WSO Weekly Wrap-up

December 21, 2024

Hey WSO Monkey,

It’s that time of year again—when the markets slow down just enough for us to pretend we have work-life balance.

Wishing you all a Merry Christmas filled with joy, relaxation, and maybe even a few moments away from your screens. Until then, dive into this week’s updates and discussions from the forum!

-Patrick

Top Discussions

  1. Q&A: HF Work and Life in NY / Lon, HF Launch - "2 yrs BB IB. 20 yrs HF PM in NY & LDN: management, multistrat, event, equity l/s, credit, converts. 5 yrs HF founder."

  2. Ease of Getting IB Jobs in 2-4 Years? - "I think some folks need to realize they’re just not cut out for banking and other highly competitive roles. Even if DEI efforts tamp down (although they likely won’t anytime soon, because clients actually consider DEI participation when deciding which bank to award their business/fees) a lot of people on this site still wouldn’t win roles. What will be the scapegoat/excuse then? I’m actually a non-diverse candidate myself, and I have not struggled to land roles. Winners win despite the ever-changing sociopolitical climate. Just my 2 cents."

  3. How PE Rode Out the Exit Drought - “Seems like private equity dealmakers have learned to squeeze water out of stones. Despite months of sluggish exit activity, they deployed lateral thinking to deliver value despite low volumes. Hear from a panel of experts from leading PE firms as they explore the inventive strategies that have kept PE deals thriving, maintaining strong valuations despite economic challenges. On-demand webinar available now: The PE quest for liquidity. Watch now.“

The Ultimate Program to Land a 6-figure Job in High Finance

With over 17 years of experience, 900k+ members, and an insane network, WSO has cracked the code to making 6 figures right out of undergrad. We’ve helped over 1k students from all backgrounds break into these careers.

WSO Academy is a 12-week program (with many lifetime benefits) that puts everything we’ve learned on a silver platter for you—to dramatically improve your odds of landing a high finance offer.

The waitlist for WSO Academy just opened again, and we’re accepting a limited number of students into the next cohort. So if you’re serious about breaking into high finance, there’s no reason for you to be sleeping on this.

Top Discussions (contd.)

  1. Private Equity vs. Special Situations: Career Choices in 2024 - "The problem with traditional PE is that it is extremely commoditized. At the end of the day, there really is no differentiation between the vast, vast majority of MM/UMM PE funds. And the funds that do have differentiation (i.e., scale, brand) - those are AUM machines where there is no upward mobility. The smaller start-up PE funds do have that growth - but they fail and are failing at an extraordinary rate. From a risk-adjusted career and growth perspective, if you can land a seat at a true hybrid-capital type fund (Apollo, Bain, Warburg) - those are likely very downside protected seats with much better upside optionality that the vast majority of PE seats today and going forward."

  2. Best PE Sector to Be In (Tailwinds) - "Tech (mostly talking about software here in the context of PE) is arguably the best business model to invest in from a PE perspective, given the inherently superior fundamentals and FCF visibility - this has been well reflected in the increased share of PE capital allocated towards tech (mostly software) over the past 2 decades. However, this comes at the cost of high competition for quality assets and thus high entry multiples. Healthcare PE, on the other hand, is a much less competitive sector overall compared to tech from a PE capital allocation perspective, despite having many long-term secular and structural tailwinds just like tech..."

  3. 2024 HF Bonus Thread - "2024: +4% on gross in first 8 months (1B+ book), but again was netted against others PNL. Team was shut down. Worst part is I asked for a carveout Jan 1 and no netting and was told I’m too junior - fund didn’t track performance so used years on buyside as arbitrary proxy. Currently sitting out a 1 year noncompete that my fund wouldn’t waive when I decided to leave for a competitor."

New Podcasts Coming in Hot 🔥

  • Elon Musk: The Richest Person in History?

  • The Impact of Trump’s Re-election on the Stock Market

WSO Alpha: Latest Updates 📈

We uploaded the October brokerage report for those of you curious how we did.

Hot Jobs 💼

Senior Associate / Vice President - "We are seeking a Senior Associate / VP level professional who is actively engaged in the lower middle market with a proven track record of executing direct deals. The ideal candidate could come from a private equity firm, family office, investment bank, or independent sponsor..." 

Project Finance Associate - "This is a career-level role, and we expect the Project Finance Associate to grow and find new ways to impact our organization, contributing to Zanskar’s broader financial and capital allocation strategy..."

Investment Banking Analyst - “A boutique IB practice focused on MM M&A. Lean, mean, entrepreneurial team of highly motivated deal makers who all ‘punch above our weight’. While other investment banks have large teams working around the clock, we work smart in small teams, and achieve outstanding results for our clients and still get home in time to see our families. Industry generalists…“

Investment Analyst - "...invests in privately held companies across media and entertainment, including film and television, digital media, creator economy, video games, live experiences, sports, and related services and enabling technologies ..."

Director of M&A - "...formed to be the best long-term home for independent companies that provide unique data, content or information focused on small but important niches and are owned and operated by founders."

Sr Discretionary Researcher / Trader - Fully Remote - "We are a discretionary, event-driven proprietary trading firm and hedge fund specialized in the digital asset space."

Marketing Manager - West Coast, US - "The Firm is an early-stage venture capital firm with $300mn in assets under management and a deep commitment to supporting the next generation of groundbreaking technology..."

Research Associate (Equity Small Mid Cap) - New York, NY - "This position will support the Small/Mid-Cap Equity research team and initially be responsible for covering multiple sectors in support of current team members."

On Deck - Training 🎓

All in Eastern Standard Time

Stay Strong,
Patrick Curtis
CEO and Founder, WallStreetOasis.com

WSO Mobile App: iOS | Android

PS - We're also always looking to add resume reviewers and WSO Mentors to our team. Set your own pay (from $40/hr to up to $400/hr) to increase or decrease mentee flow. To submit an application, go here.

PPS - Think you have an interesting story? Want to share it with our podcast listeners? Hit reply and let me know!




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