Rating:  -
I started reading "Monkey Business" last night and I just couldn't put it down. I work in consulting so I don't have firsthand knowledge, but as far as I can tell this book presents a pretty good account of what Investment Banking is and what Junior Investment Bankers do.
The book talks about preparing pitch books that are used in selling firms on acquiring other companies, selling a part or all of their company, or issueing stocks or bonds to raise capital for the firm. It talks about valuation, which is at the heart of investment banking (you have to value the other company in an acquisition or the company itself in a stock offering), giving a brief account of the Comparable Transaction and Discounted Cash Flow methods. It talks about the endless revisions that more senior I-Bankers make to every document that a client is going to see. This part is hilarious when they relate tales of more senior bankers changing the color on charts and then changing it back or wanting to change the phrasing of a sentence, all of which Rolfe and Troob have to do. It talks about the copy center, where multipe (14 or so) copies of the pitchbooks are made. It talks about drafting the prospectus for an offering with the lawyers and the company's CFO and accountants, and the Printer where the prospectus gets printed on some really fancy paper. Rolfe gives an account of due diligence in the chapter called "Travel". He travels to so many different countries in such a short period of time that he is too exhausted to stay awake during company's presentations and further, he doesn't know anything about the product so is in no position to judge if the business is sound or not.
All along, however, the emphasis is on the EXTREME HOURS and the ENDLESS WORK. These guys are just working all the time: at night, on the weekends. They are not sleeping. They are jacking off at work because it's the only time they get a chance. They frequent strip clubs because that way they know they'll at least get some play whereas trying to start a real relationship carries inherent risk and they just don't have the time to mess around with flirting.
In the end, they decide that investment banking just IS NOT FOR THEM. Other reviews mention how some people really enjoy investment banking and these guys can see that some of the Senior Bankers might be enjoying themselves, but it is just not for them. Rolfe stayed about a year and a half as a full time (plus his summer) and Troob about a year. For that first year each of them made over $200,000. But still, it was not worth it for them.
I've been working full time in consulting for 14 months now, and while the hours are nothing like what they describe, I certainly understand the TENSION BETWEEN WORK AND LEISURE, MONEY AND TIME, which is the CENTRAL THEME of the book. How do you balance work and leisure? How do you balance your desire to make good money and enjoy your work with other aspects of your life? If you are one of those people who loves to work, loves working 11-12 hours/day, 6 days/week, then I-Banking, Consulting, whatever is gong to be a good fit. But if you have other interests, if the work wears you down and takes its toll, then maybe these jobs are not for you. Rolfe and Troob have second thoughts about their decision, "Sometimes we wonder if we should have continued swinging.... it's tough not to secondguess your decision at times..... Rolfe and I think about what we may have left behind. We wonder, are we missing out on something?" (pg 275) Had they stayed the path, they would have become VPs in another 3 years, Senior VPs another 2-3 after that, and maybe even MDs. Their salaries would have incrased from $200,000 per year to $500,000 as VPs, to $700,000-$800-000 as Senior VPs, and into seven figures as MDs, had they made it. Additionally, they would have taken on more responsibility in advisory and capital raising work, interacting with CEOs of companies and having a huge impact on important business in the American Business landscape. It's always a tough choice: the Money, the Power, the Interesting Work, versus more Balance, more Time.
Greg Feirman ....
Rating:  -
Ideal life. Perception. Fun times. Money. Havoc. Money. Mad bosses. Climbing the ladder. Money. Deception. Friendship. Late nights. Screaming matches. Corporate dysfunction. Money. Snobby analysts. Loyalty. Funny observations. Bonuses. "Why did I come to big-time investment?" More late nights. More fun. Money. Managing Directors. Schmoozing. Wining and dining. Competition. Other people's money. Spreadsheets. Balance Sheets. Money. Coming to terms. Moving on. More money.
Rating: -
Rolfe and Troob had me laughing out aloud all through the book with their witty sense of humor. I can definitely relate to their experience in the industry. So much of it is so true, though sometimes exaggerated.
Rating: -
I'm tempted to give this one 5 stars, but time will tell -- books like these always tend to seem better when you first read them than the second time around -- especially when that's 5 years down the road.
First, it's nice to have a 90's update of what life is (supposedly) really like in the trenches of Wall St. I'd read Liar's Poker (a look at life as a trader in the 80's) just a few weeks ago. The obvious topical differences between the two are:
1) "Monkey Business" is about the 90's, not the 80's 2) "Monkey Business" looks at M&A guys, whereas LP was about (bond) traders 3) "Monkey Business" looks DLJ, whereas LP looks at Salomon Brothers.
This book is hilarious first and foremost. Anybody could read this book and get a huge laugh, although think twice before giving this to your mother to ease her concerns about your new life as a banker -- one of the authors is humorously, but graphically, frank about how he goes about his (solo) "love life" inside the office. It's the solo bit that I found so funny.
Secondly -- don't read this book if you don't want to be talked out of the banking world (at least the M&A wing). The examples of communiques between associate, vice president, back to associate, back to vice president, to sr. VP, back to associate, back to VP, ad nauseum -- all over the proper capitalization of "Donaldson, Lufkin and Jenrette" would be terrifying if they weren't so funny. Makes me think of these guys as glorified copy boys, in suits, on non-stop international flights, who *really* like to frequent strip joints.
My cousin just graduated college and just accepted his first job -- as an M&A guy for one of the big banks. Someone recommended he read this book. Unfortunately for him -- he took their advice -- and boy is *he* sweating bullets now. I never saw the guy read a book so fast in his life -- he was too terrifyingly fascinated with what was about to become of his life to put it down.
Best of luck to him -- and to you, if you're reading this as the hysterical primer on M&A life that it is.
Rating: -
With crude language and a casual voice, Troob and Rolfe paint a dynamic view of the industry. It's a quick, entertaining read, and for all of us getting ready to subject ourselves to the same sort of experiences in investment banking, maybe it will make us think twice. Or at the very least, we'll know what to expect. Overall, very much worth reading.
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