The Wall Street Skinny

Latest Episodes:

82. The Finance of HBO's "Succession" Season 3 Part 2!! Jul 06, 2024

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Our long-awaited third season recap of the hit show "Succession" is HERE! Even if you watched the show and loved it, you might not have understood all of the finer points when it comes to the scheming and negotiations at WayStar Royco. We are here to break down the key corporate finance plot points driving the drama.
This season has SO many great finance topics to explore, including merger of equals, company valuations, and much more! We delve a bit into the real deals that inspired and are referenced in the show, and of course get into the drama and humor of our favorite characters.

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81. Why Banks Are Hiring More English Majors Jul 04, 2024

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Happy 4th of July! We wanted to discuss an article from Fortune Magazine that's been making the rounds, where the COO of Blackrock said "We have more and more conviction that we need people who majored in history, in English, and things that have nothing to do with finance or technology" (article linked below). We discuss the pros and cons of coming to finance with a background in the humanities, especially in the context of how AI will impact jobs at junior levels in different ways.
We also took a trip down memory lane to celebrate the 19th anniversary of Kristen's calamitous, yet ultimately fortuitous, visit to NYC to visit Jen during her junior year summer internship.
https://fortune.com/2024/05/17/blackrock-coo-robert-goldstein-english-history-liberal-arts-hiring/

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80. The Finance of HBO's "Succession" Season 3 Part 1 Jun 29, 2024

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Our long-awaited third season recap of the hit show "Succession" is HERE! Even if you watched the show and loved it, you might not have understood all of the finer points when it comes to the scheming and negotiations at WayStar Royco. We are here to break down the key corporate finance plot points driving the drama.
This season has SO many great finance topics to explore, including LBOs, company valuations, termination fees in a merger, EPS juicing, and much more! We delve a bit into the real deals that inspired and are referenced in the show, and of course get into the drama and humor of our favorite characters.
We have so many things to cover that we made this a two-part episode! Stay tuned for part II next week...

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79. What’s the Max Age to Break into Wall Street and Tech | TWSS x IGLE Jun 27, 2024

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We get asked every day by listeners of ALL ages, "am I too old to start a career in finance??" When you ostensibly need to have internships on your resume by the time you are 19 years old, and when on-cycle PE recruiting starts before new college grads even set foot in IBD training, it's easy to feel that way. But on the flipside, young people are often dismissed as inexperienced and excluded from the big conversations when their age is deemed to be a negative. So, let's talk about age in the industry.
We have a special crossover episode for you today with tech industry expert and TWSS bestie Maureen Wiley Clough, the host of "It Gets Late Early", a podcast devoted to exploring themes of age and experience in the tech world. We discuss age related hiring issues across the spectrum of elite jobs like tech and high finance, share personal stories, and outline specific tips for breaking into the industry at older ages.
If you don't already listen to "It Gets Late Early", subscribe here: https://podcasts.apple.com/us/podcast/it-gets-late-early-career-tips-for-tech-employees-in/id1676637848?i=1000660173447
Follow Maureen Wiley Clough on IG @maureenwclough

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78. What It Takes to Become the Most Powerful Woman on Wall Street Feat. Zoe Cruz, Founder and CEO of Menai Financial Group. Jun 22, 2024

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Today we are speaking with Zoe Cruz, who was the Head of the Fixed Income Division at Morgan Stanley when Jen started her career as a summer intern back in 2005, and who ultimately went on to become President of the firm when Kristen started full-time at MS in 2007. She rose to the absolute upper echelons of high finance at a time when it was virtually unheard of for a woman to reach that level of leadership.
Zoe has an incredible story. She started her Wall Street career as a young mother and built the FX business from scratch at one of the world's most elite investment banks. Zoe was at one point ranked number 10 on the Forbes list of the world’s top 100 most powerful women, has previously topped Fortune magazine’s list of highest paid women in the world, has served on countless boards and advisory councils, started a macro hedge fund (cue Elle Woods…”I mean, what, like it’s hard?”), and she is currently the founder and CEO of Menai Financial Group, a firm focused on the world of “defi” (or decentralized finance).
Our conversation with Zoe is both a candid look at evolving gender roles on Wall Street and an exciting glimpse into "the next big thing" in finance from the perspective of one of the industry's biggest trailblazers.

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77. Private Equity Secondaries 101 Feat Justin Resnick of Evercore Jun 15, 2024

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Today we sit down with Justin Resnick, a Managing Director at Evercore to discuss private equity secondaries --- one of the fastest growing, yet least understood segments of the private capital world. He explains the evolution of secondaries and their function as a tool for managing distress and success in equal measure. We talk about the explosive growth in the industry, the shifts in philosophy amongst GPs and LPs, and the widespread buy-in from many of the biggest names in Private Equity. And finally, we explain the career path for young candidates or experienced practitioners looking to gain a foothold in the space.
Justin Resnick is a managing director in Evercore’s Private Capital Advisory group. He is responsible for originating and advising financial sponsors on strategic GP-led secondary market solutions. Justin has more than a decade of experience advising clients across a range of strategic deals, representing numerous market-leading sponsors on multi- and single-asset continuation funds, GP stake sales, mergers and acquisitions, and other capital raising transactions. Prior to joining Evercore, Justin was a member of the secondary advisory team at Houlihan Lokey and also worked in the global energy group in Citigroup’s corporate and investment banking division.
He holds a B.B.A. in finance and accounting from Emory University, where he was also captain of the men’s basketball team.

