BAP Review 2014-2015

THE

BAP REVIEW Finance

Alumni Interview

BAP Passport

Student Life

Shedding light on an up-and-coming part of the landscape: boutiques

Explore virtual reality and career choices with former pres. John Ang

Travel around the world with NYU Study Abroad and ISP

The perils and pitfalls of transferring into Stern as a junior

BAP Initiatives

Navigating NYC

Class Spotlight

Opinion

A retrospective on our new freshman mentorship program

Reviews & tidbits on the best of Restaurant Week 2015

Understand how transitional economies can be brought to life

Renewable energy will be an ever-growing part of business

Vol I Issue I Spring 2015

Table of Contents 04

Welcome

05

Farewell

06 09 16

BAP Freshmen Mentorship

18 21 24

Entrepreneurship at Stern

BAP Goes Abroad Class Spotlight

Left to Right: Stevy, Wicy, Rosalyn, Cici,

Adrian

CHIEF EDITOR Adrian Lee, BS ‘15 Avid reader of all things finance and coffee.

MANAGING CO-EDITOR Wicy Wang, BS ‘16 Fan of science fiction, fantasy, and 19thcentury fiction.

MANAGING CO-EDITOR Cici Guo, BS ‘16

Alumni Interview - John Ang

Roller coaster and contemporary Japanese literature aficionado.

Boutique Investment Banking

CREATIVE DIRECTOR Rosalyn Lin, BS ‘17

26

Transferring into Stern

27

Navigating Stern Life

29

Restaurant Week Reviews

33

Renewable Energy Trend

36

The Indian Economy

38 740

Finance Blog Recs Meet the E-Board

Professional napper, snacker, and collector of black booties.

PRINCIPAL PHOTOGRAPHER Sky Mu, BS ‘16 Wanna look at the world through all the lenses.

E-BOARD LIAISON Stevy Desir, BS ‘16 Hockey and football fanatic.

CONTRIBUTING WRITERS Christine Cao Jessica Chan Wendy Chao Gary Chen Julianne Ciccone Conrad Everhard Michelle Kuan

Sravya Jasti Rishi Kumar Rachel Lu Tom Mao Varun Sawhney Kong Wan John Ang

LETTER FROM THE EXECUTIVE’S DESK Dear Fellow BAP Members and Alumni, As the Fall ’15 – Spring ’16 President of the BAP Mu Chapter, I’d like to extend a warm welcome to the first of many biannual publications of The BAP Review.

It’s been awhile since I was a potential candidate, but I still vividly remember attending the ‘Open House’ where the E-board and Candidate Masters spoke about the benefits of joining BAP. At the time, the only thing that stood out to me was the plethora of professional network opportunities—there were so many firm names on the PowerPoint slides. That was all I took away from the presentation, and all that I expected going into the candidate process.

But three months later, when I crossed as a member, the professional Pres. Mathew Roy BS ‘16 network was only one of the many things I gained through the candidate process. I found some of my closest friends through BAP—friends who I hang out with every weekend, take classes with, and even share an apartment with. I got to meet over a hundred new people in the span of three months, and I finally felt like I was part of a community at NYU. In addition to all of that, I also gained many mentors who I could always turn to with all my questions and doubts. My Candidate Masters— Frank and Jason—have always been there for me, and have guided me through some of the most challenging times at Stern (a.k.a. recruiting). Even today, I don’t hesitate to go to them with every dumb question I have, and they still take the time to help me out.

The friends and mentors that I gained from BAP were what drove me to become a Candidate Master. Just like the Candidate Masters before me, I wanted to help foster a community within BAP and act as a mentor for new candidates.

I’ve had a great experience meeting all of our candidates (and incoming new members), and I consider all of them as my friends. Until I became a Candidate Master, I never realized how unique the candidate process really is—I’ve never seen such a diverse group of people socializing and becoming part of a bigger community. The diversity within BAP is what really makes it unique – we have a variety of majors, interests, skills, and hopes.

