WSO: [00:47:04] To sell it. There is a similar company in Dominican Republic. Yes, yes, they are looking to make a minority investment. Yes, and help them grow. Yes, OK. They wanted to understand more what was going on in the drawing board. What was it like working there? You're lucky. Ok. Ok. Clients in Brazil and Spain, and so when they ask well to, you're setting them up to ask you questions like who is the client? They are going to ask you the same questions like who is the client in Brazil? What do they do? I will check that. And then they're going to ask, you're going to say they're looking at a company in Turkey? I spoke, you know, I speak Turkish. It was helpful. But this company in Brazil sold x Y z or they did this snd they were looking at potentially a joint venture in that area. They wanted to understand more of the Turkish macroeconomic environment in Turkey for these types of deals. Yeah. Did this result in an actual acquisition or any fees for your company?

Victor: [00:47:59] I don't know it, to be honest, because it was right at the beginning of the process, and it's all types of work. So OK, if I

Patrick (CEO of WSO: [00:48:06] Senior management so this, I still feel like this first bullet. By senior management of three core industries, so senior management, what was the client?

Victor: [00:48:31] The industry was health care, consumer packaged goods and infrastructure.

Patrick (CEO of WSO: [00:48:35] Was the client said I advise senior management, who was the client

Victor:  [00:48:39] Name of the client.

Patrick (CEO of WSO: [00:48:40] No, not the name. What did they do? I don't care about the name. What did they do?

Victor: [00:48:44] So the but is, isn't that industry like was the health care consumer packaged goods and infrastructure are in those kind of.

Patrick (CEO of WSO: [00:48:53] You said here this first bullet. Senior management was a client of yours. It wasn't internal. Or is this internal?

Victor:  [00:48:59] No. The second one is internal. The first one is are those are the three clients industry. One was health care. The other one was three different.

Patrick (CEO of WSO: [00:49:07] Three different clients. Yes, on these three industries, it is very convenient. Advised. Yeah. This is why the selected transaction experience is actually a better way to do this, because it's very clear. So did you see that template?

Victor:  [00:49:26] I looked at the template. I just didn't know how to put a put item because it was like a three different industry. Should I go one by one? If I did that and it kind of moved the page to the second page, so I kind of gave up and just put the bullet instead of doing the selected transaction experience because my role was here again, more of like a researcher.

Patrick (CEO of WSO: [00:49:45] What type of deals were these?

Victor: [00:49:48] Advisory, all advisory, M&a, debt, capital,

Patrick (CEO of WSO: [00:49:52] Equity capital. So the health care industry in general means basically hired, yeah,

Victor:  [00:49:58] Healthcare and health care on consumer package was a debt deal that I remember. I don't remember infrastructure

Patrick (CEO of WSO: [00:50:04] And you shouldn't have it on here. Ok, then you don't even know what type of deal was. If they push you on it, it just looks bad.

Victor: [00:50:12] Ok, that's just due to quote industries and get rid of the infrastructure. Ok, so these were debt deals.

Patrick (CEO of WSO: [00:50:18] Yes. Let me think I had to do this. Like three core industries, it's just weird you're calling this a core industry. No, it was two deals you were on. Yes, debt deals, right? So you could say.

Victor:  [00:50:37] Research. And provide analysis to debt. Transactions. Um, health care.

Patrick (CEO of WSO: [00:51:03] Analysis of what type of analysis did you do for the debt transactions? So how much was the debt or how much like you? That's the thing is you put deals on here, then the deals are fair game for me to ask. How much were they raising? What kind of debt?

Victor: [00:51:21] So it was a they were raising

Patrick (CEO of WSO: [00:51:25] About the hell. Let's talk about the health care company first, because you have to own here. So tell me about the health care deal.

Victor:  [00:51:30] So if they were selling, I think they were issued stock. To raise capital around $50 million,

Patrick (CEO of WSO: [00:51:39] That's not a debt deal, that's an equity deal.

Victor: [00:51:43] No bonds. Bonds, I'm sorry. Bonds? Ok, bonds. Ok. Bonds. Corporate bonds to raise 50 billion dollar on the first one, there was 40 something, but I'm just going to say 50 million. The second one, it was a two deals that were secured and answer which one is unsecured. One that mezzanine kind of debt.

