đ°What was in the News?
Goldman Sachs is in the news⌠for all the WRONG reasons. GSâs investment banking division produced record revenue in 2020, of $9.42 billion, but analysts, are not happy. You can check out the report, here. Analyts are working 105 hours on average and mental health is plumenting. One quote says it all, âThe sleep deprivation, the treatment by senior bankers, the mental and physical stressâŚIâve been through foster care and this is arguably worse.â This could be a case of what we call, Golden Handcuffs.
March Madness started this weekend. Oral Roberts (sounds like a popcorn brand) busted peopleâs brackets, Virginia broke some hearts, and LMU is⌠well, cheering on their WCC counterparts BYU and Gonzaga, maybe? Go Bruins BTW.
Juxtapose, a New York-based consumer tech VC firm, raised $300 million for its second fund. www.juxtapose.com . They donât invest in startups, but actually, create their own. Interesting model that is detailed more here.
đ¤Meeting Recap
Quiz Results: Good job overall. No one had a perfect score on the quiz :( Some people were close. Accounting and financial modeling are some of the core tenants of investing and understanding them will go a long way in becoming a better investor. Withthat being said, here were some common mistakes from the Quiz:Â
What connects the CFS and the I/S: Net income; flows from bottom of I/S to the of the CFS
Beta for a Lottery Ticket: 0 (It doesnât correlate with the market)Â
WACC differs in an LBO from a DCF, because it is used as the
Leverage Ratios: Anything with debt, so in this case, it was Debt/Assets and Debt/EquityÂ
Financing DOES NOT effect Enterprise Value
All options are dilutive (except RSUs), because they increase the number of shares outstanding
Breakout Rooms: Enjoyed the discussion. Keep staying involved. Next week will be alot of discussion as well.
Resume Reviews: A few of you reached out to Jack and me for resume review. We love to help out and provide feedback.
â¨Highlights of the Week:
Edward Jordan: Absolutely killed it with sourcing for the VC case competition, finding The @Company . Look for more updates here.
Mark Josephâs: First week with us. I loved the energy, and the dedication to the craft. Keep it up, and I expect to hear great things from you.
đŽWhat to Look forward to:
Big week coming up:
Next meeting will be going over how to network and interviewing best practices, in preperation forâŚ
Alumni night which is on Thursday 3/25
VC Case competitions are getting into full swing
Project management work - we still have some spots open for another engagement, reach out if you want some real world experience.
Quote of the week:
âWhen Iâm at my best, 50% of my time is unscheduled. Thatâs the time I use to think, drop in on the people I want to speak with, and let my curiosity roam. It's my time to be creative. Without this free time, I would never be able to stay ahead of the company. To lead a company, youâve always got to be two steps ahead. Thereâs no way to lead a company from behind.â
Steve Jobs