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    James Yaro

    Vice President of Equity Research at Goldman Sachs

    James Yaro is a Vice President of Equity Research at Goldman Sachs specializing in financials, particularly covering companies such as Moelis & Company, Jefferies Financial Group, Perella Weinberg Partners, Interactive Brokers Group, and General Mills. He has demonstrated strong analytical performance with an average rating success rate of approximately 59% and average returns exceeding 11% across 45 stock ratings, earning a 3.99-star ranking among Wall Street analysts. Yaro began his career after graduating from Amherst College and has risen through the equity research ranks at Goldman Sachs, where he remains focused on major players in the financial and consumer sectors. He holds relevant professional credentials typical of his industry standing, underpinned by his FINRA registration and securities licenses.

    James Yaro's questions to eToro Group (ETOR) leadership

    James Yaro's questions to eToro Group (ETOR) leadership • Q2 2025

    Question

    James Yaro from Goldman Sachs asked about the key drivers behind the sequential increase in net contribution per trade across both the equities/commodities/currencies (ECC) and crypto segments.

    Answer

    CFO Meron Shani attributed the increase primarily to a 54% year-over-year growth in the average invested amount per trade. He also noted that the introduction of ticket fees in certain regions reduced smaller trades, further boosting the average. For crypto, the higher invested amount and slightly better volume internalization were the main drivers.

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    James Yaro's questions to eToro Group (ETOR) leadership • Q2 2025

    Question

    James Yaro from Goldman Sachs asked about the drivers behind the sequential increase in net contribution per trade for both equities/commodities/currencies (ECC) and crypto, and the outlook for take rates.

    Answer

    CFO Meron Shani attributed the increase primarily to the growth in the average invested amount per trade, which rose 54% year-over-year. He noted that the introduction of ticket fees outside the U.S. and UK also contributed by reducing smaller trades. For crypto, the increase was directly tied to the higher invested amount and a slightly better ability to internalize volume.

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    James Yaro's questions to Circle Internet Group (CRCL) leadership

    James Yaro's questions to Circle Internet Group (CRCL) leadership • Q2 2025

    Question

    James Yaro from Goldman Sachs inquired about the outlook for non-dollar stablecoins like EURC and their necessity for cross-border payments, and asked about the opportunity for Circle Gateway and how it differs from or integrates with CCTP.

    Answer

    Chairman, CEO & Co-Founder Jeremy Allaire expressed long-term optimism for non-dollar stablecoins, which Circle plans to support on ARC and CPN. He explained that Circle Gateway is a user experience abstraction layer built on top of protocols like CCTP. While CCTP is a low-level settlement protocol, Gateway simplifies the user experience by presenting a single USDC balance that can be spent seamlessly across any supported chain.

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    James Yaro's questions to Galaxy Digital (GLXY) leadership

    James Yaro's questions to Galaxy Digital (GLXY) leadership • Q2 2025

    Question

    James Yaro of Goldman Sachs inquired about the growth outlook for non-US dollar stablecoins and sought an update on the expected financing cost range for the data center project debt for Phases one and two.

    Answer

    Founder, CEO & Director Michael Novogratz stated that while non-USD stablecoins will not be as large as USD-denominated ones in the short run, their long-term potential is great as digital currencies and payments evolve. President & CIO Christopher Ferraro added that Phase one financing is expected to yield a 10-11% cost of capital, and they anticipate more favorable terms for Phase two as the company demonstrates execution.

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    James Yaro's questions to Perella Weinberg Partners (PWP) leadership

    James Yaro's questions to Perella Weinberg Partners (PWP) leadership • Q2 2025

    Question

    James Yaro from Goldman Sachs questioned the potential scale of the senior banker base over the next few years and the long-term ramifications for the comp ratio. He also asked for an update on capital return aspirations given the increased investment in organic growth and acquisitions.

    Answer

    CEO Andrew Bednar explained that there is no set limitation on hiring, with the focus being on strategic fit, caliber, and cultural integration. He noted this year's hiring is above the typical trend of 4-5 net new partners annually. Regarding capital return, Bednar emphasized that while the firm is laser-focused on mitigating dilution and growing EPS, investing in the business through hiring and M&A is currently a more attractive use of capital. He confirmed the firm will remain mindful of shareholder returns but is in a period of heavier investment, while maintaining the quarterly dividend.

