Displaying 101 of 719 results

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  2. Wanted to create a thread for ER recruiting. If you guys could send updates on apps and interviews that would help everyone. From what I know:-Citi is done-Baird is almost done I know there are also a couple of apps open:-MS-Lazard-CS Equity Research No Y ...

    +10 160 comments21 May 2019 -

  3. When I did my AMA thread a while back I promised at least one person that I would share my general research process. So here you go... Every analyst has his/her own way of conducting due diligence. There certainly is no one correct way to come to an inves ...

    +277 146 comments12 Apr 2019 -

  4. Background: I went to a non-target, had a 2.7 GPA, and didn't study finance in college. Ended up landing a job in ER. I apologize in advance that I have failed to contribute as much as I should to these forums. WSO was one of the main tools I used an ...

    +16 42 comments27 Mar 2018 -

  5. I just got a interview for Evercore ISI equity research sales, can someone shed some light on it. What should I expect at the interview? Equity Research Equity Sales sales and trade s&t Evercore ...

    +5 79 comments20 Sep 2017 -

  6. So I want to do equity research. I know that there is sell-side and buy-side and, so far, I have a few distinctive arguments for both (see below). What I would really appreciate to find out is your views in terms of the experience quality that both offer. ...

    +3 35 comments13 Apr 2018 -

  7. Dear all, I am new to this community but not new to contemplating my exit from clinical medicine. I have been weighing pursing consulting or equity research in biotech/pharma/healthcare. I crave learning about innovative solutions in healthcare and medici ...

    +3 44 comments31 Oct 2017 -

  8. I was motivated to make this thread after reading a lot of the other threads in this forum, about why certain top analysts are still on the sell-side. It appears that almost everyone who doesn't work on the buy-side or sell-side, or even a remotely c ...

    +106 120 comments18 May 2018 -

  9. Hello Everyone, I'll keep this short and sweet. I took an ER job out of school (after running my own little ER biz). Working on Wall St is great, I'm learning a ton, I put in the hours and I'm on the front lines. Outside of continually gett ...

    +7 66 comments26 Feb 2017 -

  10. On short notice I have an interview with an analyst and an associate on thursday for an associate position. Can anyone give me a heads up on what will likely be asked? Will this be a fit interview or more technical based questions and if anyone can give a ...

    163 comments29 Jan 2018 -

  11. This could be a completely stupid question, so don't hound me to hard, BUT I have read two different forums (threads 1-2 years old) that have stated that Equity Research is on the decline and could be potentially dead in the next 5 years or so? Is th ...

    +4 68 comments12 Apr 2019 -

  12. How difficult is it to break into Equity Research fresh out of school? I attend a target school (a top 15 LAC) and have all the requisite stuff on my resume- 3.7+ GPA, econ major, significant accounting/finance coursework, FIG analyst for the school' ...

    +6 144 comments12 Apr 2019 -

  13. .................................................................................................... Family office College dropout ib non target SA Equity Research off cycle internship ...

    +4 35 comments10 Apr 2018 -

  14. going to be starting in equity research at a mutual fund. i'll be be covering companies and so wanted to ask the wso community (specifically those working on the sell side) what are the characteristics of buyside analysts that you like to work the mo ...

    +3 20 comments8 Nov 2018 -

  15. This week, a prominent American Economist famed for his work in Behavioral Finance, Richard Thaler, took home the Nobel prize in Economic Sciences. As I found myself reading these headlines in the news I found some pride in being able to say I was already ...

    +1 32 comments9 Jan 2018 -

  16. I'm an MD in equity research with 15+ years experience. I've worked at bulge brackets, mid-sized firms and regional firms. Ask any questions on life as a an analyst today vs. several years ago including pre- settlement and bulge bracket vs small ...

    +8 29 comments1 Jan 2018 -

  17. If you could start over and cover any sector from the start which would it be and why? Is there a reasonable argument that any one sector particularly positions you well for eventual generalist investment positions? Bonus: where do you see consumer discre ...

    +3 22 comments19 Jul 2018 -

  18. Hey all, I was talking to a equity researcher sell side(C.L King and Associate). He suggested that the best way to impress ER analyst is to build a pitchbook/ Equity research report and present it along with cover letter. I would appreciate if if somebody ...

