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Today we are joined by Dan Nathan, CNBC Fast Money superstar and co-host of podcasts On the Tape, OK Computer, and Market Call.  After three decades in the industry on both the buy side (at legendary hedge funds like SAC) and the sell side (at firms like Merrill Lynch), Dan is an expert on the equity markets and options trading.  Dan shares his insight into the evolution of the equities trading business, the insider secrets of what it’s like being a pundit talking about the markets on TV every day, and a crash course in equity options 101.

We walk through the basic mechanics of incorporating simple strategies like puts, calls, straddles, and costless collars or risk reversals into a basic long equities position.

We also talk about trading philosophies in general --- how both retail and institutional investors have shifted their approach in the past few years, how to formulate and argue a thesis every day on national television, and how AI may change the landscape going forward.

To listen to Dan's podcasts, check out Risk Reversal Media's offerings here:  https://www.youtube.com/@RiskReversalMedia/podcasts

Watch him weeknights on CBNC's Fast Money:  https://www.cnbc.com/fastmoney/

And check out his new podcast MRKT Matrix here:  https://podcasts.apple.com/us/podcast/mrkt-matrix/id1747214891

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Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. (Learn more HERE)

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Today’s episode is for all of you buy side and private markets junkies.  We are joined by Ted Seides, who is the host of the Capital Allocators and Private Equity Deals podcasts, soon to be thrice-published author, and expert in the Alts — the world of hedge funds and private capital investing.

One of Ted’s superpowers is understanding both sides of the alts investing coin. He started his career working with David Swensen at the Yale endowment and ultimately went on to lead his own multibillion dollar alternative asset manager before segueing into his current role as a thought leader and advisor amongst the biggest names in hedge funds and private equity.  You may also have heard of him from a little friendly wager he made with Warren Buffet a few years back.  

For those of you who want to break into the Alts, you must listen to the lessons Ted has gleaned from years of conversations with the heads of the worlds’s biggest investment firms.  So whether you’re a seasoned investor looking for a path to branch out on your own, or you’re an industry newcomer looking to understand key takeaways from some of the all time greatest deals, this episode’s for you.

Pre order Private Equity Deals on Amazon at https://www.amazon.com/Private-Equity-Deals-dealmaking-professionals/dp/1804090735

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We are kicking off our multi-part foray into the world of Private Credit --- arguably the most talked-about investment vertical of 2024 --- with brilliant and hilarious Keri Findley, founder and CEO of Tacora Capital.  If you're interested in learning about Securitized Products, prestigious exit opportunities from the Sales, Trading, & Research division of an Investment Bank, or the career path towards landing a job in Private Credit, this episode is a MUST LISTEN.

Keri is our first guest who has a background in Securitized Products, and she has a superpower of being able to explain complex concepts in a simple way.  Keri walks us through her early career in ABS CDO research at Morgan Stanley, her quick exit to the buyside --- where she was a Portfolio Manager at Third Point in her mid-20s (!!) --- and the journey of starting her own Private Capital Firm.  

With Keri, we also explore the themes of how blurred the lines can be between our personal and professional lives on Wall Street.  Her candid discussion of what she did to fit in early on in her career, how she handles gossip and negativity, and her decision to have her employees sign prenups on their carry illuminates the complexities of being a senior female investor in today's world.  

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Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. (Learn more HERE)

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In today's episode, we discuss Citadel's potential white label offering of their Equities trading operations to investment banks --- discussed in this article as something to fill the gap of banks pulling back from Equities Sales & Trading:  https://www.bloomberg.com/news/articles/2024-07-11/citadel-securities-crafts-plan-to-shake-up-banks-trading-desks

We also discuss the theoretical possibility that something similar might emerge in the Fixed Income space as well as capital requirements remain a challenge for banks.  We know banks are continually thinking about how to strategically allocate balance sheet in light of a previous article discussing how they've already established a pattern of outsourcing balance sheet to the Private Equity & Private Credit realm.  

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Financial fraud is something we hear about ALL the time.  It feels like there's a new headline about losses stemming from a hack at a financial institution constantly, and we've all seen shows like The Tinder Swindler where scams of individual consumers can have huge consequences. 

The problem with most fraud prevention?  It's backward-looking.  By the time you solve one problem, criminals have found a new way to steal your money.  We sat down with Greenway Solutions, a firm working to revolutionize the space not only for financial institutions, but also for their customers, via the use of "red teams".  These red teams can at times sound like complex spy operations --- yet at other times are deceptively simple in their approach.  We talk about the (terrifying!) magnitude of the financial fraud landscape, how it is changing in the face of AI and deepfakes, and some of the most surprising ways that fraudsters are staying ahead of conventional security measures. 