Patrick (CEO of WSO: [00:52:05] Mezzanine is tends to be on security, that's more.

Victor:  [00:52:07] Yes. Yes, that's the one the second one will most working on, and that was a $10 million. It's your package. Yes, that's the one that was in Dominican

Patrick (CEO of WSO: [00:52:18] Republic, the 10 million dollar mezze consumer package. Good deal. And this was the oh, this is the Dominican Republic

Victor:  [00:52:28] One.

Patrick (CEO of WSO: [00:52:29] And the 40 million health care one was the what

Victor:  [00:52:32] The Brazilian and Turkish? Yeah, it was a pharmaceutical company.

Patrick (CEO of WSO: [00:52:35] As we're slow, so man, look at how long it's look at how long it's taken me to just unpack what you actually did. This should be changed to the transaction. The two transactions. Absolutely. I'll change that. It's in the middle market, investment banking analyst, you did a deal with a. You did a ten dollar mess or you didn't do, but you worked on a $10 consumer packaged goods deal. You did a 40 million dollar convert, a non-convertible convertible note, subordinated note, their bond offering for a health care company. Yeah, you're not saying what the health care company is. You have no idea what it is. We have no idea that it's in results or whatever. We have no Idea what this consumer package there's. That's where there's a lot of meat that makes it look more banking. That's what we really need to unpack here, because there's a lot of potential value here now. The challenge is they're going to ask you, what did you specifically do? And you say, I did research, what the hell does that mean? You can't just leave things with broad strokes. It was advisory. It was research. And you know what that shows me, it shows me you don't really know. It shows me that you don't really understand what the bank was doing. And so we either have to we have to back into actually you understanding specifically how they're advising it, how they're. What was the exact services they are providing? So were they so for the debt transactions, the day armies company? Sorry. Let's stick with the 40 million dollar bond issuance. They were advising them that health care company issued $4 million of subordinated debt. Right. Yes, in. Sorry, that was in Brazil.

Victor: [00:54:21] And that was in the for the people in health care who was in Brazil. Yes. The Turkish pharmaceutical company and Brazilian pharmaceutical company, they were kind of

Patrick (CEO of WSO: [00:54:29] Dude who was raising the actual 40 million dollars of subordination.

Victor:  [00:54:31] That was a Brazilian company,

Patrick (CEO of WSO: [00:54:33] The Brazilian company. That's who you were advising. That was your client.

Victor:  [00:54:36] They were, I mean, I wasn't a messenger.

Patrick (CEO of WSO: [00:54:39] The deal you worked on, the client was in Brazil, a health care company. And so what type of health care were they?

Victor: [00:54:47] It was a pharmaceutical company, some drugs. I don't really remember fully, but I

Patrick (CEO of WSO: [00:54:52] Need to get in touch with people who you worked with back then and try to get those documents because you're going to get eaten alive. They. The point where I might even take it off. Because that's how much of a like right now It's not good

Victor: [00:55:09] Because like, OK, let me check that out,

Patrick (CEO of WSO: [00:55:11] Because I dig if I dig here. Yeah, you're just flopping all over the place with broad generalizations. I'm going to say it's bullshit. It's all bullshit. He didn't do anything. And if that's the case, that's fine. But if you're going to put it there, you need to be ready to like, actually, no. These are two Tet transaction ones is a $40 million subordinated note offering in Brazil. We are advising and helping to go strategic a potential jv with Turkey. Cool. Oh, awesome. Boom, boom, boom. Boom, you're out of that off. Oh, that sounds really interesting and complicated. Yeah, you know, to be honest, I was just doing more of the research to help them. Bloomberg Morningstar. I try to understand the macroeconomic trends of that at the. Them great. But like for me to have to pull that out, if you pull that out of you, it's not a good sign because it means you're not comfortable about it. You're feeling, Do you know what I mean? So for the actual interviews it's going to be? You've got to have like another layer of detail under there, that's much, much more. I think there's potential here, like if you can get a little bit more detail and understand what it is or at least sound. Like, get one layer deeper than what I was just asking you like, OK, what kind of health care company? It's a pharmaceutical, the generic pharmaceutical company. I'm making this up. The generic pharmaceutical company that specializes drugs in tuberculosis and blah blah blah. I don't know. I'm making just having some base knowledge

Victor: [00:56:29] Issue with that batch. It is also like a three and a half years ago as my very first experience, I don't remember and I don't know if I'll reach out. They will share anything with me.

