"Investment Banking is 10% Financial Analysis and 90% Psycho-analysis" – André Meyer  This blog is about the "other 90%"…

The Best Lie is the Truth

Lying is rampant in every walk of life and especially in investment banking.  The truth in business is seen as such a valuable commodity that it should not be given away.  It is seen as gold that has to be mined with hard labor, extracted from the other party with cunning or force, or purchased […]

When Harry met Sally

Surely, you remember that great movie from the ’90s with Meg Ryan and Billy Crystal. They are in a ‘cat and dog’ relationship. They first meet at 21 driving home after college from Chicago to New York in a car pool, where Sally finds Harry obnoxious; 5 years later they meet again at an airport […]

Fix to Sell, or Sell to Fix?

It’s no smooth sailing to manage the integration of a listed or private equity owned company.  Upon the closing of the deal, the buyer’s management consultants will present a shopping list of transition tasks to the business unit manager. It is called the 100 day plan and can be summed up as “Do everything differently […]

False Characters

There is a fast diner next door to my office that I started frequenting lately for the odd quick office-lunch. They have two televisions playing in the seating area, one showing sports, the other soaps, achieving a combined 80% approval rate from diners. Luckily, text only, which saves digestion and allows me to guess the […]

Uncertain vs. Sure Synergies

M&A bankers like to talk about cross-selling, up-selling, skills transfers, innovation and management talent as being the main synergy drivers of mergers.  Sure enough, there is nothing sexier than Google buying social media traffic app Waze for $1 billion. The search giant can put its maps service on steroids pulling further away from Apple Maps […]