To learn more about Greenway Solutions, please visit their website here:  https://greenway-solutions.com

To connect with our podcast guests, you can find them on LinkedIn here:
https://www.linkedin.com/in/jerrytylman/
https://www.linkedin.com/in/pjs1969/
https://www.linkedin.com/in/katie-tylman-96b64720b/

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This week on The Skinny On ("TSO") we dive into the Paramount deal structure and discuss insane returns by congress, as well as a new law that is looking to make trading on inside info in congress illegal. 

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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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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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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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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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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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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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The Skinny On Payrolls REVISED
Hypothetical Google Split
Why Companies Use Cash vs. Stock in M&A

Get your FREE Resume template HERE

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

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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 liabili

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

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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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The Skinny On T+1 Settlement Changes, Citi's Fat Finger Trade, Hedge Fund fundraising woes, and Private Credit!

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Live from SALT iConnections in NYC, we are joined by Anthony Scaramucci, a financial, political, and pop culture icon here in America.  Anthony worked at Goldman Sachs, is the founder of SkyBridge Capital (a global alternatives investment firm), and is the founder of the SALT iConnections cap intro conference...but is possibly most infamous for his 11 day stint as the White House Communications Director during the Trump administration. Particularly timely as many gear up for their summer internships, Anthony shares with us his lessons in resilience, in learning to chase personal growth vs prestige, and in how to graciously take a joke.

Anthony's latest book, "From Wall Street to the White House and Back," is a must-read and is available here:  https://www.amazon.com/gp/aw/d/1637584636/ref=tmm_hrd_swatch_0?ie=UTF8&qid=&sr=

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We're BACK from a whirlwind 48 hours in NYC, fully rested and ready to give you the skinny on the latest in global markets.  First, a quick recap of our adventures at one of the world's largest cap intro conferences, where we got to chat with some of the industry's greatest thought leaders and meet new friends throughout the industry.  Next up, a quick note on today's Bloomberg article (linked below) discussing the decoupling of Gold and US Treasuries for the first time in 50 years.  And finally, we touch on NVDA's spectacular sales growth and their stock split announcement, the mechanics of which Kristen explains in detail.

https://www.bloomberg.com/news/articles/2024-05-23/bonds-decades-long-lead-over-gold-vanishes-as-debt-worries-grow

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We talk about Hedge Fund, Private Equity, and other "Alternative" Investment Funds all the time.  But we don't always stop to ask, "how do they get all their money?"  In this episode, we sat down with  CEO of iConnections Ron Biscardi to explore the world of "Cap Intro": the ecosystem within which capital --- meaning, the money from pension funds, endowments, foundations, insurance companies, family offices etc --- gets allocated to fund managers in the Alts space.  We learn about seed capital (money that gets new funds off the ground), explore the roles of third party marketers, broker dealers, & prime brokerage within a bank when it comes to cap intro, and discuss how iConnections has built a platform backed by technology to facilitate the world's largest cap intro conferences.  

An expert in relationships and connecting people, Ron also shares his experience involving athletes, stars, and influencers like Kim Kardashian, Shaquille O'Neal, and Eli Manning in the conversation, all of whom have become formidable investors in their own right and are at the forefront of deal making in the space today.  We are so excited to share this episode ahead of next week's SALT iConnections conference in NYC from May 20-21, where (thanks to Ron!) we will sharing live interviews with some of the industry's most influential and innovative thought leaders.  

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In today's episode we share our thoughts on the new Ghat-GPT4o update in light of Apple's controversial commercial, our thoughts on the difference between gambling and investing in light of the GameStop / AMC resurgence, and finally the intersection of golf and finance. 

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We often talk about institutional investors as the allocators of capital to the public and private markets.  They are huge, active participants driving supply and demand dynamics in the fixed income and equity markets, and they often make sizable investments as LPs in private equity and private credit funds.  But what exactly are they trying to accomplish, and why?

We sat down with John Normand --- the former head of Cross-Asset Strategy at JP Morgan and the current head of Investment Strategy at Australian Super --- to discuss investment strategy at a superannuation fund (what we in the US think of as a "pension fund").  John is one of our most accomplished and distinguished guests to date.   Not only does he explain the mechanics of defined benefit / defined contribution plans, but he also shares his philosophical perspective on the ethics of investing, his current views on the macro environment, and a crash course in one of the staples of fixed income markets: the Yen carry trade.  This episode is a must listen for anyone who wants to understand how some of the biggest allocators of capital in both the public and private markets approach investment strategy.