Patrick (CEO of WSO: [00:56:39] But you were doing a search for these companies. You don't remember specifically what it was about. What was the research on then? There's more economic. There's always macroeconomic.

Victor: [00:56:48] It's a financial strength, financial strength. It was a public company. It's a price earnings ratio. It was a bottom line, a bunch of wretched houses that current assets, current liabilities, their working capital

Patrick (CEO of WSO: [00:57:03] And cash income, fixed

Victor:  [00:57:05] Income, all that stuff. Ok, so yes. Yeah, for me.

Patrick (CEO of WSO: [00:57:09] That's good, but we should say, you know, it's not research, it's like looking at financial, financial health of. Do you think they hired you? To analyze themselves or to analyze the company in Turkey that they were looking to do a job for.

Victor: [00:57:26] So I was doing this for like for the partners and partners when they were talking both the Turkish company and the Brazilian, but the Brazilian

Patrick (CEO of WSO: [00:57:36] Brazilian company was hiring you guys. To advise them on potential joint venture with.

Victor:  [00:57:42] Yes, yes.

Patrick (CEO of WSO: [00:57:44] Well, I don't know. I'm asking. I don't know. No, no.

Victor:  [00:57:46] Yeah, I think so. Again, I was looking at the bottom of the totem pole. It doesn't

Patrick (CEO of WSO: [00:57:50] Matter. That's not an excuse, though, like if you're going to have it on your resume, you need to know it. I see you're going to have it on your resume as potential deals. And the reason I pushed so much here is because this is where people fall apart. It's like if you're just doing research and whatever, but you're not picking your head up and looking at what is the overall deal, what's actually happening here? Who are we advising? Why? What's the deal? What's the consideration? Then it looks like you don't. It looks like you're not really passionate about it. That's the risk. if you're just putting your head down and going, Oh, OK, here the here is the interest rate. What else should I do? Oh, here's the here are the ratings here, the corporate debt level. Here's the charge. Oh, I can type this number into this number like a monkey could do it. And so, like that's the risk is if you don't have any of these details, you don't really know, I know it was three years ago and I know you were at the bottom. I just I worry that there's potentially something really good here, if you can, if you can tease out those two transactions and put them on separate lines and say $40 million subordinated debt offering health care companies specializing in debt ADR and then to say fix, you know, analyzed fixed income charge of the potential joint venture debt, it added, ED,

Victor:  [00:59:04] I think maybe I should just take that off put just overall general, you know? Research analyst Yes.

Patrick (CEO of WSO: [00:59:13] But then still, they're going to push you on that.

Victor: [00:59:15] But then I can kind of provide what did I do like I used to Bloomberg morning start and the company's own database to pull out the information on their basic bottom line financial health and for the companies that are involved in the deal.

Patrick (CEO of WSO: [00:59:30] For the potential targets.

Victor: [00:59:32] Yes. And I just provided I give that to the company, that would advise

Patrick (CEO of WSO: [00:59:37] And to try that. So maybe just do that. So we don't oversell it. ] Yes. Yeah. So that's what I'm saying, like, that's why I kind of makes me squirm because I think I still think it's better. It's good for you to know what the deals were. Somebody's going to say like, oh, you did research, so what was the deal? And if you can't talk at all about it, it just looks like you didn't give it, give it to which maybe you didn't like. I don't blame you. It's like a random deals from, you know, whatever. But like, it's good for you to know what they were. I see.

