OfficeHours

JULY 11, 2023

If you can really nail valuation questions but struggle with regulatory questions, make sure you can get all the valuation questions right to maximize your points there. Note that these tests are different from other ones you may have heard about like the Chartered Financial Analyst (CFA) exams, which are offered by the CFA Institute.

Investment Banking 130

Investment Banking Banking Bank Middle Market 130

FineMark

APRIL 13, 2023

The first quarter of 2023’s equity market performance (shown in Figure 1, below) exemplifies why such scenarios — and their accompanying dire reports — don’t necessarily beget lower market prices nor should they cause an overreaction. These two factors paint a valuation picture that is less attractive than it had been.

Banking 52

Banking Bank Investment Economics 52

FineMark

OCTOBER 17, 2023

For 2023, we were cautious, citing a low single-digit return expectation for the U.S. Consequently, by the end of July 2023, the S&P was up more than 20% for the year. With the risk of a recession still looming, we remain defensive when considering market valuations and our outlook for a deteriorating macro view.

S&P 52

S&P Investment Portfolio Corporation 52

FineMark

JANUARY 20, 2023

Views and Investment Themes for 2023 and Beyond While the ability to predict market moves in the near term isn’t possible for anyone, we are able to identify themes that present risks and opportunities. The phenomenon is likely to play out over several years with various ramifications, including valuations.

Economics 52

Economics Portfolio Equities Investors 52

Mergers and Inquisitions

JANUARY 31, 2024

In-depth analysis that might take days or weeks, such as a financial model with 1,000 rows in Excel to assess a biopharma company’s valuation. Single-Manager Hedge Fund Performance The multi-manager hedge fund article described how MM funds grew faster than the overall industry between 2018 and 2023.

Funds 59

Funds Management S&P Recruitment 59

Mergers and Inquisitions

NOVEMBER 15, 2023

I’ve now been writing about finance careers for almost 20 years, and the topic of the CFA for investment banking never seems to die. I first criticized the CFA in a 2009 article , which generated a lot of angry comments. But earlier in 2023, the CFA Institute announced the biggest changes to the program since it started.

CFA 59

CFA Investment Banking Banking Bank 59

FineMark

JANUARY 17, 2024

On November 28, 2023, just five weeks shy of his hundredth birthday, the world said goodbye to famed investor Charlie Munger. FIGURE 3 Source: Strategas Securities LLC Another key factor in future equity market performance is valuation. Note: At the time of his recent death, Munger was estimated to be worth $2.6

S&P 52

S&P Equities Valuation Investment 52