the second mountain is about shedding the ego and losing the self. Full Time Programs Begin your financial career as an Analyst at Stifel. This will take creativity, trust, and community. Notable transactions include advising Charter on its $78.7bn acquisition of Time Warner Cable, Take Two on its $12.7bn acquisition of Zynga, eBay on its $9.2bn sale of eBay Classifieds to Adevinta, MGM on its $8.5bn sale to Amazon, Apollo Funds on its $5.0bn acquisition of Verizon Media, Starz Networks on its $4.6bn sale to Lionsgate, and Snap on its $3.4bn IPO. Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. Weve also launched a new miniseries, Listen on Purpose, that shines a spotlight on purpose and impact-driven business leaders, as a reminder to bring those elements to the forefront of our careers and daily lives. While near-term impact has meant a slowdown of credit issuance and lower volume for leveraged buyouts (LBOs), over the long-term this will have a much more negative impact on corporate earnings and liquidity (especially for higher levered non-investment grade issuers), as refinancing existing debt at a cost of 300-500 bps higher will impact strategic flexibility for many. It is said that you can win the World Cup without a great . Rank: Senior Monkey | 77 . These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. Benefits include professional development sessions, networking opportunities, and mentorship. 2020 - 2023. Location is worldly; momentum is moral. The verbal link has made me think deeply about what weve built at LionTreewhere we are today, where well be tomorrow, and our tentpoles throughout. LionTree CEO Aryeh Bourkoff is a master dealmaker.. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. I believe that what I wrote in the middle of the pandemic is still relevant: If we focus on the essential, we make ourselves essential. It was true then and it is especially true now. LionTree offers a 10-week summer analyst program for rising seniors. This clustering of durable capital around certain thematics and industries in motion, and led by the next generation of modern industrialists, exemplifies the merchant banking model. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. As a result, companies are reallocating resources away from growth experiments, and streamlining cost structuresmost visibly via growing down the fixed-cost base of their operations, including headcount. More than half of the Fortune 500 companies were founded during a recession or bear marketfrom General Motors in the downturn following the Panic of 1907, to Microsoft during the oil crisis of the 1970s. While I am humbled to be able to support my alma mater in this way, this partnership is an encapsulation of LionTrees purposewhich is to invest in assets in motion, to aid their momentum, and do so with creativity and community at the forefront. To do the unexpected, so we can look back and wonder why we didnt act sooner. It holds true in business, andfor those of you watchingin the worlds most popular sport. For the content companies, this means a focus on creativity to produce absorbing content across formats and audiences, profitably, and working with the industry to find the best home for that content. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. These lessons have become especially apparent in the light of the retrenchment or failure of once high-flying, pre-profitability, or subscale businesses benefitting from an infinite growth at zero cost mentality, as companies, newly responsible for their excess liabilities accumulated during the pandemic, adapt to an environment that is changing from relative abundance to relative scarcity. Our Services Investment Banking What We Deliver Global Reach As individuals and as institutions, we have a responsibility to speak out against hateful extremism, and these efforts must be backed by responsible moderation and regulation. To convene in a historic location in the middle of the desert and contemplate the vast potential of the future created the energy and friction inherent in the opportunities that we seek every day. The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. This past summer, we hosted a group in Israel to acquaint ourselves more closely with the entrepreneurs and investors driving innovation in the region, including AI and web3 applications, cybersecurity and data analytics, foodtech and climate tech, and more. Previously, Alex was an Investment Analyst & Intern a t The Baupost Group and also held positions at The City of Ann Arbor, Michigan. Approximately 60% of companies that have listed since 2019 were unprofitable at listing, and today, theyre trading down an average of 48% from their IPO price. Certainty and uncertainty are a package deal. There is still over $700bn of private equity dry powder waiting to be deployed, but the credit cost associated with deployment of that capital is its highest in close to 10 years. It requires a deep-rooted structureagain, that treeand a well-defined purpose. Contact. Kindred Media now averages more than 1 million impressions per month. In this paradigm, with its front-end model of continuous gratification of consumer demand, you are only as great as your last piece of content. I know these books, and even more so the relationships they represent, will help guide and energize me in the year ahead, and hopefully in the many years to follow. With user-generated content representing 39% of time spent with streaming media on platforms such as Instagram, YouTube, and TikTok, individual entrepreneurs have proven to be powerful content creators in their own right, where the content is the driver and products come secondary. In such a context, companies will need to take steps to reduce their costs, and to ensure the resilience of their supply and distribution lines. Seeing scarcity as an opportunity to go deep within, in order to emerge with what is required to go beyond even your original expectations. You were just a person who wanted to build a business. And while I appreciate those who leverage their success and platform for meaningful causes, after many lessons we must be more careful before idolizing those who are undeserving. . Growth in the year ahead must be a form of adaptation, guided by fundamentals and pattern recognition to help you along the way. More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. 11/16/2022 5:48 PM. Growing Down. The traditional model was built on multiple revenue streamsadvertising, subscription, long-tail syndication, and content bundling, where owning IPand the library of content built up over timewas the bedrock of long-term value. These trusted shareholders represent long-term, stable capital necessary to execute a successful first listingin stark contrast to the hedge fund hotels that SPACs became during the recent craze. Availabilities are open for our San Francisco office. (When was the last time anyone went back and rewatched an episode of House of Cards?). Availabilities are open for our San Francisco office. Although we once saw Europe as the third political and economic power between the U.S. and China, growth, and positive steps towards social progress in the Gulf favor the region to earn this spot on the global stage. Just as it did in the 80s, that dynamic will favor those who are self-aware and patient, aiming for long-term opportunity rather than chasing lower conviction near-term growth. 