To be honest, I didn’t even consider this possibility until I started my dermatology residency. My program has had several sponsored dinners by these groups recruiting us for jobs. So far my research has come up with this list, but I am very curious to find out more (some of these may be limited to derm).
Pros:
- PP without worrying as much about the overhead
Cons:
- they lure you in by promising an outrageous, too-good-to-be-true salary, and then fire you after a year or so if you are unable to meet their predatory standards for # of patients seen/RVUs generated
- without saying as much, the groups that have recruited us have basically implied that anything more complex than your regular skin exam is referred out to the nearest academic center (which is how they expect their physicians to see 50+ patients a day). Some may consider this a pro.
- one of the groups advises their derms to only have one excision clinic a month. Somehow it’s more profitable for a physician to see 50 patients as opposed to doing 15 excisions in a day (everything I’ve been taught about billing so far in residency says the opposite)
- lack of interaction with residents and med students (again some may consider this a pro)
- little to no opportunity for partnership
Just wondering if anyone can shed some light about why these groups are a good idea for a new grad. I’m not seeing the benefits except for private practice pay without so much concern for overhead.
Hallo liebe Affengemeinde, ich hab mir die Mühe gemacht, den kompletten Part 16 der BBC-Reihe gebündelt auf Deutsch zusammenzustellen - als PDF-Dokument zum runterladen.
Nehmt euch ein paar freie Minuten und lest euch das Meisterwerk des investigativen Journalismus einmal in Ruhe durch, es sind 33-Seiten, die wirklich tief gehen und die Finanzkriminialität von Unternehmensräubern genau aufdecken.
Den Text habe ich ein bisschen angepasst, leserlicher gestaltet und mit neuen Infos zu GameStop's ehemaligen CFO Jim Bell befüllt, da der original Part mit George Shermann, aufgrund von einer Namensverwechslung widerlegt worden ist, siehe Pfosten dazu vom OG Ersteller. (Dies ist übrigens, der einziger Fehler der gefunden worden ist)
Du findest den vollen Part aus der BBC-Reihe >>> hier auf OneDrive <<<
Das meiste vom Text ist mit Quellen belegt und kann einfach nachvollzogen werden, es werden an der ein oder anderen Stelle aber auch ein paar Spekulationen angestellt.
Untergliedert ist der Text in folgende 4-Teile:
- Teil 1 - Die dreckigen Geschäfte von Apollo Global Management und Adam Aron
- Teil 2 - Die Strategie der Unternehmensräuber Leon Black und Michael Milkens
- Teil 3 - Cellar Boxing, Zombie Aktien und die heutigen Memestonks
- Teil 4 - Fazit
TL;DR
Nach dem Beispiel von Milkens Unternehmensüberfällen durch die Verwendung von Junk Bonds, um Unternehmen unter finanziellen Druck zu setzen und sie für Übernahmen billig zu machen hat Apollo Global Management (größtenteils ein Spinoff von Drexel, Milkens Unternehmen) zusammen mit vielen anderen Private-Equity-Firmen die Corporate-Raiding-Strategie gemeistert und in die Neuzeit gebracht.
Dies beinhaltet die Einsetzung von Insidern in das Senior Management der Unternehmen, die reif für Übernahmen sind. Ihre Hedgefonds-und Market Maker Kollegen brachten sie dazu die Aktien bis zum "Gehtnichtmehr" zu shorten, die Unternehmen mit massiven Schulden zu belasten und dann die Kontrolle zu übernehmen und zu entscheiden, wie sie am besten aus dem Gemetzel Profit schlagen können.
Dies ist ein Prozess, bei dem Unternehmen wie Apollo, Blackstone, KKR und ihre Hedgefonds Freunde Millionen und Milliarden verdienen, dabei die Unternehmen und Jobs zerstören und nicht mal mit der Wimper zucken.
https://preview.r
... keep reading on reddit ➡Short version - we just got bought out by a private equity firm, more or less completely out of the blue. Looks like they pushed everything through in the blink of an eye - the actual holding company is a numbered shell corp registered literally a week ago, and we have to sign a bunch of paperwork within a day.
Where it gets interesting - I had a great offer earlier in the year, but I really liked my team and one of the founders, so decided to stay after they threw a decent chunk of cash in the form of a retention bonus, and another decent chunk of equity at me.
I have to repay that chunk of cash if I leave earlier than mid-next year. Worse, I have another retention bonus for the year after that.
After the buy out, my equity is basically wiped out. Unvested options are accelerated, and are bought out from me... at 50 cents more than the strike price (comes out to about a weeks pay), which basically removes any upside I have in staying, and I have a day to make the decision.
This whole experience leaves a very bad taste in my mouth, and having already lived through the stages before a buy out, I don't want to repeat the process (fire a bunch of people, make everyone else work twice as hard, replace headcount with cheap Indian devs that are cheap for a reason.. you know the story).
Am I screwed in that I either have to pay back the retention bonus, or find a job that starts exactly when my retention bonus ends? Why the second retention is bad - the second I tell them I don't want it, they know I'm not planning on staying any more than I have to. Do I have some negotiating power being in a fairly critical role?
EDIT: Thanks for all the advice guys! Some really good ideas here. Will be exploring some of them as soon as I'm able to with all the stuff going on in my personal life.
Compiled some resources for IB/PE interviews in Google Drive: Interview Prep Material
Planning to update the drive with more financial modeling content, industry primers, etc.
