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4.90 stars

54:34

The Wall Street Skinny

by Kristen and Jen

This podcast is a smart and entertaining peek into the world of investment banking, sales & trading, private equity, hedge funds and more. Hosted by two lifelong friends with a passion for teaching, and over two decades of experience on Wall Street. Discover the basics, ranging from “what is investment banking?” to “what moves markets?". Learn about different roles and exit opportunities, and get tips on how to land the job. Our mission is to make the world of Wall Street accessible to everyone, while keeping things relatable and fun.

Whether your goal is to work on Wall Street, or if you have NO idea what any of those things are and just want to learn some basics, this podcast is for you.

Episodes

Project Finance 101 & Infrastructure Investing Basics

39m · Published 24 Feb 13:00

What is Project Finance? In this episode, we are joined again by Rahul Culas, Julie Kim, and David Albert to get into the basics of this sector of Investment Banking. We explain what project finance is and why it's used, how it differs from the types of financing that traditional companies do, who uses project financing, who invests in project financing and more. We explore what the career path can look like from sell side Project Finance within the Investment Banking or Capital Markets division of a bank to energy and infrastructure investing at a buy side Private Equity firm.

This episode is also an incredible deep dive into the role of relationships and mentors within the industry. You'll hear the crazy story of how Rahul and David moved heaven and earth to bring Julie with them when they moved from Morgan Stanley to Carlyle Group, one of the world's most prestigious Private Equity megafunds.

Rahul Culas is Partner at 1585 Healthcare, an investment firm focused on healthcare services investments. Formerly, Rahul was a Partner and Managing Director at The Carlyle Group, where he co-headed funds dedicated to energy investments. Prior to Carlyle, Rahul was Head of Structured Power Finance at Morgan Stanley. Earlier in his career, he worked at Goldman Sachs in the Fixed Income Currency and Commodities Division. Rahul graduated with a Bachelor’s in Mechanical Engineering from the Indian Institute of Technology (“IIT”), Bombay, and a Masters in Human Computer Interaction from the School of Computer Science at Carnegie Mellon University

Julie Kim is Partner at 1585 Healthcare. Formerly, Julie was a Principal at The Carlyle Group, where she played the dual role of being on the investment side as well as the Chief Operating Officer of funds dedicated to energy investments. Prior to Carlyle, Julie was an associate in Project Finance at Morgan Stanley. Earlier in her career, she worked in the Equity Derivatives group in Equity Capital Markets at Morgan Stanley. Julie graduated with a BS in Math and Finance from MIT.

David Albert is Partner at 1585 Healthcare. Formerly, David was a Partner and Managing Director at The Carlyle Group, where he co-headed funds dedicated to energy investments. Prior to Carlyle, David was the Head of Tax Equity and Project & Structured Finance at Morgan Stanley. Earlier in his career, he worked at Morgan Stanley in the M&A group and Princes Gate Investors, a private equity fund within Morgan Stanley. He started his career at Salomon Brothers. David graduated with a BS in Economics from Wharton and an MBA, also from Wharton.

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Healthcare Private Equity Investing

47m · Published 17 Feb 14:00

Today as a followup to last week's episode where we sat down with two doctors, we are chatting with two investors in the Healthcare Private Equity space, not only talking about that segment of the investment community but also answering the mountain of questions we’ve gotten from listeners who ARE doctors and want to pivot into the world of finance but don’t know how.

Rahul Culas is Partner at 1585 Healthcare, an investment firm focused on healthcare services investments.

Formerly, Rahul was a Partner and Managing Director at The Carlyle Group, where he co-headed funds dedicated to energy investments. Prior to Carlyle, Rahul was Head of Structured Power Finance at Morgan Stanley. Earlier in his career, he worked at Goldman Sachs in the Fixed Income Currency and Commodities Division.

Rahul graduated with a Bachelor’s in Mechanical Engineering from the Indian Institute of Technology (“IIT”), Bombay, and a Masters in Human Computer Interaction from the School of Computer Science at Carnegie Mellon University

Julie Kim is Partner at 1585 Healthcare.

Formerly, Julie was a Principal at The Carlyle Group, where she played the dual role of being on the investment side as well as the Chief Operating Officer of funds dedicated to energy investments. Prior to Carlyle, Julie was an associate in Project Finance at Morgan Stanley. Earlier in her career, she worked in the Equity Derivatives group in Equity Capital Markets at Morgan Stanley.

Julie graduated from MIT.

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Doctors vs. Bankers

1h 10m · Published 10 Feb 12:00

Many ambitious young people (Kristen included) consider pursuing a number of prestigious careers outside the financial services industry, and medicine often tops the list. Today we are joined by two incredibly accomplished doctors --- Dr. Bella Avanessian, a board certified plastic surgeon with a focus on gender affirmation, and Dr. Nisha Narayanan, a pediatric ER doctor, double board certified in pediatrics and pediatrics ER. --- to get an in depth understanding of the educational path, the costs, the compensation, the sacrifices, and the payoffs of becoming a doctor in America.

