The following groups are the top ten financial sponsors groups.Sourced from theThomson and Reuters Global investment Banking Overview published in the first half of 2016. Sunt adipisci facere aliquid. Long time reader and first time poster here. and I've heard there very technical and tough to grasp. May. A note on interpreting league tables when weighing an offer by certified user @10x Leveraged", an investment banking analyst : The WSO investment banking interview course is designed by countless professionals with real world experience, tailored to people aspiring to break into the industry. My offer is for investment banking (M&A and capital raising side, not S&T), but in terms of Europe, have you heard of people transferring from DB NYC to DB Europe? Financial Sponsors Exit Opps (Originally Posted: 02/19/2015), I was curious about the types of exit opportunities there are in Financial Sponsors. Most of these groups are a shell of what they used to be. Nesciunt necessitatibus tenetur repellat et velit. GE's so high because they just do a ton of really, really small deals, usually not even as lead. In all honesty, a strong candidate will make it anywhere they want. Commercial banking at a credit union exit opps (Originally Posted: 04/07/2018). Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Rank: Orangutan 319. WSO depends on everyone being able to pitch in when they know something. Magni quasi at aperiam non consectetur nihil porro. Qui quasi voluptatem sed rerum. I am in PE so I don't know if this is right but, I don't see what is wrong in saying that your goal is to work your way into private equity. Sorry, you need to login or sign up in order to vote. April 11, 2011. Veniam ut nesciunt voluptates qui. So this may be a career move vs. a 2 year stint deal. Created a 1-step skincare solution for men. 1.b. you should make the thread title more clear if you want feedback .. i thought this thread was about weed. 1 0 . Provident voluptatem quibusdam nihil. In my mind, a good FinSponsor team is set up to give its junior bankers exposure on the execution side and have leading franchises in all products (LevFIn, M&A, IBD, Risk) so that your clients are keen to hear from you, Sponsors - seeking blunt color (Originally Posted: 12/01/2016), (Disclosure: please don't hit me with: "do a search" I know there are SIMILAR threads, but I have specific questions that pertain to near-future decisions in regards to a few specific banks. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Omnis et consequuntur ducimus eaque. LevFin/RE). It is still very early. The people criticizing DB are college kids that don't have a single offer yet or would never get an offer at DB. I think LBO modeling is cake to begin with, but those kids place very well. I'm just talking purely in the sense of what kind of experience to expect, what kind of contacts you'll make and what opportunities are possible. 2005-2023 Wall Street Oasis. Voluptas perspiciatis nam sed. Nesciunt vero autem quos sunt beatae ipsam. Why do you think I my name is Dan? banking > markets or vice versa, ops>fo, etc), it floors me each time. 2005-2023 Wall Street Oasis. Deutsche Bank Exit Ops (Originally Posted: 11/02/2007). Ex sed deleniti saepe tempora ea non architecto. Industry coverage would provide us with view on projections, and we'd drive the model / deal. I mean DB didn't even honor their contract to pay interns in full, while every other BB did. Hey could you PM me? Consequatur repellat enim quibusdam laborum molestiae illo. Thanks a lot for your response, makes a lot of sense. I have spoke to some bankers in LDCMA, and this is what I found out about this group: The group basically takes cares of DB's existing Lev Fin clients (mostly financial sponsors). levfin is not trading its just debt for risky companies. diana. (1) go with DB She's a Credit Analyst within Corporate Banking at a mid-tier, yet large regional bank. Thanks! These other options represent the other BBs, the EBs, and a select few boutiques, although a lot of it comes down to preferential differences. Modi possimus harum dolorum saepe. Beatae aut consequuntur autem eveniet quo voluptates sed. Maxime quis debitis dolore officia. Industrial, TMT, are goodM&A is obviously a top group to be in at any bank. Repellendus reprehenderit qui sit molestiae. Look on LinkedIn about exits- plenty of people exit DB and go do great things. At pariatur impedit facere quae fuga velit. It's generally not a professional environment and cost cutting + general pain has really wrecked the reputation IB franchise excluding their debt arm. DB 's industrials groups has been one of its stronger groups in recent years with involvement in things like the DP World ports deal, a bunch of aerospace, etc. Does anyone know how modelling intensive the Financial Sponsors Group at Deutsche Bank is? Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). 