    +1 63 comments3 Apr 2018 -

  19. The right time to lateral?

    Equity Research

    BACKGROUND: I have been at a Credit Rating Agency (Moody's, S&P, Fitch, etc.) for four months. I started straight out of undergrad as an Associate Analyst (comparable to an analyst in IB or associate in ER). I graduated from a small non-target wi ...

    +3 26 comments17 May 2018 -

  20. Mod Note (Andy): this ama is now closed, thanks again to N164 for answering all the q's! I've been in the Asset Management field for 15+ years, started as an i-banker out of undergrad, moved to AM after b-school when the hours got to me (both at ...

    +5 102 comments19 Nov 2014 -

  21. This is an example of how a buy-side analyst would start coverage on a new name and what an initiating memo might look like. I chose Fossil as part of an investment group with some help from BlackHat and this is the final product. Keep in mind this is not ...

    +11 85 comments3 Dec 2012 -

  22. AMA... 3rd year ER analyst

    Equity Research

    I have been an ER analyst at a BB for the last 3 years... I am now moving to the buy side, starting in 2 weeks' time. I have always found these threads useful so thought would create one myself in case anyone wants to ask about sell side (or buy side ...

    +17 93 comments13 Jul 2014 -

  23. MS Wealth Management?

    Asset Management

    I recently got an internship offer from Morgan Stanley Wealth Management, NJ office.Non-target school finance and business analytical master degree. I will graduate this May and I have studied for CFA, FRM. I want to land a job at Asset Management company ...

    +1 26 comments12 Apr 2019 -

  24. These types of data gathering threads are pretty helpful to everyone involved. Just wanted to get a sense of how bonuses and comp is panning out this year. Good format would be- BANK (BB /MM) / POSITION (Years experience) / BASE / BONUS / LOCATION (ex: NY ...

    +1 68 comments10 Feb 2015 -

  25. Bio: tl;dr version: non-target, non-major, also had a sub average GPA in undergrad but compensated with a higher grad GPA and work experience. I went to a non-target, east coast, liberal arts college and graduated with a biology major. Originally, I inten ...

    +4 79 comments6 Aug 2014 -

  26. So, I've failed, so far...

    Investment Banking

    Hey guys, So I've been trying to get into finance/investment banking/ equity research for quite some time. I have an undergrad in econ and a master of accountancy from a CSU that isn't too high on anyone's radar. I think I've hit the p ...

    39 comments26 May 2016 -

  27. - 10 years of experience in finance- 5+ years of experience in investment banking and private equity services- non-target education for both undergraduate and graduate in US- getting a job as an international student experience in US (i.e. CPT, OPT, H1B)- ...

    +2 64 comments11 Jan 2015 -

  28. Mod (Andy) note: This thread is from December '11, but Flake said he is still up for answering questions, so fire away Given the holiday season, I'm in a relatively good mood and feel the need to give back a little. I've seen a bunch of the ...

    +28 153 comments27 Aug 2012 -

  29. Are some industries better than others to cover from an ER standpoint? Are some duds (and why)? What are the key ingredients to a successful ER career as far as coverage goes? Should you aim for more obscure spaces with fewer analysts or are there fewer a ...

    +7 112 comments1 Feb 2017 -

  30. Hey guys I've been offered an ER position at a BB after an internship, but IBD is where I really want to be. Unfortunately, in this market, not many people are hiring, especially not through the non-internship route (I dont have any prior banking exp ...

    +4 113 comments6 Mar 2017 -

  31. How do I even begin to introduce Flake? More than anything else, Flake is really here for our enjoyment. Sure, maybe Flake is not as helpful as the legendary CompBanker, but that does not mean he is undeserving a Q&A. Within our interview, there are s ...

    +6 64 comments18 Apr 2012 -

  32. I was wondering what the most common career path into a large hedge fund would be. 1) Equity Research--->Hedge Fund 2) M&A--->Hedge fund 3) S&T--->Hedge Fund s&t M&A Equity Research No Yes 270966 449023 341920 437719 228889 ...

    +3 99 comments26 Feb 2017 -

  33. I've locked up my internship for this summer as an equity research analyst intern. Now that I don't have to worry about interviewing and can put less of a focus on networking I would like to find a few books on equity research to read in my free ...

    +4 98 comments13 Dec 2016 -

  34. msg me if you would like copies- comprehensive industry reports- full length Equity Research reports share technology sales trading No Yes 301762 398713 323640 155514 280872 ...