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    James Yaro's questions to Perella Weinberg Partners (PWP) leadership • Q1 2025

    Question

    James Yaro requested more clarity on the assumptions baked into the 67% compensation ratio for the quarter and the potential for future progress. He also asked for a breakdown of the non-compensation expense increase, specifically the litigation costs, and an update on the full-year guidance.

    Answer

    CFO Alexandra Gottschalk clarified that the 67% compensation ratio is the firm's best estimate, which could be adjusted based on performance and recruiting pace. She specified that over $11 million in non-compensation expenses were one-time litigation costs from a concluded trial and reaffirmed that the prior guidance for a single-digit percentage increase for the full year remains the best estimate.

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    James Yaro's questions to Perella Weinberg Partners (PWP) leadership • Q4 2024

    Question

    James Yaro from Goldman Sachs asked about the impact of higher interest rates on sponsor-led M&A, the outlook for the restructuring business, and the potential for further improvement in the firm's compensation ratio.

    Answer

    CEO Andrew Bednar stated that sponsor M&A activity can proceed in a higher-rate environment but expects a 'slower grind up' as sponsors focus on monetizing existing assets. He expressed strong optimism for the restructuring business, which has broadened into complex financing solutions. Regarding the comp ratio, he reiterated the firm's commitment to its mid-60s target and expects to gain leverage as the business scales, but did not provide a specific 2025 forecast.

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    James Yaro's questions to Perella Weinberg Partners (PWP) leadership • Q3 2024

    Question

    James Yaro asked about two potential election-related impacts: how a steeper yield curve could affect M&A activity and the potential impact of tariffs. He also questioned the Q4 revenue outlook, asking if a pull-forward into Q3 or pre-election uncertainty was the cause for the sequential decline. Finally, he sought clarification on the end-of-period share count.

    Answer

    Andrew Bednar, Chief Executive Officer, opined that a steeper yield curve could slow the return of sponsor-led M&A, but that corporate activity would remain strong. He confirmed that over $25 million in revenue was pulled forward from Q4 into Q3, impacting the Q4 outlook, and called the election's impact a 'minor speed bump.' Alexandra Gottschalk, Chief Financial Officer, confirmed the analyst's calculation for the total end-of-period share count was correct.

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    James Yaro's questions to PIPER SANDLER COMPANIES (PIPR) leadership

    James Yaro's questions to PIPER SANDLER COMPANIES (PIPR) leadership • Q2 2025

    Question

    James Yaro of Goldman Sachs inquired about the IPO market outlook, particularly for biotech, and asked to reconcile the positive bank M&A commentary with the weaker Q3 fixed income forecast. He also questioned the trajectory for compensation and non-compensation expenses.

    Answer

    Chairman & CEO Chad Abraham noted a bifurcated IPO market, with general activity improving but biotech remaining slow. President Deb Schoneman clarified that the Q3 fixed income moderation is due to a tough comparison against a very strong Q2, not a change in the fundamental outlook. CFO Kate Clune projected the compensation ratio would stay within its target range and explained that while non-comp expenses are elevated, the firm is not yet adjusting its full-year guidance.

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    James Yaro's questions to PIPER SANDLER COMPANIES (PIPR) leadership • Q1 2025

    Question

    James Yaro asked for context on the contribution from countercyclical advisory businesses like restructuring and debt capital markets. He also inquired about the firm's appetite for acquisitions in the current environment, the IPO pipeline backlog, particularly in healthcare, and what was driving fixed income trading activity among bank clients.

    Answer

    Chairman and CEO Chad Abraham stated that while countercyclical businesses like debt capital markets and restructuring are not half their business, they are growing faster than M&A and providing ballast. He confirmed it is a good time for acquisitions, targeting technology, software, and select European opportunities. Regarding the IPO market, he noted good backlog but expects the biotech sector to be slower to recover. President Debbra Schoneman explained that fixed income volatility is keeping many clients, including depositories, on the sidelines, with activity mainly tied to M&A-related balance sheet restructuring.

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    James Yaro's questions to PIPER SANDLER COMPANIES (PIPR) leadership • Q4 2024

    Question

    James Yaro asked for the outlook on the Equity Capital Markets (ECM) business, particularly regarding IPOs and client appetite for healthcare deals, and also questioned how a longer M&A cycle might impact the firm's acquisition strategy.

