Register a SA Forums Account here!
JOINING THE SA FORUMS WILL REMOVE THIS BIG AD, THE ANNOYING UNDERLINED ADS, AND STUPID INTERSTITIAL ADS!!!

You can: log in, read the tech support FAQ, or request your lost password. This dumb message (and those ads) will appear on every screen until you register! Get rid of this crap by registering your own SA Forums Account and joining roughly 150,000 Goons, for the one-time price of $9.95! We charge money because it costs us money per month for bills, and since we don't believe in showing ads to our users, we try to make the money back through forum registrations.
 
  • Locked thread
Socialism
May 9, 2009

Piduloom posted:

The value of the equipment they own would be fairly material though, right? Don't some teams own their own airplanes? I don't think they fly commercial. And they probably own the training facilities.

Also what about goodwill after an acquisition, like when a team moves?

Do they depreciate the equipment? I thought they just buy new ones pretty often and expense them. I'd imagine that most teams rent or hire private planes. No clue about training facilities, but land doesn't depreciate and it probably constitute a large portion of their property value. I could be waaaay off though.

Goodwill is not amortised.

Adbot
ADBOT LOVES YOU

The Capitulator
Oct 31, 2008

Socialism posted:

Goodwill is not amortised.

But is tested for impairment! :eng101:

Socialism
May 9, 2009

The Capitulator posted:

But is tested for impairment! :eng101:

It'll be difficult if not impossible to estimate one-off charges like that without actual data released by the firms. If we are given EBIT or operating income then we just have to hope that they correctly exclude impairment and other one off expenses. Otherwise we'd have to take in account of other items like hiring/losing players, which I would guess to occur far more frequently and has a larger impact on the bottom line than goodwill impairment. v:shobon:v

scribe jones
Sep 17, 2008

One of the key problems in the analysis of this puzzling book is to be able to differentiate a real language from meaningless writing.
A bunch of MLB team financial statements got leaked awhile back on Deadspin, you could start digging through there. Don't forget that leasehold improvements are subject to amortization, which is huge for teams that rent their stadiums/training fields/whatever.

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
MS & Oliver Wyman report is out. Overview here: http://news.efinancialcareers.co.uk/newsandviews_item/newsItemId-31629.

tolerabletariff
Jul 3, 2009

Do you think I'm spooky?
.

tolerabletariff fucked around with this message at 00:31 on May 11, 2011

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
Take a look through this Wall Street Oasis post.

http://www.wallstreetoasis.com/forums/regional-boutiques

Leo
Oct 25, 2005


I'm going to be a summer analyst in NYC. I live about an hour away and would definitely prefer just to take the train in, but I've heard people tell me it's not a great idea. The hours in the group I'm working in shouldn't be too bad and I would save a ton of money. Any opinions? :(

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.

Real Life posted:

I'm going to be a summer analyst in NYC. I live about an hour away and would definitely prefer just to take the train in, but I've heard people tell me it's not a great idea. The hours in the group I'm working in shouldn't be too bad and I would save a ton of money. Any opinions? :(

Don't most banks give out a housing stipend in addition to your normal comp? Either way, I would do everything I could to live closer to your job. Those internships are short and I can guarantee you're going to want those 2 hours a day back.

Its Miller Time
Dec 4, 2004

Summer analyst in what? Is this an hour door to door or an hour train ride? If you're working in some non IB job where its like 8 to 6 or 7 weekdays I think you could do it, but if you're working 8 to 10 or midnight and weekends I think it'd be a mistake. Do you have PMs, I'm pretty familiar with NYC suburbs and the commute having grown up in Connecticut.

edit: I might add summer in NYC is quite the experience. There has to be tens of thousands of young college aged people living there for the summer in various summer programs/classes/internships/training programs.

Its Miller Time fucked around with this message at 03:09 on Apr 5, 2011

flyingfoggy
Jun 3, 2006

My fellow Obamas...

Real Life posted:

I'm going to be a summer analyst in NYC. I live about an hour away and would definitely prefer just to take the train in, but I've heard people tell me it's not a great idea. The hours in the group I'm working in shouldn't be too bad and I would save a ton of money. Any opinions? :(

Don't commute unless it's literally an hour door to door and you are in a standard 9-5ish position and all your friends are still at home... and even then you will probably hate your life. I'm not in finance (decided it wasn't for me) but last summer I commuted 2 hrs door to door for my internship from NJ and it ruined my summer; not to mention there was no opportunity for networking or anything fun after work and I would leave my house at 8am and get home at 8pm even though I was only putting in an 8 hour day. If I had to stay late for something I wouldn't get home until like midnight and have to go right to bed.