    +6 65 comments12 Apr 2015 -

  35. Hi All, I am looking for some advice on how I should proceed with my life, now that I am committed to get into banking or equity research. ...

    +3 75 comments1 Feb 2017 -

  36. Could anybody recommend me some equity research training courses? Thank you in advance:)! ER training Courses WSP Equity Research course Salary ...

    20 comments12 Apr 2019 -

  37. Hi Guys- I'm working on a blog (or maybe ebook) to give junior staff and interns an idea of what it's REALLY like to work in the equities sell-side business at a BB. ...

    +18 73 comments18 Aug 2016 -

  38. Big 4 to Equity research..

    Equity Research

    ...what are some possible routes? Im only a 2nd year in big 4 audit so I know manager in big4->Mba-> ER might beone route but I cannot stick the job anymore....No way I am sticking around until manager. So what are some alternatives? Im willing to st ...

    +1 52 comments7 Nov 2017 -

  39. Best ER firm?

    Equity Research

    thoughts? Equity Research No Yes 113685 277693 124264 93147 218701 ...

    +2 64 comments21 Feb 2017 -

  40. Hi, I will be having an upcoming phone interview with an HR for this position. I would love to hear any suggestion on how I should prepare for this? From what I understand, there will be brainteasers, probability and stock pitch? ANy take on this? Thank y ...

    +1 47 comments6 Mar 2017 -

  41. Hi, I am an undergrad senior looking for fulltime I am greatly interested in equity research and I have realized that I have two very big problems. One I am an undergrad student and two, I am not fabulous, which makes it worse. What I realized is that it ...

    37 comments23 Feb 2018 -

  42. Won't waste time whining; here's the lowdown:-- Semi-target, 3.3 GPA double major in Finance/Economics, graduating this May-- Sent resumes to 80+ firms, including all BBs / MMs /elite boutiques along with a ton of local boutiques.-- Have gotten ...

    77 comments21 Aug 2012 -

  43. Credit vs. Equity Research

    Asset Management

    What are some of the key differences between the two? Obviously the security being valued is different, but I imagine you would still be looking at the strength of the company and looking at the same financial statements, etc. Wondering because I enjoy ER ...

    36 comments3 Aug 2017 -

  44. Nouveau Richie's blog In what is now becoming an excellent case study of capitalism in action, I've decided to respond to VanillaThunder's impressive grab of share in the CapIQ List/Silver Banana exchange market by changing my model quite a ...

    +10 49 comments13 Mar 2011 -

  45. I am currently a Global Business/Finance major at a non-target with a 3.7 GPA. I am looking to break into equity research by obtaining an internship next summer (I tried for this summer but did not have luck). I have very little relevant experience and I ...

    41 comments3 Aug 2015 -

  46. Boutique IB vs. BB ER

    Investment Banking

    What summer internship would set me up better for FT BB IB recruiting? Investment Banking Equity Research 2015 FT Recruiting ...

    46 comments20 Jan 2015 -

  47. Hey all, WSO has given me a lot of information about the Hedge fund, Investment banking, Private equity, and Venture Capital industries. WSO actually help me get an internship of my dreams as a freshman (VC fund in SF). I cannot seem to find much about Mu ...

    +1 62 comments3 Jan 2012 -

  48. Andy note: BIG thanks to bearing for doing the interview with me. bearing is a 3rd year equity research associate and long-time member of WSO. He's been a very helpful member in the forums and was nice enough to answer some questions for those intere ...

    +10 34 comments6 Sep 2012 -

  49. In equity research, wealth management, etc, what exactly is the role of "research assistant"? I know "research associate" is usually reserved for people with an MBA or CFA or all-around more experience, and "research analyst" ...

    49 comments8 Nov 2016 -

  50. Hi guys, As many of you may know, Credit Suisse 's CEO Brady Dougan is being replaced by Tidjane Thiam in June, and many analysts are speculating that Thiam will downsize the securities and investment banking arms by as much as 3,000 positions in 201 ...

    +2 31 comments11 Mar 2015 -

  51. Mod Note (Andy): Happy to introduce another new blogger: "User X". He'll be blogging Sundays at 8pm ET. Hey everyone, looking forward to bringing some more interesting discussion threads to the site. Quick background:- Engineering degree + ...