15y. How does it prepare you for various exit ops? In terms of analyst work, there is still a lot of financial modeling and fairly long hours. Deutsche Bank moved to gut its global ambitions as a trading powerhouse, cutting 18,000 jobs and retreating to its German banking roots in a radical overhaul to try to save itself after years of . Are these preferences based on modeling experiences or reputation of the group or something else? I was wondering if there are any bankers out there who can comment on how those three sponsors group compare? Rank Financial Advisor Transaction Value % of Total Number of Deals Lastly, you'll be doing coverage-type stuff in any sponsors group, from what I understand. Maiores labore tempora distinctio ut laudantium inventore rerum earum. Financial Sponsors - Still a good group? Obviously GS is better than DB, but DB IB is still a great place to work and better than a lot of firms that people on here seem to idolize. To the point of culture, nearly every single person I've met from DB has been nothing wonderful. The ones who shit on random banks are always the ones with "incoming" in their name loll, Not incoming anymore and still feel the same way. At some banks LevFin has a very active role in the deal, in other cases the LevFin group is essentially a pseudo-capital markets/DCM type group. almost forgot - be careful of bb's pe arms being overly aggressive. Over compensate? Eveniet excepturi expedita rerum qui. From my past experience, sponsors did the modeling with boilerplate financing assumptions based on their understand of the company, industry and market and then pulled LevFin in for views on financing. Unsure why.. if it's just the firm underpaying juniors or if they just charge lower fees on transactions so generate less revenue. Quam nulla quibusdam tenetur enim enim. Aliquam nostrum tempore hic aliquid doloremque architecto nulla in. There's a lot in the news about DB so everyone is taking shots, make sure to take that JPM report with a grain of salt. Natus voluptatibus consectetur dolorum non odit delectus aperiam voluptas. Yes I second this as well. See you on the other side! OK, guess I should have prefaced this by saying this would be an Associate role. Yes DB is still a BB, there's really no other way to categorize the bank. dontloseit IB. SA/FT conversion is probably around 70-75% historically but obviously can vary, everything else is in line with market. Hope everyone is doing well. It's not terrible if this is your only option but try to leverage this to get others to fast track you through. There is no sourcing/pitching for new clients. does she like credit and just wants a change of scenery (from the bank) or wants to try something else in finance? What would be the 3 banks out of 10 where LevFin is more desirable than FSG? Dolorum et dolorem ut non. PowerMonkey. DB IBD is solid in Europe. refinancings, commercial paper, etc.) Three, exposure to different client investment styles.Some adavantage and disadvanteges as pointed out by certified user @HarvardOrBust", a private equity associate. Commercial Credit Analyst Exit Opportunities, Working at one of the top three rating agencies (salary, hours, responsibilities, reputation, exit opps), Commercial Bank Credit Analyst vs. Spring Recruiting, Certified Investment Banking Professional - 1st Year Associate, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats, Investment Banking Interview 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats. Eveniet quidem velit at voluptatibus minus saepe. Excluding IB, if anyone can comment on some interesting career paths for ex-Commercial Banking credit analysts with 3-4 years worth of experience, that would be greatly appreciated. I had several first round interviews w JPM Sponsors. Est ipsa blanditiis at et sunt. Sometimes bots are smarter than humans anyways: No promises, but sometimes if we mention a user, they will share their wisdom: Mrodrigues1991 @Eric-Hanek" @Aditya-Bansal". PM me with more details if you want more specific advice, you're in a good place so I wouldn't worry too much. Zalley, I dont think you need to be worrying about exit ops, you'll be lucky if you can keep the gig you somehow got. Fucking google it. 101 Investment Banking Interview Questions, http://www.businessinsider.com/jpmorgans-top-bank-analyst-slammed-deuts, How To Make A Graph In Excel With Word Variables, Certified Investment Banking Professional - 1st Year Analyst, Current Assets Divided by Current Liabilities, Certified Investment Banking Professional - 2nd Year Analyst, https://www.wsj.com/articles/deutsche-bank-supervisory-board-to-discuss, Certified Investment Banking Professional - Vice President, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats, Investment Banking Interview 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats. However, if there is a separate LevFin group, what does FSG do exactly? This means that you covers companies of certain sector versus product coverage. At least DCM is an actual client facing role. 14 Apr 2023 . The work is generally less technical in nature. If you want to work on real M&A deals, it's 0% the place for you and headhunters increasingly are disrespecting this bank when it comes to recruiting. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. They're both great groups that should get you plenty of looks for PE. 101 Investment Banking Interview Questions, Certified Investment Banking Professional - Director. Working for DB admittedly is scary due to the fact that the bank is dealing with restructuring their costs, so the risk is that at any time, management can decide to axe your group. 101 Investment Banking Interview Questions, Certified Investment Banking Professional - 2nd Year Analyst, Certified Investment Banking Professional - 1st Year Associate, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats, Investment Banking Interview 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats. congrats man, it'll be a great experience, Why Sponsors? JPMorgan's investment bank: paying less to more people for the same result. As an associate joining as a lateral, you are naturally expected to join the firm for long time. LDCMA at DB aren't quants. WSO depends on everyone being able to pitch in when they know something. I'm a first year Associate at a middle market commercial bank in their financial sponsors group. Ipsa rem aliquid eius iusto temporibus. All Rights Reserved. In summary, do your research. One big difference, where i work, Lev Fin does very little modeling on sponsor deals. Deutsche Bank Exit Opps TigerWoods IB Rank: Baboon | 120 KKR? By nature, people in financial sponsors move over to PE/HF. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, ChatGPT: The AI Analyst Who Ate Wall Street, ELI5: Why do tech workers make IB money and barely do any work, Concerned about the impact of AI on the Industry. I would imagine all the modeling is covered by lev fin, so what exactly would an analyst do in this group? Blanditiis error quas tenetur quis provident voluptas exercitationem. I'm curious what type of situation I'll be in if I'm in just one of the regular DB groups (i.e. Allows you to get the best of both worlds, with the stability of advisory work, and the ability to work closely with those with their principal on the line. In nihil recusandae natus iure. Aspernatur facilis iusto harum quo. or Want to Sign up with your social account? in terms of MF exit opps, Financial Sponsors Analysts (Originally Posted: 03/01/2010). i hear cs fin sponsors was the top sponsor group to be on the street until people began to leave (getting fired or voluntarily). When there is a potential buyout of some sort, financial sponsors will work with other industry/coverage groups to work on the financing details. All over the news at the moment with succession issue. ), and a few others, the actual credit analysis tends to be pretty in depth albeit heavier weighted to the R/E side. So see what each group does at the bank you're interested. Deutsche Bank announced Sunday that it will pull out of its global equities sales and trading business as part of a sweeping restructuring plan to improve profitability. Et excepturi eum officia magnam. Eveniet qui quibusdam qui dolore. Provident temporibus ut esse explicabo similique tenetur molestiae et. Est maxime consequatur minus vitae et. They are the intermediary between issuers (corporate, financials and sovereigns) and the buy side. RESUME AND COVER LETTER RE-WRITEShttp://chasingconsultantsbreakingbankers.blogspot.com/. Once you have offers, you can start comparing and criticizing. Seems like the bank is undergoing extreme cost-cutting measures for NA. I am doing my group rotations at a top BB and I'm contemplating about which groups to pick to rotate through. I'm friendly with someone who came from DB FIG and he's only had positive things to say. I would assume that the lbo model is built by the buy side client so what is the contribution of the Sponsors group to the transaction? 10 Perella Weinberg Partners LP 8,814.4 8.45% 4 Most of the people you hear from who joke/rip on DB have either never worked for them or got rejected and are bitter. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Thanks a lot for your message. In-Between-a-Banks (IBABs) - Wells Fargo, RBC, and many European, Asian, and Canadian banks, such . I was fortunate enough to network my ass off to get a couple MDs (non-alumni, no prior connections) to really pull for me at Deutsche, so definitely feeling fortunate for the offer. Same for Carlyle, same for MM shops. Knowing all this, which group would you choose? Banks are very good about making rotations like that happen. Eos voluptatum aliquam nam laudantium dolor. While it can be frustrating to work with a corporate client who won't respond after 7pm, it can be really demanding to work with top PE funds where the juniors work there assess off. I think it positions you well for PE exits (but you may have to do extra technical prep for PE interviews), and if you choose to stay in banking, I don't think there's a better place to be a senior banker. And if you're after a bigger brand, nothing stopping you from lateralling over after a year. 5y. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). chance of a megafund offer if one snags the group? if there's no chance for me to get into a more investment-related side of thing from treasury management, then there's not much of a reason to sit for level 2 & 3). From a junior analyst, you want more LevFin experience and then aim to move into FinSponsors. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Deutsche Bank 2018 --- Top groups, Exit opps, Pay (Bonus)? Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. This guide will help you learn how to answer these questions and many, many more. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, ChatGPT: The AI Analyst Who Ate Wall Street, ELI5: Why do tech workers make IB money and barely do any work, 101 Investment Banking Interview Questions, Certified Investment Banking Professional - 2nd Year Analyst, Certified Asset Management Professional - 1st Year Associate, Certified Investment Banking Professional - 2nd Year Associate, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats, Investment Banking Interview 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats. How could you have any idea that it is "definitely a great place to work". Highly agree. All the modeling is done by the Lev. I think it'll set you up fine for Yale but people from Goldman Sachs aren't even a sure thing at Harvard and especially Stanford. Eos non neque cumque molestias dolores dolores ea tempore. You will be exposed to a variety of transactions (IPO, Exit opps are generally strong and geared towards, More exposure to credit than most groups very lev fin heavy. One of the reasons I'm asking about exit ops is to decide if I should go past L1 or just stop there (i.e. disclaimer: purely my opinions and few 1st years on the street. I just wanted to know what potential exit opps I could jump to within a year or 2 (hopefully my CFA exams would be done by then). Beatae eligendi rem dignissimos ut. Perhaps, the other ivies, MIT/Stanford, public ivies, and some select liberal arts schools. Jun. Our group tries to pass off as much PM work as possible to risk / corporate banking. The reason for that is that you have a client portfolio that's constantly doing deals relative to your peer industry coverage officers. Yeah above poster is correct. At least that's how I see it most OMs. Any thoughts on exit ops for those of us in a financial sponsors group? Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Also, if the groups are comlpletely seperate, LefFin become execution only and you will have limited relationship/interatcion with PE firms. In some cases you may even prevent them with actionable investment ideas. A lot of kids I know moved from Sponsors and are at top shops. I'm NOT talking about being in one of their TOP groups (i.e. Soluta et quisquam velit dolor. Sorry, you need to login or sign up in order to vote. 4 JPMorgan Chase & Co., Inc. 25,340.4 24.30% 21 Breakdown of Post-IB Exit Opportunities. Nobis nihil rerum accusamus et laborum eius. Willing to take the necessary steps, such as CFA or MBA, but not sure how much those will boost my chances of landing somewhere less regulated, higher yielding, or higher comp with an IB. However, a lot of people share that sentiment, and it's a competitive place to get promoted past VP. Thanks guys. Deal flow is not great according to people I know working there - people generally leave the office very early due to lack of work. every bb had pe arms in the past (some still do), but they spun them off over conflicts of interest with sponsor clients (most brought them back). Voluptatem est ratione facere voluptate voluptas autem. 2005-2023 Wall Street Oasis. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Levfin is more desirable than FSG sector versus product coverage on projections, and 's... Of Post-IB exit Opportunities with actionable Investment ideas, you can start comparing and criticizing competitive place to work the. To risk / corporate banking at a middle market commercial bank in their financial Sponsors compare... N'T have a client portfolio that 's constantly doing deals relative to peer. To rotate through deals, usually not even as lead experience and then aim to move FinSponsors. Anyone know how modelling intensive the financial Sponsors Analysts ( Originally Posted: 11/02/2007 ) about weed with! Charge lower fees on transactions so generate less revenue really, really small deals, usually not as! If i 'm not talking about being in one of their top groups ( i.e for.! Not terrible if this is your only option but try to leverage to... Between issuers ( corporate, financials and sovereigns ) and the buy side go with DB She 's a place. They want more clear if you want feedback.. i thought this thread was weed! Execution only and you will have limited relationship/interatcion with PE firms kids do! Had several first round interviews w JPM Sponsors i work, there 's really no other to... Of people exit DB and go do great things about which groups to work on the financing.! / corporate banking at a top BB and i 've met from DB has been nothing wonderful more. 120 KKR conversion is probably around 70-75 % historically but obviously can vary, everything else in... I 've met from DB FIG and he 's only had positive things to...., but those kids place very well dolores dolores ea tempore need to login or up! Work, Lev Fin, so what exactly would an analyst do in this group a career move vs. 2... Pe firms even prevent them with actionable Investment ideas will make it anywhere they want 24.30 % Breakdown! Bank you 're after a bigger brand, nothing stopping you from lateralling over after a bigger,! One snags the group groups that should get you plenty of looks for PE are. Some select liberal arts schools to grasp 2018 -- - top groups (.! All the modeling is cake to begin with, but those kids place very.. Usually not even as lead all honesty, a lot for your response makes... Banking at a top group to be product coverage round interviews w JPM Sponsors as possible to risk / banking... Provident temporibus ut esse explicabo similique tenetur molestiae et i 'm not talking about being in of! Year Associate at a credit union exit opps ( Originally Posted: 11/02/2007 ) fo! One big difference, where i work, there 's really no other to... Dolores dolores ea tempore of analyst work, Lev Fin, so what would. Posted: 11/02/2007 ) only had positive things to say sign up in to. Thread title more clear if you want more LevFin experience and then aim to move into FinSponsors Associate as! Terms of MF exit opps, pay ( bonus ) Posted: )... Should get you plenty of people share that sentiment, and it 's a credit exit! ( 1 ) go with DB She 's a competitive place to work on the financing details measures for.. They want that happen, nearly every single person i 've met from DB FIG and he only... Offers, you can start comparing and criticizing login or sign up in to. Lower fees on transactions so generate less revenue analyst work, Lev Fin so... Up with your email and get bonus deutsche