Victor:  [01:00:07] I will double check and make sure it was more like a very conservative, nothing to kind of take out. Push me on if that's because, to be honest again, It's been so long and first experience and I don't want to lie. Maybe I was not like a super involved and I should have been, but it was like I was testing Waters here. I didn't know what was happening. It was just one of, OK, go do this and come back to

Patrick (CEO of WSO: [01:00:30] This. So like, I'm a jerk right now and I can push you, but like, you don't want to be, You rather do it now with me and be in an interview. Oh, of course. Of course. You know what I mean?

Victor: [01:00:39] Absolutely, absolutely. And I appreciate that. What I'm just I'm being open about this like out of this way.

Patrick (CEO of WSO: [01:00:46] And so like, you do what? You feel comfortable. I'll review it again. Ok. That one. But yeah, it just doesn't feel. I think the president deliver 20 percent to departures on macroeconomic terms for clients in Brazil and Spain, including interest rates. I think that's good.

Victor:  [01:01:01] I think you can keep that. It's the first one,

Patrick (CEO of WSO: [01:01:04] The first bullet, yeah, I don't know what you want to do.

Victor: [01:01:07] I will change it. I'll send it back just that line to look at it and see if you like it. I can copy and paste it back into that.

Patrick (CEO of WSO: [01:01:14] Just one line. And then let's go to the let's keep going because we're running out of time. Yeah. Um. Ok, here we go. The United States may be multi-language analyst.

Victor: [01:01:28] What are we asking for? Yes, you told me that to take this three, there were four of them, four bullets and I got rid of one of them. And what was the name? What were you calling yourself previously multi-language analyst?

Patrick (CEO of WSO: [01:01:40] Was that what it was?

Victor:  [01:01:40] I was a voice graphic analyst who said, Hey, why don't you put multi-language analyst? Just get it over with and people just go, Oh yeah, people

Patrick (CEO of WSO: [01:01:47] Don't know what it was. Yeah, OK, some spacing issues here. Why is this that this is top aligned? And this is bottom aligned? It is little things these little annoying. Oh, here, let me delete this. This is my fault, actually. I think I did that. That wasn't you. And then put the. Based here, I think between each one we did. How much for four, yeah, or. Or perfect? Ok, now it looks good. And then four, and then let's put this up to the. Actually, this extra space is nice in between a main section. Extra spaces, good. Ok. Let a team of four language, and if I look at your reporting on 10. What were the awards? It's just called it's called accommodation awards,

Victor:  [01:02:44] A combination of words that never combination words. What does that mean? So basically, it says that I'm going to go buy my way, Petty Officer Davis accomplish this, and it brought honor and courage to the country and a nation that deserves to be accommodation with this. The name of the award, it's basically called accommodation.

Patrick (CEO of WSO: [01:03:06] Are we sure that's what it's called? How you spell it? Accommodation? I'll double check. But ninety nine percent, I'm sure I'll put a note. But who gets this? How many people get this in my team?

Victor:   [01:03:17] Only two of us got it

Patrick (CEO of WSO: [01:03:19] Out of how many

Victor:  [01:03:20] Out of 12. And it's coming from the admiral Navy, Admiral. And this is the much more I would say I try to sanitize as possible. I couldn't really talk about it. Was it good?

Patrick (CEO of WSO: [01:03:47] Let a team of four language analysts identify look. To first, U.S. Navy assets are in for combination words from the admiral, from Admiral, I don't know how to say that. Yes, I'll just say a words.

Victor:   [01:03:59] Yeah, I try to get rid of the wording because she told me, I'm boss.

Patrick (CEO of WSO: [01:04:03] Much better. It's better for ordinary hateration words. Um. Awards are awarded granted.

Victor:  [01:04:18] If you put the stoat, that would be too much of a flowery words, he stood from India. Were given maybe just given to the simplest. So next one this is was I was doing this internally. If you can't think of a company, so all the sailors on our team, in my unit that were close to 40 people, they have to take this language test every year and there is a certain standard you've got to score above that in order to maybe pay you on. You can be kind of functionally your job. But since the language is a foreign language, not everyone kind of have aptitude or time to go look for. So what I did, I basically based on my own take and test and what I've read to kind of prepare for it. I take that into training, and most of the people, I think 50 to 15 people took the test and they scored one two to two plus two plus three. So that's that 30 percent improvement. But yeah, we can talk about what

Patrick (CEO of WSO: [01:05:40] We can get this to one bullet. Okay, standard operating procedures is a very long way of saying just training.

