Wall Street Prep

This Monday: a working definition of a compounder, applied live to Costco. Most long-duration investors say they look for compounders. Few can define one. Paul Johnson’s working definition turns on three attributes: large total addressable market, sustainable competitive advantage, enlightened and engaged management. The framework gives you a screen you can apply to your own research immediately. On Monday at noon ET, Paul will walk through each attribute and put the framework to work on Costco. The session will be recorded for registrants who cannot attend live. Paul founded Nicusa Investment Advisors. Co-author of Pitch the Perfect Investment and The Gorilla Game. Wharton MBA. Register for free: https://lnkd.in/gypQSyhv

Every finance career starts with the same question: where do I fit? 🤔 Sell Side or Buy Side. Investment Banking or Private Equity. Asset Management or Sales & Trading. Understanding how they all connect and where the money actually flows is the foundation of any finance career. This Wall Street Prep cheatsheet shows exactly where each player sits, how corporations interact with both sides and how the primary and secondary markets function. Save this one👇

Most "AI for finance" training stops at prompt-writing. Eight weeks of that won't change how anyone on your team builds a model on Monday morning. Enrollment is open for the Summer 2026 cohort of the AI for Business & Finance Certificate Program from Columbia Business School Executive Education and Wall Street Prep. Over 8 weeks, online, starting July 13, you'll: • Build AI workflows mapped to specific finance roles: equity research, FP&A, M&A, credit, and corporate finance • Learn from AI practitioners at OpenAI, Citi, Barclays, PwC, NatWest, Ramp, and Perplexity • Attend live weekly office hours with Columbia Business School faculty • Build a network of business and finance professionals you can learn from and problem solve alongside • Earn a Columbia Exec Ed Certificate Enroll before June 15 to waive the $200 application fee. Secure your spot: https://lnkd.in/dUPxAMdz Andrew Nesbit Luke Wallace Matan Feldman Daniel Guetta Scott Roman Aubrey Brownlee

Finance Explained: Hedge Fund Strategies Primer (Must Know)🏆 Here are 11 hedge fund strategies worth knowing, each built around a different investment approach. Long-Short Equities (L/S): Attempt to profit from both upside and downside stock price movements by taking long positions in underpriced equities while short-selling stocks deemed overpriced. Equity Market Neutral (EMN): Seek to offset the long positions with short positions to maintain a portfolio beta near zero by pairing long with shorts. Returns are driven by alpha alone, not market direction. Short-Only: Specialists at capitalizing on opportunities where asset values are significantly overpriced or by uncovering catalysts such as accounting fraud or management malfeasance. Event-Driven: Aim to profit from anticipating the occurrence of catalyst events with the potential to cause significant price movements, such as regulatory changes or operational restructuring. The thesis is in the timing of the event. Arbitrage: Pursue pricing inefficiencies and temporary market mispricing to profit from the inconsistencies in the spread and uncertainty in investor sentiment, e.g. capturing the spread between a target's current share price and the proposed acquisition offer price. Activist: Directly influence corporate decisions by vocally exerting their shareholder rights. Engagement can be friendly, securing a board seat, or hostile, running a proxy fight to force strategic change. Global Macro: Strive to profit from economic conditions and political landscape, global events, regulatory policies and foreign policies. Holdings typically span equity indices, fixed income, currencies and commodities. Quantitative: Use proprietary algorithms and systematic trading models to remove human emotion and bias from investment decisions. Strategy is built on historical market data, back-tested models and computerized systems designed to identify patterns and profit from temporary price movements across global markets. Distressed Debt: Specialize in purchasing the mispriced securities of companies approaching or already in bankruptcy. The opportunity lies in the uncertainty around the outcome, whether Chapter 7 liquidation or Chapter 11 reorganization, with the potential to convert discounted debt into equity in the restructured entity. Multi-Strategy: Allocate capital across different strategies, asset classes and geographies, prioritizing capital preservation over outsized returns. Risk management is the central discipline, particularly as AUM grows and more capital is at stake. Credit: Focus predominantly on debt securities, ranging from investment-grade corporate bonds and government debt to structured credit such as CDOs and CLOs. Returns are driven by identifying inefficiencies in default risk, credit spread risk and illiquidity risk across the capital structure. Full breakdown on Wall Street Prep👇

Investment Banking Interview: "What are Valuation Multiples and How Are They Used?"🏆 Valuation multiples are ratios that reflect the implied value of companies in relation to a specific operating metric. Usage of a valuation multiple – a standardized financial metric – allows analysts to perform comps analysis among peer companies with different characteristics, most notably size. Calculating Valuation Multiples👇 The basis of relative valuation is to approximate the value of an asset (i.e. the company) by looking at the market values of similar, comparable companies. Valuation Multiple Formula👇 Valuation multiples consist of two components: Numerator → Value Measure (Enterprise Value or Equity Value) Denominator → Value Driver – i.e. Financial or Operating Metric (EBITDA, EBIT, Revenue, etc.) Valuation Multiple = Value Measure ÷ Value Driver The key rule is that the represented investor group in the numerator and the denominator must match. Different Types of Valuation Multiples👇 Enterprise Value → Pairs with unlevered metrics: EBIT, EBITDA, revenue, FCFF, since all sit above the debt line. Equity Value → Pairs with levered metrics: net income, FCFE, EPS, since these are all post-debt. Enterprise Value Multiples vs. Equity Value Multiples: The Difference👇 Enterprise Value Multiples: EV/EBITDA, EV/EBIT, EV/Revenue Equity Value Multiples: P/E Ratio, PEG Ratio, Price/Book Ratio (P/B) Industry-specific multiples are also common. EV/EBITDAR is frequently seen in the transportation industry (i.e. rental costs are added back to EBITDA), while EV/(EBITDA – Capex) is frequently used for industrials and other capital-intensive industries like manufacturing. In practice, the EV/EBITDA multiple is the most commonly used, followed by EV/EBIT, especially in the context of M&A. The P/E ratio is typically used by retail investors, while P/B ratios are used far less often and normally only seen when valuing financial institutions (i.e. banks). When it comes to unprofitable companies, the EV/Revenue multiple is frequently used, as it’s sometimes the only meaningful option (e.g. EBIT could be negative, making the multiple meaningless). Looking to break into investment banking? Visit Wall Street Prep🏆