    +2 29 comments18 Oct 2013 -

  52. Has anyone on here made the move from investment banking to equity research, specifically within BB? Why did you make the move and was it the right move? What was the process like? Equity Research ...

    32 comments14 Jan 2016 -

  53. Who are all the "dumb" investors/analysts?

    Investing, Markets & Macroeconomics

    Being in B School I get to hear from lots of successful investors, guest speakers, and current/former professionals teaching classes. There is a common refrain that gets repeated in different formats by lots of people. Its often talking disparagingly abou ...

    +1 29 comments3 Apr 2015 -

  54. Trading Multiples

    Equity Research

    I was wondering why it is BETTER for a company's multiple such as EV / EBITDA to become lower as time goes on? How does this show good value per say? Isn't this a skewed thing to say because a company can also grow its enterprise value at the sa ...

    31 comments26 Sep 2015 -

  55. I am an MBA, a CFA Level III candidate, and have been working in ER for a year. My comp is 60k base. What the hell am I doing wrong? Am I in the twilight zone or is this even remotely normal sounding? MBA Equity Research CFA No Yes 350831 253127 80108 433 ...

    48 comments31 Jul 2011 -

  56. Equity Research Culture

    Equity Research

    Not many people here have addressed the "CULTURE" on equity research desk, can someone provide me some insights on the following questions What is the relationship between junior associate and senior analyst like? Will the analyst closly mentore ...

    +2 38 comments6 Mar 2017 -

  57. WSO just hit 40,000 members and the last time I checked (minus the trolls and a few odd d-bags) you will probably find some of the most intelligent, entrepreneurial, and ambitious people the world has to offer, all in a single community. The countless thr ...

    +3 34 comments18 Oct 2010 -

  58. So, I just had a second round interview for a research associate role and then was given a modeling test. I was told to fix three errors in the forecasting period of the IS. At first glance I see four errors in the forecasting periods for Gross Profit as ...

    +1 26 comments2 Mar 2016 -

  59. Hi wise people here on WSO, Hope all is well? I am really frustrated with my current situation here and don't really know what to do next. So I networked very hard to get a first-round interview opportunity with a BB and passed the first round. I was ...

    22 comments17 Feb 2016 -

  60. Are traders a good source of information or are traders looking for info from the analyst? Equity Research ...

    47 comments11 Feb 2013 -

  61. Hi Guys, So I'm caught in a bit of a dilemma. I am coming from a non-target school, graduating in a couple of weeks with Finance degree, 1st gen college student. Didn't do BB summer internship, but I went overseas and worked at a 2B+ hedgefund a ...

    +1 19 comments13 May 2017 -

  62. Hi all, I have an interview with GS global investment research group this week. I'm interviewing for their portfolio and strategy team. Any advice on how to prepare. I figured we will probably cover current economic conditions, trends, stock pitch, f ...

    25 comments25 Apr 2018 -

  63. Hello all, This week I registered for CFA Level 1. I registered for the June 2016 exam. I am wondering if anyone has used the Bloomberg study materials for the CFA. I know Schweser is the go to for most people but it looks like Bloomberg's product is ...

    +1 28 comments28 Aug 2015 -

  64. Sorry for the long post. Big decision. Any input would be appreciated. ...

    +1 25 comments3 Apr 2017 -

  65. Thought I'd post some the PM diarrhea I've sent to monkeys (who ask intelligent questions). Here we go... I graduated college with an Econ degree from a top 20 school in the US but not an Ivy. Side-note, monkeys get way too hung up on target, se ...

    +14 36 comments21 Aug 2012 -

  66. If the ultimate goal is to be a PM, which path should one take when starting right out of undergrad? Post MBA? What are the differences in their career progression? And how do the tasks differ as an entry level employee? MBA Equity Research portfolio mana ...

    24 comments22 Jan 2018 -

  67. Hey guys, Just wondering what a first year equity research associate (straight out of undergrad) makes at Fidelity Investments. Supposedly it's competitive with IBanking, but some actual numbers would be greatly appreciated. Thanks! compensation Fide ...

    +4 55 comments2 Mar 2011 -

  68. hi, I posted this in the Asset Management forum will repost here also, Thank you! Hello everyone, Thank you for taking the time to read this. I just needed the opinion of the buy side peeps (PMs and research analysts) regarding the Bloomberg platform vs t ...