If you have friends in the city or you will be working crazy banking hours then I would definitely get a place. Actually I would get a place no matter what as long as you are being paid.

roflcopter thief
Nov 22, 2007
¿por que no te callas?
I am soon going to be graduating college, having majored in Physics and minored in Math. My in-major GPA is somewhere around a 3.6 or 3.7, with my general GPA around 3.4-3.5. I am fluent in 3 languages (looks good on a resume?), and am the president of my school's Society of Physics Students.

Would it be better to look into a master's program, given my status? I know next to nothing about finance right now, but I would be willing to sit down daily at the library and read books until I've taught myself what a typical undergraduate majoring in Finance would learn.

What are my chances of successfully breaking into banking/finance? I suppose I should mention I go to a not very well-known state (research) university.

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.

roflcopter thief posted:

I am soon going to be graduating college, having majored in Physics and minored in Math. My in-major GPA is somewhere around a 3.6 or 3.7, with my general GPA around 3.4-3.5. I am fluent in 3 languages (looks good on a resume?), and am the president of my school's Society of Physics Students.

Would it be better to look into a master's program, given my status? I know next to nothing about finance right now, but I would be willing to sit down daily at the library and read books until I've taught myself what a typical undergraduate majoring in Finance would learn.

What are my chances of successfully breaking into banking/finance? I suppose I should mention I go to a not very well-known state (research) university.

I don't think your major or school preclude you from breaking into finance/banking. But I think generally people looking at resumes want to see a concrete interest in finance from people outside of a business/econ major. This could be through internships or associations on campus. This is especially true if you're coming from a non-target school.

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
Looks as though Goldman handily beat earnings estimates. Cue the music! We're Back!

http://www.youtube.com/watch?v=3GwjfUFyY6M

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
Adding the latest M&I post to the OP. Great rundown of the hierarchy in IB.

http://www.mergersandinquisitions.com/investment-banking-hierarchy/

Its Miller Time
Dec 4, 2004

roflcopter thief posted:

I am soon going to be graduating college, having majored in Physics and minored in Math. My in-major GPA is somewhere around a 3.6 or 3.7, with my general GPA around 3.4-3.5. I am fluent in 3 languages (looks good on a resume?), and am the president of my school's Society of Physics Students.

Would it be better to look into a master's program, given my status? I know next to nothing about finance right now, but I would be willing to sit down daily at the library and read books until I've taught myself what a typical undergraduate majoring in Finance would learn.

What are my chances of successfully breaking into banking/finance? I suppose I should mention I go to a not very well-known state (research) university.

Going to be a little more negative. You don't go to a target school (a school where recruiters come to you), your GPA is low and would probably disqualify you at a target school, and you want a full-time job without any prior internships or summers in banking or finance in general. In this economy this isn't going to cut it. You're fortunate in that you're more attractive to employers then a liberal-arts major, and have the background to do an additional set of more quantitative finance jobs. If you're not going to stick to physics, I'd look into getting into real estate or wealth management in some analytical capacity if you want to get a job straight of college in the business realm. There's also masters in finance and financial engineering if you want to spend some more time in school, but others early in the thread have said the job market is rough there too.

The Capitulator
Oct 31, 2008

Thoogsby posted:

Adding the latest M&I post to the OP. Great rundown of the hierarchy in IB.

http://www.mergersandinquisitions.com/investment-banking-hierarchy/

Nice. Just out of curiosity, how frequent/rare do you see guys at 'associate' level without an MBA?

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.

The Capitulator posted:

Nice. Just out of curiosity, how frequent/rare do you see guys at 'associate' level without an MBA?

It varies by bank. The bank I'm working at doesn't even have "analysts". Everyone starts with the title associate and then you move to associate director which I suppose would be the equivalent of an associate under a normal hierarchy.

My sense is that it's not overly common for people to be promoted to associate from analyst. For one I think analysts want to get the hell out of there and most banks have a lot of willing MBA candidates to choose from.

Socialism
May 9, 2009

The Capitulator posted:

Nice. Just out of curiosity, how frequent/rare do you see guys at 'associate' level without an MBA?