    Answer

    Chairman and CEO Chad Abraham noted a very strong Q4 for ECM and stated that the IPO market feels like it's in the 'early innings of seeing some pretty good improvement,' citing recent successful Med-Tech and energy IPOs. On corporate development, Abraham expressed optimism, stating that the current environment is a 'pretty good market for acquisitions' as target firms have more realistic revenue outlooks, making deal-doing easier.

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    James Yaro's questions to PIPER SANDLER COMPANIES (PIPR) leadership • Q3 2024

    Question

    James Yaro of Stephens Inc. asked about the sequential slowdown in Corporate Finance, inquiring about the outlook for Equity and Debt Capital Markets (ECM/DCM) in Q4 and into next year. He also questioned the potential for continued growth and market share gains in the equities brokerage business.

    Answer

    CEO Chad Abraham explained that the Q3 corporate finance slowdown was partly idiosyncratic, with deals slipping into a very strong October. He anticipates Q4 will be meaningfully up sequentially, led by ECM. President Debbra Schoneman added that equities brokerage growth will be driven by expanding U.S. research sales globally and building out their electronics platform.

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    James Yaro's questions to Robinhood Markets (HOOD) leadership

    James Yaro's questions to Robinhood Markets (HOOD) leadership • Q2 2025

    Question

    James Yaro of Goldman Sachs asked for a preview of the Robinhood Chain, its advantages for real-world assets, its competitive edge versus other layer-two blockchains, and an update on timing.

    Answer

    CEO Vlad Tenev stated that Robinhood Chain's biggest advantage is its captive audience of over 25 million customers with significant assets, which is difficult for others to replicate. He emphasized its unique focus on real-world assets, a niche he believes no one else is tackling as directly. He also mentioned strong inbound interest from developers since the announcement.

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    James Yaro's questions to Robinhood Markets (HOOD) leadership • Q1 2025

    Question

    In a follow-up, James Yaro from Goldman Sachs asked how the Bitstamp acquisition could impact crypto order routing, internalization, and the retail crypto take rate once the deal closes.

    Answer

    CEO Vladimir Tenev expressed excitement about the deal, which is on track to close mid-year. While not front-running specific announcements, he highlighted that Bitstamp provides a significant opportunity in the institutional space and accelerates their global presence. He stated that Bitstamp will play a role in providing customers with choice and a great execution experience, giving them another lever for active traders.

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    James Yaro's questions to Evercore (EVR) leadership

    James Yaro's questions to Evercore (EVR) leadership • Q2 2025

    Question

    In a follow-up, James Yaro of Goldman Sachs asked for details on the Roby Warshaw deal financing, including the use of stock versus cash for the payment tranches and the structure of the performance-based incentives.

    Answer

    CFO Tim LaLonde clarified that while the first tranche is payable in stock, the firm is strongly considering repurchasing a similar number of shares, making it a 'net cash' transaction over time from a shareholder perspective. Chairman and CEO John Weinberg added that the potential future consideration is structured as a 'win-win,' earned only if the acquisition outperforms projections and achieves significant synergies, which also serves to align interests and retain the new team.

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    James Yaro's questions to Evercore (EVR) leadership • Q1 2025

    Question

    James Yaro from Goldman Sachs asked about the outlook for the Private Capital Advisory (PCA) business in a weaker M&A environment and later followed up on the equity capital markets (ECM) backlog and IPO outlook.

    Answer

    CEO John Weinberg stated the PCA business is strong, with GP-led continuation funds being a key driver as sponsors seek monetization alternatives to M&A. For ECM, he described the market as 'episodic' with a solid backlog of IPOs ready to launch once market volatility subsides, expressing optimism for the near future.

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    James Yaro's questions to Evercore (EVR) leadership • Q4 2024

    Question

    James Yaro of Goldman Sachs Group, Inc. inquired about the pace of M&A acceleration, which sectors are most active, and whether there was a significant pull-forward of deals into the quarter. He also asked about the strength and outlook for the restructuring business.

