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Paying it Forward – the Investment Banking Coffee Chat

Experiences From The Other Side of the Coffee Chat Table When I worked in investment banking, I made an effort to respond to every email request for a coffee chat or phone call from a student or recent graduate looking to break in provided that they were respectful and had the

Poker and Finance, Poker and Investment Banking

Poker vs Finance - Risk Management and Expected Value Poker and finance get along - as in real poker. Prudent management of risk, working with imperfect information, entering into positive expected value decisions - poker is a closed environment with limited permutations where good decision making is rewarded. In markets, the

Project Finance Walkthrough

Project Finance Structuring and Essentials As an illustrative example, we are going to look at project financing a power plant. After mapping out a project that is to deliver electricity to the grid, the operational components must be structured to be satisfactory to the lenders. So first off there needs to be

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

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

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

The Upcoming Tech Unicorn Parade

2019 Unicorn Class For readers who have been living under a rock, a unicorn - in finance jargon - is a private company with a valuation of over $1 billion. Of course, as there is no observable public market price for private companies, this valuation is gleaned from the implied valuation

Tips for New Investment Banking Analysts

As a wily, 8 year finance vet, wanted to share some thoughts. Always take the opportunity to go to a client meeting or join a client call right away MDs actually do not care about whether analysts go or not, but it is an incredible learning experience for junior staff. When the

Spreading Investment Banking Comps: Preferred, Minority Interest and Adjusting for Subsequent Events

In previous posts, we addressed the equity and debt components in the enterprise value formula: EV = Equity + Debt – Cash & Marketable Securities + Preferred Shares + Minority Interest + Asset Retirement Obligations + Capitalized Operating Leases + Pension Obligations – Investments (including investments in affiliates, long-term investments) +