We talk about the tough choices facing young people considering a career in medicine and the resulting brain drain out of the field. Part 1 of a two-part series where we will subsequently explore the field of Healthcare PE, this is a must-listen episode for anyone curious to understand the role of doctors in the American healthcare system.

Dr Bella Avanessian is a board-certified plastic and reconstructive surgeon who specializes in gender-affirming surgery. She is an Assistant Professor of Surgery at Mount Sinai in New York. She received a BS in biomedical engineering and her medical degree from Brown University. She completed her residency training in Plastic & Reconstructive Surgery at Brown University/Rhode Island Hospital. She then trained as the inaugural fellow in the nation’s first Transgender Surgery Fellowship at Mount Sinai. She is a member of the Alpha Omega Alpha (AOA) Medical Honor Society, American Society of Plastic Surgeons (ASPS), and the World Professional Association for Transgender Health (WPATH).

Dr. Nisha Narayanan specializes in pediatric emergency medicine. She is an Assistant Professor of Clinical Emergency Medicine and Clinical Pediatrics at New York Presbyterian- Weill Cornell Medicine. After receiving her B.A. from the University of California, Berkeley, she obtained her medical degree at the George Washington University School of Medicine with a concentration in Health Policy. She completed her pediatrics residency at the University of California, Irvine- Children’s Hospital of Orange County and subsequently completed a fellowship in pediatric emergency medicine at the New York University School of Medicine- Bellevue Hospital Center.

Dr. Narayanan is the co-founder of Team Kid Power, an international non-profit that promotes pediatric cardiometabolic health in underserved communities. She is the primary investigator of a multi-site, school-based academic-community intervention to help implement diet and exercise policy in underfunded schools. She has received numerous awards for her work.

Dr. Narayanan has co-authored more than 15 publications and book chapters. Her interests include community engagement, health policy, child abuse, and quality improvement.

To book a 1-on-1 consult with Kristen and Jen, please click here: http://intro.co/JenniferSaarbach (http://intro.co/JenniferSaarbach)

Download Keyficient at

https://www.keyficient.co/
and use the code “thewallstreetskinny” for a 10% discount!”

Support the show

46. Wall Street Compensation 101: How to Get PAID

53m · Published 03 Feb 12:00

Let's talk about MONEY. Maybe you're hoping to land a high paying job on Wall Street . Maybe you're hoping to maximize your earnings potential in your current job. Or maybe you know people who work on Wall Street and are curious to understand why their pay structure is so different from most other jobs. Whatever your perspective may be, THIS episode is the first open, honest, tell-all guide explaining exactly how compensation works on Wall Street. We spill the secrets on how to negotiate your pay, how pay cycles work, what a "bonus" actually is, how to navigate difficult conversations, and how to position yourself for the optimal career path. You will have specific action items after listening to this podcast that will empower you to take control of your pay, no matter what the specifics of your current circumstance.

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45. Private Equity Deep Dive Feat. A.J. Tracey

1h 11m · Published 27 Jan 13:00

Today we take a deep dive into Private Equity --- specifically, Lower Middle Market PE. We sit down with experienced investor A.J. Tracey and discuss topics ranging from "what is the traditional path to PE?" to "what is a day in the life like?", and "how important is the name of the college or firm you're coming from?". We explore the differences between megafunds and MM/LMM PE as it pertains to investment strategy, nitty gritty of the job, and recruiting methods. We also discuss the economics of pay, GP catchup, blind pools, when and how PE firms start collecting fees, and more. If you have ever considered working in PE or wanted to understand the world of Private Equity, THIS is the episode for you!

A.J. is currently in investor with Cartess Investment Partners, a lower middle-market private equity firm focused on investing with exceptional operators in the paper, packaging and food industries. Prior to joining Cartess, A.J. was a Principal with AGR Partners and a Vice President with Kainos Capital where he focused on investments in the agriculture and food industries. A.J. began his principal investing career as an Associate with CIC Partners. A.J. has an MBA from the Kellogg School of Management at Northwestern University and a BA from Brown University. A.J. resides in Southlake, TX with his wife and two children.

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44. The Best Kept Secret in Private Equity: Search Funds 101 Feat. Nate Wasson

1h 0m · Published 20 Jan 13:00

Ever heard of a Private Equity "search fund" aka entrepreneurship through acquisition? Well, we hadn't either... until this episode! Search funds are a relatively little-known but incredibly exciting and highly profitable niche within the private equity investment space.

Our guest, Nate Wasson, co-founder of growth equity firm Hal-Bar Partners, joins us to explain how Search Funds work and explore themes of entrepreneurship through acquisition. We discuss everything ranging the path to a career within one of these funds which is very different from the traditional Private Equity model, the role and mechanics of family offices in the financial ecosystem, values-based investing and so much more.

This episode is a MUST LISTEN for anyone curious about impact investing or anyone who is an experienced operators considering making a career switch. One of our most fascinating and important episodes ever!!