    Answer

    CEO John Weinberg stated that any deal pull-forward was on the smaller side and not out of the ordinary. He confirmed a continued build in activity across all businesses and sectors, including technology, healthcare, and industrials. Regarding restructuring, Weinberg noted 2024 was a very strong year (second best ever) and activity remains robust, driven increasingly by liability management, which expands the relevance of the service.

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    James Yaro's questions to Evercore (EVR) leadership • Q3 2024

    Question

    James Yaro of Goldman Sachs asked for an update on the cadence of the advisory recovery, noting that public backlog data appeared to have softened, and inquired about the potential impact of the U.S. election on activity.

    Answer

    CEO John Weinberg described the recovery as gradual but emphasized that Evercore's internal backlogs, engagement letters, and conflict checks are robust. He suggested the election might cause a short-term pause but is not expected to have a major medium-term impact on M&A activity, aside from potential regulatory shifts. CFO Timothy LaLonde clarified that internal backlogs include unannounced deals and non-M&A advisory work not captured by public data.

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    James Yaro's questions to HOULIHAN LOKEY (HLI) leadership

    James Yaro's questions to HOULIHAN LOKEY (HLI) leadership • Q1 2026

    Question

    James Yaro from Goldman Sachs asked for details on the Financial Restructuring business, specifically the mix between liability management and traditional bankruptcies. He also inquired about the growth and integration of the secondaries advisory business.

    Answer

    CEO Scott Adelson noted that restructuring activity is strong across both in-court and out-of-court work. He also expressed that the secondaries business, now part of the Capital Solutions group, is performing very well and scaling effectively on the Houlihan Lokey platform. CFO J. Lindsey Alley added that liability management is considered part of restructuring and is expected to remain strong.

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    James Yaro's questions to HOULIHAN LOKEY (HLI) leadership • Q4 2025

    Question

    James Yaro asked for insights into the Financial Restructuring business, specifically the mix between liability management and Chapter 11 filings, and whether recent market events altered the firm's multiyear outlook. He also questioned the impact of fundraising challenges for smaller private equity firms on Houlihan Lokey's client base.

    Answer

    CEO Scott Adelson reaffirmed the expectation for elevated restructuring activity, noting recent events have increased their confidence in this outlook. He explained that the firm views all such work as 'restructuring,' as the final form is often unknown at the outset. Regarding private equity, he acknowledged fundraising constraints but highlighted that alternative capital sources like continuation vehicles are filling the void. CFO J. Alley added a reminder about the typical seasonality of the restructuring business, which often sees a strong fourth quarter.

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    James Yaro's questions to HOULIHAN LOKEY (HLI) leadership • Q3 2025

    Question

    James Yaro of Goldman Sachs Group, Inc. questioned the likelihood of the Financial Restructuring segment growing in calendar 2025 and asked how the slow M&A recovery impacts Houlihan Lokey's own hiring and acquisition strategy.

    Answer

    CEO Scott Adelson reiterated that the Restructuring business is performing better than anticipated and remains elevated due to high interest rates, but he did not provide a specific growth forecast. On the topic of talent acquisition, Adelson stated that the firm continues to find opportunities in all market conditions. CFO J. Alley added that while they expect to gain market share, mid-market peers are also performing reasonably well as the market recovers.

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    James Yaro's questions to HOULIHAN LOKEY (HLI) leadership • Q2 2025

    Question

    James Yaro inquired about the near-term outlook for Houlihan Lokey's Corporate Finance division, including any risk of abnormal seasonality and potential catalysts for acceleration beyond the election. He also asked for more detail on the strategic rationale and synergies of the Prytania Solutions acquisition.

    Answer

    CEO Scott Adelson confirmed the steady improvement in Corporate Finance, noting that while deal velocity is increasing, closing timelines remain elongated. He acknowledged external risks like geopolitics and the election but stated clients are moving forward regardless. Regarding Prytania, Adelson highlighted its superior technology for the portfolio valuation business, and CFO J. Alley pointed out its UK base as a key benefit for international growth.

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    James Yaro's questions to PJT Partners (PJT) leadership

    James Yaro's questions to PJT Partners (PJT) leadership • Q2 2025

    Question

    James Yaro of Goldman Sachs inquired about the outlook for sponsor-led M&A, asking if portfolio companies are now positioned for profitable sales and when sponsor activity might fully resume. He also questioned how the growth of continuation funds might be affected by the return of traditional M&A and IPO markets.