    +1 29 comments26 Feb 2017 -

  69. The following is an interview with Equity Research Associate IntoTheRain (he is also available to answer your questions) Are you a professional and want to do an interview? View our interview template here and then email me your responses to [email protected] ...

    +3 17 comments28 Nov 2017 -

  70. This is just one of those threads, where we talk about what the ER industry is like. I'm a first year associate at a BB in ER, and I just finished my 2nd week. I'm working under a group that I really like and I thought I would create this thread ...

    +6 31 comments20 Jun 2012 -

  71. Equity Research Sales at BB

    Investment Banking

    Hi all, Just want quick clarification on what the role in the title does day to day. From my understanding they express the firm's views and ideas (from research) to PM's and other people on the buy side with the view to make them trade through ...

    +1 24 comments31 Jul 2017 -

  72. Last week I wrote a post which mentioned the potential to buy equity in Eminem's music catalog from 1999-2013. Since writing that post, Eminem went on the BET Cypher and lashed out at Trump with his freestyle called, " The Storm ". In light ...

    +2 15 comments12 Oct 2017 -

  73. How is JMP Securities (specifically the ER department) viewed on the street? Anyone have any first hand experience? Equity Research JMP Group Salary Yes Yes 421557 229499 277646 102011 119597 ...

    26 comments10 Mar 2017 -

  74. Moderator Note (Andy): Best of WSO- this post originally went up January 2008 and we thought it deserved to go back on the homepage for those who may have never seen it. I was just talking with an II-ranked independent research analyst. She was really sur ...

    +3 31 comments14 Mar 2014 -

  75. I am going to try to keep this short. I just finished the CPA exam, and will start a big 4 gig in audit this summer (NYC). I want to be in equity research in the next few years (does not have to be a BB, I just want to break into the industry). I am consi ...

    +5 29 comments25 Mar 2012 -

  76. Thoughts on this place? Any prestige? Is a job her a career limiting move unless? Investment Banking Equity Research Key Banc No Yes 414122 113685 277693 124264 113157 ...

    +1 26 comments3 Apr 2017 -

  77. Ok, so I started work about a month ago at one of the largest asset mgmt/mutual fund companies in the US. I went through a 5-week training program to be a customer service rep at one of their regional call centers. Duties consist of providing balances for ...

    33 comments17 Mar 2010 -

  78. ***Please look at the bottom of the post before PM-ing me for materials. Summary: NYSSA IRC as a Stepping Stone in Getting a Job in ER It seems like there are fair amount of people who are interested in Equity Research on this site. There are a lot of goo ...

    +42 27 comments18 Apr 2012 -

  79. From what I understand, both roles can end up doing similar types of work when you first start. I was wondering which career is 'better', ER or Investment Management. In terms of salary, I believe they start off equal at a BB. How does the salar ...

    +1 26 comments29 Sep 2015 -

  80. How normal is this? lol I just read this and a lot of people get calls wrong, but for this one to get called out and not much of a response makes me wonder what's going on behind the scenes. For a good laugh. Vertex- Morgan Stanley The head of Vertex ...

    +2 28 comments27 Sep 2011 -

  81. I skimmed an ER report from Bank of America today on Beyond Meat (BYND) and I saw that, whatever the assumptions regarding revenue, etc., in order to get a price target marginally above the (then) current market price, the analyst used a terminal growth o ...

    +3 8 comments15 Aug 2019 -

  82. What should I expect? It's a boutique shop in the southern region, and I'm curious what questions to expect. Detailed Balance sheet, income statement analysis? Anybody would be greatly appreciated. It would be a great first step for me and I ...

    +1 22 comments28 Nov 2017 -

  83. ER Bonuses: 2013

    Equity Research

    Created this same thread last year and it had a good response so thought it would be helpful to do it again. I get a sense that the street was down across the board this year but all of the focus is on IBD and not ER or S&T so there's very few da ...

    29 comments16 Feb 2013 -

  84. Hey Guys, i was wondering what you guys thought were the best independent research shops? i know that bernstein and isi have great reputations. jeff degraaf, former of isi just started his own shop called RenMac and fromer Strategist Jason Trennert runs S ...

