The Wall Street Skinny

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42. Networking 101 Jan 06, 2024

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Whether you are looking to break into your first job, trying to move up through the ranks or pivot within your current firm, or you are looking to transition from one career to a completely new field, NETWORKING is the most important skill you need. In fact, "networking" is the answer to so many questions we get asked, ranging from "how do I break into finance from a non-target school" to "how do I switch from consulting to investment banking without an MBA?" Most importantly, this episode applies to you whether you are interested in the world of finance or not! We lay out the networking playbook and discuss some critical do's and don'ts that will help you network in a way that feels authentic to you. We also touch on LinkedIn etiquette, explain its role, and provide guidelines for maximizing your impact if you use it as a tool.

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41. Caesars Part III: Interview with Sujeet Indap, Author of Caesars Palace Coup Dec 31, 2023

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Wrapping up our 3-part Caesars Palace Coup series by interviewing one of the authors, Financial Times writer Sujeet Indap. Sujeet explains securitization, subordination, and distressed debt investing through the lens of Caesars’ LBO and subsequent restructurings. We discuss the future of private credit, a segment of the industry currently getting a lot of attention. Sujeet gives us the inside scoop on what it was like interviewing the titans of private equity, hedge funds, and law (as well as combing through thousands of pages of legal documents). And we touch on the role (or lack thereof) of women on the private investing side of the industry.
Caesars Palace Coup, by Max Frumes and Sujeet Indap, is available here: https://www.amazon.com/Caesars-Palace-Coup-Billionaire-Exposed/
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tion with Kristen and Jen, click here: http://intro.co/JenniferSaarbach
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40. Distressed Debt and Restructuring 101: Caesars Palace Coup (Part II) Dec 23, 2023

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In Part II of this three-part case study of Sujeet Indap and Max Frumes' book Caesars Palace Coup, we pick up in 2008 after Apollo and TPG's $30bn Leveraged Buyout of Caesars closed. With the economy immediately taking a nosedive, Apollo spearheaded a series of restructurings to stave off bankruptcy. These restructurings ranged from more vanilla "distress-for-control" maneuvers to extremely questionable, cloak-and-dagger asset transfers and severing of guarantees. These ultimately culminated in a showdown between the titans of Private Equity and the creditors they'd effectively superseded through expert manipulation of Caesars' legal and capital structures.
To book a 1-on-1 consult with Kristen and Jen, please click here: http://intro.co/JenniferSaarbach
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39. LBO Deep Dive: Caesars Palace Coup, Part I Dec 16, 2023

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Private equity is one of the most coveted job opportunities on the buyside in the current market environment. In this episode, we do a deep dive into a Leveraged Buyout (“LBO”) using one of the largest, craziest deals in history: the $30bn LBO of Caesars Palace by Apollo and TPG. In part 1 of this 3-part series, we discuss the deal structure, explain the financing terms, and help you understand the motivations of the private equity titans at the helm of the world's biggest megafunds. We will walk you through the LBO from start to finish using Financial Times writer Sujeet Indap's fantastic book, Caesars Palace Coup.

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38. Predicting the "Future" (Fed Funds Futures 101) Dec 09, 2023

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Interest rates drive everything in the markets, and expectations of rate cuts or hikes by the Fed can move the markets and make or break fortunes. But how do we know what 'the market' expects? In today's skinny mini we break down the simple truth behind where numbers like 'the market expects there is a 72% chance of a rate cut' comes from and why the current situation is wildly contradictary.

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37. Private Equity and Hedge Fund Recruiting Feat. GoBuyside (Part 2) Dec 02, 2023

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Part II of our conversation with Cameron Boland and Kate Kourlis from executive recruiting firm GoBuyside. Our focus shifts to off-cycle recruiting for private equity firms and hedge funds. We discuss strategies for navigating your search for your next career, identifying opportunities that set you up for success, do's and don'ts for negotiating the offer, and how recruiters are incentivized to help you succeed. We also tackle the CRITICAL listener question of: what do I need to know if I'm an international applicant and not a US citizen?
Cameron Boland is the President of GoBuyside, and Kate Kourlis is the Executive Director of Business Development. GoBuyside is a community of professionals in the financial services industry. GoBuyside connects employers with top-tier talent, streamlining the hiring process and ensuring access to great candidates for exceptional roles.
To explore GoBuyside's platform, please visit GoBuyside.com

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36. Wall Street Holiday Party Horror Stories Nov 25, 2023

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Happy holidays from The Wall Street Skinny! We are giving your brain a bit of a break this week. We share some fun stories of holiday parties gone terribly awry, rules for navigating vacation and time off, and tips on how NOT to get fired right before bonuses are paid. We discuss some shifts over the past decade and some prevailing attitudes toward work/life balance on Wall Street as societal expectations change.