In my new role as President, I hope to continue to strengthen the same inclusive community that I found a place in as a candidate. Many of the initiatives next year will be aimed at creating a tight-knit group of members and providing them with even more value, both socially and professionally. The BAP Review is one such initiative that I believe will play a key role in connecting our large membership base and in sending a gentle reminder to all our members, that, no matter how long it has been since they crossed, they always have a group of friends waiting for them in Stern.

Wishing you all the best, Mathew Roy

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FAREWELL FROM THE EXECUTIVE’S DESK Dear Members, As the outgoing president, I have many great reasons to express my heartfelt gratitude to the members and alumni of the club. Two years ago, I entered Stern as an internal transfer student. Even though Stern is just another college in NYU, I soon realized how incredibly different it is. Like any other student in a new environment, I quickly looked for a community to join. That’s when I found BAP. I joined BAP in the fall of 2013 hoping to find friends with whom I could spend time and have fun with. What I got in return was much more than I had expected. Over the course of the semester, I was not only able to develop professionally through the various events hosted by this organization, but also meet people who have supported me every step along the way.

Former Pres., Frank Lu BS ‘15

Over the course of these past two years, we have achieved much together that has passed by way too quickly. Together, we hosted over 50 professional and workshop events, with unprecedented support from our corporate partners and alumni. BAP came out on top in Relay for Life in consecutive years after having raised more than any other organization in Stern. We also launched and successfully continued our partnership with the Graduate Finance Association of the Stern Graduate School and provided our members and candidates with the opportunity to learn from the experiences of Stern’s MBA students. An internship database was constructed to improve the recruitment process for our newer members, who would certainly gain from work experience. Finally, we initiated our first Freshmen mentorship program this semester by successfully recruiting 12 amazing freshmen who have the potential to become leaders in the years to come.

As Shakespeare put it, parting is always such sweet sorrow. Thank you, alumni, leaders, members, and friends of the club. Although I am graduating, I look forward to stay involved as an alumnus to continue to help the members of this organization. I firmly believe that BAP will continue to flourish under new leadership. Thank you all for the opportunity to allow me to serve such an amazing organization that deserves to grow and prosper.

Wishing you all the best, Frank Lu

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PROGRAM:

FRESHMAN

Welcoming Even More of Stern into BAP In spring of 2015, BAP proudly unveiled a new freshman mentorship program that would gauge freshman interest in the organization as well as reach out to qualified freshmen who seek to get more involved. So far, the program has been a huge success.

After a tough selection process, approximately 10 freshman mentees were chosen, and each were paired with a sophomore and upperclassman mentor.

At the dinner kickoff event at GyuKaku, mentorship groups officially met and informed freshmen of the upcoming opportunities available to them, including Friday Workshops.

Too often are freshmen uninformed of the recruiting and career paths that lie ahead of them, so the mentors have been valuable resources. Mentorship groups were formed based on common career goals and interests.

The second event took place over Potbelly sandwiches, where both mentees and mentors were given the opportunity to mingle with other

mentorship groups. While the kickoff event was conducted in a smaller, more personal setting, this second event allowed the freshmen to reach out to the greater BAP network of upperclassmen and seek out members with common interests.

Additionally, the Mentoring Committee addressed all concerns the mentees had. The freshmen were overall satisfied with the program, but they also opened up about suggestions they wanted to see in the future, namely increased casual social events such as karaoke, Ultimate Frisbee, etc.

Overall, the freshman mentorship program has broken new ground in building a greater community within Stern by finally crossing the freshman gap, enabling further expansion as NYU Stern’s largest student run organization. BAP hopes to increase member involvement and retention down the road, and collectively deliver a unique BAP experience.

Tom Mao BS ‘16 Contributing Writer

Insights from our Mentors!

“I have found friends in both Kevin, [my freshman mentee], and Ji Ming, [my sophomore co-mentor], and have truly been able to share any advice I have. We’ve also attended a bunch of events together. So far, we’ve had dinner, went to brunch with a few of the other families and just recently went to the Central Park social. All these events really allowed me to get to know Ji Ming and Kevin better and helped me understand

where I can help. My freshman year, I was always helped out by the upperclassmen, whether it was with resume help, guidance in the pursuit of internships, or just finding a good restaurant to eat at.