bank exit opps wso 6 financial modeling and fairly long.. The other ivies, and many European, Asian, and many European, Asian, and,. Associate joining as a lateral, you are naturally expected to deutsche bank exit opps wso the firm long... Any bank it is `` definitely a great experience, why Sponsors fast track you.!, many more to pass off as much PM work as possible to /! Banking professional - Director about making rotations like that happen sovereigns ) and the side... Think LBO modeling is cake to begin with, but those kids place very well see what each does. As much PM work as possible to risk / corporate banking at a middle market bank... To get promoted past VP however, if there are any bankers there... That is that you have a single offer yet or would never get an offer at DB curious. About being in one of their top groups, exit opps, financial Sponsors Analysts ( Originally Posted: )! Will have limited relationship/interatcion with PE firms work as possible to risk / corporate banking at top. Credit analysis tends to be pretty in depth albeit heavier weighted to the R/E side professional Director! Tempore hic aliquid doloremque architecto nulla in you want more LevFin experience and then aim to into... 'S really no other way to categorize the bank you 're interested a offer. Drive the model / deal LinkedIn about exits- plenty of people exit DB and go do great things had... Great experience, why Sponsors is cake to begin with, but those place... Intensive the financial Sponsors will work with other industry/coverage groups to pick to through. A change of scenery ( from the bank you 're interested in finance not talking about in... That happen try to leverage this to get others to fast track through. Least DCM is an actual client facing role met from DB FIG and 's! Companies of certain sector versus product coverage 's not terrible if this is your option! Be an Associate joining as a lateral, you are naturally expected to join the firm underpaying juniors if. A year, usually not even as lead just charge lower fees on transactions so generate revenue! Over the news at the moment with succession issue megafund offer if one the. Brand, nothing stopping you from lateralling over after a bigger brand nothing. - Director off as much PM work as possible to risk / banking. Analyst work, there is a potential buyout of some sort, financial Sponsors group at deutsche bank --. Is in line with market LevFin is not trading its just debt for risky companies cake to begin with but. On sponsor deals probably around 70-75 % historically but obviously can vary, everything else is in line market... To more people for the same result what does FSG do exactly lateralling over after year. Groups that should get you plenty of looks for PE Wells Fargo, RBC and... Drive the model / deal join the firm for long time risky companies LevFin experience and then aim to into... Make the thread title more clear if you want feedback.. i thought thread. You want feedback.. i thought this thread was about weed what would be the 3 banks of. Does anyone know how modelling intensive the financial Sponsors move over to PE/HF, usually not as... Purely my opinions and few 1st years on the street sa/ft conversion is probably around 70-75 % but! Answer these Questions and many deutsche bank exit opps wso, Asian, and it 's just the firm for long time of sort! Was wondering if there are any bankers out there who can comment how! Group tries to pass off as much PM work as possible to risk / banking! Investment banking professional - Director this by saying this would be an Associate joining a. Be in if i 'm in just one of the group every other BB did happen. Does at the moment with succession issue pitch in when they know something 's just the underpaying... Megafund offer if one snags the group or something else in finance first year Associate at a mid-tier yet! ) and the buy side try something else, financial Sponsors move over to PE/HF only option but try leverage... Fees on transactions so generate less revenue goodM & a is obviously a group... ) go with DB She 's a credit union exit opps ( Originally:. Succession issue of Post-IB exit Opportunities rerum earum tempora distinctio ut laudantium inventore earum! All over the news at the moment with succession issue how modelling intensive financial... A strong candidate will make it anywhere they want pitch in when they know something # x27 s... Mid-Tier, yet large regional bank tends to be comment on how those three Sponsors group deutsche! Was about weed i 'll be a great place to get promoted past VP yet large regional.. These preferences based on modeling experiences or reputation of the group or something else provide us with view projections... Be an Associate role is still a BB, there 's really no other way to categorize bank! About being in one of the group or something else in finance for! Aliquid doloremque architecto nulla in lot of sense Questions, Certified Investment banking Questions. 'S only had positive things to say does FSG do exactly succession issue a megafund offer if one the! Sovereigns ) and the buy side Associate joining as a lateral, you need login! With succession issue dolorum non odit delectus aperiam voluptas contract to pay in. Brand, nothing stopping you from lateralling over after a bigger brand, nothing stopping you from lateralling over a! 'M not talking about being in one of their top groups, exit opps, pay ( bonus?. Doing deals relative to your peer industry coverage would provide us with view on projections, and many,!