    Answer

    Paul Taubman, Founder, Chairman & CEO of PJT Partners, explained that sponsor activity is increasing due to more receptive IPO markets, accommodative credit for dividend recaps, and renewed strategic interest post-tariff uncertainty. He noted that continuation funds are a permanent tool, not just a substitute, competing more with IPOs than regular M&A, and their growth is currently limited by the amount of dedicated capital available, not by a lack of demand.

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    James Yaro's questions to PJT Partners (PJT) leadership • Q1 2025

    Question

    James Yaro inquired about private equity's appetite for M&A and IPOs, the growth outlook for both GP-led and LP-led secondaries, the impact on primary fundraising, and the cadence for share buybacks.

    Answer

    Chairman and CEO Paul Taubman noted that while PE activity has slowed due to challenged capital returns, interest in continuation vehicles and LP stake sales is significantly up. This dynamic makes primary fundraising harder, but drives clients to top-tier advisors. CFO Helen Meates added that buybacks are typically weighted to Q1 but will continue opportunistically to offset dilution over time.

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    James Yaro's questions to PJT Partners (PJT) leadership • Q4 2024

    Question

    James Yaro asked for commentary on the M&A backdrop, contrasting the economic health of the U.S. and Europe. He also sought color on the drivers of the strong Q4 advisory results and the outlook for the secondary private capital solutions market in 2025.

    Answer

    Chairman and CEO Paul Taubman acknowledged the U.S. economy's strength but argued for a potential uptick in European M&A, driven by valuation disconnects, the need for European champions, and cross-border interest in the U.S. market. He confirmed Strategic Advisory was the standout performer in Q4. Regarding secondaries, Mr. Taubman expressed long-term optimism, citing secular growth trends as private asset owners seek liquidity alternatives to the less attractive IPO market, a trend PJT is well-positioned to capitalize on.

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    James Yaro's questions to PJT Partners (PJT) leadership • Q3 2024

    Question

    James Yaro asked for the specific factors driving confidence in a stronger M&A market in 2025 and questioned whether sponsor activity could return to the high levels seen in 2021-2022.

    Answer

    Chairman and CEO Paul Taubman detailed both macro and micro factors for his 2025 optimism. Macro drivers include rate cuts, post-election regulatory clarity, and corporate demand for M&A. Micro drivers for PJT include a near-record mandate count and a dramatically improved backlog. Regarding sponsors, Taubman stated that the 2021-2022 activity levels were an 'aberrational' function of near-zero interest rates and are not expected to return, though he anticipates activity will be meaningfully better than recent levels.

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    James Yaro's questions to Moelis & (MC) leadership

    James Yaro's questions to Moelis & (MC) leadership • Q2 2025

    Question

    James Yaro asked for Moelis's perspective on the market expectation for a 'big bang' of M&A and IPO activity post-Labor Day. He also inquired about the guardrails for the private capital advisory (PCA) build-out, particularly in an environment of returning regular-way M&A.

    Answer

    CEO Kenneth Moelis stated that while he doesn't predict a 'big bang,' the market is improving almost daily, with new business activity getting stronger each week in June. He noted the S&P 500's strength as a positive indicator. Regarding PCA, Moelis explained the firm is not yet 'over-peopled' in the space and is focused on getting the team up to speed. He emphasized that PCA is a critical capability for advising sponsors on all their options, making it relevant even if it's not the chosen path for every transaction.

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    James Yaro's questions to Moelis & (MC) leadership • Q1 2025

    Question

    James Yaro asked for historical context on how long it takes for CEO confidence and M&A to recover from exogenous shocks, and followed up on the potential trajectory for the restructuring business in a harder economic landing.

    Answer

    Chairman and CEO Kenneth Moelis opined that the current M&A slowdown will be 'short, sharp' because it is driven by a specific policy decision that can be reversed, leading to a rapid snap-back in activity. For restructuring, he anticipates that in a downturn, the primary activity would be liability management exercises rather than traditional bankruptcies, given the significant equity cushions in most sponsor-owned companies. He also provided a Q1 revenue split of roughly two-thirds M&A and one-third capital markets and restructuring combined.

