When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. But you can search our 40 open jobs by clicking here . 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. 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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Honours. Industry players have been working to find the perfect balance for some time; however, a heightened focus on profitability likely means continued reformation of streaming platforms and a repackaging of the landscape across all forms of media to regain leverage. However, after getting experience in a small investment banking/Private . Because of the costs required to catch up, and the hurdle rate for investments being higher, it might be time to rethink strategy and not be mired by momentum. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. To that end, here is some of our favorite Kindred Media content from 2022: Recognizing The Patterns In Our Historical Moment with Niall Ferguson, Closed Loop Partners Ron Gonen on Sustainable Capitalism, Introducing: Listen On Purpose with Rachel Kraus, Paris Hilton and Carter Reum: Catching Up With The Original Influencer, With A Good Ass Job, Skys The Limit: SpringHills Maverick Carter, Medias Next Chapter with Malcolm Gladwell, Take-Two Interactives CEO Strauss Zelnick Hits His Stride, Tim Ferriss On Finding Success In The Uncomfortable Moments, From the Messy Middle to the Near Future with Adobes Scott Belsky, NFTs Made Easy (and Green!) 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. At the most basic level, DTC models are inherently flawed. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. Previously, Daniel was a Sales & Trading Summer Analyst at Read More Daniel Milne's Phone Number and Email Last Update 11/9/2022 12:29 AM Email d***@liontree.com Engage via Email Contact Number (212) ***-**** This year, we highlighted the music sector to our partners, which led to the formation of MUSIC, a joint venture to invest in the evolution of the music industry, backed by $200 million in longterm capital. Feb 24, 2021. . We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. Its about revisiting business models to focus on your strengths and building around thatcorrecting the distracting abundance of the past that may have led to misallocation of capital and priorities. The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. Throughout the first decade of LionTree, weve strived to remain grounded yet curious, principled yet adaptive, expansive yet self-correcting. The first half of the year could also look very different from the second half, as valuations normalize, and rates potentially settle from their peak. Sports is the ultimate front-end model, built on large, impassioned audiences that keep coming back to watch game after game, season after seasonall the way from global, to national, to local RSNs. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. LionTree offers a 10-week summer analyst program for rising seniors. If you are interested in our program, please submit your resume to this posting. 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. Growing Down. LionTree represents clients ranging from large-cap leaders to emerging growth companies. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. In the U.S., the sale of Simon & Schuster was blocked following a lengthy review, and we will await the resolution of the FTCs suit to block Microsofts proposed acquisition of Activision Blizzard. Read More. 2023 will be a year of growth; its just that not all growth is up and to the right. They are the compass that provides the framework to self-correct, to become nimble and self-sufficient as companies identify their competitive advantage that will carry them through. The resurgence of live experiences, generally (above pre-pandemic levels in many cases), and all the sensory inputs they entailfrom experimental flavors to pulsating soundwaves is a pleasing reminder that real life will never be fully replaced. 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. Activities and Societies: Tennis (Club Captain), Private Equity Society (Head of Research & Events) Year 1: First (Mathematics, Statistics, Economics, Financial Accounting, Managerial Accounting) Year 2: First (Mathematics, Statistics, Regression, Actuarial Science, Finance) Would Paris Hilton Let Her Kid Be An Influencer? 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. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . 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. In 1997, Microsoft made a $1bn investment in Comcast, which sparked support and re-rating of cable industry multiples as capital expenditures were on the rise and Microsoft wanted greater access to the home through cable set top boxes. As has been revealed by the markets, its not enough to bet big on the future. It is always open for companies with quality brands, cash flows, and profitability, at the right price, and that are fit to be public for the long term. His clients seem to love him. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. LIV Golf's David Feherty oddly claims Greg Norman was more recognizable than Michael Jordan in '80s and '90s Feherty left NBC in favor of an analyst job with LIV last summer Given the difficulty of precisely measuring individual company trajectories in the current moment, judicious leadership teams are preparing for a prolonged downturn, indeterminate in its timing, impact, and duration. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. While the fragmented landscape creates more ad space to fill, two questions are top of mind: 1) Will there be enough to go around? 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). 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. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. 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. For the Class of 2024, LionTree Advisors is now collecting resumes for our 2023 Summer Analyst program. These burdens, as we have seen recently, impose heavy obstacles to profitability. 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. As an example, in Q3 a broad subset of technology, media, and telecom (TMT) companies beat EBITDA expectations by ~20% while exceeding revenue expectations by ~2%, clearly doing more with less (Sources: Bloomberg, FactSet). Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. (Go Tritons!). (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) 23 salaries (for 11 job titles) Updated 1/13/2023. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . We will have to wait and see if the trend keeps pace in Q4, which accounted for ~30% of the total buybacks for the full year 2021. For my 50th birthday, I received books of all kinds and while Ive yet to make it through all of them, I am excited to share a subset of them as a window into the relationships I hold dear. What this illustrates is that its very hard to be both content creator and distributor. We might learn that, in fact, we simply had too much all along. Linear broadcasters are maintaining respect when it comes to reaching scaled audiences, so leagues will want to continue to find new ways to monetize media rights between tech and traditional distribution to maximize their reach and income. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. But the prominent investment banker isn't content to simply facilitate M&A transactions. The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. 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. . New Denver Broncos head coach Sean Payton said at the NFL Scouting Combine that he tried to lure former Broncos head coach Vic Fangio back to Denver before hiring another former Broncos head coach . Given these realities, we will be in wait-and-see mode, with considerable risk that rate hikes extend beyond current expectations, making 2023 a challenging year for incremental investment and growth initiatives. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. Digital Real Estate Monthly Rank: Senior Monkey | 77 . Candidates should be class of 2023 and top academic performers who are willing to work hard in an unstructured environment that values . The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. The return on investment is simply higher than for those with a distribution disadvantage. 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. 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. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. LionTree does not make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views or opinions contained in this letter, and any liability therefor (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. With this foundational reach, the Silicon Valley players can direct more resources to content creation because distribution and customer-acquisition are already built into their model. While this is difficult work, these leadership decisions are necessary. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. Over the last several years, traditional media players have struggled to keep up with content expenditure compared to their tech peers, even when it was more affordable to do so. 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. 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. Have a track record of academic excellence and participation in campus activities. Previously, Alex was an Investment Analyst & Intern a t The Baupost Group and also held positions at The City of Ann Arbor, Michigan. 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. But that reconsideration is itself an opportunity. Availabilities are open for our San Francisco office. 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.