The Wall Street Skinny

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.

  • 1 hour
    77. Private Equity Secondaries 101 Feat Justin Resnick

    Today we sit down with Justin Resnick, a Managing Director at Evercore to discuss private equity secondaries --- one of the fastest growing, yet least understood segments of the private capital world.  He explains the evolution of secondaries and their function as a tool for managing distress and success in equal measure.  We talk about the explosive growth in the industry, the shifts in philosophy amongst GPs and LPs, and the widespread buy-in from many of the biggest names in Private Equity.  And finally, we explain the career path for young candidates or experienced practitioners looking to gain a foothold in the space.



    Justin Resnick is a managing director in Evercore’s Private Capital Advisory group. He is responsible for originating and advising financial sponsors on strategic GP-led secondary market solutions. Justin has more than a decade of experience advising clients across a range of strategic deals, representing numerous market-leading sponsors on multi- and single-asset continuation funds, GP stake sales, mergers and acquisitions, and other capital raising transactions.  Prior to joining Evercore, Justin was a member of the secondary advisory team at Houlihan Lokey and also worked in the global energy group in Citigroup’s corporate and investment banking division.
    He holds a B.B.A. in finance and accounting from Emory University, where he was also captain of the men’s basketball team.



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    15 June 2024, 9:00 am
  • 23 minutes 33 seconds
    76. The Skinny on the Paramount Deal Drama, Inflation Data, and Turning 40!

    "The Skinny On..." the Paramount deal that is now OFF, inflation data, turning 40, and more!

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    13 June 2024, 8:00 pm
  • 51 minutes 1 second
    75. Bankers vs. Lawyers
    Our long awaited Bankers vs. Lawyers podcast episode! Wondering about the differences and similarities between traditionally "good" jobs like doctor, banker, and lawyer? Or maybe how to transition from a career in law to one in high finance? We are going to pull back the curtain and explore the business, lifestyle, and culture of "big law", while debunking the myths and misconceptions you may have from watching popular shows like "Suits", "Law and Order", and "The Good Wife".

    Today's episode specifically covers Corporate Law and its intersection with high finance. Our incredible guests are two of NYC's most prominent attorneys: Jake Kling of Wachtell Lipton, who specializes in Mergers & Acquisitions law, and Roshni Cariello of Davis Polk, who specializes in Capital Markets law.

    We get into the path to becoming an attorney, the process of applying to law school, how important "prestige" of your law school is to landing a job, compensation, hours, culture, and much much more.

    Bios:
    Jake Kling is a partner in Wachtell Lipton’s Corporate Department. Jake’s practice primarily focuses on mergers, acquisitions and dispositions, securities law matters, and advising companies and boards of directors on takeover defense, shareholder activism and general corporate governance matters. He has advised a broad range of public and private clients across multiple industries, including banking, financial services, healthcare and pharmaceutical, life sciences, technology, media and telecom, sports, industrial, retail, private equity and real estate.

    Jake received an A.B. magna cum laude in mathematical economics from Brown University, and a J.D. from Yale Law School, where he served as Projects Editor of the Yale Law Journal.  Jake also served as a law clerk to the Honorable Dennis Jacobs, then Chief Judge of the United States Court of Appeals for the Second Circuit.

    In 2024, Jake was named to the Forbes inaugural list of America’s Top 200 Lawyers across all practice areas nationwide,  one of seven M&A lawyers included on the list.  In 2023, The American Lawyer named Jake the “Young Lawyer of the Year—Corporate”, selecting him as the top corporate lawyer in the country under the age of 40.  Jake was also named a “Dealmaker of the Year” by the New York Law Journal, was one of five M&A lawyers chosen as a Law360 MVP, was one of four M&A lawyers selected for Bloomberg Law’s “They’ve Got Next: The 40 Under 40” awards, and was named one of the 500 Leading Dealmakers in America by Lawdragon. BTI Consulting Group selected Jake as a BTI Client Service All-Star for his commitment to exceptional client service. 

    Roshni Banker Cariello is a partner at Davis Polk advising corporate and financial institution clients on capital markets transactions, including initial public offerings and other equity offerings, investment-grade, high-yield and convertible debt financings, private placements and liability management. Clients also turn to her for advice on general corporate, governance and securities law matters. Roshni’s experience spans industries including consumer, retail, technology, renewables and industrials.

    In 2023, Law360 named Roshni a “Rising Star” in capital markets, and she is recognized by Chambers USA for her work with SPACs.

    Roshni graduated cum laude with a B.A. in Government from Dartmouth College and a JD from Columbia Law School where she was a Harlan Fiske Stone Scholar and a Notes Editor for Columbia Business Law Review.

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    8 June 2024, 9:00 am
  • 23 minutes 43 seconds
    74. The Skinny on ECB Cutting Rates, GameStop Continued and Being “Too Thin”

    The Skinny on ECB Cutting Rates, GameStop Continued and Being "Too Thin"

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    6 June 2024, 4:00 pm
  • 38 minutes 17 seconds
    73. What It Takes to Be a Credit Investor Feat. Ty Wallach

    In the second of our three SALT iConnections interview series, we sat down with Ty Wallach, a living legend in the credit investing world.  

    Ty was a partner and portfolio manager at Oak Hill and Paulson, two of the most successful and famous names in investing over the past three decades, and is currently the CIO of Credit at Atlas Merchant Capital.

