HH #10

There has been plenty of fantastic news over the last two weeks. For starters:

1. The S&P 500 has risen over 3%

2. The CPI index printed only a 4% YoY increase in May (lowest YoY increase in over 2 years)

3. CAVA IPO’ed (the first large IPO in over 18 months)

What these figures mean collectively is that the economy is ripping in the right direction. This has been a dramatic turn from when HH was founded in February of 2023. Just a few months ago many people were predicting a harsh recession to hit in the second half of 2023. However, 3Q 2023 starts on July 1st and right now things are looking up.

The biggest and best signal from the grouping mentioned above is the CPI increase of only 4% YoY. The reduction in inflationary pressure has convinced the FED to pause their interest rate hike for June. Rates today are held between 5-5.25%. Due to the overall positive sentiment being felt in the market, CAVA IPO’ed. For anyone interviewing, it would be wise to take a look at the details of the CAVA IPO and form an opinion on whether or not you think the company IPO’ed at a substantial overvaluation. After all, shares did rise over 99% immediately after CAVA hit the market. Will we see more IPOs over the next few months? Have rising interest rates even been felt by most major corporations and consumers? Is this the shortsighted market peak?

In other relevant news, UBS finalized the acquisition of Credit Suisse. This forms a Swiss banking giant and really only negatively affects some unwanted CS teams. With the turmoil experienced by both of those organizations, I really would stay away until the dust settles. A rumor shared by Litquidity on Instagram is that UBS just fired all of their London office grads just weeks before starting.

Banking: Not much has changed here from the last update. A few smaller boutiques have opened up their SA apps including Clearsight Advisors. Otherwise, there are plenty of apps with deadlines expiring within a month including: Citizens, Nomura, Solomon, and Fifth Third. So be sure to get those apps in asap if you’re recruiting for those firms. From the FT perspective, more banks are slowly starting to release FT 2024 apps including: Clearsight and Olsen Palmer. As I said in the last update, I expect July to be relatively slow and for FT recruiting to pick up heavily in August.

Consulting: Bain and BCG’s first deadlines are quickly approaching. If you’re looking to apply to those firms, start networking and apply TODAY. We have also added a FT consulting section as those apps have been opening up.

Buyside: Buyside recruiting seemed quiet over the last two weeks. A few firm deadlines rolled off, and the large funds still haven’t posted anything

We added many new professional contacts to network with and have also added more insider interview insights for all of the BBs and some EBs. We are planning to get off of Venmo and add a more official payment processor; if you guys have any ideas please let us know. As always, e-mail us with suggestions about anything you'd like us to include in our future updates!

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Happy to help,

Hoos Helpers