    +1 23 comments21 Feb 2017 -

  85. Hey all-- This site has led me along my path since coming out of college, and for that I am extremely grateful. I never had much direction coming out of school (non-target), but knew I liked the markets and knew that I wanted to make money, so with a lot ...

    +1 19 comments8 Jan 2016 -

  86. Hey all, Just finished going through the SA recruitment cycle, and having worked my ass off, I feel very fortunate to come away with two offers for the summer- one at Moelis NY, and one for ER at a top BB (think JPM /BarCap/BAML) also in NY. I am really t ...

    33 comments17 Feb 2011 -

  87. ER Bonuses: 2012

    Equity Research

    How'd everyone do this go around? I get a sense that the street was very tough this year but all of the focus is on IBD and not ER so there's very few data points. I think it's helpful to collect as much comp info as possible to understand ...

    30 comments18 Feb 2012 -

  88. In an attempt to improve my ability to understand companies (and hopefully their quality), I wrote an mini equity research report. I was wondering if anyone could give me tips on how to make an investment thesis for an ER report? And maybe some advice on ...

    +2 28 comments24 Jun 2012 -

  89. I Internship Equity Research No Yes 355999 207908 171498 243309 341597 ...

    20 comments11 Apr 2017 -

  90. Jefferies Equity Research

    Equity Research

    I may have a phone interview coming up with them in the next few days. Any tips? I'm pretty sure that they're always been pretty well respected in research. Does anyone know if any stars have left? Also, I'm trying to get a list of their ra ...

    21 comments26 Feb 2017 -

  91. Modeling retailers?

    Equity Research

    Hey guys, I have a question on modeling retailers. Say you're looking at a company that is expected to generate a 5% same store sales number next year. Would Year T+1 Revenue = [(Stores open at T- Expected Closures)*(Sales/Store)*(1 + Expected Same S ...

    19 comments9 Feb 2017 -

  92. Hi, Since I have been struggling finding a job this summer, I was thinking about writing some equity research reports on my own while studying for the CFA and perhaps use these as a way to show interest and maybe break into ER for the next summer. However ...

    +1 28 comments9 Jun 2011 -

  93. Many people wonder what is the best Wall Street job right out of college and there's no simple answer to this question. But former Merrill Lynch president Sallie Krawcheck took a swing at it a few days ago on LinkedIn and she raises a lot of good poi ...

    17 comments29 Jan 2013 -

  94. I'm an engineer pursuing an MBA at a top US university and have also completed CFA Level 3. I'm looking to break into investment management and trying to decide between Fixed Income (FI) and Equity research. Although this is not still set in sto ...

    +1 14 comments17 Nov 2017 -

  95. The opportunity seems like a great way to break into ER, seems open to recent and expected graduates with a Jan 2020 start date. Does anybody know anyone who has applied? Know what they are looking for in applicants? Size of applicant pool? Interview proc ...

    +2 7 comments2 Oct 2019 -

  96. Stock Idea: Dividends from Eminem

    Investing, Markets & Macroeconomics

    Ever thought about owning Media Royalties as an asset class in your portfolio? What would that even look like? One example, is profiting off every time The Real Slim Shady is streamed in Spotify, Pandora, or Youtube. According to Royalty Flow, which recen ...

    +4 11 comments12 Oct 2017 -

  97. Morningstar's reputation

    Equity Research

    What is their reputation in the industry? Their culture is top notch and fairly easygoing, but are their analysts any good and do any good buy side guys subscribe to their reports. Who are their main clients? Also how does their pay look for entry level a ...

    18 comments21 Mar 2017 -

  98. What kind of company should one write an equity research report on? Like what reasons should someone have for writing a report on Company XYZ? I'm trying to decide what to write an initiation report on. Could someone help? I was thinking Caribou, but ...

    19 comments7 Mar 2016 -

  99. What's the deal with working at Factset? I understand that the "consultant" position is a glorified customer support role, but it seems to me like there could be a genuine exit op. logically speaking you obviously learn the factset software ...

    19 comments20 Apr 2016 -

  100. Hi, ...

    +1 18 comments21 Mar 2017 -

  101. I had posted a question few weeks ago on this forum asking how hard it would be for me to break into this field and got the reply that it wouldn't be easy at all. lol. I've been in touch whatever few contacts I have working in IB and wall street ...

    +3 23 comments21 Apr 2012 -

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