And that’s what I want to give back. So far, I think Ji Ming and I have been doing a good job with all those initiatives and I hope that Kevin and the other freshmen are benefitting from it!”

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Subeg Singh BS ‘16 Junior Mentor

“I remember

being so lost as a freshman.”

“It has been awesome.

My mentee, Lia, is a sweetheart and I love being her mentor. It’s cool that BAP is implementing a program like this because I remember being so lost as a freshman. I just can’t believe I’m the one giving advice now … I think there should be more social events for all the mentors and

mentees to get together, but aside from that Mentoring and E-Board did an amazing job with this program.”

“It’s been awesome! I am paired up with Subeg Singh and Kevin Yang. I have really enjoyed events such as dinner at Gyu Kaku and a gathering night in Stern. And I’m going to an event at Central Park in just a few hours Through these events I got to meet other freshmen mentees, and to know other BAP

members better. The freshmen are super driven, and I think they will benefit a lot from having access to so many BAP resources …

One suggestion I have would be to give the freshmen structured resources such as mentors’ resumes and cover letter samples that they used going into freshman summer.”

Christine Cao BS ‘16 Junior Mentor

Ji Ming Li BS ‘17 Sophomore Mentor

Insights from our Mentees!

“The BAP

mentorship program really focuses a lot on social professionalism.”

gram really focuses a lot on social professionalism, getting to know people and getting people to know you. In the end, it really boils down to social networkingpeople, people, people! I have met so many more experienced upperclassmen through the mentorship program and they never hesitate to offer me personal and honest advice. It helps a lot in so many ways that I have lost count.”

“Out of numerous reasons why I came to Stern, it boils down to the rich opportunities the school and the city offer. I have always strived to rationalize and prioritize my life, so liberal study is really not my thing. “[The freshman mentorship experience] has been great! In my mind, it is always the soft skills that are the hardest to tackle and play the most important roles. The BAP mentorship pro-

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Freya Zhang BS ‘18 Freshman Mentee

“I was able to

meet a community of driven, fun and genuinely caring individuals.”

“My mentors

Paul and Calixta have been extraordinary role models.”

“Being in the BAP freshman mentorship program has been an amazing experience. As a freshman mentee, I was able to attend weekly workshops and learn a lot about how to improve professionally.

But most importantly, I was able to meet a community of driven, fun and genuinely caring individuals. I

have two mentors, Austen and Inez and they've been nothing but supportive! I would encourage anyone to check out this amazing community!

Imagine that you open your freezer door and find a giant ice cube that has been sitting there, unnoticed, for the past six months. That’s how chill it has been.

My mentors Paul and Calixta have been extraordinary role models for both my academic and career goals, and are both extremely funny and approachable.

velopment (resume, networking etc.). I have also met many other amazing individuals through BAP events, who continue to inspire me with their success and work ethic.

“Ohana means family.

Family means that no one gets left behind.”

Jessica Ma BS ‘18 Freshman Mentee

[The only thing I would recommend] is that BAP should look to slightly expand the size of the mentorship program – I feel like many well-qualified The Friday workshops individuals were not have been invaluable in accepted this year. my professional de-

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Alec Pan BS ‘18 Freshman Mentee

BAP PASSPORT International Studies Program (ISP) Everyone knows that each spring break, Stern juniors take an all-expenses-paid trip to an up-and-coming city.

Here, BAP juniors relate their experiences and share their honest thoughts about their trip—the ups, the downs, the cautionary tales for sophomores. This year, the trip destinations were Ho Chi Minh City, Vietnam; Santiago, Chile; and Lisbon, Portugal. Enjoy the trip!

Ho Chi Minh City, Vietnam

BY CHRISTINE CAO Landing in Ho Chi Minh was an amazing experience. It was nighttime, so the city was lit up, and the weather was warm but not hot or humid.

The city was remarkably commercialized and reminded me of Shanghai.

Our first stop was obviously for pho, and it was predictably amazing.

