And while East and West are retrenching into revised economic spheres of influence, the Middle East and the Gulf, led by Saudi economic initiative, are creating an independent power base and new hub of innovation as they embrace key transformations of the futureincluding urban living, healthcare, digitization, food technology, and (despite oil being the primary source of revenue) energy innovation. Would Paris Hilton Let Her Kid Be An Influencer? Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class by Luke Barr, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them by Julia Boorstin, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur C. Brooks, Metahuman: Unleashing Your Infinite Potential by Deepak Chopra, Power Failure: The Rise and Fall of an American Icon by William D. Cohan, Build: An Unorthodox Guide to Making Things Worth Making by Tony Faddell, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire by Daniel Gross, Play Nice But Win: A CEOs Journey from Founder to Leader by James Kaplan and Michael S. Dell, The General Theory of Employment, Interest and Money by John Maynard Keynes, Leadership: Six Studies in World Strategy Hardcover by Henry Kissinger, When We Cease to Understand the World byBenjamin Labatut, Reminiscences of a Stock Operator by Edwin Lefvre, Thomas Jefferson: The Art of Power by Jon Meacham, Scarcity by Senhil Mullainthan & Eldar Shafir, The Revolutionary: Samuel Adams by Stacy Schiff, Vogue X Music byEditors of American Vogue,andJonathan Van Meter, Alexander and the Terrible, Horrible, No Good, Very Bad Day by Judith Viorst, Stockholm: City of Islands and Water by Jeppe Wikstrm & Per Kallstenius, Translated by Ruth Urbom, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization by Peter Zeihan. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. The first half of the year could also look very different from the second half, as valuations normalize, and rates potentially settle from their peak. 1972 (age 50-51) Palo Alto, California. But as the company wrote in its most recent letter to shareholders, building a large, successful streaming business is hard. The company estimated its competitors are all losing money, with combined 2022 operating losses well over $10 billion, vs. Netflixs $5 to $6 billion annual operating profit. Competitors need to find their path. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. So, cash must be put to work and inflation can be a double-edged sword. Sometimes you have to grow down to grow uplike the roots of a tree, an image I left you with last year as we were exiting a less grounded market cycle. Thanks for your interest in the 2022 Corporate Strategy Summer Analyst position. The challenge is how to respond. Offered in New York, San Francisco, Dallas, and Detroit (Birmingham), interns can expect a fast-paced, demanding work environment that offers the chance to learn and grow professionally. The reality, however, has been the reverse: social media has left us more disconnected. The independent investment and merchant bank for creativity, community and capital 2023 will be a year of growth; its just that not all growth is up and to the right. Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. Greenhill provides its Analysts with the specialist training that gives them a strong foundation in the skills they need to begin a successful career in investment banking. At any given moment, we can measure our position or value in the world. But its not just about getting smaller. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. There is still over $700bn of private equity dry powder waiting to be deployed, but the credit cost associated with deployment of that capital is its highest in close to 10 years. His loftier goal is to help rewrite the narrative for . Augmented reality is yet another digital content experience that is gaining traction and will transform our perception of physical spaces, including retail, museums, education, travel, and beyond. With this foundational reach, the Silicon Valley players can direct more resources to content creation because distribution and customer-acquisition are already built into their model. The period leading up to the U.S. presidential election in 2024 is bound to be filled with rhetoric and the sort of challenges mentioned above, testing our media institutions and those who lead them yet again. The root word in Hebrew for counsel also means tree. The traditional model was built on multiple revenue streamsadvertising, subscription, long-tail syndication, and content bundling, where owning IPand the library of content built up over timewas the bedrock of long-term value. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. Just as we are looking forward to finally escaping the pandemic and reaching for normalization, we are hit with the threat of a downturn that can cause us to recoil. Gaming companies also make money! In such a context, companies will need to take steps to reduce their costs, and to ensure the resilience of their supply and distribution lines. However, when he left office in 1987 inflation was down to 3.4%, and ultimately his tenacity is lauded (one of his biographies is entitled The Triumph of Persistence). There is still a window for local broadcasters to use their remaining distribution leverage to reinvent themselves, moving away from content dependence on the networks and distribution dependence on the cable companies. The pandemic was an accelerator for change. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. The watershed case of Gonzalez v. Google hinges on the difference between providing a platform for content, and promoting that content, to some users but not otherswhether this form of selection and targeting is protected by Section 230 of the 1996 Communications Decency Act. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. Other feature hits and episodic content from Black Panther: Wakanda Forever to The Peripheral to Woman King (fill in whatever youve loved this year) continue to inspire and excite. While we can attempt to understand the current state of affairs, we can only guess at the acceleration of changes to the global paradigm that has governed our decision-making for the last half century. LionTree, powered by what media and telecom executives describe as Mr. Bourkoff's nonstop networking, has already claimed a number of advisory assignments, from Charter's deal for Time Warner . Our Services Investment Banking What We Deliver Global Reach LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. LIV Golf's David Feherty oddly claims Greg Norman was more recognizable than Michael Jordan in '80s and '90s Feherty left NBC in favor of an analyst job with LIV last summer But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. So, when it comes to sports, expect media rights packages to be further divided. Not all change, however, is sustainablesometimes progress hits a brick wall and must be rethought, especially when the assumptions on which it is based have shifted. What are the investable opportunities now that unprofitable growth initiatives make less sense? But that reconsideration is itself an opportunity. These confines are both self-selected, and inflicted upon us by algorithms, which risk deepening our social and political divisions by drawing the like-minded together, and radicalizing users by luring them to the extremes of antisemitism, racism, and all sorts of noxious beliefs. 210123. LionTree represents clients ranging from large-cap leaders to emerging growth companies. As LionTree grows, Kindred Media has grown with it. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Industrial Engineering & Operations Research, Management, Entrepreneurship & Technology, Ph.D. Industrial Engineering & Operations Research. Indeed, expertise, as well as creativity, may be in the process of being usurped by generative AI, which puts the power of creation in the hands of anyone with a basic keyboardfrom ChatGPT (text to dialogue) to DALL-E (text to imagery), to Midjourney (text to animation), and many others not mentioned here. Contact. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? Location: New York, NY. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. We seek to match long-term-oriented CEOs with long-term shareholders, enabling companies to play to their competitive advantageand we align ourselves with the outcome through our own capital. At stake were about $65m in fees, a huge amount for a company with fewer than 50 employees, according to estimates from Freeman & Co. Now, with Charter-TWC and more than 50 transactions worth more . Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. Moreover, history gives us reason for optimism. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. Toward these ends, we see several opportunities at play across the landscape. Take a Break and Daily from Kindred Media. With access to capital under pressure and favoring those with long-term, viable growth plans, there is an opportunity for companies in strong positions to take advantage of a relative differentiation to prove out their business modelsbuilt on unit economics, sustainable fundamentals, and competitive advantagesand to identify and partner with long-term shareholders who want to support them over the next decade, not just the next ten months. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. While this is difficult work, these leadership decisions are necessary. 2020 - 2023. I know these books, and even more so the relationships they represent, will help guide and energize me in the year ahead, and hopefully in the many years to follow. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. Seeing scarcity as an opportunity to go deep within, in order to emerge with what is required to go beyond even your original expectations. The arrival of big tech platforms highlighted the benefits of broad distribution, established through e-commerce (Amazon), devices (Apple), or streaming built on cheap money (Netflix). However, real interest rates are still meaningfully negative (and the lowest in nearly 40 years); as such, rates will have to go higher, or inflation must decrease meaningfully. Personally wouldn't consider over GS /MS/ Evercore, but . Your preference will be taken into consideration, but not guaranteed. Ineffective or false leadership must be replaced by management that has the honesty and fortitude to see through a strategic vision, the intellectual humility to learn from mistakes, and the decisiveness to make necessary changes. You were just a person who wanted to build a business. 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