Value Investing 101: How To Become A Value Investor
Contrarian value investing is the most common type of value investing. Most of the big names in value investing, from Warren Buffett to Seth Klarman to …
Actived: 5 days ago
Financial Institutions Group: FIG Investment Banking Guide
(8 days ago) Traditional leveraged buyouts are extremely rare, so most PE investing in the sector takes the shape of investing in minority stakes. Traditional buyouts and majority-stake deals are more feasible in insurance, but they’re still not common vs. other industries. Example Valuations, Pitch Books, Fairness Opinions, and Investor Presentations
Investment Banking Internships: The Ultimate Guide
(5 days ago) So, we’re halfway through this investment banking internship guide and just now arriving at the part about what you’ll do on the job – and that’s because you do the same things in an IB internship that you do in a full-time IB job: Pitch for deals (marketing). Work on …
Private Equity Fund of Funds: Full Career Guide
(8 days ago) Co-investing is the riskiest strategy but also has the highest potential returns. Secondary investing is the least risky strategy because performance data already exists, so it’s easier to judge how well a specific PE fund is performing before investing. The Top Private Equity Funds of Funds
Infrastructure Private Equity: Deals, Interviews, Salaries
(9 days ago) “Infrastructure Investing” – This one is the broadest term and could refer to investing in the debt or equity of infrastructure assets. Investors could fund the construction of new assets or acquire existing, stabilized ones.
REFM: Real Estate Financial Modeling Ultimate Guide w
(Just Now) All investing is probabilistic, so a simple model cannot tell you if a property will generate an 11.2% or 13.5% annualized return. But a decent analysis can tell you whether or not that range of returns – 10% to 15% – is plausible.
Stock Pitch Guide: How to Pitch a Stock in Interviews
(7 days ago) Personal Investing: If you have a personal trading account and you invest in individual stocks, you can use stock pitches to hone your reasoning and make better picks. On the Job: Finally, if you’re working at a hedge fund or other investment firm, you’ll research and pitch stocks on the job regularly. That is …
The Great SPAC Scam: Why They're Terrible for Investors
(5 days ago) From investing perspective, for retail investors, SPACs can be treated as a convertible bond like instrument with great asymmetric risk/reward if they can get to buy it as close to $10 per unit as possible, on or shortly after the day of IPO, and then split the units once the derivatives underlying the units begin to trade separately.
Private Equity Strategies: Leveraged Buyouts, Growth and
(5 days ago) You could further sub-divide venture capital into seed stage, early stage, late stage, and pre-IPO stage investing, with the latter two being more like growth equity. Size: The largest VC firms have $10 – $20 billion in AUM across all funds; mid-sized firms have in the single-digit billions, and smaller ones are in the tens to hundreds of
AngelList Review: Should You Add Angel Investments to Your
(6 days ago) Investing in Funds is a Much Better Idea, But Minimum Investments Have Risen Greatly – Originally, you could invest $10K to $25K in funds set up by individuals or platform funds like the Enterprise and Consumer ones. But the minimums are now much higher – above $100K in most cases,
Distressed Private Equity: Deals, Firms, and Salaries
(5 days ago) You need significant deal/investing experience, and you need to know quite a lot more than fresh grads who work on standard sell-side M&A deals. The Top Distressed Private Equity Firms. There are dozens, if not hundreds, of firms that focus on distressed investing or that have Distressed or Special Situations groups.
Investment Banking Interview Questions & Answers (2021)
(Just Now) Next, reflect investing and financing activities, which may increase or decrease cash flow, and sum up Cash Flow from Operations, Investing, and Financing to get the net change in cash at the bottom. Link Cash on the Balance Sheet to the ending Cash number on the CFS, and add Net Income to Retained Earnings within Equity on the Balance Sheet.
Top Investment Banks: Rankings of Banks by Tier and Category
(Just Now) Merchant banks, for example, operate as combined private equity firms and investment banks, offering advisory services and also investing in companies. These firms are more common in emerging markets where people care less about conflicts of interest. In India, “knowledge process outsourcing,” or KPO, firms do similar work for many banks.
Finance to Tech: How to Make the Move
(5 days ago) Finance to Tech… via Renewable Energy Investing and Business School. Q: I linked to your LinkedIn profile above, but can you give us a summary of your story and how you became interested in startups? A: Sure. I was born in Munich, and my parents were from Argentina, where my grandfather had run a successful soybean export business.
Opportunistic Real Estate: Sector Overview, Returns
(5 days ago) By investing in a combination of core, core-plus, value-added, and opportunistic deals, you should, in theory, be able to weather downturns a bit better and still do well when the market is strong. As with value-added real estate, I don’t invest much in opportunistic for similar reasons: there aren’t that many deals in the category
Core Real Estate: What It Is, and How to Explain It in
(6 days ago) I’ve done a fair amount of real estate investing via crowdfunding sites, the public markets, and real estate investment funds, and I’ve also seen many investment memos for property deals. And I’ve created multiple versions of our Real Estate Financial Modeling course based on case studies and modeling tests given in real interviews.