210123. Regarding other uses of capital, companies with strong balance sheets are leaning into organic investment opportunities to hone competitive advantages and position for future growth, particularly in areas like networks and infrastructure (cloud and data centers, fiber builds and deployment). Our purpose guides us in all that we do, internally and externally. I returned to a book this year called Scarcity, which reads: Follow the thread of scarcity long enough, and it leads back to abundance. But its not just about getting smaller. These dynamics bring with them new responsibilities. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. Relationships of this kind, characterized by discerning advice and long-term, value-added capital, will be crucial in an environment characterized by difficult decisions and the necessity to make do with less. Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. We are excited for these innovations and very closely focusing on transformational organic and inorganic activity in areas such as healthcare technology, security, privacy and digital identity, education as well as vertical software and marketplacesguided by our informed experience with technological change and pattern recognition as we advise CEOs and industries on growth, capital structure, potential transactions and partnerships, and overall competitive position. Summer Analyst Program 2023 USA Global Advisory Country: United States of America Division: Global Advisory Program: Summer Internship Duration: 10 weeks Programme Description Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. The facts are clear. How much do LionTree employees make? By returning to the essentialsprofitability, competitive advantages, risk-adjusted returns, capital flexibilitywe can shed what is superfluous, contracting and shrinking in order to delve more deeply into what sustains us. If the first mountain is about acquisition, the second mountain is about contribution.. Since 2017, Kindred Media has always served as a vehicle of expression for LionTree. The most salient of these dynamics, the U.S./China rivalry, will be the defining feature of 21st century geopolitics; and this economic (hopefully not military) competition has implications for trade, currency, and commodity markets, and for globalized efficiency. The estimated total pay for a Investment Banking Analyst at LionTree is $174,082 per year. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. . As we move into our second decade, seeking to bolster our triple currency of creativity, community, and capital, we see our greatest strength in our relationships that have enabled us to even reach this point. And before the rapid increase of interest rates, we saw some of the largest take private activity in technology such as Vistas $17bn acquisition of Citrix and of course the Twitter take private. While our foundation has been advisory and M&A, we always knew we would want to be multi-product, under constant reinvention to build around the needs of our community. . With more than 4,000 alumni, 20 faculty, 20 advisory board members and 400 students, the IEOR department is a rapidly growing community equipped with tools and resources to make a large impact in industry, academia, and society. In the EU, the sale of Giphy represents the first time a global regulator has unwound a completed transaction by Big Tech, and Illuminas $8bn acquisition of Grail was approved in the U.S. but blocked by the EU competition authority, despite the target having little presence in the EU (this decision is currently under appeal). Gaming Weekly While we can attempt to understand the current state of affairs, we can only guess at the acceleration of changes to the global paradigm that has governed our decision-making for the last half century. Growing down is a mindset that allows us to focus on what is indispensable. We have seen a similar theme in corporate America, with prominent CEOs abruptly leaving their posts amid a declining macro environment, to be replaced by new leadership better placed to implement grow down strategies. Associates (208) $257. As an early celebrationreflection, reallyfor my 50th birthday, I spent a weekend with close friends in the American West. In such a world, the Middle East will stand on its ownno longer an arena for the Great Game between the superpowers of the day. Ralph Waldo Emerson. In 1979, when inflation was above 11% annually, Paul Volcker allowed interest rates to floatwhich they did, higher and higher, reaching a stratospheric 19% for the Fed funds rate by 1981. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media . Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. As a result, the IPO door for growth stories is now much harder to open. Protection against imminent and obvious threats, such as hurricanes or wildfire. The deeper the roots, the higher the branches can grow. These dynamics have been thrown into positive relief by developments in China, where the government continues its push toward centralization, evident not only in its Covid restrictions (now being scaled back), but in its industrial policies. It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. Each of these is intertwined with the other. But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. But it is exactly in such periods that strength is forged. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. The causes of our uncertainty are well-known: inflation; global central bank policies; war in Eastern Europe (and perhaps elsewhere); the decoupling of Western and Eurasian economies; and other sources of social and political turmoil. Work collaboratively in a high-performing team to create financial and economic analysis that can be presented to CEOs, CFOs, and Boards of prospective companies, Research new industries and sectors to come up with ideas in the new sectors, Help create analysis and materials relevant for merger, acquisition and sale of companies, Help create analysis on request of Board of Directors of clients to advise on various situations such as defense, acquisition or capital raise, Serve as a respected partner to key constituents, including regulators, business units, shareholders and the board, Advanced technical and quantitative skills suited to economic and financial research, and strong knowledge of Microsoft Excel and PowerPoint, Possess excellent leadership, interpersonal and communication skills; strong teamwork and collaboration skills; self-motivated and resourceful; possess project and process management capabilities; demonstrate strong analytical and critical thinking skills, 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