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In this long-awaited episode of The Wall Street Skinny, we’re breaking down Real Estate Private Equity with Lauren Hochfelder, Managing Director and Co-CEO of Morgan Stanley Real Estate Investing. If you’ve ever wondered what real estate investing looks like at the institutional level — beyond flipping houses or buying rental properties — this is your 101 primer.

We dive into the nuances that make this asset class unique. Real estate is both macro and hyper-local, driven by long-term demographic shifts and on-the-ground intel from developers and market specialists. Lauren explains what it means when we say "investing in real estate is an inflation hedge" and why it's such a powerful combination of income and asset appreciation. For anyone curious about commercial real estate trends, we cover everything from the evolving role of the office post-COVID to how lease structures and regional supply chains affect asset valuations. Lauren also addresses the shift away from private equity firms buying up single-family homes and how purpose-built rental communities are gaining traction.

We also discuss how the career path differs from traditional private equity, what backgrounds are valued in the industry, and how this corner of the investing world offers a surprisingly diverse and dynamic mix of personalities and perspectives. Whether you’re a student, young professional, or investor looking to understand a foundational but often overlooked part of the market, this is a conversation you won’t want to miss.

Before we get into it, we also touch on a few big finance headlines from the week: the Fed’s decision to hold rates steady, Millennium’s $14 billion valuation and what it means to buy into a pod shop, and the record-breaking $10 billion sale of a majority stake in the LA Lakers. From hedge fund structures to sports investing comps, we offer a quick download on the stories that caught our attention—and set the stage for deeper dives in future episodes.

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Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

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In this episode we delve into the intricate world of finance depicted in the Season 3 premiere, "Il Mattino Ha L’Oro in Bocca" breaking down the complexities behind the IPO process, how pricing works and setting "price talk", the IPO discount and more. We also touch on some key corporate finance concepts including leverage ratios, net debt, and finally touch on the power and electricity markets, specifically the influence of natural gas on the profitability for solar companies that sell electricity like the fictional Lumi. We also explore the regulatory landscape of public company financial disclosures and the strategic maneuvers companies make to prepare for a successful IPO.

The discussion then turns to the significance of ESG (Environmental, Social, and Governance) investing, examining its impact on stock valuations and the broader market perception. We talk about the show's commentary on how ESG factors play into financial decision-making, client relations, and the reputational risks that come with moving towards more sustainable investments. Through the lens of the show's characters, they illustrate the real-world implications of these principles in modern finance.

Additionally, the episode offers a critical analysis of the character dynamics and ethical considerations in the high-stakes environment of investment banking. The hosts draw parallels between the show’s dramatic narrative and actual industry practices, providing listeners with both entertainment and a clearer understanding of the financial intricacies that drive the plot of Industry. Whether you're a finance professional or simply a fan of the show, this episode promises to enrich your viewing experience with expert financial insights.

To listen to our IPO 101 episode, click HERE

To listen to the WeWork failed IPO + SPACs 101 episode, click HERE

Our Investment Banking and Private Equity Foundations course is LIVE
now with our M&A course included!

Shop our LIBRARY of Self Paced Online Courses HERE
Join the Fixed Income Sales and Trading waitlist HERE

Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

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In this episode, we sit down with Sonia Gupta, Partner and Co-Head of Biotech Investment Banking at Goldman Sachs. Sonia walks us through her unique journey—from studying public health at Brown, to working in healthcare consulting, to getting her MBA at MIT, and ultimately climbing the ranks at Goldman to become a senior leader advising some of the most innovative biotech companies in the world. We dive deep into what it’s like to enter banking post-MBA, how her academic background shaped her approach to the job, and why healthcare—particularly biotech—is such a distinct and intellectually demanding coverage group.

We explore the nuances of biotech investment banking: how to value companies that often have no revenue, how the space intersects with venture capital and tech, and why the work often feels more like strategic consulting than traditional M&A. Sonia breaks down the DCF models she and her team build—sometimes stretching 25 years—and the real-life decision-making that goes into supporting clients whose work could lead to the next blockbuster cancer drug or cure for a rare genetic disease. We also talk about how healthcare banking is segmented within the broader investment banking ecosystem and what it really means to be a “coverage banker” at Goldman.

Finally, we discuss analyst exit opportunities, how banks like Goldman are thinking about retention, and what it’s like building a career—and a family—while advising high-growth companies from San Francisco. Sonia’s insights are thoughtful, candid, and inspiring, especially for anyone considering a career in investment banking or healthcare. Whether you're curious about the real-world utility of an MBA, the biotech IPO market, or what it means to grow into true subject matter expertise over time, this episode offers a fascinating window into one of the most complex and purpose-driven sectors on Wall Street.

Our Investment Banking and Private Equity Foundations course is LIVE
now with our M&A course included!

Shop our LIBRARY of Self Paced Online Courses HERE
Join the Fixed Income Sales and Trading waitlist HERE

Our content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.