Pretty common, around 40-60% at my bank depending on the group. Some are exceptions. Lev fin for example would have almost 0 since everyone at the analyst level leaves for PE, but the industrials group has mostly direct promotes (non-MBAs) because fewer analysts leave. It's never really about how "hard" it is to get an associate offer, since as long as you don't suck horribly as an analyst they'd want you to stay. I'm pretty sure this is true for most bulge brackets, may vary depending on group culture/market conditions obviously.

The Capitulator
Oct 31, 2008
Another question regarding research. Do you guys have any idea how many companies does a research analyst in a bigger i-bank typically track? As in, if I were to ask about the strategy and ballpark ratios, how many companies can a typical research guy give an informed opinion about (in an elevator without notes etc)?

The reason why I'm asking is because we are now rolling out group coverage in our department (this wasn't required previously due to our primarily consulting focus) and we basically got about 20 companies to track plus 3-5 key companies for super-indepth tracking - so basically if in a month or so I should be able to pretty much recite the main income statement figures and valuation multiples plus industry specific KPIs and strategy for a whole bunch of companies I never really looked at. For 3 companies on my list, I should know the main operational KPIs as well. How does this compare with research coverage in investment banking?

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
I don't know a ton about equity research, but my feeling as that the good analysts can probably tell you what each CEO's grandkids do on the weekends.

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
I've been assigned a project to look through the 10 Q/K's of 130 Energy companies to find out their interest-rate and equity derivative perpensity. I think I may have pissed someone off...

roflcopter thief
Nov 22, 2007
¿por que no te callas?

Its Miller Time posted:

Going to be a little more negative. You don't go to a target school (a school where recruiters come to you), your GPA is low and would probably disqualify you at a target school, and you want a full-time job without any prior internships or summers in banking or finance in general. In this economy this isn't going to cut it. You're fortunate in that you're more attractive to employers then a liberal-arts major, and have the background to do an additional set of more quantitative finance jobs. If you're not going to stick to physics, I'd look into getting into real estate or wealth management in some analytical capacity if you want to get a job straight of college in the business realm. There's also masters in finance and financial engineering if you want to spend some more time in school, but others early in the thread have said the job market is rough there too.
OK, thanks for the tip. Really, any way to break into Wall Street would be nice, it wouldn't have to specifically be in investment banking. I'll look into wealth management. Any other advice?

The Capitulator
Oct 31, 2008

Thoogsby posted:

I've been assigned a project to look through the 10 Q/K's of 130 Energy companies to find out their interest-rate and equity derivative perpensity. I think I may have pissed someone off...

FactSet? Analyst reports?

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.

The Capitulator posted:

FactSet? Analyst reports?

I've got a fully licensed Bloomberg at my desk, but the problem is that reporting for OTC derivatives is extremely light. Data services like FactSet and Bloomberg are great for things like CDS but to my knowledge no service offers the same transparency for what I'm looking for.

redcowstudios
Dec 20, 2003

Thoogsby posted:

I've got a fully licensed Bloomberg at my desk, but the problem is that reporting for OTC derivatives is extremely light. Data services like FactSet and Bloomberg are great for things like CDS but to my knowledge no service offers the same transparency for what I'm looking for.

I stumbled upon a software company called Evaluate Energy (evaluateenergy.com) while doing some reading on oil speculation recently. Might be your best bet. I'm sure someone at your firm knows someone with a subscription. Good luck.

Oh and great thread BTW. I just recently logged back into SA after quite a long time. I think there were still torrents at the time; so it's been a while! Nice to see some fellow goons made it into the high finance world. :wotwot:

tolerabletariff
Jul 3, 2009

Do you think I'm spooky?
.

tolerabletariff fucked around with this message at 04:31 on Aug 23, 2012

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
You'll probably need to show an interest in the markets and be able to intelligently talk about current events. You'll probably want to know a bit about what products you'll be dealing with and their applications.

squash86
Feb 25, 2005
Saving the world, one snack at a time...

redcowstudios posted:

I stumbled upon a software company called Evaluate Energy (evaluateenergy.com) while doing some reading on oil speculation recently. Might be your best bet. I'm sure someone at your firm knows someone with a subscription. Good luck.