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35. SPACs 101: AppleTV’s “WeCrashed” Explained Nov 18, 2023

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In today's episode we use WeWork as a case study to break down SPACs, for a deeper dive into the IPO process, the bankruptcy and we explore how the world's most sophisticated venture capital and private equity investors came up with a $47bn valuation for a company when the math didn't justify it at all….
In order to keep it interesting we discuss the beginning of the WeWork story through the lens of "We Crashed", the Apple TV miniseries about WeWork.starring Jared Leto and Anne Hathaway.

The Apple TV Series: WeCrashed
The Failed IPO:
1. Scott Galloway Blogs (No Mercy No Malice)
https://www.profgalloway.com/wewtf/
https://www.profgalloway.com/wewtf-part-deux/
2. Aswath Damodaran DCF (Musings on the Market)
https://aswathdamodaran.blogspot.com/2019/09/runaway-story-or-meltdown-in-motion.html
3. WSJ Article Sept 2019
https://www.wsj.com/articles/this-is-not-the-way-everybody-behaves-how-adam-neumanns-over-the-top-style-built-wework-11568823827
SPAC
1. BowX Acquisition Corp S-1
https://www.sec.gov/Archives/edgar/data/1813756/000121390020020580/f424b40720_bowxacq.htm
2. WeWork SPAC Marketing Documents
https://www.wework.com/ideas/wp-content/uploads/sites/4/2021/03/WeWork-Management-Presentation-March-2021-vF-1.pdf

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34. Jane Street, FTX, and Crypto: Michael Lewis’ “Going Infinite” Explained Nov 11, 2023

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A job in Private Equity isn't the highest paying or even the hardest to get... it's actually a job at high frequency trading firms like Jane Street, highly secretive Wall Street firms you've never heard of. So what actually takes place in those interviews and what do those traders even do?
In Michael Lewis's new book, Going Infinite: The Rise and Fall of Sam Bankman-Fried ("SBF"), Michael Lewis tells the absolutely crazy story of SBF, crypto, building his crypto exchange FTX, building his own trading firm Alameda Research, Effective Altruism ("EA"), the scandal that took him down leaving him with up to a 110 prison sentence AS WELL AS a sneak peek into these super secretive firms starting from the interview process to some of the craziest trades ever, including one election trade in 2016 that led to a $300mm loss.
Michael Lewis is the author of other quintessential books anyone who wants to work on Wall Street must read including The Big Short, Liar's Poker and others.
Resources mentioned in the episode:
1. Matt Levine's Bloomberg Essay: "The Only Crypto Story You Need"
https://www.bloomberg.com/features/2022-the-crypto-story/
2. Odd Lots Podcast:
https://podcasts.apple.com/us/podcast/odd-lots/id1056200096
Sam Bankman-Fried and Matt Levine on How the Crypto Market Really Works
https://podcasts.apple.com/us/podcast/sam-bankman-fried-and-matt-levine-on-how-the/id1056200096?i=1000531062191

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33. The Ozempic Trade: "Health" and Body Image on Wall Street Feat. Lindsey Lusson Nov 04, 2023

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Ozempic and similar drugs are dominating the conversation about culture, health, and financial markets right now. But what does it mean for Wall Street --- not just for investors, but also in terms of its impact on the social norms of the industry?
**TRIGGER WARNING: This episode contains a discussion of eating disorders and disordered eating.**
After all, the world of Wall Street has made huge strides on the diversity front with one notable exception: body diversity. In this episode, we discuss many of the very real problems with navigating body image in highly competitive, stressful environments where conspicuous consumption of food and alcohol may be an unwritten part of the job description. We are joined by registered dietician Lindsay Lusson to explore the physiological and psychological impacts of trying to conform to these pressures, and what shifts we are seeing with new drugs like Ozempic AND a new generation coming up through the ranks.
Lindsey Lusson is Registered Dietitian who specializes in disordered eating and infertility. She has both personal and professional experience with Hypothalamic Amenorrhea (HA) or period loss related to over exercise and under eating. Her experience led her to become passionate about educating and empowering others to advocate for their health and take charge of their fertility through proper nutrition. She has helped over 250 women recover cycles and restore their fertility naturally.
Credentials:
Education, Credentials & Training
•Bachelors of Science in Nutrition from Texas A&M University
•Masters in Exercise and Sports Nutrition from Texas Woman’s University
•Certified Specialist in Sports Dietetics (CSSD 2013-2018)
•Registered Dietitian (RD)
•Board Certified Health Coach (NBC-HWC)
Follow Lindsay on Instagram and TikTok @food.freedom.fertility, and check out her podcast "The Period Recovery and Fertility Podcast" on your favorite platform.

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