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    James Yaro's questions to Moelis & (MC) leadership • Q4 2024

    Question

    James Yaro asked about the 2025 outlook for the restructuring business and requested a revenue breakdown by segment. He also questioned the progression of the compensation ratio into 2025 and later sought clarification on the mechanics of its potential improvement.

    Answer

    CEO Ken Moelis projected that 2025 restructuring activity would likely resemble 2024, absent major external events, and stated that for the full year, M&A constituted about 60% of revenue. Regarding the comp ratio, Moelis and CFO Joe Simon explained that its decline is not linear and will slow as it approaches the low 60s, especially as the firm continues to make strategic investments like the new private funds advisory practice.

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    James Yaro's questions to Moelis & (MC) leadership • Q3 2024

    Question

    James Yaro inquired whether recent successful sponsor-led IPOs are becoming a more frequent topic in dialogues and if this could spur more ECM or M&A activity. He also asked for the revenue contribution split between M&A and other businesses for the quarter.

    Answer

    CEO Ken Moelis stated that he expects more sponsor-led IPOs, as it's an obvious exit path for large, successful buyouts, especially with the stock market at all-time highs. He believes a quality IPO market will develop if issuers bring good products at the right price. He also confirmed that the year-to-date revenue split has been consistent at approximately 60% from M&A and 40% from other activities like restructuring and capital markets.

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    James Yaro's questions to FTI CONSULTING (FCN) leadership

    James Yaro's questions to FTI CONSULTING (FCN) leadership • Q2 2025

    Question

    James Yaro of Goldman Sachs Group, Inc. questioned the drivers of continued weakness in the transformation and strategy business, the company's philosophy on leverage capacity, the expected margin trajectory for the Technology segment, and sought an update on the magnitude of the EBITDA impact in the Economic Consulting business.

    Answer

    CFO Ajay Sabherwal attributed the transformation business weakness to tough comps, overseas softness, and a shift to matters with back-end success fees. On leverage, he stated it is an 'outcome, not a target,' highlighting the company's significant capacity relative to peers. CEO Steven Gunby indicated he does not expect strong margins from the Tech segment for the rest of the year due to pricing pressure in a slow market. For the Econ segment, Mr. Gunby confirmed the EBITDA impact is larger than the previously guided $35 million, driven by higher-than-anticipated talent investments and market weakness in EMEA.

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    James Yaro's questions to FTI CONSULTING (FCN) leadership • Q1 2025

    Question

    James Yaro asked about the potential impacts of tariffs on FTI's various business lines, the effect of recent regulatory policy changes on the Forensic and Litigation Consulting (FLC) business, and for clarification on whether the company's full-year 2025 guidance remains applicable.

    Answer

    CEO Steve Gunby explained that while the full impact of tariffs is speculative, the company is seeing activity in areas like export controls, supply chain, and national security, with potential for increased restructuring stress. He noted that while significant regulatory rollbacks could affect the FLC business, no major impact has been observed yet, as evidenced by the segment's booming quarter. Gunby also confirmed that the previously issued full-year guidance is still applicable, with an update planned for the second quarter call.

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    James Yaro's questions to FTI CONSULTING (FCN) leadership • Q4 2024

    Question

    James Yaro asked for an update on the challenging demand environment, seeking details on affected products and geographies and any signs of improvement. He also requested more color on the expected demand pickup in the Forensic and Litigation Consulting (FLC) segment and asked if the Econ Consulting departures impacted Q4 2024 results.

    Answer

    President and CEO Steve Gunby attributed the demand slowdown to a mix of market forces, like slower M&A and economic pressure in the U.K., and some firm-specific project roll-offs. He expressed confidence in FLC's growth, driven by the U.S. team's increasing commercial success and targeted international investments. Gunby clarified that the Econ Consulting departures had no impact on Q4 2024 results, as they all occurred in the first quarter of 2025.

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    James Yaro's questions to FTI CONSULTING (FCN) leadership • Q3 2024

    Question

    James Yaro asked for perspective on the drivers of the weaker consulting industry backdrop, whether FTI's business is more or less impacted, and the potential for a soft spot in growth due to hiring cadence, seeking clarity on a normalized long-term hiring rate.