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76. The Skinny on the Paramount Deal Drama, Inflation Data, and Turning 40! Jun 13, 2024

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"The Skinny On..." the Paramount deal that is now OFF, inflation data, turning 40, and more!

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75. Bankers vs. Lawyers Jun 08, 2024

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Our long awaited Bankers vs. Lawyers podcast episode! Wondering about the differences and similarities between traditionally "good" jobs like doctor, banker, and lawyer? Or maybe how to transition from a career in law to one in high finance? We are going to pull back the curtain and explore the business, lifestyle, and culture of "big law", while debunking the myths and misconceptions you may have from watching popular shows like "Suits", "Law and Order", and "The Good Wife".
Today's episode specifically covers Corporate Law and its intersection with high finance. Our incredible guests are two of NYC's most prominent attorneys: Jake Kling of Wachtell Lipton, who specializes in Mergers & Acquisitions law, and Roshni Cariello of Davis Polk, who specializes in Capital Markets law.
We get into the path to becoming an attorney, the process of applying to law school, how important "prestige" of your law school is to landing a job, compensation, hours, culture, and much much more.
Bios:
Jake Kling is a partner in Wachtell Lipton’s Corporate Department. Jake’s practice primarily focuses on mergers, acquisitions and dispositions, securities law matters, and advising companies and boards of directors on takeover defense, shareholder activism and general corporate governance matters. He has advised a broad range of public and private clients across multiple industries, including banking, financial services, healthcare and pharmaceutical, life sciences, technology, media and telecom, sports, industrial, retail, private equity and real estate.
Jake received an A.B. magna cum laude in mathematical economics from Brown University, and a J.D. from Yale Law School, where he served as Projects Editor of the Yale Law Journal. Jake also served as a law clerk to the Honorable Dennis Jacobs, then Chief Judge of the United States Court of Appeals for the Second Circuit.
In 2024, Jake was named to the Forbes inaugural list of America’s Top 200 Lawyers across all practice areas nationwide, one of seven M&A lawyers included on the list. In 2023, The American Lawyer named Jake the “Young Lawyer of the Year—Corporate”, selecting him as the top corporate lawyer in the country under the age of 40. Jake was also named a “Dealmaker of the Year” by the New York Law Journal, was one of five M&A lawyers chosen as a Law360 MVP, was one of four M&A lawyers selected for Bloomberg Law’s “They’ve Got Next: The 40 Under 40” awards, and was named one of the 500 Leading Dealmakers in America by Lawdragon. BTI Consulting Group selected Jake as a BTI Client Service All-Star for his commitment to exceptional client service.
Roshni Banker Cariello is a partner at Davis Polk advising corporate and financial institution clients on capital markets transactions, including initial public offerings and other equity offerings, investment-grade, high-yield and convertible debt financings, private placements and liability management. Clients also turn to her for advice on general corporate, governance and securities law matters. Roshni’s experience spans industries including consumer, retail, technology, renewables and industrials.
In 2023, Law360 named Roshni a “Rising Star” in capital markets, and she is recognized by Chambers USA for her work with SPACs.
Roshni graduated cum laude with a B.A. in Government from Dartmouth College and a JD from Columbia Law School where she was a Harlan Fiske Stone Scholar and a Notes Editor for Columbia Business Law Review.

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74. The Skinny on ECB Cutting Rates, GameStop Continued and Being “Too Thin” Jun 06, 2024

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The Skinny on ECB Cutting Rates, GameStop Continued and Being "Too Thin"

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73. What It Takes to Be a Credit Investor Feat. Ty Wallach, CIO of Credit at Atlas Merchant Capital Jun 01, 2024

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In the second of our three SALT iConnections interview series, we sat down with Ty Wallach, a living legend in the credit investing world.
Ty was a partner and portfolio manager at Oak Hill and Paulson, two of the most successful and famous names in investing over the past three decades, and is currently the CIO of Credit at Atlas Merchant Capital.
We spoke with Ty about his role as an investor in both the debt and equity during the Caesars Palace Coup (check out episodes 39, 40 and 41 for a deep dive into one of the most infamous deals of all time!), how Paulson made billions investing during the Global Financial Crisis of 2008, relative value investing within the capital structure of a company, the Orwellian relationship between the markets and economic data in the current environment, and about the optimal paths to pursuing a career as a credit investor, specifically with regard to the merits of the CFA for advancement along that path.
A must listen for anyone interested in public markets or private credit investing!

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