To state the obvious, there is no right time to discover that the most important relationship in your life has irretrievably broken down. However, some times are worse than others, and it is difficult to think how it could be worse than having to go through this catastrophe while at the same time negotiating the reality that… last The most important relationship in your life – With the co-founder of the $60 billion asset management company – He also broke down.
the The feud between John Overdick and David Siegel Two Sigma has been popular in the industry for a while; It has been filed into regulatory filings as a major business risk to the two amountsEnmity makes it difficult to make business decisions. Now things have become noticeably more complicated – Laura Overdijk has initiated divorce proceedings.
Apparently, there is no prenuptial agreement, so let’s take a quick look at it New Jersey Divorce Law. It is an “equitable distribution” case, meaning that the marital assets are divided according to what the court deems fair, not a 50/50 split. I got Overdecks I got married in 2002a year after Two Sigma was founded, it seems likely that the vast majority of the spouse’s stake in the company is considered “marital” rather than “separate” assets.
Which raises a problem. Based on reasonable estimates of Overdijk’s personal wealth and the value of his shares in Two Sigma, it appears that it may be difficult for him to finance a multi-billion dollar settlement without affecting the “operating agreement” between the founders in which he would retain approximately equal financial stakes in the company, having only two votes and investing similar amounts In Two Sigma boxes.
Additionally, Overdijk is the one who wants to remain actively involved in running the company while Siegel wants to return to an advisory role, but Siegel has a higher estimate of the company’s value than Overdijk does, according to various “people.” Close to it.” These are all matters that could be resolved with a bit of goodwill and cooperation, but unfortunately that seems to be exactly what is missing.
Ironically, this may be the exception that proves the rule when it comes Paul Tudor Jones The famous piece of advice that goes, “One of my first rules as an investor is that as soon as I know my boss is going through a divorce, I immediately get the money back.” The idea (Backed by research) is that emotional distraction tends to impair performance. But of course, Two Sigma is a quantum store where decisions are made by computers who don’t know how bad the office environment is.
In fact, so far this year, most Two Sigma funds have performed well and redemptions aren’t particularly high. The biggest risk the company faces is that the dysfunctional relationship between the founders will affect its ability to retain and hire high-quality quantitative engineers and researchers. If the financial stress of a divorce has the effect of bumping heads together and making them confront their problems, terrible news for the founder could be very good news for the company.
Elsewhere, it is not uncommon for bored bankers, never trained in interviewing, to waste time by asking candidates silly “speculative” questions such as “if someone says they produce enough pepperoni to cover the US?” American, what will be their total revenue? be?” Unfortunately, not every trainee gets the message that this is a joke. bloomberg He cites the case of a trainee with a pseudonym called “CalvinIn an unnamed private equity firm, which used this method to attempt to estimate the actual size of the total addressable pepperoni market for the takeover candidate.
“I found a claim from some online executives that the size of the pepperoni market is enough to cover the entire United States in a thin layer,” says Calvin. From here, he calculated the amount of pepperoni required and derived its value. His boss called his approach ridiculous.
This kind of thing is very common; Every summer internship program tends to produce stories of kids who didn’t get it Pierpoint and Co It’s fictional, or confusing Deutsche Bank and Deutsche Bundesbank. Part of the purpose of the internship system is to get this kind of thing out of their system, and to learn how to “talk to seniors who aren’t your parents or immediate family.” It can also, in cases like Insight Partners With their own ‘daily leaderboard’ that ranks runners by the number of phone calls and meetings they’ve arranged, it’s a good way for youngsters to get an idea of what they’re getting into and, if necessary, run a mile.
Now Klaus Froelich, the former Morgan Stanley banker, has a team of 50 dealmakers – a reasonable little shop – in the “investment division” of the Abu Dhabi National Oil Company, where he also has a $50 billion budget for closing deals. (financial times)
It appears that Mike Corbat’s venture after Citi’s departure will invest in the co-ownership of the Jackson Hole resort in Wyoming where the Federal Reserve holds its annual conference. (bloomberg)
More speculation about “what it all means” with the change of chief of staff at Goldman Sachs, including suggestions that Stephen Scheer may return to replace David Solomon, or that there may be a joint arrangement between the CEO and Jim Esposito on the investment banking side. and Marc Nachmann run Asset Management. However, he seems to conclude that there may be less out there than meets the eye and that it will mainly depend on whether earnings improve. (Prophet)
In a form of extra-semester training, students form “advising clubs” to give business advice to trusted firms (“for a fraction of the cost of hiring regular firms”). Presumably, regulation is the only thing stopping them from promoting capital markets business. (Economist)
Lessons learned from labor courts; If a developer at your bank also advertises “sensual massages” on LinkedIn, you should still go over all meeting processes, otherwise it will be considered unfair dismissal. On the other hand, no compensation was awarded, as the judge ruled that the employee in question would still have been fired if the rules had been followed. (staff today)
Portraying the true horror of pharmaceutical stocks, psychological thriller “Trader” premieres this week (Downright creepy)
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