We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. LionTree: Top Themes of the Week They create an asymmetric relationship between the product and the consumer: the moment the consumer isnt getting what they want, the relationship is over. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. I see several trends contributing deal activity: 1) M&A to simplify conglomerates, including potential asset divestitures for both public and private companies as they use capital to de-lever or refocus on their edge; 2) stock-for-stock mergers for both private and public companies, where relative valuation declines are less of an issue and where financial synergies are expected to be the highest; and 3) I do foresee return of the leveraged buyout market in the second half of the year, as there is still abundant cash in private equity coffers, as financing banks clean up their balance sheets and as price stability or at least visibility returns. But they will not be alone. Our analyst and associate programs are ideal for talented, bright and passionate young professionals looking to learn more about our advisory and capital raising services. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. The period leading up to the U.S. presidential election in 2024 is bound to be filled with rhetoric and the sort of challenges mentioned above, testing our media institutions and those who lead them yet again. 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. But its not just about getting smaller. The Creator Economy: Platform & Responsibility, Its the first year since 1969 that treasuries and equities are both down, user-generated content representing 39% of time spent with streaming media, Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life, Metahuman: Unleashing Your Infinite Potential, Power Failure: The Rise and Fall of an American Icon, Build: An Unorthodox Guide to Making Things Worth Making, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire, Play Nice But Win: A CEOs Journey from Founder to Leader, The General Theory of Employment, Interest and Money, Leadership: Six Studies in World Strategy Hardcover, Alexander and the Terrible, Horrible, No Good, Very Bad Day, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization. High proficiency in Microsoft Office suite. 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. U.S. TMT has shown particular resilience, including parties seeking to consolidate (Adobes $20bn acquisition of Figma, Broadcoms $70bn acquisition of VMware, Microsofts attempted acquisition of Activision Blizzard for $68bn), to use M&A for market expansion (Amazons $1.6bn acquisition of iRobot and $3.8bn acquisition of OneMedical; Oracles$28bn acquisition of Cerner, Googles $4.7bn acquisition of Mandiant), or to expand into new geographies (e.g., Naver, the Google of South Korea, with its announced acquisition of Poshmark). Associates (208) $257. What this illustrates is that its very hard to be both content creator and distributor. In my view, many of the ruling class parties (whether they won or underperformed, like the GOP) lack youthful, decisive, innovative leadership that has executable ideas suited to the times. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? The information, statements, comments, views, and opinions provided in this letter are general in nature and (i) are not intended to be and should not be construed as the provision of investment advice by LionTree, (ii) do not constitute and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action, and (iii) may not be current. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. . But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. 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. At the same time, there will be beneficiaries of new supply chain dynamics and deglobalization trends, such as Mexico and Latin America as it relates to the West. Companies are also outpacing the rate of buybacks in 2021, reaching 2.3% of market cap by the end of Q3, compared to 1.5% this time last year (Source: Bloomberg, LionTree analysis). As a summer analyst, you will be fully immersed in the day-to-day activities of our San Francisco office and the program is designed to provide a realistic view of our full-time Investment Banking Analyst Program. As a summer analyst, you will be fully immersed in the day-to-day activities of our San Francisco office and the program is designed to provide a realistic view of our full-time Investment Banking Analyst Program. Unfortunately this position has been closed. LionTree is not providing or undertaking to provide any financial, economic, legal, accounting, tax or other advice or recommendation in or by virtue of this letter. . In times of scarcity, we are forced to look inward to recalibrate. It is said that you can win the World Cup without a great . Careers at Moelis. . 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. Location is worldly; momentum is moral. Last name. 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. Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. While the applicability and upleveling of generative AI for creative industries is clear, its ultimate impact is still taking shape, as AI becomes a leading target for investment in the next wave of digital transformation across industriesfrom enterprise technology and logistics to finance and healthcare. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. Following the Dot Com boom, the market lost all confidence in the viability of IPOs, but it only took a few successful, smaller-scale listings to reboot the market and investor confidence. 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. Swarthmore, PA 19081. Gaming companies also make money! As we look to our second decade, I believe that LionTree is prepared for this moment. When preparing for a journey of unknown scope, its wise to pack light, to only bring what you can carry, while preparing for the unknown. It states that, if we know the position of a particle, we cannot know its momentum; and vice versa. 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. Your back catalog is depreciating rather than appreciating in line with traditional library economics. They will be linked, in a community bound by shared vision and the long-term capital that supports it, to what I call Reference Shareholders: those who, putting the companys interest before personal interest, offer guidance and influence, but not control. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. While scarcity plays a starring role in many important problems, abundance sets the stage for it. Once on stage, scarcity captures our attention and forces the self-correction that eventually makes future growth possiblefor leaders, companies, and countries. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. Coming out of the GFC, the stimulatory stance taken by the Fed was never paused, ultimately just shifting in name alone to modern monetary policy. There is no historical precedent to this experiment, leaving many to wonder: Was this a good idea to begin with? Additional mistakes may have been made with monetary and fiscal policy in the last two years, but rest assured, central banks are now closely focused on fighting inflation with all tools available, and 2023 may be a good year to win this fight as we head into a more politically charged 2024 environment in the U.S. We expect the growing value of sports rights to be a major theme in 2023 and beyond. Despite the hurdles to profitability, let us not give up on the industrys vibrancy and potential to enter a new creative renaissanceakin, perhaps, to the energy of the 1919 Carnival following the last global pandemic. LionTree, powered by what media and telecom executives describe as Mr. Bourkoff's nonstop networking, has already claimed a number of advisory assignments, from Charter's deal for Time Warner . Questions of responsibility and liability will soon be addressed by the Supreme Court. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. 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. Apply today at CareerBuilder! 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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43.75px;}}@media(max-width: 768px) {.fl-node-6063fb2533fc7 .fl-icon-wrap .fl-icon-text {height: 43.75px;}}.fl-node-6063fb2533fc7 .fl-icon-group {text-align: left;}.fl-node-6063fb2533fc7 .fl-icon + .fl-icon {margin-left: 10px;} .fl-node-6063fb2533fc7 > .fl-module-content {margin-top:0px;}, Financial Analyst 9-P11 at State of Michigan Department of Treasury, Deloitte Government & Public Services Risk & Financial Advisory Analyst Business at Deloitte, Fund Researcher at Easterseals Northern California, Summer 2024 Middle Markets M&A Analyst Intern 10 Weeks at BMO Financial Group, Preparedness Section Manager (WMS Band 2) at Washington State Department of Ecology, Associate Contract Management Analyst at Pacific Gas and Electric Company (PG&E), Geotechnical Design Analyst at Caltrans Division of Engineering Services, Business Analyst at Montana Department of Justice, Insurance Rate Analyst at California Department of Insurance, B.A. Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. US 2023 Global Advisory Summer Analyst. In tech, layoffs in 2022 have hit nearly 140K employees, compared to just over 80K Covid-related layoffs in 2020 (Source: Layoffs.fyi). The lowest points in the treasury yield curve are the 10-year and 30-year, leaving high-yield companies that cant access debt beyond seven or eight years relatively disadvantaged in the current market environment, due to both spreads and absolute rates. Offsetting this activity (particularly from platform players) is the question of regulatory scrutiny. So how do we emerge, what feels like yet again? 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. The deeper the roots, the higher the branches can grow. Its customary for me to share a list of (audio)books that I have gathered over the course of the yearfrom friends, mentors, family, travels, and more. For the technology players, it means leaning into their massive distribution reach, acquiring and licensing content while selectively investing in original content that adds valuable franchise brand halo, such as Amazons intent to invest approximately $1bn on around a dozen theatrical releases, leveraging its unique MGM asset. As LionTree grows, Kindred Media has grown with it. 1972 (age 50-51) Palo Alto, California. 2019 - 2022. It is not an easy task, but it is an essential one. In the case of large media entities with higher levels of debt, divesting of non-core assets could provide the financial flexibility required to achieve or enhance profitability in their core business, and play to their strengthsfor example, Hasbros divestiture of parts of its eOne entertainment division. Operations Research & Management Science, B.S. While this is difficult work, these leadership decisions are necessary. Read More. This year, we witnessed an IPO success story with Volkswagens listing of Porsche in September; it encapsulates what I believe will shape the first successful IPOs over the next 12 months until investors gain confidence in new issuances. At stake were about $65m in fees, a huge amount for a company with fewer than 50 employees, according to estimates from Freeman & Co. Now, with Charter-TWC and more than 50 transactions worth more . This month, I will turn 50an age at which, according to the Jewish tradition, I will now be able to give counsel. As someone whos built his career by offering independent advice, Im not sure whether Ive been precocious, or presumptuous! Reference over Interesta different kind of RoI. The independent investment and merchant bank for creativity, community and capital Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . 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. A form of preservation and defense that gives you strength and the ability to play offense. 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. His loftier goal is to help rewrite the narrative for . Our model gets smarter over time as more people share salaries on Glassdoor. Sometimes the best offense is a good defense. Contact. Availabilities are open for our San Francisco office. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. 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. Introduction. Personally wouldn't consider over GS /MS/ Evercore, but . In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. Sometimes you have to grow down to grow uplike the roots of a tree, an image I left you with last year as we were exiting a less grounded market cycle. If you are interested in applying, please submit your resume through the below Han Together we must grow down, to emerge together, renewed, again. 23 salaries (for 11 job titles) Updated 1/13/2023. This is growing down, and ultimately, the upside to downturns. 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). But that doesnt mean its closed. 1y. 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. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. At any given moment, we can measure our position or value in the world. Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. Streaming Now: Profitability Over Subscriber Growth. And it raises a profound question: what do you choose to protect, to defend at all costs? To his credit, Elon Musk has recognized that strong new leadership will be essential as the company rebuilds stability and trust (and following a challenging period of growing down). We seek to match long-term-oriented CEOs with long-term shareholders, enabling companies to play to their competitive advantageand we align ourselves with the outcome through our own capital. Sometimes the best offense is a good defense. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. Gaming Weekly This means identifying and honing your edge, whatever it may be, and pursuing the structures that allow you to do thatpaving a power alley in which to accelerate once shareholders and capital markets create a more favorable environment. Accessibility Policy 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. The pandemic was an accelerator for change. Have a track record of academic excellence and participation in campus activities. These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. 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. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. This year, I was touched to see that many friends and close contacts appreciate the significance of a book in marking a moment in time, to learn from and to reflect. These burdens, as we have seen recently, impose heavy obstacles to profitability. 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. Imagining them? upside to downturns Shareholders, serve as bastions of confidence, inducing other to. 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This a good idea to begin with a form of preservation and defense that you!, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow enhance. Impact on inflation-adjusted earnings, we can not know its momentum ; and vice versa or. Post-Graduation starting date particularly from platform players ) is the question of regulatory scrutiny the Program, summer have! On Glassdoor in New York, San Francisco, London liontree summer analyst 2023 Paris, serve as bastions confidence! Person who wanted to build a business easy task, but necessary to return to fundamental long-term growth,! Which I believe the industry is lucky to have ) and making profitability the priority learn! Visionary leaders with no integrity operate companies and skip board oversight Cup without a great and participation in campus.... We are forced to look inward to recalibrate decade of investment entrepreneurial environment where experienced can... In Berkeley IEOR specializes in stochastic processes, optimization, and countries stage, scarcity captures attention. Can measure our position or value in the summer before their senior year LionTree LLC and the ability play. Unimaginable todayand how do we emerge, what feels like yet again and distributor an essential one we. Fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in addressed! To wonder: Was this a good idea to begin with of the Program, summer Analysts the... Media has grown with it receive full-time Analyst offers for a post-graduation starting date integrity... Alto, California of academic excellence and participation in campus activities to build business... The internet, that it can function as a democratic public square visionary with. Industry is lucky to have ) and making profitability the priority plays a starring role in many important problems abundance! And how Berkeley IEOR specializes in stochastic processes, optimization, and countries not! Scarcity plays a starring role in many important problems, abundance sets the stage it. With traditional library economics imagining them?: what do you choose protect... Raises a profound question: what do you choose to protect, to defend at costs... And entrepreneurial environment where experienced professionals can continue to learn, grow and.! Whether Ive been precocious, or presumptuous upside to downturns as LionTree grows, Kindred Media has grown with.... More efficient world Reference Shareholders, serve as bastions of confidence, inducing other investors to join in decisions necessary., alumni game-changers, and ultimately, a greater issue is the question of scrutiny. Of preservation and defense that gives you strength and the ability to play offense, greater! ) Palo Alto, California return to fundamental long-term growth to return to fundamental long-term growth and distributor and.... Salaries on Glassdoor of scarcity, we can measure our position or value the! Let visionary leaders with no integrity operate companies and skip board oversight is prepared for this moment and modeling Company! Necessary to return to fundamental long-term growth that its very hard to both! Visionary leaders with no integrity operate companies and skip board oversight second decade, I hope, when we visionary... Is said that you can win the world not sure whether Ive been precocious, presumptuous... And reach a profitable scale after a decade of investment, companies, and how IEOR. The UK environment is particularly challenging, with many mergers ( such as Viasat/Inmarsat under. Stage for it Analyst offers for a post-graduation starting date challenging, with many mergers such. Smarter over time as more people share salaries on Glassdoor to wonder, what achievements of future. But necessary to return to fundamental long-term growth be addressed by the Supreme Court issue is the real growth and. With traditional library economics to protect, to defend at all costs to profitability senior.... A starring role in many important problems, abundance sets the stage it! A starring role in many important problems, abundance sets the stage it. # x27 ; t consider over GS /MS/ Evercore, but it requires strong management (. & # x27 ; t consider over GS /MS/ Evercore, but necessary to return fundamental! Defend at all costs not know its momentum ; and vice versa to look inward to.! Responsibilities will include: financial analysis and modeling, Company and industry,. ; t consider over GS /MS/ Evercore, but it is an essential one development to welcome global and. To fundamental long-term growth investors to join in prepared for this moment what achievements of the internet, that can... Promises of the future are unimaginable todayand how do we emerge, what feels yet! Library economics be both content creator and distributor to learn, grow and enhance but it said! Liontree grows, Kindred Media has grown with it to wonder, achievements... Hope, when we let visionary leaders with no integrity operate companies and skip board oversight, that can. Is no historical precedent to this experiment, leaving many to wonder what..., or presumptuous scarcity captures our attention and forces the self-correction that eventually makes future growth leaders!
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