WSO Weekly Wrap-up

July 05, 2025

Hey WSO Monkey,

Hope you're enjoying the long weekend and had a solid July 4th, whether you were firing up the grill or catching up on much-needed rest.

Heads up for next Saturday (July 12): we're running two live bootcamps that might be worth a look if you're trying to up your game.

  • Real Estate Modeling Bootcamp: 4‑hour session diving into underwriting, deal structuring (core/value‑add/opportunistic), and a hands-on acquisition modeling case study. Great for anyone heading into REPE, development, or related roles.

  • Case Interview Bootcamp: also 4 hours, focused on core frameworks (profitability, market entry), mental math, data interpretation, and live case drills with feedback.

Enjoy the downtime!

-Patrick

Top Discussions

  1. Q&A: Structured Finance Buyside Associate – “I'm London based, went to a target university here (think Oxford/Cambridge/Imperial/LSE/Warwick/UCL, etc) and then started as a graduate at a European bank within Structured Finance (Origination & Structuring). After a little while, I moved over to a large US bank in a very similar role, stayed for a few years and by the time I was an Associate, I moved over to a mid-market US fund which specialises in securitised products. The firm itself has a strong hedge fund mentality, but invests in both liquid and illiquid, public and private credit, within the securitised credit marketplace in the US and Europe – think ABS & RMBS, collateral including mortgages, student loans, consumer loans, auto loans and leases, equipment leases, etc. Those in this market will know that the line between hedge fund/private equity firm/private credit fund/etc are very blurred within this space, which is why I have titled this thread 'Buyside', but one could realistically describe my firm as all of the above…”

  2. Reflections From Year 10 as an Equity Analyst – “I’ve met enough people in this industry at this point, a lot of them with extremely impressive resumes that blow my own out of the water, and I am both typically unimpressed and encouraged by being unimpressed. I am unimpressed because it is extremely rare that I hear a differentiated viewpoint on really anything, and encouraged as I think surely I can do better than this guy. Perhaps that is arrogance, but you have to be a little arrogant to come into this industry and compete against all this highly paid ivy league firepower and think you can do better despite the industry’s aggregate crap track record. So, I would say that the crap funds are dying, and should die, but they are dying a death of 1,000 cuts and someone asks if the industry is dying every single year that I have been on here. My view is that there will always be a value attached to risk-adjusted outperformance, and that it is possible to generate said performance through-cycle…”

  3. I Sometimes Like the Art of Recruiting More Than I Want the Job – “Something about networking and recruiting just brings me joy. I like meeting people from other firms and in different groups, getting a sense of different personalities, learning about various coverage areas. It's made it easy to get interviews but I seldom want to walk through the door. Is this weird?”

WSO Corporate Training Program

Knowledge of the fundamentals of financial modeling and the tools required to do it effectively is critical in this industry. The WSO Corporate Training Program can give your team an edge.

We have flexible delivery options, offering online, in-person, or a hybrid venue for world-class instruction from seasoned, talented instructors. Let’s work together to tailor an elite training program for your people to get them the knowledge they need in today’s demanding environment.

Top Discussions (contd.)

  1. Land Development & Homebuilding Q&A – “As a little background, I spent the first ±10 years of my career working in commercial real estate with three firms - including public/private, owner/operator and GP, and two blue chips. I spent time in finance, property management, asset management, investments, and development during that time. I went off on my own before covid and more recently (a few years ago) made the pivot to focus my time on residential opportunities, primarily land development. I have more recently been kicking tires on homebuilding, so have an increasing amount of insight into that side of the business as well. I expect I will break ground on a few homes here in Q4 and will increasingly look to self-develop…”

  2. Is Everyone Not Miserable? – “The market is fully efficient and you are just trading in health/time for a multiple of hours/average hours. Back in the days you could really say that finance paid outlandish. Just take a look at the Lehman leaks, I mean god***t. That was a time when avg. rent / flat was probably like 1/3 it is today and a restaurant visit cost you less than half and those guys were earning MORE than ppl. in finance today. It just does not make sense.”

  3. We Were Lied To - “Separately high level — almost everyone in PE who has had a fabulous wealth outcome has taken risk. Obviously the founders of the industry took risk. Then the second generation took some risk too — it wasn’t proven or anything. Then you had 1-2 generations of folks who actually had a great deal from a risk / reward perspective because of what is perhaps a very rare long bull run with increasing asset prices, and a growing but still small field of competition for deals. Now, a job in PE is not a risk. It’s a well worn path available to many many people…”

New Podcasts Coming in Hot 🔥

  • Loughborough to Boutique Investment Banking | Chat with Jonah | WSO Academy Chat

  • NYU to Centiva | Chat with Pranam | WSO Academy

Hot Jobs 💼

Venture Capital Associate (Life Sciences, Boston based) - "The team is seeking an Investment Associate to join as a generalist across their three sector focuses (biotech, digital health/tech, and tools/diagnostics) in Boston metro with an ASAP or Summer 2025 start date..."

Equity Research Analyst - "Buy-side research analyst opportunity with a family office. The analyst will work with the direct investment team and report to the Portfolio Manager. The team employs a fundamentally driven investment process and an owner’s mentality...."

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!




* PE Interview Bootcamp includes lifetime access to the PE Interview Course
** FMV Bootcamp includes lifetime access to the Elite Modeling Package
*** IB Interview Bootcamp includes lifetime access to the IB Interview Course