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Today, we are sharing the MOST IMPORTANT tips for crafting a finance resume.

We get it --- no one enjoys writing a resume. But we are taking the guesswork out of the process. We are clearing up common misconceptions and teaching you EXACTLY what your interviewers are looking for when it comes to this piece of the application process.

Learn to control the narrative, maximize the impact of your accomplishments, and weave connections between your experiences in a way that makes you an outstanding candidate. Get the inside track on how resumes are actually reviewed at banks. And get the skinny on the common pitfalls you MUST avoid if you want a shot at landing a Wall Street job.

We've spent the better part of a decade reviewing resumes from incoming summer intern and full time hopefuls. In this episode, we teach you how to stand out amongst hundreds of other resumes.   

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Today's episode is a bit lighter. We get into what it means that "FTX found the money" as well as catch up about some super random stuff including the Tom Brady roast, NYC comedy clubs, Broadway, musical instruments, and our personal phobias. 

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Many assume that those who are skilled in high finance are also experts in personal finance and managing their own money.  But NOTHING could be further from the truth!  We sat down with Katy Song, a former Investment Banker and published author, who is the Chief Financial Planner for Domain Money (a new financial planning company that is revolutionizing the approach to personal finance) to understand the role and career path of a financial planner, explore the different challenges people face when it comes to managing their own money, and drill down into the specific advice she gives to clients looking to build wealth and accomplish their goals.

Book a consultation session with Katy here:
https://calendly.com/katysong/initial-consultation?month=2024-05

Access additional information and resources (including Katy's book, "Fear Less") here:  https://www.domainmoney.com/advisors/katy-song


Raised in Rye, New York, Katy moved to California in 1993 to attend the University of California, Santa Cruz (Go Banana Slugs!). After graduating in 1997 with honors and a B.A. in Global Economics, she worked for the U.S. Department of Commerce in the International Trade Administration. Katy attended the Haas School of Business at the University of California, Berkeley (Class of 2002), after which she worked as an investment banker for Citigroup.

Since 2008, Katy has focused on helping families with young children and couples get their financial lives in order and put them on track for living the life they want. She is a member of the National Association of Personal Financial Advisors (NAPFA).

At Domain Money, Katy serves as Chief Financial Planner, overseeing a team of CFP® professionals dedicated to crafting personalized financial plans that alleviate client stress and pave the way for their desired lifestyles. She spearheaded the development of Domain Money's financial planning process and service offerings, ensuring a client-centric approach.

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In this week's edition of "The Skinny On", we get into an update on the Fed, Jen rants about bank balance sheet reqs, and Kristen gives you the skinny on the drama unfolding at Paramount amid merger talks with SkyDance and Apollo.

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Credit Strategy: how does it work, who are the players, and what are the career opportunities?  Today we are discussing the structure of the Credit Strategy desk at an Investment Bank with Dominique Toublan, head of US Credit Strategy at Barclays Capital.  

We discuss how you approach the vast world of corporate bonds and distill trends as a strategist, how you reconcile investor sentiment with supply/demand dynamics, and what role are you serving within the ecosystem of Wall Street.  The US Credit market --- meaning, where corporate bonds trade after they've been issued --- is orders of magnitude larger than the US Equities market.  Credit spreads, which are a measure of the riskiness associated with the debt of an individual corporate borrower, are a critical barometer of economic strength/weakness and investor risk appetite.  Understanding these dynamics is essential not only to those who wish to pursue a career in credit strategy, trading, or sales, but also for those who wish to understand the Private Credit markets and the funding dynamics that influence deal making and investment on the Private Equity and Hedge Fund side of the industry.  

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In today's episode we give you the Skinny on PCE (Personal consumption expenditures), we define "Risk Off", we chat about the news that Kim Kardashian has only raised $120mm of her $1-$2Bn target for her Skky Partners PE fund, talk Netflix and Meta earnings and finally share our take on the TikTok ban.

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So many finance hopefuls dream of a career in Private Equity.  But what do you actually DO during your internship, starting out as a full-time Analyst, or as an Associate?  How do those roles differ at a mega fund vs. a smaller firm?  Are there advantages to starting out in Private Equity vs. doing a tour of duty at an Investment Bank or MBB consulting firm?  