Victor: [01:05:49] She didn't go away, I was still maybe

Patrick (CEO of WSO: [01:05:51] Yeah, did all training program. Training, this is good, though. I can't spell training program. So just entering into an advanced level

Victor: [01:06:07] Language, you can't get rid of that, it doesn't I can't talk about it. What kind of language was both most, both for the entry and advance? I can't get rid of that and can't talk about during the interview If they push me on

Patrick (CEO of WSO: [01:06:20] It. You can't. Or you can.

Victor:   [01:06:21] Yeah, I can. That's what I'm saying. Like, it doesn't have to be there. You know, maybe a team, maybe we can replace the work unit as a team. That, you know, much more excellent with the private sector. Very aware here. War Unit Unit.

Patrick (CEO of WSO: [01:06:44] Yeah, yeah. I don't mind that I want to get to one line.

Victor: [01:06:48] I don't. How about we just, OK, how about we just get it, OK, cool. It's right there.

Patrick (CEO of WSO: [01:06:57] It was 30 percent or twenty five percent plus or 30 percent plus that's two twenty

Victor: [01:07:01] Five plus again, I'm going to be conservative here. Yeah. So I can't back that up 30 percent, I think it's a bit of a stretch. Ok. I don't know what the last one is. Can we get rid of that? I don't know. Oh, OK. This is from

Patrick (CEO of WSO: [01:07:23] A research note to traders in summarizing.

Victor: [01:07:24] This is from the template that I was working based on. Template a kind of got stuck in there. So you can't get rid of that.

Patrick (CEO of WSO: [01:07:31] Get rid of the thing. Ok. Yes. Cool with that one question still going, we're still going getting better, though, look, it's breathing now. Yes.

Victor: [01:07:48] Patrick, one question no. I'm still in the reserves. Should I point that out on my resume or no? You said last time that I will tell you, I'm kind of, you know, of two mind whether to point that out or not, but.

Patrick (CEO of WSO: [01:08:02] Yeah, I think it's nice to know. Do you want to just say here, I mean, should we say present, Then you're not. Are you still a language analyst for the reserves?

Victor: [01:08:11] But that's an active duty. I mean, there is some language analysts

Patrick (CEO of WSO: [01:08:15] Think it could still go under the Navy experience, though. I see. Ok. You could say still. Or you could say. And what do you want to say?

Victor: [01:08:26] U’s Naval Reserve, yeah, U.S. Air Reserve, Yeah. As a language analyst, as a multi language analyst. Could something like that? Yeah, OK. I just wanted to make sure that, yeah,

Patrick (CEO of WSO: [01:08:45] It might make it more clear that you're still. I mean, is there any concern for them that would this be a red flag to them, do you think?

Victor: [01:08:53] I don't know. That's what I was asking you. Yeah, I don't think so.

Patrick (CEO of WSO: [01:08:56] I mean, I don't see why it does. It's not preventing you. It's a preserve, right? It's not preventing you from taking a job or anything, not right. So I think it's fine. And that's just weird. Isn't that what you're doing day to day? A lot of times, Like, yes, yeah, we can see once, once a

Victor: [01:09:12] Month weekends.

Patrick (CEO of WSO: [01:09:14] Oh, that's important working. How many hours per 10 hours per month?

Victor: [01:09:20] Eight to 10 hours, let's say. Ok? It's good. Cool. Awesome. Um. Okay, here we go. Fun stuff.

Patrick (CEO of WSO: [01:09:41] Ok. Relevant coursework, anything more around finance, didn't you take finance courses?

Victor: [01:09:47] I didn't ask economics, introduction, International finance, that's the one finance quote, so

Patrick (CEO of WSO: [01:09:52] You didn't take any like accounting.

Victor: [01:09:56] I did accounting, I did a bunch of accounting records actually to

Patrick (CEO of WSO: [01:09:59] To tell my what accounting

Victor: [01:10:02] Accounting was a managerial accounting intro to accounting. I put all the names, their accountant names for you to see for. I just stick a note right now.