    Answer

    President and CEO Steve Gunby suggested the industry slowdown could be a 'catch-down' from prior over-exuberance, combined with global economic and geopolitical uncertainty. He believes FTI is less impacted due to its diverse and counter-cyclical businesses like restructuring. Chief Financial Officer Ajay Sabherwal clarified that the recent hiring increase was driven by prior commitments to university graduates. Steve Gunby added that the company's long-term aspiration is for mid-to-high single-digit organic growth, which is necessary to maintain a vibrant firm that attracts top talent.

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    James Yaro's questions to Lazard (LAZ) leadership

    James Yaro's questions to Lazard (LAZ) leadership • Q2 2025

    Question

    James Yaro from Goldman Sachs asked for a timeline on the anticipated sponsor-led M&A recovery. He also sought clarification on the firm's goal for net flows in Asset Management, the impact of the flow mix on the fee rate, and the trajectory for non-compensation expenses.

    Answer

    Peter Orszag, CEO & Chairman, and Mary Ann Betsch, CFO, responded. Orszag explained that sponsor M&A should pick up as mounting pressure from LPs to return cash combines with resolving market headwinds. He reiterated that flat flows for the year is a 'stretch goal' and noted that a mix shift away from lower-fee sub-advised accounts should support the overall fee rate. Betsch revised the full-year non-comp expense guidance from mid-single-digit to high-single-digit growth, citing FX, business development, and technology investments.

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    James Yaro's questions to Lazard (LAZ) leadership • Q1 2025

    Question

    James Yaro from Goldman Sachs inquired about sponsor-led M&A dynamics amid macro uncertainty, the outlook for the secondaries market, and trends in restructuring, specifically liability management versus Chapter 11.

    Answer

    CEO Peter Orszag detailed countervailing forces in sponsor M&A: a fundamental need to trade assets versus headwinds from tariff uncertainty, market volatility, and disrupted debt markets. He noted a strong underlying growth trend for secondaries, which could be accelerated by current conditions. Orszag also explained that the rise of private capital has shifted the restructuring mix more towards liability management over formal Chapter 11 proceedings.

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    James Yaro's questions to Lazard (LAZ) leadership • Q4 2024

    Question

    James Yaro asked about the growth outlook for the secondaries market and Lazard's positioning, the Q1 advisory revenue trajectory following a strong Q4, and the outlook for non-compensation expenses.

    Answer

    CEO Peter Orszag stated that while a need for liquidity may have been an accelerant, the secondaries market is expected to see continued structural growth as more sponsors recognize its benefits. He noted Lazard is well-positioned to capture this growth. Regarding Q4 advisory revenue, Orszag explained that the outperformance was driven by low-probability deals hitting, reflecting a stronger environment. CFO Mary Ann Betsch suggested that mid-single-digit growth for non-comp expense is a reasonable proxy for the year ahead.

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    James Yaro's questions to Lazard (LAZ) leadership • Q4 2024

    Question

    James Yaro asked about Lazard's secondaries business performance relative to industry forecasts and its potential growth in 2025. He also inquired about the advisory revenue trajectory for Q1 and whether a material pull-forward of revenue occurred in Q4.

    Answer

    CEO Peter Orszag stated that he anticipates continued growth in the secondaries market as more sponsors recognize its structural benefits, and noted Lazard's Private Capital Advisory (PCA) team is well-positioned to capture this expansion. Regarding advisory revenue, he clarified that while some pull-forwards occurred in Q4, the quarter's outperformance was driven by low-probability deals closing, not by a net shift of revenue from future periods. He declined to give specific Q1 guidance but reiterated a constructive outlook for the year.

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    James Yaro's questions to Lazard (LAZ) leadership • Q3 2024

    Question

    James Yaro from Goldman Sachs questioned how the diverging macroeconomic trends between the U.S. and Europe are impacting the M&A environment. He also asked about the drivers of the strong non-compensation expense performance and its future trajectory.

    Answer

    CEO Peter Orszag acknowledged the U.S. macro outlook is stronger but stressed that sector-specific dynamics often override broader economic trends, pointing to strong European advisory growth in the quarter. CFO Mary Ann Betsch explained that non-comp expenses are seasonally low in Q3 and will be highest in Q4. She noted that disciplined cost management has offset growth-related investments and expects full-year non-comp dollars to increase by a 'tick or two'.