We sat down with Karina Petrunova, a current Private Equity Associate at Charles Thayne Capital, a lower middle market fund with a software & technology focus, to learn about her path to Private Equity.   She shares the specific steps she took to secure her first Wall Street internship during her sophomore year, her junior year internship, and ultimately her role at Vista Equity (a $100bn+ mega fund) out of undergrad.  Karina shares insight into the practices that made her a successful intern, analyst, and associate, as well as into her decision making process behind why she chose the firms she did.  

If you are considering a career in Private Equity, or want to understand the journey that your friends and loved ones in the industry may be on, this episode is a MUST listen.  

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In this week's episode we talk about the market's response to geopolitical risks, Jane Street's atypical transparency around Q1 earnings ahead of their bond issuance, and what to do if you get laid off from your Wall Street job.  

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Want to understand commercial real estate investing?  Real estate banking?  What about starting your own investment bank?  Or succeeding in the upper echelons of finance while raising young children? How about ALL OF THE ABOVE?

We are joined today by Deborah Smith, CEO and co-founder of a boutique investment bank specializing in real estate advisory, to explore the 101s of CRE investing and deal making, as well as the monumental challenge of starting your own investment bank.  We also continue our conversation up and down the corporate ladder on the question of female mentorship.  

Deb is a force of nature.  She shares her story of how she went from a dairy farmer in Australia to the most elite banking group at Morgan Stanley to Wall Street CEO (all while raising three young children, no less), living life according to her personal philosophy of "the universe doesn't owe you anything".  Her brilliance, moxie, and humor make this a MUST LISTEN for anyone interested in real estate, investment banking, or trying to balance work and family life in the world's most competitive environments.

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In our latest edition of our new weekly markets breakdown, we cover yesterday’s CPI release and its impact on the interest rates, credit, and equity markets.  With earning’s season kicking off, we explain how to frame your thinking about earnings releases as you start to think about how these moves in the market translate into corporate valuations and projections going forward.  We also share some feedback we’ve received on our “unwritten rules” for success on Wall Street and wax philosophical on the importance of cultivating resilience.

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Guy Adami is an original member of CNBC's Fast Money. Guy began his career at Drexel Burnham Lambert as a commodity trader on their precious metals desk. In 1996 he joined J. Aron, the famed commodity and currency group at Goldman Sachs where he was their head gold trader. In 2021, Guy, along with Dan Nathan, started RiskReversal Media. In addition to Fast Money, Guy and Dan have a daily show called MRKT Call and a weekly podcast called On The Tape that they do with Danny Moses of The Big Short Fame. Guy trys to stay active in his community. He was on the board of the NJ Chapter of The Leukemia & Lymphoma Society for ten years where he served as co-chair. In August of 2012, Adami completed the first NYC Ironman on behalf of LLS in 16 hours and 19 minutes. He was the LLS NJ Man of the Year in 2015. Guy was also on the national board of Invest in Others as well as Big Brothers Big Sisters of America. In November 2022, he was inducted into the Tri County Scholarship Fund Hall of Fame. Guy is a 1986 graduate of Georgetown University. He and his wife Linda reside in Morristown, NJ where they raised their three children.

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Today we chat about the WSJ article: "How Bank of America Ignores Its Own Rules Meant to Prevent Dangerous Workloads". 

https://www.wsj.com/finance/banking/bank-of-america-worker-death-policies-89eff5f6

We get into the announced Mars acquisition of Kellanova, as well as who the heck Kellanova is, what a spin off is, why the deal was likely done all cash. And finally we chat about the lessons we can learn from the Microsoft monopoly ruling in the early 2000s as they apply to a judge finding that Google is a monopoly. 

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We're mixing it up with new weekly episodes where we give you the skinny on what's happening in the markets and big deals in the news, and explain why that matters TO YOU.  Topics today include the Non-Farm Payrolls Report and the unwritten rules of how to behave in order to succeed in finance.  Let us know if you want more episodes like this by emailing your thoughts to questions@wallstreetskinny.com!

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The Wall Street Journal recently published an article titled "Women Aren't Getting the Big Jobs at Goldman Sachs, and They're Heading for the Exits" (linked below).  That same day, we were asked by our social media community whether our best managers were male or female when we were working at investment banks.  Our answer?  Male. 

We received HUNDREDS of messages from our community --- from mostly women --- saying their experience with female managers on Wall Street was overwhelmingly negative. 

So we wanted to have a frank, open discussion of these two distinct but very related topics in a public forum to discern what the nature of the problem is and to try and suggest possible solutions. 

We are joined by two amazing women for this conversation: Carissa Jordan and Nikki Boulukos, currently the co-founders of Benjamin Talks, a company on a mission to facilitate financial literacy for people of all ages starting with children.  Carissa and Nikki started their careers in Fixed Income and Equities Sales & Trading at Goldman Sachs, and rose through the ranks before exiting for individual reasons we will discuss. 