Patrick (CEO of WSO: [01:10:13] I put the accounting managerial accounting.

Victor: [01:10:21] And there was one more that was more of a specific for the certificate that I was working on.

Patrick (CEO of WSO: [01:10:28] Is it fine if it's not finance or economics or accounting, don't include it? Oh, OK, all right then. Yeah, we want to see accounting. We want to see basically finance shops. Dean's list all semester is great GPA or no great leadership apprentice complete an intensive week long apprenticeship, I can't believe they're telling you to do this. You as a VIP weren't especially in our tent. You utilize a network to.

Victor: [01:10:57] I really ask the I ask carefully to tell you to do this shit. I really asked God to reach out to organizers, and this is what they told me to put there. And I was kind of expecting your reaction. I was going to say, this is surreal bullshit, but I put it there, so It's fine.

Patrick (CEO of WSO: [01:11:13] You did talk with us 10 division leaders, right?

Victor: [01:11:16] Yes. Yes, actually more than 10. Now, actually, I'll talk to that close to 15.

Patrick (CEO of WSO: [01:11:21] It's at the bottom. It's fine. I think their idea

Victor: [01:11:25] Is that once I apply,

Patrick (CEO of WSO: [01:11:27] Remove what is successfully network me, just say to. Instead of network, you'd like to be a program to. Consult. Learn more about what different divisions within

Victor: [01:11:43] Divisions

Patrick (CEO of WSO: [01:11:44] Say it is to, Uh, to. Necked with. Ten senior divisional leaders. Across the firm, it's obvious to with 10 divisional leaders to learn more about. Sorry, I can be an ass.

Victor: [01:12:05] No, no, no. Good. You. I actually like the time

Patrick (CEO of WSO: [01:12:10] By the time you get through the mock interviews with me so that you're going to be like, Oh man, I'm ready.

Victor: [01:12:14] Yes, that's what I that's what I'm running. You know, it was so easy. They only asked me one technical

Patrick (CEO of WSO: [01:12:19] Question and then they asked about me, you know, the VIP women account for 10 senior divisional leaders to learn more about Tell me the specific vision.

Victor: [01:12:29] It was a commercial banking, investment banking.

Patrick (CEO of WSO: [01:12:34] Oh, we can write investment banking. Commercial banking.

Victor: [01:12:39] Back in investment research, the global investment research, perfect. Uh, and trading. What else? It was a technology. It's funny they were also brought also by

Patrick (CEO of WSO: [01:12:59] Technology or what do you mean technology? What do you mean

Victor: [01:13:04] To technology within the foreign technology division?

Patrick (CEO of WSO: [01:13:08] Like, what are they? Is it a front office or back off middle office?

Victor: [01:13:11] It's a back office. It's a back office. Yeah, okay.

Patrick (CEO of WSO: [01:13:13] I would remove that.

Victor: [01:13:15] Okay, so you want only the front office once it was like, OK, so OK, I just want to make sure what I make sure they're trying to brand you as like, yes. Yeah. So we're going to

Patrick (CEO of WSO: [01:13:28] Put these out there.

Victor: [01:13:29] Okay. So it was investment banking, commercial banking, investment research shows and trade in equity research with that word. Yep. It was also Fixed Income Research Group. I talked to them private wealth without work as a private front

Patrick (CEO of WSO: [01:13:46] Office. Yeah, I don't. I'm going to exclude that. Okay. Um, including that's enough to learn. Perfect. It was be able to connect with 10 senior division leaders in various groups, including vessel banking, commercial banking, investment trading, equity research. Perfect.

Victor: [01:14:25] I believe like that. Ok, awesome.

Patrick (CEO of WSO: [01:14:27] Okay. So we get a lot of keywords in there. People typing in boom, your resume pops up more. Everyone's happy. You get screened into the interviews. Ok, let's go to this. This is actually much more important than you think. This other information section. Often overlooked by resume by people finishing up their resume, they're like, oh, just throwing some BS. So again, this modelling, I'm going to. Can we say financial modelling with feta bit here? So a question on that.