Oh and great thread BTW. I just recently logged back into SA after quite a long time. I think there were still torrents at the time; so it's been a while! Nice to see some fellow goons made it into the high finance world. :wotwot:

Check out if Markit has some of the data you need. I know that a lot of the bulge brackets submit data to them, although I don't know if they have counterparty level detail.

The Capitulator
Oct 31, 2008

Thoogsby posted:

I've got a fully licensed Bloomberg at my desk, but the problem is that reporting for OTC derivatives is extremely light. Data services like FactSet and Bloomberg are great for things like CDS but to my knowledge no service offers the same transparency for what I'm looking for.

How about Edgar? I never used it because we don't cover US but I hear you can keyword search the whole thing no?

Alternatively, get interns, make them work through the weekend on uploading all the relevant filings in one place then do the search that way.

We are working on a corp filing database covering basically our industry because FactSet is great for group-level data but if need to see some very specific stuff (mostly non-financial) in a small unreported footprint, this is the only way to go. Except we don't have interns :( and they are paying us real-people money for it.

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.

The Capitulator posted:

How about Edgar? I never used it because we don't cover US but I hear you can keyword search the whole thing no?

Alternatively, get interns, make them work through the weekend on uploading all the relevant filings in one place then do the search that way.

We are working on a corp filing database covering basically our industry because FactSet is great for group-level data but if need to see some very specific stuff (mostly non-financial) in a small unreported footprint, this is the only way to go. Except we don't have interns :( and they are paying us real-people money for it.

I am the intern.

The problem is that I'm looking for non-standardized, over-the-counter derivatives and it would be nearly impossible for any service to aggregate the pertinent info into any type of organized system. Until these things get exchange listed I'm pretty much back in the stone age.

The Capitulator
Oct 31, 2008
So here's a pickle. I'm looking at replicating CROCI analysis that is currently used by Goldman.

Unfortunately, I'm a little short on their methodology. In fact, all I have is this primer and no excel model to start with. The only Goldman model I have with CROCI isn't live so no links to components. I also have a bunch of their reports to 'test' my model plus lots of theory/books on this subject.

Has anyone done something like this? Anyone got a CROCI model in excel to share (I'm willing to trade, have access to a couple of bulge portals that are not Goldman so any company models/reports are game)?

tolerabletariff
Jul 3, 2009

Do you think I'm spooky?
.

tolerabletariff fucked around with this message at 04:32 on Aug 23, 2012

Its Miller Time
Dec 4, 2004

Congrats. I'm guessing SPG is structured products group? That was actually what I wanted to do before I realized how hosed I was. I loved the problem solving element of it.

On how to be a good intern, my take on it has always been to make people like you on a personal level. Do good work, don't be incompetent, pay attention to small details and double check everything, but most importantly realize it's just a longer interview. In general, I think people would rather work with someone they like 60 hours a week then work with someone that's slightly better at the job but lacks social skills. This might be less visible/present in ST groups, but IB groups are often large frats for adults. I personally follow baseball even though I can't stand the sport because of this, and brushed up on my golf and basketball (I'm 6'7" and there's a super competitive banker's league and I suck).

I have a question for everyone. I was reading about the Greece bond crisis and it said yields were 23%. What does that roughly mean bonds are trading at? 30, 40 cents on the dollar?

Halisnacks
Jul 18, 2009

Its Miller Time posted:

In general, I think people would rather work with someone they like 60 hours a week then work with someone that's slightly better at the job but lacks social skills.

If you read tolerabletariff's thread, you'd realize he's hosed. :v:

Nah but seriously congrats; I know that walking on air feeling and you should enjoy the hell out of it. Work hard and be friendly.

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
Can't tell from your post if you got an offer or not. Just don't be so neurotic at your job as you were in your thread and you'll be fine.

dv0s before hoes.

tolerabletariff
Jul 3, 2009

Do you think I'm spooky?
.

tolerabletariff fucked around with this message at 04:32 on Aug 23, 2012

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
Isn't this ridiculously late for BB summer recruiting?

tolerabletariff
Jul 3, 2009

Do you think I'm spooky?
.

tolerabletariff fucked around with this message at 04:32 on Aug 23, 2012

Adbot
ADBOT LOVES YOU

Thoogsby
Nov 18, 2006

Very strong. Everyone likes me.
Congratulations anyway. I hope you like fiddling with day conventions and making pitch books. Chances are we may syndicate on a deal.

  • Locked thread