The Wall Street Skinny – Details, episodes & analysis

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We are thrilled to present a SPECIAL EDITION of The Wall Street Skinny. This episode, recorded live at Carlyle’s NYC offices, is a candid interview with one of our most impressive (yet shockingly down-to-earth) guests to-date: Shane Clifford, Carlyle’s Head of Global Wealth.  

If you’re wondering how “Global Wealth” fits into one of the world’s most prestigious private equity mega funds, you’re not alone. We set the record straight about what Global Wealth is, how it relates to the rest of the business, and how it is reshaping the investing landscape.  Historically, access to private markets was typically reserved for institutional investors. Today, Carlyle is opening select private market capabilities to the wealth channel, all while raising the bar on transparency and education.

We discuss the shifting market environment, explain why the term “alternatives” has become anachronistic, and dig into what “responsible democratization” really requires: specific fund structures (think evergreen/perpetual vs. interval funds), liquidity education, disclosure, and portfolio construction that behaves differently than it does in the public markets. 

Shane explains areas which areas he thinks may see the most growth in the near term, and we dig into what allowing individuals to access the private capital markets via defined contribution plans (i.e., 401(k) investments) *might* mean for everyday investors should those changes come to pass.

This is also a “Distribution 101” playbook, where we learn the ropes of a career path that wasn’t even an option to us during our time in the industry. 

If you advise clients or want to work in the private capital ecosystem, take note. Carlyle is changing how the world accesses the private markets, and this episode will change how you think about private capital altogether.

TWSS is not a client of, or investor in funds managed by, Carlyle. Compensation was paid in connection with this social promotion. Statements made reflect the opinion of the speaker(s) and may not be representative of all views, and compensation may give rise to conflicts of interest. Nothing herein constitutes an offer to sell, or a solicitation of an offer to buy, any security or product of Carlyle or any Carlyle-managed fund.

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

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In this week’s episode, we get into the Fed’s 25 basis point rate cut, Powell’s chaotic press conference before diving into Meta’s creative data center financing which is a lesson on project financing and lease accounting, and finally the growing blur between public and private credit. 

The Fed’s October meeting delivered the expected 25 bps cut but Powell’s tone afterward left markets rattled. While announcing a pause in quantitative tightening, he hinted that December isn’t a done deal, sparking confusion and volatility. Jen breaks down the mechanics behind QT, the Fed’s balance sheet strategy, and why even subtle changes in how they handle T-bill reinvestments could ripple across the yield curve.

Then we shift to earnings season and Meta’s fascinating case study in project finance. Their $30 billion Hyperion data center project with Blue Owl blends corporate finance, lease accounting, and private credit innovation, raising questions about off-balance-sheet leverage, credit spreads, and who really wins in these structures. 

We wrap with thoughts on how every firm on Wall Street is morphing into everything else—private credit arms at hedge funds, PE firms doing lending, and why that might both dilute and amplify systemic risk. All that, plus Halloween costumes, pumpkin parades, and the realities of parenting in chaos. 

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

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Kristen and Jen dive into the real-life Succession drama unfolding inside the Murdoch family, breaking down the legal battle over the Fox and News Corp trust that controls the family’s Class B super-voting shares. They explain how Rupert and Lachlan Murdoch secured a deal to buy out their siblings at a discount, why dual-class share structures matter for corporate control, and how this settlement resolves questions around long-term leadership of Fox Corp. The hosts connect it back to valuation, governance, and even their own courses, showing how the Disney–Fox transaction and the Murdoch saga mirror the themes of HBO’s Succession while providing a real-world case study in M&A and family business dynamics.

They also preview next Wednesday that they will be streaming live on YouTube immediately after the FOMC meeting to break down the Fed’s statement and market reaction in real time. They’ll be joined by the global head of income at a $650+ billion investment firm to give listeners a rare, trading-floor perspective on how professionals dissect every nuance of Fed language and position themselves in the bond market. Expect sharp analysis on yields, funding pressures, and curve moves—plus the chance to watch the news unfold live with expert commentary.

Shop our Self Paced Courses:

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

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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

Shop our Self Paced Courses:

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

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Our second weekly episode where you get THE SKINNY on whatever's happening in the markets, big deals in the news, and pop culture with us, The Wall Street Skinny.  In this episode, we explain the collapse of the yen carry trade after the faster than expected rate hike from the Bank of Japan coupled with the weaker than expected US Non-Farm Payrolls report last week, which triggered the Sahm Rule signaling a recession.  We also touch on Bill Ackman's canceled IPO, and the scandal around the social media phenomenon of TikTok star "Ballerina Farm".

Shop our Self Paced Courses:

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

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We had the incredible opportunity to sit down with Kat Sosnick, a woman whose impressive career spans three decades running portfolios of up to a billion dollars at some of the world’s most legendary Equity Long/Short Hedge Funds, including Tiger Management, Pequot, and Perry Capital.  Kat is a specialist in the consumer retail space, and shares stories with us of how she applied her passion for investigative journalism to doing “grassroots” analysis at the core of her investment theses.  Kat gave us the scoop on how she decided to invest in winners like Costco and Amazon, how she earned the nickname "The Grim Reaper" for her fearless shorts of other companies, how she beat stage four cancer and navigated motherhood in one of the most secretive and notoriously male dominated segments of high finance, and how she combats imposter syndrome in her current coaching business.  She tells us how she had to stop watching "Billions" because it hit too close to home!

Whether you are considering a career as an investor or simply want the inside scoop on some of the most prominent hedge funds of all time, you'll want to listen to Kat's invaluable advice gleaned from decades of personal experience.

*Correction: the Investment Banker mentioned in the context of the Jeff Bezos meeting was at Deutsche Bank, not Morgan Stanley.

Follow Kat on LinkedIn at https://www.linkedin.com/in/katsosnick?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app

and check out Greene Street Coaching here:
https://greenestreetcoaching.com/

Shop our Self Paced Courses:

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

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Today we dive into Long / Short Equity Hedge Funds with David Semenza of Islander Capital Partners. We get into what an equity long short hedge fund is, how it differs from other types of hedge funds, how leverage factors in, what makes a good public equity investor, how it differs from private equity and so much more. 

Islander Capital Partners is a Long/Short equity fund that was started by David Semenza and Jordan Martinez.  The fund spun out of Matrix Capital in 2023, and is focused on the Technology, Media, and Telecom sectors.

Shop our Self Paced Courses:

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

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The Skinny On...

1. Will Private Equity Take Down the Global Economy. 

We discuss the FT article from Wednesday, 7/24/24 titled "How private equity tangled banks in a web of debt | Complex layers of leverage could pose a threat to the global economy". Read it here:

https://ig.ft.com/private-equity/

2. Equity Markets Down and Factor Rotation

3. What we wish we knew before starting on Wall Street

4. Drama between Rupert Murdoch and his kids Succession

Shop our Self Paced Courses:

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

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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.  

Shop our Self Paced Courses:

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

Shop our Self Paced Courses:

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

Subscribe to our Substack: https://substack.com/@thewallstreetskinny