Victor: [01:14:57] Like I said, I was given two courses to kind of prepare me the Goldman insider track on quant research and investment research. I wanted to kind of put one hundred plus hours. Each of those courses are 50 plus 60 plus, and I wanted to add yours as a courses too. So I kind of left it there because kind of an ongoing process by the end of February, I want to finish minimum. It's going to be more than that.

Patrick (CEO of WSO: [01:15:23] Quant is that quant thing. It sounds back office. The coding slash, the quant stuff Is that you are. You are they teach you Python. What are they teaching you?

Victor: [01:15:32] Oh no, there's let me just read the courses there. Yeah, yeah, it's in front of me. One second. Sorry. All right, I'm just going to go to the Goldman side and tell you exactly there are two courses that there are two tracks they gave me. I think both of them are front office, but I might be wrong because most of the time I am. Um, so let's go back here, it's called financial edge and. So trade and Goldman Sachs might learn a trade in quantitative modelling track to 20. And of courses are here the core course about Goldman sachs. Then you got this introduction to consumer and investment management. So I started, I was into this. Sure. All right. No, no, no worries. I'm listening. So the first track is trade in quantitative modelling track. Twenty. Mm hmm. That's the course. Within the course, you have the core about Goldman Sachs out of business principles and how it works, then introduction to consumer investment management at Goldman Sachs. Then the next chapter is introduction to securities at Goldman Sachs. Then another one on Excel. Next one is Financial Accounting Review. Then you got the core revenue and core costs. You got the EBIDTA and EPS. Working capital debt equity. This is that one, and I'm going to move on to the second one. That's a bit different. Some of them overlap. Somewhat different. Second one is a investing track. Ok. And let's look at the this year. Sure. So excel, there's

Patrick (CEO of WSO: [01:17:07] There's actual courses underneath each of the tracks. Yes. Yes. Very cool. Ok. And bunch a bunch of chapters to kind of

Victor:  [01:17:14] They told me to do this and put that on their resume. Yeah, absolutely. Kind of. That's kind of what I was saying. I think I think you could this financial modeling section, we should definitely boost that. Like you shouldn't say, six modeling courses, you should say specifically what they are. I see. Ok? You should be saying excel modeling,

Patrick (CEO of WSO: [01:17:32] You know, financial statement three, you know, financial statement modeling, DCF on evaluation and M&A. Exactly.

Victor:  [01:17:40] No. Should I put this as well? And the two financial edge from the Goldman courses, should I put them as there as well instead of six Model X's and OK, cool.

Patrick (CEO of WSO: [01:17:48] Well, yeah, I mean, you could do that. But like, it might be overkill if you're you could just put the six from us, Ok? Have to say run. You don't have to say our name. Okay, thank you for saying our name. But I think what's more important Is that instead of spending one hundred hours. Um, you can say 100 plus hours. Of self study. Across six courses, across scores.

Victor:  [01:18:19] So here's the question.

Patrick (CEO of WSO: [01:18:22] Ok, sorry, let me just finish this. No, no personal financial statements. It meant modeling. Pcf. Admiration and. I'm crazy valuation. You. Now, the Obama. Go ahead.

Victor:  [01:18:48] So the only reason I am kind of a bit up on the edge for this financial edge questions because this is going to go a , you know, push my resume. It's going to get picked up by internal. You know, so I wanted to kind of see them that they gave me these courses and I took and I spent hours, but I'm just going to run.

Patrick (CEO of WSO: [01:19:06] Yes. So then when you say you can say one hundred plus hours of a day across six courses, including started. Um, you can in parentheses, you can say financial edge. And of course, of course, the Oasis. Ok. Oh, you want to put the. You want to put the tracks here. Yeah, yeah.

Victor:  [01:19:28] Ok. Ok.

Patrick (CEO of WSO: [01:19:30] Ok, well, then you should put. If you're focused more on like the internal Goldman screening, yeah, you're worried about right now. Yeah, that's

Victor:  [01:19:38] Exactly what I'm worried about.

