My Fisher Internship Fisher College of Business Office of Career Management

My Fisher Internship
Work hard, play harder… Duff & Phelps Projects

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My fellow Americans,

Quick run down since the last post:

  • Vending Machine Challenge: My Meal

    Competed in Duff & Phelps first annual Vending Machine Challenge. Challenge consisted of eating one of every item in the vending machine during the work day. Let’s just say after 6000 calories and 250 grams of fat, I thought I was going to die.

  • Dinner for Shmucks = hilarious
  • It is possible to see Chinatown, Little Italy, Southside Seaport, Financial District, Battery Park, Times Square, Central Park, St. Patrick’s Cathedral and 5th Avenue shops all in ONE DAY!
  • New York “Free Happy Hours” are 100x better than Columbus “Free Happy Hours”… Thank you Turtle Bay, Irish Exit and Public House.
  • Men’s softball in NYC actually consists of a ball that is somewhat soft. Not quite like a t-ball, but it is definitely not rock solid. Sounds like you are hitting a normal softball with a dead bat. Disappointing…

And last, but certainly not least:

  • My new thing when meeting people is to ask them to name 2 states that border Ohio. Easy, huh? Not for New Yorkers whose answers have consisted of “Mississippi and Texas” as well as “South Carolina and Iowa.”  Geography is a beautiful thing. What has this world come to?

So, what have I been doing at Duff & Phelps?

East River, Brooklyn Bridge, The 5-0

I have been working on a few projects, all of which are valuation based projects. Fortunately, due to the fact that it is busy season and I am the only Portfolio Valuation (PV) Intern, I have been getting to perform analyst work, as well as logging client billable hours.

- One of the first major projects that I worked on was for a large company known as a Fund of Funds (FOF). FOF is a company whose portfolio consists entirely of interests in other investment funds. The company has nearly 250 private equity fund holdings with roughly $2 billion of assets under management (AUM).  These 250 holdings equate to about 3,000 individual private equity investments because as mentioned above, these 250 investments are investment funds themselves. I performed comparable company analysis on a portion of the of investments that Duff & Phelps reviews to determine the reasonableness of the position’s carrying values. I used data provided from the client, financial models in Excel, and online databases comprised of thousands of companies’ financial information to accurately value our client’s investments.

- I’ve valued investments for one of the largest Hedge Funds (HF) in the world.  The fund has roughly $25 billion of AUM and solicits Duff & Phelps for a substantial amount of work . By utilizing multiple different valuation methods and financial performance metrics, the PV team verifies the carrying values of this company’s investments. We compare financials of the underlying company from the previous quarter and the current date of the valuation, which enables Duff & Phelps to provide this company with positive assurance (the carrying values are reasonable) on their investments carrying values. In order to accurately verify the investment values, we use comparable company, yield, weighted average cost of capital (WACC), liquidity, and waterfall analyses to verify the reasonableness of the fund’s carrying values. As a final step, we generate a reports that are presented to the client and its fund administrator, which explain our valuation methodologies, as well as the underlying information that we took into account when analyzing the investment.

Be on the look out for “People of the Subway.” I’m simply building the suspense.

** Surprised that you survived NYC, Matt Farr, Amanda Graham, and Leah Platt. Brother Jimmy’s will never be the same again… **

6 Responses to Work hard, play harder… Duff & Phelps Projects

  1. Mark Wilson says:

    Amazing accomplishments Seth! Not only did you value a hedge fund worth $25 billion, you ate every snack displayed in the box on your desk! Yikes – sour patch kids followed up by cheese popcorn. My stomach hurts just thinking about it.

  2. Mark Wilson says:

    FYI – Seth’s next post “People of the Subway” is worth waiting for and will be unveiled next week! Stay tuned.

  3. Sara Weil says:

    I love Pirate’s Booty… and sour patch kids; these are my favorites in order: red, green, yellow, orange.

    Is it a coincidence that you, Paul and I have all posted about food and are in cohort?

  4. Seth Myers says:

    Not a coincidence at all. While sour patch kids are good, I had to consume six bags of them that day. It was a nightmare.

    Why does everybody always like orange the least? Because I am in the same boat.

  5. Paul Sobecki says:

    I actually really like the orange ones, guess I’m just “that guy.” Awesome post though, sounds like you’re doing big things in the Big Apple

  6. Matt Farr says:

    You also forgot to mention the 5 pound burrito you ate and gave birth to from Qdoba!

    What a day…

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