    We spoke with Ty about his role as an investor in both the debt and equity during the Caesars Palace Coup (check out episodes 39, 40 and 41 for a deep dive into one of the most infamous deals of all time!), how Paulson made billions investing during the Global Financial Crisis of 2008, relative value investing within the capital structure of a company, the Orwellian relationship between the markets and economic data in the current environment, and about the optimal paths to pursuing a career as a credit investor, specifically with regard to the merits of the CFA for advancement along that path.  

    A must listen for anyone interested in public markets or private credit investing!







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    1 June 2024, 9:00 am
  • 23 minutes 43 seconds
    72. The Skinny On T+1 Settlement Change, Citi's Fat Finger Trade, Hedge Fund Fund Raising, and Private Credit

    The Skinny On T+1 Settlement Changes, Citi's Fat Finger Trade, Hedge Fund fundraising woes, and Private Credit!


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    30 May 2024, 5:00 pm
  • 35 minutes 24 seconds
    71. From Wall Street to the White House and Back Feat. Anthony Scaramucci
    Live from SALT iConnections in NYC, we are joined by Anthony Scaramucci, a financial, political, and pop culture icon here in America.  Anthony worked at Goldman Sachs, is the founder of SkyBridge Capital (a global alternatives investment firm), and is the founder of the SALT iConnections cap intro conference...but is possibly most infamous for his 11 day stint as the White House Communications Director during the Trump administration. Particularly timely as many gear up for their summer internships, Anthony shares with us his lessons in resilience, in learning to chase personal growth vs prestige, and in how to graciously take a joke.

    Anthony's latest book, "From Wall Street to the White House and Back," is a must-read and is available here:  https://www.amazon.com/gp/aw/d/1637584636/ref=tmm_hrd_swatch_0?ie=UTF8&qid=&sr=

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    25 May 2024, 9:00 am
  • 15 minutes 23 seconds
    70. The Skinny On NVDA's Stock Split, SALT iConnections Recap, and Gold Decoupling

    We're BACK from a whirlwind 48 hours in NYC, fully rested and ready to give you the skinny on the latest in global markets.  First, a quick recap of our adventures at one of the world's largest cap intro conferences, where we got to chat with some of the industry's greatest thought leaders and meet new friends throughout the industry.  Next up, a quick note on today's Bloomberg article (linked below) discussing the decoupling of Gold and US Treasuries for the first time in 50 years.  And finally, we touch on NVDA's spectacular sales growth and their stock split announcement, the mechanics of which Kristen explains in detail.

    https://www.bloomberg.com/news/articles/2024-05-23/bonds-decades-long-lead-over-gold-vanishes-as-debt-worries-grow

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    23 May 2024, 4:00 pm
  • 1 hour 4 minutes
    69. How Hedge Funds Raise Money Feat. Ron Biscardi

    We talk about Hedge Fund, Private Equity, and other "Alternative" Investment Funds all the time.  But we don't always stop to ask, "how do they get all their money?"  In this episode, we sat down with CEO of iConnections Ron Biscardi to explore the world of "Cap Intro": the ecosystem within which capital --- meaning, the money from pension funds, endowments, foundations, insurance companies, family offices etc --- gets allocated to fund managers in the Alts space.  We learn about seed capital (money that gets new funds off the ground), explore the roles of third party marketers, broker dealers, & prime brokerage within a bank when it comes to cap intro, and discuss how iConnections has built a platform backed by technology to facilitate the world's largest cap intro conferences.  

    An expert in relationships and connecting people, Ron also shares his experience involving athletes, stars, and influencers like Kim Kardashian, Shaquille O'Neal, and Eli Manning in the conversation, all of whom have become formidable investors in their own right and are at the forefront of deal making in the space today.  We are so excited to share this episode ahead of next week's SALT iConnections conference in NYC from May 20-21, where (thanks to Ron!) we will sharing live interviews with some of the industry's most influential and innovative thought leaders.  

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    18 May 2024, 9:00 am
  • 40 minutes 15 seconds
    68. The Skinny On AI and the GPT-4o Update, Meme Stocks Return, and Golf & Finance

    In today's episode we share our thoughts on the new Ghat-GPT4o update in light of Apple's controversial commercial, our thoughts on the difference between gambling and investing in light of the GameStop / AMC resurgence, and finally the intersection of golf and finance. 

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    17 May 2024, 12:00 pm
  • 53 minutes 23 seconds
    67. Finance, Philosophy, and the Yen Carry Trade feat. John Normand

    We often talk about institutional investors as the allocators of capital to the public and private markets.  They are huge, active participants driving supply and demand dynamics in the fixed income and equity markets, and they often make sizable investments as LPs in private equity and private credit funds.  But what exactly are they trying to accomplish, and why?

    We sat down with John Normand --- the former head of Cross-Asset Strategy at JP Morgan and the current head of Investment Strategy at Australian Super --- to discuss investment strategy at a superannuation fund (what we in the US think of as a "pension fund").  John is one of our most accomplished and distinguished guests to date.   Not only does he explain the mechanics of defined benefit / defined contribution plans, but he also shares his philosophical perspective on the ethics of investing, his current views on the macro environment, and a crash course in one of the staples of fixed income markets: the Yen carry trade.  This episode is a must listen for anyone who wants to understand how some of the biggest allocators of capital in both the public and private markets approach investment strategy.

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    11 May 2024, 9:00 am
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