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    James Yaro's questions to Interactive Brokers Group (IBKR) leadership

    James Yaro's questions to Interactive Brokers Group (IBKR) leadership • Q2 2025

    Question

    James Yaro asked for Interactive Brokers' perspective on tokenized equity products in Europe as a competitive threat and inquired about the execution cost differences between overnight and regular market hours.

    Answer

    CEO Milan Galik characterized competitors' tokenized stock products as 'fundamentally worse' than IBKR's direct offering of real shares, citing issues like derivative risk, transfer restrictions, higher costs, and price dislocations. He explained that for stocks, overnight execution costs differ from regular hours as they trade on ATSs, but IBKR's system provides deep liquidity at a low cost.

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    James Yaro's questions to Interactive Brokers Group (IBKR) leadership • Q2 2025

    Question

    James Yaro from Goldman Sachs asked for Interactive Brokers' perspective on the rise of tokenized equity products in Europe, questioning their competitive threat and potential advantages or disadvantages. He also inquired about the execution cost differences for stocks between overnight and regular trading hours.

    Answer

    CEO Milan Galik provided a detailed critique of current tokenized stock offerings from competitors, arguing they are inferior derivative products with higher costs and risks compared to trading actual US shares on IBKR's platform. He explained that overnight stock execution occurs on IBKR's ATS, offering liquidity at a low cost, while exchange-traded products have the same costs day or night.

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    James Yaro's questions to Interactive Brokers Group (IBKR) leadership • Q1 2025

    Question

    James Yaro inquired about the impact of recent market volatility on Interactive Brokers' business, specifically asking about client deleveraging, trading activity in April, and any shifts in client allocations between cash and risk assets. He also asked about the effect of recent tariff news on the appetite of non-U.S. customers for U.S. stocks.

    Answer

    CEO Milan Galik responded that the company saw record volumes during the recent market drop and rebound. He noted a shift from options to futures, fixed income, and forex. Galik confirmed a modest 10-12% decrease in margin loans as clients reduced risk but stated that the appetite from non-U.S. clients for U.S. markets remains strong, as they are likely weighing potential tariffs against proposed lower taxes and deregulation.

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    James Yaro's questions to Interactive Brokers Group (IBKR) leadership • Q4 2024

    Question

    James Yaro questioned if potential deregulation of bulge-bracket prime brokers could threaten Interactive Brokers' growth and asked about the 2025 product roadmap for the high-touch prime business. He also asked if the firm's best-in-class adjusted margin could continue to rise.

    Answer

    CEO Milan Galik stated that deregulation is not a threat, as competition comes from large, established banks. He highlighted success in the prime business, including revamped capital introduction events and new APAC algorithms developed from client feedback. Regarding margins, he said they are not expected to go higher as the focus is on client value, not margin optimization, amid rising service and compliance costs.

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    James Yaro's questions to Interactive Brokers Group (IBKR) leadership • Q3 2024

    Question

    James Yaro asked about the expected timeline for the ForecastEx business to reach material scale and its associated balance sheet risks. He also inquired about the growth trajectory of the RIA channel and whether the firm is attracting a different type of RIA client. Finally, he asked about the Chairman's stock selling plans.

    Answer

    Founder and Chairman Thomas Peterffy projected that ForecastEx would scale later in the year, driven by election interest, which he sees as a gateway for clients to trade the platform's core economic and climate contracts. President and CEO Milan Galik noted ongoing improvements to the RIA platform are expected to attract more advisors, teasing a new feature. Peterffy stated he is not selling stock into the open market but may consider offers from large bidders.

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    James Yaro's questions to Coinbase Global (COIN) leadership

    James Yaro's questions to Coinbase Global (COIN) leadership • Q1 2025

    Question

    James Yaro of Goldman Sachs questioned the logic behind adding Binance to the USDC partnership with Circle, its impact on the total addressable market (TAM) for USDC, and how the economic split has changed.

    Answer

    CFO Alesia Haas detailed the economic arrangement, where Coinbase receives 100% of reserve income for on-platform USDC and shares a percentage of off-platform revenue with Circle and other distribution partners like Binance. She explained the rationale is to drive global adoption and liquidity. CEO Brian Armstrong added that the strategy for USDC growth is based on sharing economics with strong partners and maintaining a compliant approach.

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