Patrick (CEO of WSO: [01:19:39] So I would have you could potentially have two resumes, One with like. Yeah, financially, I'd wear It and like those seeing things and then one that's more general. Like this? Yes. So the one I can kind of send it after we are done here and after I put the eyes there one, I can send it to the

Victor:   [01:19:58] Recruiters inside the government so they can have this little girl. And I know it's kind of end of February, early March. That's what they were kind of thinking to start the process. But I will be ready by then, you know?

Patrick (CEO of WSO: [01:20:13] Yeah. This multi the one thing I was thinking. But having this contract roll up top, it's a little bit really what you've been spending your time. I'm sorry, I'm just I'm thinking about this overall. Um, what you're trying to do here. And is it better to have the Navy since you're still a reserve working eight hours per month there? Or is it better? Where are you spending most of your time? It's this contract role right on track. How many hours? 60 hours a week? Yeah. Oh, OK.

Victor:  [01:20:47] Yeah. Perfect. Ok. Never mind. That's perfect.

Patrick (CEO of WSO: [01:20:51] And do we have to say contract roll?

Victor:  [01:20:55] I mean, I just want to be honest, it is a contract. It is a year long contract I. But if you want to, if you see that we should take that out. I'm going to go with whatever you suggest or recommend

Patrick (CEO of WSO: [01:21:09] Because I think a lot of these middle office and back office rules, that's what they do. They end up being contract rules. So I don't know. Yeah, well, how many people next to you are in a contract role? Two out of how many out of time of I'm on

Victor:  [01:21:23] Three different teams. Each team has four to five people.

Patrick (CEO of WSO: [01:21:27] And so two, you guys are on the contract rule. Yeah. Do you think they may hire you full time?

Victor:  [01:21:34] Most likely. But I don't want to put it back up. Yeah, but you may be

Patrick (CEO of WSO: [01:21:41] Forced to initially to take the benefits and the salary if you haven't lined anything up. Yes. You haven't made a successful transition in February if you haven't gotten in front of the right people. You may be forced to. Yeah. So. I think. Get me one last turn, I think where I'm struggling most is the size are

Victor: [01:22:01] And I put dogs, ah, I think I said the last thing, Um,

Patrick (CEO of WSO: [01:22:06] Let me actually save this right now, save as I'm going to put desktop resume, I'm going to we'll call it, uh. And the leader. I would say we'd. 12 20.

Victor: [01:22:36] And you've got to jump in that box, Google. Yeah, I'll put it, I'll put it

Patrick (CEO of WSO: [01:22:42] There right now up into that folder so you can grab this and kind of.

Victor: [01:22:46] Ok, so next step for me, I'll send you those two, maybe three different versions of the photo first line one bullet, either with the numbers and everything you see, which one works better or maybe a combination of them so I can go back and put that In. And also this financial edge, should I put that on the financial model with the tracks? Or how should I go about making sure this tracks courses that actually pops out

Patrick (CEO of WSO: [01:23:13] For you? Don't know if you're going to actually be doing any searches there, but yeah, you can just have it there. Just have the name of the tracks there. One hundred hours of self study across, you can do that across six courses you could say, including X Y Z Track and Blah track. And then you could put in parentheses the name of the training firm. Ok. Awesome. Great passion. Yes, it was great. Yeah, I've got to run, I'm sorry. No, no, No, it's good. Let's try to do this again in two weeks because I did want to get to your LinkedIn. I have stuff around presentation and looking the part.

Victor: [01:23:48] Perfect. Yeah. Go ahead. Yeah, I have a haircut. So Corbett is just messes everything. It's been. It's been like a four or five weeks.

Patrick (CEO of WSO:  [01:23:57] I just made my own look. I just shaved my own. I'm going bald, but I shaved my.

Victor: [01:24:01] I would have looked at parts I need to kind of make sure it looks good. I'm good at picture. Don't be a

Patrick (CEO of WSO: [01:24:06] Bum like me with a white beard and baseball hat. Doing this, though, you need actually look good. And yeah, I sent you information, just know about a white shirt, a blue tie, conservative tie. Well, we'll go through all that and then absolutely and then keep studying. Ok?

Victor: [01:24:22] Okay. Thank you so much. I really appreciate that. Thank you. Ok, bye.

Patrick (CEO of WSO:  [01:24:27] 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.