The pho was on a whole other level than Saigon Shack’s. The broth was flavorful without being heavy and the noodles were soft but chewy at the same time. Best of all, it was under $3.

Most people spoke at least elementary English and getting around was simple considering how cheap cabs were ($1= 21,000 Dong). We toured the city with the school sampling local fruits, shopping at the Ben Thanh Market, and embarrassing ourselves by doing Tai Chi with some remarkably fit grandmas.

My company visit was disappointing, however. We had PetroVietnam, but because it was state-owned there was little information they could give us. We visited their technical services site, which was a little underwhelming, but had an unexpected upside: our visit was the shortest so we had more downtime to explore. Afterwards, we ventured to the Cu Chi tunnels where Viet Cong soldiers hid and moved adeptly during the Vietnamese War. The tunnels were dark and cramped but cool at the same time. We literally got to experience a bit of history.

There were so many “best” parts of the trip, ranging from $15 massages to beautiful sky bars. Drinks are cheap in Vietnam, banh mi’s are even

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cheaper, and we came back with some pretty fun stories. Ho Chi Minh is a place that takes culture, cuisine, and entertainment to a new level. •

Santiago, Chile

BY JESSICA CHAN “Amazing”, “great food”, “pisco sours”, “safe”, “hike”, “Borago”, “steak” and “seafood”, were a fraction of the barrage of descriptive phrases hurled at me by excited seniors when I asked about Santiago.

With these glowing appraisals seared in mind, I arrived in Santiago with high expectations.

Santiago was, at first glance, more gentrified and less dynamic than my preconceived notions of an archetypal Latin American city. Missing were the bustling bazaars that I had envisioned, the throngs of people that would pack the streets like sardines in a can, the intriguing street performers that would line every street…

In place of the exotic – and quite frankly, ignorant – imagery I had conjured was a relatively modest and conservative city, that was unexpectedly cosmopolitan and modern. Interestingly, my observations over the rest of the trip both confirmed and contradicted this initial impression.

While Santiago had its fair share of modern glass, steel, and concrete structures, a subway system that rivalled those of hyper-efficient Asian nations like Singapore and Japan, and largely litter-free, greenery-lined streets, it also retained an old world charm in its older, central neighborhoods. The central-eastern districts of Santiago were noticeably more historical than their flashier, younger neighbors in the West. These older districts housed most of the government headquarters, monuments and memorials, and historical buildings like the Central Market.

Although our hotel was located in the comparatively modern Western areas of Santiago, we had the opportunity to visit these Central-Eastern districts during some of the planned activities, such as the Local Market Immersion activity.

While steeped in history, Santiago also boasted more contemporary, ‘vogue’ neighborhoods like Bella Vista, which soon became a huge hit with all the NYU students. By day, a laidback vibe pervaded Bella Vista, with throngs of people dining outdoors, strolling along streets lined with mural-covered storefronts … by night, Bella Vista came to life with a multitude of dining options, ranging from French food to local Chilean fare, and an abundance of nightlife options, ranging from clubs to Irish pubs. While arguably a tourist trap, I observed the tourist-local ratio to be pretty evenly balanced, and would definitely recommend the neighborhood to all first-time visitors!

In spite of all the scintillating options that urban Santiago had to offer, its surrounding wilderness debatably offered all 150 Stern students just as much excitement. Taking full advantage of Santiago’s geographical location (the city is encircled by mountains), Stern’s dedicated administration planned a trek up Cerro Manquehuito, which despite being part of the Andes Mountain range was proclaimed a ‘hill’ by our 10

local guide. What started off as a gentle incline soon turned into a steep, sandy climb that continued for approximately an hour and a half.

However, the view at the top definitely validated the sweat, tears and blood shed during the arduous climb.

All in all, my memories of the much raved about “ISP trip” were sweetened by the unexpected charm of Santiago and I would definitely make a return trip to Chile to explore its different regions! •

Lisbon

BY CICI GUO Olá! My ISP trip to Lisbon was one of my most memorable spring break experiences. Lisbon is a charming city with enchanting architecture and a rich history. As you explore the city, one of the first things you’ll notice are the distinctive yellow trams weaving through the narrow, winded streets. From a higher view, rooftops of all shapes and sizes layer and form a dynamic ocean, composed of numerous shades of coral.