I'm excited to announce that I’ve completed the Real Estate Investing and Analysis Certificate from Wharton Online and Wall Street Prep! The program significantly strengthened my skills in real estate financial modeling, valuation techniques, and investment strategy. I’m especially looking forward to applying these tools to the work I’m most passionate about — driving smarter, more impactful decisions in multifamily and urban space. At its core, strong analysis leads to better investment choices, which ultimately helps create more vibrant and active living environments and cities. A highlight of the program was the demanding capstone project, which spanned the full acquisition process — from market research, loan sizing & financing package, and operational modeling to JV waterfalls and detailed sensitivity tables. Thank you to Newmark for providing this real-world multifamily deal! Additionally, a big thank you to the Wharton faculty and program team — especially Aaron Hancock, Todd Sinai, Jessie Handbury, and Daniel Mann — for their outstanding instruction and guidance. Excited to put this knowledge into action!

⏰ Today is the last day to save $200 on the @Wharton Online × @Wall Street Prep Certificate Programs. This is your moment to step into a learning experience that brings together rigorous thinking, real-world application, and a global community of professionals. Why choose a Wharton Online certificate program? • Learn at your own pace, without learning alone. • Engage directly with Wharton Business School faculty and experienced practitioners. • Join a cohort that turns coursework into lasting professional relationships. Programs start June 8 and are fully online, with opportunities to connect through live sessions, networking events, and in-person celebrations. If you’ve been waiting for the right time to invest in yourself, this is it. Enroll today and join a community that continues long after the certificate is earned. • Applied Value Investing https://lnkd.in/dSzrvNxF • Private Equity https://lnkd.in/dxtmEpBY • Real Estate Investing https://lnkd.in/dscc2rcR • FP&A https://lnkd.in/dju27MCA • Restructuring & Distressed Investing https://lnkd.in/dpNrbM6f Matan Feldman Scott Roman Christian Wattig Christopher Ittner David Musto Todd Sinai Ben Keys Jessie Handbury Aaron Hancock Nicolaj Siggelkow Brett Caughran Andrew Nesbit Jonathan Bain

I’m happy to share that I recently completed the Real Estate Investing & Analysis certificate from Wharton Online in collaboration with Wall Street Prep. As I continue actively investing, I’m focused on combining practical execution with strong financial fundamentals. Excited for what’s ahead.

⏰ 3 days left to save $200 on tuition for the Wharton Online × Wall Street Prep Certificate Programs. This year, learn the skills that help move your career forward in Wharton Online's 8-week certificate programs. Build technical skill and strategic judgment Strengthen modeling and analytical capabilities while learning how to evaluate risk, context, and long-term impact. Learn directly from Wharton Business School faculty Engage with world-class professors and experienced practitioners who connect technical analysis to real business decisions. Join a lifelong, MBA-style professional network Connect with a global community of peers, graduates, faculty, and industry leaders through live sessions, in-person events, and ongoing networking that continues well beyond the program. Enroll in one of four specialized programs: • Applied Value Investing https://lnkd.in/dSzrvNxF • Private Equity https://lnkd.in/dxtmEpBY • Real Estate Investing https://lnkd.in/dscc2rcR • FP&A https://lnkd.in/dju27MCA • Restructuring & Distressed Investing (https://lnkd.in/dpNrbM6f) Matan Feldman Scott Roman Christian Wattig Christopher Ittner David Musto Todd Sinai Ben Keys Jessie Handbury Aaron Hancock Nicolaj Siggelkow Brett Caughran Andrew Nesbit Jonathan Bain

Wall Street Prep is pleased to announce that Bogdan Tudose has joined the firm as Head of AI and Data Science. In this newly created role, Bogdan will lead WSP's AI strategy across its training programs, with a focus on helping investment banks, private equity firms, and asset managers embed AI directly into core workflows: deal execution, research, and investment processes. He joins from Training The Street, where he served as Co-Head of Data Science. Before that, he worked in M&A at BMO Capital Markets and as an investment analyst at Anson Funds. "The biggest gains come from embedding AI into repeatable workflows: how analysts build models, draft materials, and support decision-making, in ways that make people faster and sharper, not just more dependent on the tools themselves." - Bogdan Tudose, Head of AI and Data Science, Wall Street Prep We're excited to have him on the team. Click Here to Learn More: https://prn.to/4946xTV