These days have been great for appreciating the beauty of working on the buy-side. Believe it or not, only a few days into my internship I got to write a due diligence plan for McKinsey, as they are doing the commercial due diligence on one of the deals we're working on, and I was happy I was the one specifying what they have to do, not the one who has to deliver all that in 4 weeks! Believe it or not, as it turned out I knew the McKinsey partner and Associate Principal of the project, and it is quite ironic they are working for my desk now! They'll be pretty well paid as well though :-).
Other than that, I've also been on a trip to Germany where we met with the management of one potential target one day, and today I came along to another meeting with tax advisors who were pitching a deal to us. The beauty is you don't need to be as well prepared or well-dressed, and they treat you very nicely. As a consultant, you have to be perfect and alert, and they can still be nasty to you if they want to. Today I wasn't even wearing a suit (I decided to go for smart casual today since many people on the trading floor, especially women, seem to do that), and the director asked me to come along to that meeting with PwC, and I said "is it ok? i'm not even wearing a suit today" and he said it wouldn't matter, it would be interesting for me, and I just came along, knew nothing, wasn't dressed to the occasion, but everything went perfectly well. It's much more relaxed.
Right now, I'm helping out on one ongoing deal and also on 3 or 4 opportunities, doing valuations, background checks etc., I'm learning a lot. The legal, fiscal and financial details are very hard to understand though. I'm struggling to understand 100 page documents flodded with words like Opco, Bidco, Rosco, bridge financing, withholding tax, quantum, SPV, ringfencing... you name it. At least I have won a LOT of respect for accountants and lawyers over the last weeks, I always thought those things were pretty straightforward, but it turns out they are not at all.
So much from me, now I will continue working. I just thought I'd take a break to post, because recently I have posted only pictures rather than stories.