Merchant Banking: Careers, Salaries, and Exit Opportunities
(6 days ago) For example, Morgan Stanley’s North Haven group does a lot of real estate and infrastructure investing, and Rothschild operates its merchant bank’s “corporate private equity” business via Five Arrows Capital. Other large banks, such as JPM, Citi, DB, and CS, did merchant banking directly before 2008 but have since moved to this model of
Private Equity Groups: Industry Overview & Strategy Comparison
(1 days ago) Investing, Not Advising: Unlike investment banks, PE firms earn nothing from closing deals; they earn money from management fees, based on a percentage of capital raised, and from earning a return on their investments, a percentage of which is distributed to the General Partners in the fund (carry).
Technology Investment Banking: Deals, Sectors, Valuations
(5 days ago) Technology Investment Banking Definition: In technology IB, bankers advise companies in the software, internet, hardware/equipment, semiconductors, and IT services markets on mergers, acquisitions, and debt and equity issuances. Technology is the textbook example of an industry group within investment banking, which means that professionals in
Finance TV Shows: Reviews of Billions, Succession, and
(6 days ago) Finance TV Shows: Billions (Seasons 1 – 3) I reviewed Season 1 of Billions a few years ago, and I’m happy to say that the show has improved a lot since then. If you haven’t seen it, Billions is about a hedge find titan, Bobby Axelrod (played by Damian Lewis), and an up-and-coming U.S. Attorney, Chuck Rhoades (Paul Giamatti), who goes
Investment Banking Networking: How to Win Interviews and
(9 days ago) Investment Banking Networking Definition: I define investment banking networking as: “The process of finding, contacting, and speaking with investment banking professionals to build relationships, gain knowledge, and eventually win interviews and job offers via those relationships.”. Notice how the definition mentions “relationships” twice.
Value-Add Real Estate: Sector Overview, Returns, and Excel
(1 days ago) Along with core real estate, value-add real estate, also known as “value-added real estate,” is one of the main categories in the sector.. It’s one of the many strategies that real estate private equity firms use to acquire, operate, improve, and sell properties.. And it’s the strategy that almost sounds too good to be true.. It’s not quite as risky as equities, but it offers a
Age and Investment Banking: How Old Is Too Old to Break In
(2 days ago) Hi Brian, I am 44 with about 15 years experience in commercial banking and financial consulting in Africa. I am currently at the dissertation stage of a PhD Economics degree here in the U.S and looking to break into Buy-side or Quant, before I finish my dissertation- I’ve heard stories of how a PhD can actually be a disadvantage, especially for buy-side.
Family Office Private Equity: Operations, Recruiting
(8 days ago) On the other end of the spectrum are smaller offices that invest in funds but not do any direct investing; they’re more like funds of funds. Multi-family offices often operate more like funds of funds because each single family isn’t big enough to open its own office; recruiting and the job itself may be more similar to asset management.
How to Get Into Venture Capital: Recruiting and Interviews
(1 days ago) Technically, venture capital is an “investing” or “buy-side” role. But it’s also a sales profession where you compete for capital and access to the best startups. There’s so much capital chasing so few truly promising startups that gaining access is often the biggest challenge – which is why returns are highly concentrated among
Asset Management: Industry Overview, Careers & Salaries
(6 days ago) Passion for the markets and investing; Ability and willingness to be a team player. Work experience in a related field, such as equity research or smaller mutual funds. Ability to generate new investment ideas. Risk management and staying calm under pressure.
Equity Trading: What It Means, Interviews, Careers, and
(4 days ago) The stock’s current market price is $100, and you, the equity trader, say that you’re willing to buy shares at $99 and sell shares at $101. This $99 – $101 is the “bid-ask spread.”. The hedge fund trader like this price of $101, so he places the trade with you.
Private Equity Case Study: Full Tutorial & Detailed Example
(5 days ago) All investing is probabilistic, and there’s a huge range of potential outcomes – so it’s difficult to make a serious investment recommendation without examining several outcomes. Even if we think this deal is spectacular, we must consider cases in which it goes poorly and how we might reduce those risks.
Management Consulting vs Investment Banking: Full Comparison
(3 days ago) Management Consulting vs Investment Banking Exit Opportunities. “Investment banking gives you better access to finance exit opportunities in private equity, hedge funds, and corporate development, but management consulting gives you broader exit opportunities not just in finance but also in strategy, operations, non-profits, startups, and
Oil & Gas Investment Banking to Energy Hedge Fund
(7 days ago) But there are energy teams at the biggest private equity firms and hedge funds, and there are even a few large firms that are dedicated to energy: Riverstone – $22 billion fund focused on energy and power. First Reserve – $23 billion PE fund focused on energy and infrastructure. EnCap – $18 billion PE fund focused on the oil & gas sector.