This will be the first of many conversations with women ranging from the junior most levels all the way to the C-suite.  Anyone working on Wall Street or planning on a career in the industry needs to listen to this episode.

https://www.wsj.com/finance/investing/goldman-sachs-women-big-jobs-leaving-09112f6a 

Nikki Boulukos is Co-Founder and Co-CEO of Benjamin Talks

•  BA in Psychology & Economics from Harvard. Additionally, cross-registered and completed coursework in Accounting & Finance at Massachusetts Institute of Technology and London School of Economics.
•  Captained the Varsity Women's Soccer team for three years at Harvard, first three-year captain in school history. All Ivy selection and Academic All American nominee.
•  Financial analyst at Goldman Sachs on Equity Research Sales desk. Member of Women's Steering Committee.
•  Later served as COO & Vice President of San Francisco-based beverage start-up, Wanu Water (fka FLUROwater) and later founded Seirén, an on-demand app company in the beauty space.
•  Nikki now lives in Cold Spring Harbor, NY with her husband and their three small, financially-savvy kids.

Carissa Jordan is Co-Founder and Co-CEO  of Benjamin Talks

•  BBA in Finance from Hofstra University. Member of Honors College. Carissa also held internships at Ivy Asset Management, MF Global and Goldman Sachs throughout college.
•  Associate at Goldman Sachs in FICC on the credit trading desk.
•  Carissa later joined J.P. Morgan Private Bank where she worked as an investor associate.
•  Carissa currently resides in Lloyd Harbor, NY with her husband and the three young children whose innate curiosity about money sparked her passion for financial literacy.

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Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. (Learn more HERE)

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Ever wondered what global macro trading looks like at the world's most elite hedge funds like Citadel, Balyasny, and Bluecrest?  You might imagine you'd need a tremendous grasp of the markets, an ability to analyze and interpret massive amounts of data & research, and a talent for identifying the optimal vehicles for expressing your views.  Now imagine doing all of this...without being able to SEE.

We are joined an incredibly special guest for our one-year podcast anniversary: global macro investor Ashish Goyal.  Over the past 15 years, Ashish has managed portfolios for marquee hedge funds and institutions such as Citadel, BlueCrest, Balyasny, and J.P. Morgan CIO.

Ashish has the dual distinctions of not only being the world’s first visually impaired graduate of The Wharton School, but also the world’s first visually impaired investor-trader on Wall Street.  More importantly, Ashish has been honored with India’s highest civilian award for a disabled individual – the National Award for the empowerment of persons with disability by the President of India and has also been recognized as a Young Global Leader by the World Economic Forum.

Ashish also serves on the Board of The Inclusion Initiative at the London School of Economics (LSE) in the UK and the Rising Flame in India. In the past, he has served on the Board of the Peek Vision Foundation in the UK, has passionately supported Theatre and Arts, and has represented the winning team in the UK domestic blind cricket tournament at the London Metro Club.

Ashish embodies an overflowing spirit of a holistic and balanced life. A practitioner of meditation and a believer in human ingenuity, Ashish continues to support passionate and dedicated charities addressing education, disabilities, human rights, sports, environment, and the Vedic Sciences. He has served as a motivational speaker at various venues – at the London Stock Exchange, at the World Economic Forum in Davos, and at the Sohn Charity Conference to name a few.

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Today is part II of our "intro to crypto" series.  We're back with Chris Newhouse to discuss breaking into careers in the digital currency space, the evolution of both layer I and layer II technologies within the defi ecosystem, derivatives trading and the evolution of new platforms to support broader institutionalized moneymaking opportunities.  A great conversation for anyone who is interested in understanding crypto trading mechanics, curious in how to start a career in the industry, or wondering whether the crypto culture in real life bears any resemblance to the wild stuff you might see on social media!

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Bitcoin is at an all-time high. New digital currency ETFs are coming to the market, broadening access to and increasing the legitimacy of an asset class that very few people truly understand. So we quickly caught up with our cryptocurrency expert Christopher Newhouse, DeFi Analyst at Cumberland Labs, to ask: what the heck is going on in crypto??

In this episode, we discuss not only the current state of the market, but also give listeners a bit of a crash course in how these cryptocurrencies are used, the scope of the ecosystem, and a quick explainer on the differences between some of the big names you may have heard of.

