We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. It requires a deep-rooted structureagain, that treeand a well-defined purpose. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. 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. The just announced Microsoft acquisition of a 4% stake in the London Stock Exchange is yet another example, and representative of the sorts of transactions by strategics that I expect to see more of in 2023. 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. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. Email. 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. 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. These burdens, as we have seen recently, impose heavy obstacles to profitability. A most recent case study is Qatarat first glance, seemingly an incongruous place to host a World Cup. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. One would expect the slowdown to persist for the near future, but I am more optimistic about the sustainability of M&A deal flow. Indeed, expertise, as well as creativity, may be in the process of being usurped by generative AI, which puts the power of creation in the hands of anyone with a basic keyboardfrom ChatGPT (text to dialogue) to DALL-E (text to imagery), to Midjourney (text to animation), and many others not mentioned here. His clients seem to love him. The independent investment and merchant bank for creativity, community and capital The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. Founder and CEO of LionTree LLC. Seeing scarcity as an opportunity to go deep within, in order to emerge with what is required to go beyond even your original expectations. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC 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. The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. Read More. As a summer analyst, you will have the opportunity to: Obtain a strong foundation in financial analysis through training from LionTree professionals as well as third-party providers, Have the opportunity to work on live client assignments alongside LionTree deal teams, Present financial and strategic analysis to the firms leadership during your final project, Attend orientation and firm events where you will learn about LionTree and the industry while meeting members of the firm globally, Access to an invaluable peer network of interns as well as an assigned mentorship team and senior firm leaders, 500 College Ave. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. 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. Email. Meanwhile, Netflix is experimenting with ways to embrace theatrical to help bolster topline revenues, while also driving subscribers and protecting its core product. After all, no one climbs a mountain alone. "Our LT Weekly Update is a comprehensive weekly analysis aimed at helping our key corporate and investor clients cut through the noise and stay in front of what we view as the most important themes and developments driving the digital economy.". In the mold of a classic merchant bank, LionTree is here to fill the gaps through our advice, recasting problems as solutions, and through our investments, unlocking value along the way. 1/16/2023 11:26 PM. Contact. The media industry as a whole is facing growing down dynamics. 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. If you are interested in our program, please submit your resume to this posting. He held his position through not one but two recessions and was reviled for his efforts at the time. The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. Growing Down. Privacy Policy At a time when the reasons for uncertainty are multiplyingscarcity, inflation, geopolitical turmoilwe must return to the fundamentals, to the measures of intrinsic value that allow investors and managers to find their footing. Benefits include professional development sessions, networking opportunities, and mentorship. At the most basic level, DTC models are inherently flawed. A form of preservation and defense that gives you strength and the ability to play offense. Your back catalog is depreciating rather than appreciating in line with traditional library economics. Offsetting this activity (particularly from platform players) is the question of regulatory scrutiny. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. 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. This year weve seen myriad governments turn over, from the UK to Italy to Sri Lanka, and change party hands, including in Israel and Sweden, while we ponder the future in the U.S. How much do LionTree employees make? The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. But they will not be alone. 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. 2) Will consumers tune-in, particularly when theres a price tag involved? Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. At any given moment, we can measure our position or value in the world. Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. 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. 23 salaries (for 11 job titles) Updated 1/13/2023. To take the other football, its like returning a kick-off. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. Expires: 09/19/2021 . What better example than the global spectacle of the World Cup, the first in an Arab nation? The return on investment is simply higher than for those with a distribution disadvantage. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. For example, given that broadcasters are in danger of being left behind, regulation could be adjusted to allow further consolidation. The ability to be a steady hand, and to engage in leading transactions and investments, is made possible by a network of trust and support; and we are nothing without the friends, supporters, and colleagues who are the pillars of this firm. As Ive suggested, this growing down requires creativity, community, and capital. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. T 404.495.7000. 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. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. I realized, afterwards, that this idea of growing down is itself a form of protection. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this letter. Last name. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. 11/16/2022 5:48 PM. As Ive thought about the inflection points of life, and about what it means to build a firm, Ive come to another understanding of the uncertainty principle. Location is worldly; momentum is moral. 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. 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. Separately, in a streaming-first world, the industry would need to get creative to achieve the level of profitability they once enjoyed in a dual-revenue world. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . (Go Tritons!). But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . 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. Scale still matters, including as a means to profitability. Even though Top Gun: Maverick was a sequel, its star power and mastery of storytelling were stupendous. LionTree offers a 10-week summer analyst program for rising seniors. But the prominent investment banker isn't content to simply facilitate M&A transactions. Vice President (38) $392. Personally wouldn't consider over GS /MS/ Evercore, but . To sign up for our newsletters, clickhere. Crypto Weekly As we look to our second decade, I believe that LionTree is prepared for this moment. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. But even as we anticipate a return to abundance, we must be mindful of scarcity. Just as the industry shift to streaming creates unhealthy side-effects, a shift to AVOD may present its own challenges, particularly amid a possible advertising slowdownthough media CEOs remain cautiously optimistic (at best, and the market could shift quickly). Whats the Difference Between an Agent and a Manager? However, after getting experience in a small investment banking/Private . 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. 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. If the first mountain is about building up the ego and defining the self. What are the investable opportunities now that unprofitable growth initiatives make less sense? In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. It is said that you can win the World Cup without a great strikera great goal scorerbut you cant win it without a great goalie. Chinas growth has slowed in part because of these factors, which also have led to social unrest, causing doubt and hesitation among both domestic and foreign companies and investors. Expertise is a base metal. Offered in New York, San Francisco, Dallas, and Detroit (Birmingham), interns can expect a fast-paced, demanding work environment that offers the chance to learn and grow professionally. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. Certainty and uncertainty are a package deal. Investment Banking Internship | Summer Analyst | Jefferies Jefferies offers an intensive investment banking internship program that is designed to assist students in navigating a successful career in finance. Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. And it raises a profound question: what do you choose to protect, to defend at all costs? We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. Have an anticipated graduation date between December 2023 and August 2024. Unfortunately this position has been closed. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. But it is exactly in such periods that strength is forged. 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. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. However, real interest rates are still meaningfully negative (and the lowest in nearly 40 years); as such, rates will have to go higher, or inflation must decrease meaningfully. We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. Our model gets smarter over time as more people share salaries on Glassdoor. San Francisco, California, United States . This perspective is crucial, because those who believe they see a light at the end of the tunnel as we head into the New Year may well be mistaken. Gaming Weekly 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. Growing down is a mindset that allows us to focus on what is indispensable. This will take creativity, trust, and community. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. What are your essentials, the resources and relationships you cant do without? 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