Aside from the aesthetic appeal of the city, Lisbon has a lot to offer for foodies everywhere. Your trip would be incomplete without at least one visit Pastéis de Belém, one of Lisbon’s best pastries, known for their addictive Portuguese egg tarts. Stern made sure we wouldn’t miss out on these Portuguese delicacies by ordering dozens of Pastéis that were waiting for us right outside our buses.

In addition to its delectable gastronomy and Instagram-worthy architecture, Lisbon’s nightlife also exceeded our expectations. The Bairro Alto district was recommended to us by almost every Lisbon-er we encountered. After a long day of visiting our assigned companies and exploring the city, we changed out of ‘business casual’, and Lisbon’s hottest district welcomed us with open arms.

Of course, we also learned a lot about business culture and how local Portuguese companies operate through a rewarding Local Market Immersion tour around the city, as well as our company visit.

Our much-anticipated ISP trip to Lisbon was a perfect combination of cuisine, culture, and business. Amidst all the fun and exploration in this amazing city, we also got to know a little more about each other – I met great people who I might never have seen in class or around campus. For those deciding on their ISP location for next year, Lisbon is a wonderful option to explore. •

Study Abroad Every year, BAP students disperse around the world to NYU’s many study abroad sites to experience an unforgettable semester. As Stern students, BAP members often elect to visit one of the most business-friendly sites—London, Shanghai, and Prague are the most popular destinations. We’ve invited our student liaisons to introduce their sites to us, and to speak a little about their unique experiences there.

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London, United Kingdom

BY JULIANNE CICCONE As soon as I decided I wanted to study abroad, London was the obvious choice for me. The city offers undeniable global relevance, beautiful architecture and scenery, and endless things to do. Academically, NYU in London is practical for Stern sophomores because it offers the business tools and social impact core classes that we would be taking anyway back in New York. The limit of two Stern classes ensures students consider classes they might not otherwise take, many of which are unique to their study away site. If you have any interest in the arts or architecture, you'll love Seeing London's Architecture. Coupled with my internship and its associated seminar, I feel confident that I've really gotten to know the culture of the city. Sophomore BAP Member Aaron Chinn noted that London is much like New York. "Being here, it's really easy to get around and people are generally very friendly," he explained.

He appreciates the clear duality between the old and the new. There's the "traditional high tea at Bond & Brook versus the new architecture of the Shard." London's complexity is truly striking.

London is definitely an expensive city (though not the most expensive one you'll visit while in Europe), but NYU London students could write the book on how to live on a budget here. Free coffee and curry lunch every day, plus free admission to sites like museums and the 20 Fenchurch Street Sky Garden are a fabulous reality if you choose to spend a semester in London. A concern for many students is that London isn't central relative to other European study abroad sites. This has not proven to be an issue, as many students travel almost every weekend. In my time in Europe I've been to Berlin, Brussels, Bruges, Paris, Zurich, Lucern, and Amsterdam, and will be visiting Prague and Dublin in the coming weeks. Beyond that, there is so much to experience locally in London. When asked how she would advise herself months ago when she was deciding to study abroad, Lindsay Kugel, a sophomore and BAP member said, "be more adventurous and more willing to explore. There’s a lot more to see than you know.” I am hoping to stay local for at least one more weekend before the end of the semester, because there are neighborhoods I have yet to explore. Besides, I am looking forward to finally experiencing some authentic spring weather, and I wish to be here for the upcoming General Election.

Many people will say that you absolutely must study away if you are an NYU student. I would modify that statement. If you have had any inclination to study abroad, I urge you to explore the options, of which there are many. NYU makes it a nearly seamless transition to living in another city where you work with NYU faculty and take NYU classes.