This is part one of a two part series. Next week we will bring Chris back on for a deeper dive into the evolution of careers in the crypto space, layer two economies, and the institutional framework supporting the future of crypto trading.

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Managing the wealth of the world's richest clientele is an exciting, prestigious, high stakes business.  We sat down with Tony Abbiati, CEO of SCS Financial, an ultra high net worth private wealth management firm to understand the business model of RIAs (Registered Investment Advisors) vs. banks and broker dealers, the demands and challenges of these clients, the path to breaking into the business and achieving success, and the crazy things you may have to do in the name of client service!  

Tony co-founded SCS Financial Services in 2002.  He has over 22 years of experience in the investment business.  Prior to SCS, he was a Vice President in the Private Wealth Management Group of Goldman Sachs. Tony began his career at Biogen, Inc. as a process engineer. Tony is actively involved in Year Up, a Boston based non-profit focused on empowering urban young adults. Tony earned a BA in Biochemistry from Bowdoin College and an MBA from Duke University’s Fuqua School of Business.

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Back by popular demand!!  We continue a listener favorite: the finance of "Succession", the hit HBO series. We explore the hot topics of private equity, venture capital, mergers & acquisitions, hostile LBOs, and MORE through the lens of one of our all-time favorite shows.   Even if you watched the show and loved it, you might not have understood all of the finer points!  We are here to break down the key corporate finance plot points driving the drama.

Catch up on the finance of Succession Season 1:

on Apple:
https://podcasts.apple.com/us/podcast/a-deep-dive-into-the-finance-of-hbos-succession-season-1/id1680425507?i=1000617362848

on Spotify:
https://open.spotify.com/episode/0WZmy82wGfoYigQOOHtDx0?si=BF2K9NGoRNO4H1rLAbhk8g

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What is Project Finance?  In this episode, we are joined again by Rahul Culas, Julie Kim, and David Albert to get into the basics of this sector of Investment Banking.  We explain what project finance is and why it's used, how it differs from the types of financing that traditional companies do, who uses project financing, who invests in project financing and more. We explore what the career path can look like from sell side Project Finance within the Investment Banking or Capital Markets division of a bank to energy and infrastructure investing at a buy side Private Equity firm.  

This episode is also an incredible deep dive into the role of relationships and mentors within the industry.  You'll hear the crazy story of how Rahul and David moved heaven and earth to bring Julie with them when they moved from Morgan Stanley to Carlyle Group, one of the world's most prestigious Private Equity megafunds. 

Rahul Culas is Partner at 1585 Healthcare, an investment firm focused on healthcare services investments. Formerly, Rahul was a Partner and Managing Director at The Carlyle Group, where he co-headed funds dedicated to energy investments. Prior to Carlyle, Rahul was Head of Structured Power Finance at Morgan Stanley. Earlier in his career, he worked at Goldman Sachs in the Fixed Income Currency and Commodities Division. Rahul graduated with a Bachelor’s in Mechanical Engineering from the Indian Institute of Technology (“IIT”), Bombay, and a Masters in Human Computer Interaction from the School of Computer Science at Carnegie Mellon University

Julie Kim is Partner at 1585 Healthcare. Formerly, Julie was a  Principal at The Carlyle Group, where she played the dual role of being on the investment side as well as the Chief Operating Officer of funds dedicated to energy investments. Prior to Carlyle, Julie was an associate in Project Finance at Morgan Stanley. Earlier in her career, she worked in the Equity Derivatives group in Equity Capital Markets at Morgan Stanley. Julie graduated with a BS in Math and Finance from MIT. 

David Albert is Partner at 1585 Healthcare. Formerly, David was a Partner and Managing Director at The Carlyle Group, where he co-headed funds dedicated to energy investments. Prior to Carlyle, David was the Head of Tax Equity and Project & Structured Finance at Morgan Stanley.  Earlier in his career, he worked at Morgan Stanley in the M&A group and Princes Gate Investors, a private equity fund within Morgan Stanley.  He started his career at Salomon Brothers. David graduated with a BS in Economics from Wharton and an MBA, also from Wharton.

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Today as a followup to last week's episode where we sat down with two doctors, we are chatting with two investors in the Healthcare Private Equity space, not only talking about that segment of the investment community but also answering the mountain of questions we’ve gotten from listeners who ARE doctors and want to pivot into the world of finance but don’t know how.  

Rahul Culas is Partner at 1585 Healthcare, an investment firm focused on healthcare services investments.

