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

Credibility Account

Midmarket investment bankers, if they are worth their salt, are paid to cause pain. Let me explain. Negotiation, when the stakes are high, is unavoidably a painful process.  It involves give and take and what has to be given (price concessions, risk reversal, commitment) are painful to the party doing the giving.  Therefore, the parties […]

Crosshairs Life Insurance

Several years ago, I represented the owner of a construction company who wanted to exit and retire.  His major motivation was his deteriorating health, which he felt prevented him from carrying on.  He was overweight and had high blood pressure and felt in danger in the stressful job as CEO of a $20 million general […]

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 […]

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 […]