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Search Funds: Entrepreneurship through Acquisition

By Massimo Tiozzo Netti, Francesco Carraretto Initially posted on the BSPEC blog Introduction Back in the ’80s, some ambitious entrepreneurs designed a miniature model of the typical private equity fund. Forget about pools of cream-of-the-crop professionals: search funds are a businessperson’s stepping stones to achieving their pipe dream position as a CEO. Although

Introduction to Project Finance Investment Banking

Project Finance Investment Banking Project finance is one of the most popular but least understood groups in investment banking. Sometimes PF is a standalone product group and sometimes PF is under the corporate banking umbrella (as there is a large lending component). Closely tied to project finance may be an infrastructure

Proposed Oil Pipelines in Canada

Enbridge Line 3 Replacement Project Quick Facts/Overview Owner: Enbridge Throughput Capacity: 760,000 bbl./day[i] Start: Hardisty, Alberta End: Superior, Wisconsin Cost The project will cost $5.3B CAD in Canada and $2.9B USD in America.[ii] Existing Pipeline The Enbridge Line 3 began operating in 1968 running from Edmonton, Alberta through to Superior, Wisconsin with a capacity of

Woodstock for Capitalists: The Berkshire Hathaway AGM

To my understanding, Woodstock was an iconic rock concert that represented the Zeitgeist of America's hippie era. There was a re-do in the 90's where there ended up being riots - nonetheless, this is what Warren Buffett has coined the Berkshire Hathaway annual general meeting. As we approach the AGM for

US M&A Roundup – Q1 2019

The M&A activities in the United States experienced an increase to USD 658.76B in Q1 from $472.5B in Q4, reflecting a 39.4% Q/Q increase, and a decrease from $815.28B in Q1 2018 due to greater market volatility, trade tension and the threat of Brexit. M&A Drivers A few drivers of M&A activity

Market Trading Comps for Investment Banking

Why Trading Comps Matter Trading comps are one of the primary tools of the investment bankers - not just a throwaway investment banking interview question. An industry specialist is supposed to know where things are trading and why, as well as what this value insinuates. For junior bankers (analysts especially), a lot of

Secondary Buyouts: Not Your Typical Second-Hand Shopping

By Eric Peghini Initially posted on the BSPEC blog “Everyone has access to information. We just know how to analyze it better.” This is the mantra of Billions protagonist Bobby Axelrod, a fictional hedge fund manager who’s ethically compromised fund breeds alpha like a wolf pack. However, putting aside any insider trading and market manipulation, is

Can Technology Sector Stocks Keep Rising?

What is a Technology Stock? In a previous post, we briefly discussed lofty valuations for tech companies. However, simple attribution analysis will show that these richly valued companies have been responsible for much of the growth in the 10 year bull market. Market pundits and talking heads that show up on