Formerly, Rahul was a Partner and Managing Director at The Carlyle Group, where he co-headed funds dedicated to energy investments. Prior to Carlyle, Rahul was Head of Structured Power Finance at Morgan Stanley. Earlier in his career, he worked at Goldman Sachs in the Fixed Income Currency and Commodities Division.

Rahul graduated with a Bachelor’s in Mechanical Engineering from the Indian Institute of Technology (“IIT”), Bombay, and a Masters in Human Computer Interaction from the School of Computer Science at Carnegie Mellon University

Julie Kim is Partner at 1585 Healthcare.

Formerly, Julie was a  Principal at The Carlyle Group, where she played the dual role of being on the investment side as well as the Chief Operating Officer of funds dedicated to energy investments. Prior to Carlyle, Julie was an associate in Project Finance at Morgan Stanley. Earlier in her career, she worked in the Equity Derivatives group in Equity Capital Markets at Morgan Stanley.

Julie graduated from MIT. 

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Many ambitious young people (Kristen included) consider pursuing a number of prestigious careers outside the financial services industry, and medicine often tops the list.  Today we are joined by two incredibly accomplished doctors --- Dr. Bella Avanessian,  a board certified plastic surgeon with a focus on gender affirmation, and Dr. Nisha Narayanan, a pediatric ER doctor, double board certified in pediatrics and pediatrics ER. --- to get an in depth understanding of the educational path, the costs, the compensation, the sacrifices, and the payoffs of becoming a doctor in America.  

We talk about the tough choices facing young people considering a career in medicine and the resulting brain drain out of the field.  Part 1 of a two-part series where we will subsequently explore the field of Healthcare PE, this is a must-listen episode for anyone curious to understand the role of doctors in the American healthcare system.   

Dr Bella Avanessian is a board-certified plastic and reconstructive surgeon who specializes in gender-affirming surgery. She is an Assistant Professor of Surgery at Mount Sinai in New York. She received a BS in biomedical engineering and her medical degree from Brown University. She completed her residency training in Plastic & Reconstructive Surgery at Brown University/Rhode Island Hospital. She then trained as the inaugural fellow in the nation’s first Transgender Surgery Fellowship at Mount Sinai. She is a member of the Alpha Omega Alpha (AOA) Medical Honor Society, American Society of Plastic Surgeons (ASPS), and the World Professional Association for Transgender Health (WPATH).

Dr. Nisha Narayanan specializes in pediatric emergency medicine. She is an Assistant Professor of Clinical Emergency Medicine and Clinical Pediatrics at New York Presbyterian- Weill Cornell Medicine. After receiving her B.A. from the University of California, Berkeley, she obtained her medical degree at the George Washington University School of Medicine with a concentration in Health Policy. She completed her pediatrics residency at the University of California, Irvine- Children’s Hospital of Orange County and subsequently completed a fellowship in pediatric emergency medicine at the New York University School of Medicine- Bellevue Hospital Center. 

Dr. Narayanan is the co-founder of Team Kid Power, an international non-profit that promotes pediatric cardiometabolic health in underserved communities. She is the primary investigator of a multi-site, school-based academic-community intervention to help implement diet and exercise policy in underfunded schools. She has received numerous awards for her work. 

Dr. Narayanan has co-authored more than 15 publications and book chapters. Her interests include community engagement, health policy, child abuse, and quality improvement.

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Today is a masterclass in networking, reputation management, and personal brand building from one of the most successful, highly sought-after minds in the business: Jen Prosek, the founder and CEO of Prosek Partners.

The daughter of immigrants, Jen shares her inspiring story about becoming a go-to consigliere for the male-dominated industry of hedge funds, private equity firms, and investment banks as a female English major without a preexisting network of her own. 

Jen outlines steps for building your personal brand, explains how to network throughout all stages of your career (from college student to CEO), and advises on how to handle the inevitable "stubbed toe" from a reputational standpoint. 

She also teaches us how to build an entrepreneurial mindset, a subject on which she has written two books (linked below).  And finally, Jen answers the age-old question: is all press good press?

Whether you are prepping for fall recruiting season, looking to level up in your career, or seeking to understand the "emerging market frontier of marketing" that's taking place in the private capital and alternative investment space, this episode is a MUST LISTEN.