If you are interested in learning more about HalBar partners, please click here: https://halbar.io/

Nate Wasson is the co-founder of HalBar Partners, a growth-equity firm and is the co-founder and principal member of Alvearia, a family office co-investing community.
Nate has over 20 years of expertise advising investors and family offices, as well as their portfolio companies and mid-market businesses. His experience lies at the intersection of institutional family enterprise, investment management, and impact strategy for both national and international investors. Nate spent his early career in investment management, business banking, and as a JPMorgan consultant; he led teams ranging in size from two to 200. Nate later served as a Principal and Managing Director for Bank of Montreal’s US Private Bank, where he was involved in security selection, portfolio construction, marketing, operations, management, and investment product evaluation. After leaving Bank of Montreal, Nate developed the Midwest family office practice for Capital Group; there, he developed investment strategy for pre-institutional family offices focused on both public and private opportunities. He later joined Silicon Valley Bank to develop their institutional investment platforms, modern family office practice, and ESG investing strategy.

He serves as a subject matter expert in private equity, secondaries, ESG, and portfolio construction. Nate holds an undergraduate degree from Valparaiso University and an MBA from the Yale School of Management, with a concentration in asset management.

43. Hedge Fund Investing 101: Point / Counterpoint

45m · Published 13 Jan 13:00

The news --- and the finmeme space --- has been abuzz with headlines talking about hedge fund returns (or lack thereof) in 2023. In a year when the S&P500 was up nearly 25%, the NASDAQ up nearly 50%, and risk free fixed income investments yielded 5%, most hedge fund returns look disappointing by comparison AT A GLANCE. But is there more to the story? Comedian and brilliant financial mind Anish Mitra joins us for this friendly debate.

In this episode, we explain why institutional investors invest in hedge funds, why they are to willing to pay steep management fees for returns that are uncorrelated to the market as a whole, and how to think about hedge fund (or any kind of returns) in the appropriate context. We also introduce the concept of Sharpe Ratios, a risk measure we will do a deep dive on in the future.

To book a 1-on-1 consult with Kristen and Jen, please click here: http://intro.co/JenniferSaarbach (http://intro.co/JenniferSaarbach)
Download Keyficient at
https://www.keyficient.co/
and use the code “thewallstreetskinny” for a 10% discount!”

42. Skinny Mini: Networking 101

32m · Published 06 Jan 13:00

Whether you are looking to break into your first job, trying to move up through the ranks or pivot within your current firm, or you are looking to transition from one career to a completely new field, NETWORKING is the most important skill you need. In fact, "networking" is the answer to so many questions we get asked, ranging from "how do I break into finance from a non-target school" to "how do I switch from consulting to investment banking without an MBA?" Most importantly, this episode applies to you whether you are interested in the world of finance or not! We lay out the networking playbook and discuss some critical do's and don'ts that will help you network in a way that feels authentic to you. We also touch on LinkedIn etiquette, explain its role, and provide guidelines for maximizing your impact if you use it as a tool.

To book a 1-on-1 consult with Kristen and Jen, please click here: http://intro.co/JenniferSaarbach

For 20% off best-in-class financial prep courses from Financeable, use code thewallstreetskinny here: http://finance-able.com

41. Caesars Part III: Interview with Sujeet Indap, Author of Caesars Palace Coup

56m · Published 31 Dec 13:00

Wrapping up our 3-part Caesars Palace Coup series by interviewing one of the authors, Financial Times writer Sujeet Indap. Sujeet explains securitization, subordination, and distressed debt investing through the lens of Caesars’ LBO and subsequent restructurings. We discuss the future of private credit, a segment of the industry currently getting a lot of attention. Sujeet gives us the inside scoop on what it was like interviewing the titans of private equity, hedge funds, and law (as well as combing through thousands of pages of legal documents). And we touch on the role (or lack thereof) of women on the private investing side of the industry.

Caesars Palace Coup, by Max Frumes and Sujeet Indap, is available here: https://www.amazon.com/Caesars-Palace-Coup-Billionaire-Exposed/

To book a private consulta
tion with Kristen and Jen, click here: http://intro.co/JenniferSaarbach

For courses and training to get you up the curve in finance, go to
http://finance-able.com
and use code “thewallstreetskinny” for 20% off

40. Distressed Debt and Restructuring 101: Caesars Palace Coup (Part II)

56m · Published 23 Dec 12:00

In Part II of this three-part case study of Sujeet Indap and Max Frumes' book Caesars Palace Coup, we pick up in 2008 after Apollo and TPG's $30bn Leveraged Buyout of Caesars closed. With the economy immediately taking a nosedive, Apollo spearheaded a series of restructurings to stave off bankruptcy. These restructurings ranged from more vanilla "distress-for-control" maneuvers to extremely questionable, cloak-and-dagger asset transfers and severing of guarantees. These ultimately culminated in a showdown between the titans of Private Equity and the creditors they'd effectively superseded through expert manipulation of Caesars' legal and capital structures.

To book a 1-on-1 consult with Kristen and Jen, please click here: http://intro.co/JenniferSaarbach

For 20% off best-in-class financial prep courses from Financeable, use code thewallstreetskinny here: http://finance-able.com

The Wall Street Skinny has 69 episodes in total of non- explicit content. Total playtime is 62:45:06. The language of the podcast is English. This podcast has been added on December 24th 2023. It might contain more episodes than the ones shown here. It was last updated on May 18th, 2024 14:10.