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Wall Street Oasis

E230: Garbage PE Associates - Layoff Lessons - Promoted Too Early? | Weekly Wrapup #2 | 1-26-23

Wall Street Oasis

Wall Street Oasis

Business

4.9534 Ratings

🗓️ 27 January 2023

⏱️ 20 minutes

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Summary

WSO Weekly Wrapup - Sign Up for the Newsletter Here Topics this Week: Are PE Associates Garbage These Days? Lessons From GS / MS Layoffs? How Do You Manage Sleep Deprivation? Being Promoted Too Early

Transcript

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0:00.0

Welcome to the WSO weekly wrap-up, where I talk with my team about the five most

0:10.0

trending discussions in the Wall Street Oasis community. Enjoy.

0:13.0

All right, everybody, welcome to the second weekly wrap-up call. We are going to quickly go through,

0:19.0

I think, the top four this week

0:20.9

over the next kind of 20-ish minutes, just trying to cover our opinions, our thoughts,

0:26.3

some of the most controversial and interesting discussions happening on the W-Stoe forums.

0:31.7

So, Matt, go ahead and kick us off.

0:33.6

Perfect. All right, guys. Excited for this week here. We've got four interesting topics. First and foremost here, is it just me or P associates getting garbage these days? Within this topic, we saw some pretty interesting responses here. They're highlighting that this problem is especially prevalent within the last two classes of hires and that there's been a lot of that associates now again.

0:55.5

But I think it's just from the, where we're assuming that might just be aggressive,

1:00.1

borderline, or even just hostile attitude from some of these individuals that are joining

1:03.1

the firm.

1:03.5

So Pat, lead us off here.

1:05.4

What are your thoughts on the quality of P.

1:07.3

Associates?

1:08.2

I mean, we've been hearing a lot of this, not just in private equity,

1:11.5

but invest in banking. A lot of these kids coming in, I think never really had the in office

1:18.5

kind of experience and the mentorship that a lot of people get in banking. And so they're hired,

1:23.3

they come out of undergrad. They're basically given a job almost two years ahead in advance. So they have less incentive to work hard in banking, number one. Number two, they don't have those modeling skills that coming in. They don't have that mentorship. They don't really, you know, if they're forced to go back in the office, it's a little more awkward. And yeah, a lot of them are just don't have their heart in it. in it they've been following kind of the path and they find themselves in the promised land of private equity, but not really wanting it.

1:49.1

And so I think we're seeing a lot of people complaining about this.

1:53.3

I know we did see some people kind of taking a different angle.

1:55.9

I don't know if Nebile, you want to talk about that or Matt.

2:00.1

Yeah, I mean, it depends really, right?

...

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