Let me know if you have any suggestions on materials to add – hoping this shared folder will turn into a useful source for free material.
Disclaimer: All of the material in the drive were posted publicly online free of cost or outdated by more than a decade, but in case I made a mistake, please let me know as soon as possible.
Hello all,
I am actively seeking a first year Investment Banking Analyst or Private Equity Analyst role in the Charlotte area. I have applied to every relevant role I can find online in the Charlotte area. But, as you all know, having an in is extremely important in this industry.
I have been scouring LinkedIn attempting to set-up networking calls with relevant folks in the area, and have had some success in doing so. I am also continuing this momentum.
But I want to ask everyone here, human to human (not the corporate professional jargon you must use on LinkedIn), if anyone would be willing to put in a good word for me at their firm to help me get a job.
About me: I currently have close to two years experience at a reputable Private Equity firm in an operations focused role. I'm passionate about this industry and want to progress in my career, however, I've found it to be extremely difficult thus far because learning & opportunity plateaus relatively quick in back office work. I bust ass, I'm a quick learner, and feel confident if I can just get an interview I will prove that I'm a value-add.
Would anyone please be willing to help me here? I am more than happy to set up a phone call/FaceTime or even travel to Charlotte to meet face to face prior to you taking any action. Just looking for someone to help a young & hungry dude get his dream job.
Why Charlotte? It is my dream city. I absolutely love the trajectory this city is on, and I have friends & family in the area.
P.S. I am aware that this is the off-cycle for investment banking analyst classes/recruiting. Doesn't mean I will stop trying.
TLDR: Will someone please help me break into Investment Banking / Private Equity?
https://nypost.com/2021/11/24/biden-spending-thanksgiving-at-private-equity-billionaires-home/
Thoughts?
Hey all,
I was just wondering how important you GPA is for private equity. I’ll be finishing my undergrad with a 3.4 which I know is low, but I also majored in engineering while playing D1 football. Please give all advice!
Edit: I will be within the MBB next fall if that helps.
How would you go deciding between the two? How does the day to day work, work-life balance, compensation, exit opps compare?
If you have any resources that elaborate on this that would be much appreciated
They are willing to pay absurd amount of money for a project manager role involving supply chain work. Offer is incredible but I’m getting bad vibes from it. Very charismatic ceo recruited me for it. Anyone with experience around these?
Have been contacted by a few recruiters for coffee chats regarding positions in Real Estate PE
Curious if anyone in this sub came from an institutional investing background and later left to do investing full time on their own dime
Any benefit to having that experience before taking the plunge yourself? Or would you reccommend taking the plunge immediately? Would another career path better prepare me (ie. RE lending etc.)?
For those that didn't come from an investing background, do you think this is something you would do if the opportunity presented itself? Or did the free / low cost online resources level the playing field?
My initial views on it:
Pros:
- Exercise investing mindset
- Build network
- Develop expertise in specific asset class / region
- Exposure to fund raising / investor decks
Cons:
- Likely minimum 2-year commitment to realize above pros
- Average 60-80 hour weeks. Alternative is to consume online resources at own pace
- Cog in the machine (no equity carry at junior level)
- Specialist vs generalist experience, which usually skew to commercial vs residential opportunities
Does anyone has guidelines or samples on how to record private equity journal entries for example: Capital calls Distributions calls For different situations like return on capital, money received or sent on a different day or not received yet, one fund is lending money to another fund to make investment?
That would be great. Thanks in advance for the help!
Like many here, my approach to equity investing is to approximate the whole market. So far, my method for approximating the whole market has been: 100% VT.
However, this excludes privately-held companies. Philosophically, I'd prefer to be exposed to those companies.
I'm not sure of the best way to estimate the size of that "missing allocation". Apples-to-apples comparisons are hard, since private company valuations are opaque. I did some back-of-the-envelope estimation based on comparing the revenues of the largest private companies vs. the largest public companies. (Note that the second link is *all* companies, so I excluded the private companies.)
https://preview.redd.it/x7vvoh8fop881.png?width=1200&format=png&auto=webp&s=7f41d63808ad3edbe1201f3417ddacbc577ed898
Based on this, about 25% of my equity investment should actually be invested in privately-held businesses.
To be clear, I have very low confidence in this estimate. The above approach assumes that revenue is correlated with market cap, but that's only barely true:
https://preview.redd.it/gmk2y27zqp881.png?width=1200&format=png&auto=webp&s=bb60cff0fee4bdc6460c9b418733ba5f55ac15d6
So, if anyone has a better estimate, I'm very interested.
Regardless, I think it's fair to say that a nontrivial percent of businesses (weighted by valuation) are privately-held. (And obviously, *not* weighted by valuation, the majority of businesses are privately-held.)
So, my question is:
Is there some way to get this exposure in a passive / principled / algorithmic way?
I was awarded significant amount of shares as part of my employment about 6 years ago. Two years ago, I was separated from the company, with a huge package, so no hard feelings on either side. At the time, I was told and given a letter verifying my ownership of the vested shares. The original terms of issuance said they will only be cashed out at the time of the company’s sale.
I’m not in a hurry to cash it out, but I’ve never heard anything about financial performance of the company, even when I was there, but during my tenure I was privy to at least some insights.
Has anyone been in this situation? As a shareholder, can I demand periodic financial statements (10k or balance sheet) from a private company? they are about $300-400 Million company in assets. Also, there’s been a few generation of guard changes that I’m getting out of touch with current corporate officers there.