Subscribe to Jen's LinkedIn newsletter here:  https://www.linkedin.com/newsletters/leading-in-volatile-times-6714926252211376128/

Check out Jen's books on entrepreneurship here:  https://a.co/d/fMVA6Gk and here: https://a.co/d/dJ9RLVF

Learn more about Prosek Partners here:  https://www.prosek.com

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Let's talk about MONEY.  Maybe you're hoping to land a high paying job on Wall Street . Maybe you're hoping to maximize your earnings potential in your current job.  Or maybe you know people who work on Wall Street and are curious to understand why their pay structure is so different from most other jobs.  Whatever your perspective may be, THIS episode is the first open, honest, tell-all guide explaining exactly how compensation works on Wall Street.  We spill the secrets on how to negotiate your pay, how pay cycles work, what a "bonus" actually is, how to navigate difficult conversations, and how to position yourself for the optimal career path.  You will have specific action items after listening to this podcast that will empower you to take control of your pay, no matter what the specifics of your current circumstance.

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Today we take a deep dive into Private Equity  --- specifically, Lower Middle Market PE.  We sit down with experienced investor A.J. Tracey and discuss topics ranging from "what is the traditional path to PE?" to "what is a day in the life like?", and  "how important is the name of the college or firm you're coming from?".  We explore the differences between megafunds and MM/LMM PE as it pertains to investment strategy, nitty gritty of the job, and recruiting methods.  We also discuss the economics of pay, GP catchup, blind pools, when and how PE firms start collecting fees, and more. If you have ever considered working in PE or wanted to understand the world of Private Equity, THIS is the episode for you!

A.J. is currently in investor with Cartess Investment Partners, a lower middle-market private equity firm focused on investing with exceptional operators in the paper, packaging and food industries. Prior to joining Cartess, A.J. was a Principal with AGR Partners and a Vice President with Kainos Capital where he focused on investments in the agriculture and food industries. A.J. began his principal investing career as an Associate with CIC Partners. A.J. has an MBA from the Kellogg School of Management at Northwestern University and a BA from Brown University. A.J. resides in Southlake, TX with his wife and two children.

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Ever heard of a Private Equity "search fund" aka entrepreneurship through acquisition?  Well, we hadn't either... until this episode!  Search funds are a relatively little-known but incredibly exciting and highly profitable niche within the private equity  investment space.

Our guest, Nate Wasson, co-founder of growth equity firm Hal-Bar Partners, joins us to explain how Search Funds work and explore themes of entrepreneurship through acquisition.  We discuss everything ranging the path to a career within one of these funds which is very different from the traditional Private Equity model,  the role and mechanics of family offices in the financial ecosystem,  values-based investing and so much more.

This episode is a MUST LISTEN for anyone curious about impact investing or anyone who is an experienced operators considering making a career switch.    One of our most fascinating and important episodes ever!!

If you are interested in learning more about HalBar partners, please click here:  https://halbar.io/

Nate Wasson is the co-founder of HalBar Partners, a growth-equity firm and is the co-founder and principal member of Alvearia, a family office co-investing community.
Nate has over 20 years of expertise advising investors and family offices, as well as their portfolio companies and mid-market businesses. His experience lies at the intersection of institutional family enterprise, investment management, and impact strategy for both national and international investors.  Nate spent his early career in investment management, business banking, and as a JPMorgan consultant; he led teams ranging in size from two to 200. Nate later served as a Principal and Managing Director for Bank of Montreal’s US Private Bank, where he was involved in security selection, portfolio construction, marketing, operations, management, and investment product evaluation.  After leaving Bank of Montreal, Nate developed the Midwest family office practice for Capital Group; there, he developed investment strategy for pre-institutional family offices focused on both public and private opportunities.  He later joined Silicon Valley Bank to develop their institutional investment platforms, modern family office practice, and ESG investing strategy.

He serves as a subject matter expert in private equity, secondaries, ESG, and portfolio construction.  Nate holds an undergraduate degree from Valparaiso University and an MBA from the Yale School of Management, with a concentration in asset management.

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The news --- and the finmeme space --- has been abuzz with headlines talking about hedge fund returns (or lack thereof) in 2023.  In a year when the S&P500 was up nearly 25%, the NASDAQ up nearly 50%, and risk free fixed income investments yielded 5%, most hedge fund returns look disappointing by comparison AT A GLANCE.  But is there more to the story?  Comedian and brilliant financial mind Anish Mitra joins us for this friendly debate.

In this episode, we explain why institutional investors invest in hedge funds, why they are to willing to pay steep management fees for returns that are uncorrelated to the market as a whole, and how to think about hedge fund (or any kind of returns) in the appropriate context.  We also introduce the concept of Sharpe Ratios, a risk measure we will do a deep dive on in the future.  

For 20% off Deleteme, use the code TWSS or click the link HERE! 

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Investment Banking & Private Equity Fundamentals HERE
Fixed Income Sales & Trading HERE

Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. (Learn more HERE)