Venture Capital to Investment Banking: How to Make the
(7 days ago) I was also interested in investing, and a friend in software development recommended that I look into tech startups and venture capital. I reached out to an alumnus who had started a VC fund in London, went through interviews at the new fund, and accepted an internship offer there.
Engineer to Investment Banking: Full Tutorial and Tips on
(8 days ago) Recently I’ve become set on the long term goal of an investing role at an AM/HF because I really enjoy reading and writing about industry trends, am enjoying reading books on value investing and beginning creating y own portfolio, and find following the public markets fascinating (I subscribe to the economist and to a couple of investment
Real Estate Investment Banking: Deals, Valuation, and More
(6 days ago) Real Estate Investment Banking League Tables: The Top Firms. Banks with large Balance Sheets tend to perform well because so many real estate deals are financing-related. So, you’ll see firms like Bank of America Merrill Lynch, Citi, JP Morgan, and Deutsche Bank at or near the top of the league tables.
Oil & Gas Investment Banking 101: Interviews, Deals, Valuation
(6 days ago) If there’s one coverage group that’s even more desirable than metals and mining, it just might be oil & gas investment banking.. Not only do you see some of the biggest deals with the world’s largest companies, but you also learn new accounting techniques, valuation methodologies, and maybe even something about petroleum engineering.. Everything within the natural resources group
Sovereign Wealth Funds Australia: Complete Guide
(2 days ago) Sovereign wealth funds are a relatively small industry here, with perhaps only 4-5 funds with more than $20-30 billion in assets under management. There might be 7-8 funds with more than $10 billion in AUM. By contrast, Norway’s fund has almost $1 trillion USD, and some provincial funds in Canada, such as Alberta Investment Management, have
Growth Equity: Recruiting, Careers, and Sample Excel and
(3 days ago) Remember the whole point of investing $2 billion in this company: it’s so they can use the funds to acquire other, high-growth software companies. We assume they spend $700 million to $775 million per year on these acquisitions, and that they pay an average multiple of 20x revenue (not a typo!).
Investment Banking Vice President (VP): Careers, Salaries
(3 days ago) Investment Banking VP Salary (and Bonus) Base salaries at large banks range from $200K to $300K USD, with total compensation in the $450K to $700K range. However, a significant portion of your compensation will be deferred or paid in stock at this level, at …
How to Get a Job at a Hedge Fund: Networking, Interviews
(2 days ago) You’ve joined investing clubs and have participated in investing competitions. You procrastinate on other work/responsibilities by trading your portfolio. The money is a big draw as well. If you’re at the right fund and you perform well, you can earn into the mid-six-figures,
Venture Capital Overview: Firms, Careers, and Recruiting
(5 days ago) Definition of Venture Capital: Venture Capital is a form of financing offered to early stage, high growth potential companies in exchange for equity (i.e., ownership in those companies). Venture Capital firms raise money from Limited Partners or LPs (such as pension funds, endowments, and family offices), then aim to grow their portfolio companies and eventually exit via acquisitions or
Buy-Side Resume Walkthrough: How to Pitch Yourself
(7 days ago) Spark: Started investing in Spanish banks and learning more about the sector; many firms were distressed at the time, and he thought there were overlooked opportunities and undervalued companies. Growing Interest: Did an internship at JRJ Group, a boutique financial services-focused PE firm, but wanted broader deal exposure and more deal
Private Equity Careers Guide: Career Path, Salaries, Lifestyle
(2 days ago) The private equity career path attracts people who are: Competitive, high achievers who are willing to work long, grinding hours.; Extremely attentive to detail. Interested in deals rather than simply following the markets or investing in public companies or other assets.; Interested in investing and operations and using critical thinking to evaluate companies rather than selling or being an
Mezzanine Funds: Job Description And Interview Questions
(5 days ago) Oaktree – Strategy Primer: Investing in Mezzanine; Leave a Comment. Print as PDF. Share. About the Author. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and
M&A Boutique to Distressed Hedge Fund: How to Make the Leap
(2 days ago) A: Overall, the interviews are probably closer to asset management interviews and specifically interviews for value-oriented funds. You need to tell your story well and make sure you fit in with everyone there. Most hedge funds – even the ones with above $1 billion USD in AUM – are still extremely small and might have fewer than 10-15
Hedge Fund vs Private Equity: The Ultimate Career Comparison
(8 days ago) As soon as there’s another market crash or recession, I expect the passive investing bubble to deflate as people realize the risks of doing the same thing as everyone else. Private equity still has the advantage, but hedge funds will probably do a bit better once one or more of the factors above changes. Hedge Fund vs Private Equity: Summary