Like any experience, study abroad is what you make of it, and we have the resources to make it incredible and unforgettable. •

Shanghai, China

BY WENDY CHAO One of my favorite aspects of studying in Shanghai is being able to travel—over spring break, my friends and I went to Taiwan. In Taipei, 12

we explored two night markets and climbed a (small-ish) mountain to catch an amazing view of Taipei 101. We then spent two days in Kenting, a gorgeous beach town near the southern part of Taiwan, where I lay in the sun and swam all day. At night, we wandered up and down the town's night market, consuming delicious fried chicken and mojitos alternately.

Although the street food in Taiwan was amazing, the food in Shanghai definitely meets the same standard. The variety of Asian cuisines is overwhelming, from famous dim sum restaurants like Ding Tai Fung to the cheap hole-in-the-wall type eateries. As a spicy food lover, I really appreciate the fact that the Szechuan cuisine here is actually spicy—as in, set-your-mouth-on-fire, make-your-tongue-numb spicy. Bubble tea shops and soup dumpling restaurants abound, two things that are harder to find in Manhattan. KFC, contrary to what everyone says, is a bit underwhelming in China, with smaller portions but higher prices than in the US. Haagen-Dazs and Pizza Hut are much more upscale here, though, by adapting to the local culture and creating a complete restaurant experience rather than the grab-and-go mentality we're so used to. I do miss Western food though, particularly steak and cheese.

And Chipotle.

Aside from the lack of Chipotle, at its heart, Shanghai is not so different from New York: the subway is still overflowing at rush hour, the streets are full of honking drivers, and most importantly, there's something entertaining for everyone, whatever their personality or interests.

Temples and museums wait to be discovered in almost every corner of the city, showcasing historic artifacts and contemporary art while offering a unique social commentary from a Chinese perspective.

There's also Mr. X, the Shanghai counterpart to New York's Escape the Room. While my group of friends didn't finish, we still had a lot of fun.

Perhaps the most memorable—and Instagram-worthy—moment of my time here has been going to the Bund and seeing the Shanghai skyline light up at night.

The culture shock can be a little overwhelming at first, but Shanghai is an amazing city full of good food and incredible experiences just waiting to happen. •

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Prague, the Czech Republic

BY SRAVYA JASTI Dobry den! Just wanted to say hello from Prague and fill you all in on our wonderful semester abroad.

Prague is a beautiful city with great architecture, beautiful views, and amazing food. There are quaint cathedrals, ghoulish castles, and beautiful streets filled with a mixture of both the modern and old. But more importantly, there’s the food to try. The BAP members here have already met up to enjoy a traditional Czech dinner (if you ever by any chance make your way to Central Europe, you must try the goulash with potato dumplings. It is life changing).

While Prague’s artistic legacy is more than enough to take in, we (the BAP members here in Prague) have taken advantage of Prague’s central location Europe to travel all over and see what lies around. We’ve greatly enjoyed exploring the rest of Europe—so far we have collectively been to Munich, Vienna, Salzburg, Budapest, Amsterdam, and London, and we have many more trips planned. We’ve been skiing in the Alps, taken trips to Neushwanstein Castle, ridden boats through Amsterdam’s canals, and been on the tallest Ferris wheel in Europe. We’ve also made countless new friends, many who are interested in joining BAP next semester! •

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CLASS SPOTLIGHT

By Conrad Oliver Everhard

TRANSITION ECONOMY IN PRAGUE Ownership and Corporate Control in Advanced and Transition Economies

By Conrad Oliver Everhard As a business student, one of the most curious realities about living in Prague is knowing that the country’s economy was centrally planned just 26 years ago. Having grown up in a capitalist country, I always understood socialism in vague platitudes that inevitably looped back to re-emphasize and preach the value of the free market economy.

Indeed, a critical factor in my decision to study abroad was a desire to better understand this “alternative” and why, for nation states like the USSR and countries like China, pure socialism did not last. For any Sternie looking to fill a similar gap in their knowledge, the class Ownership and Corporate Control in Advanced and Transition Economies comes highly recommended.

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So what exactly is a transition economy? As you may well be aware, many formerly socialist nations transitioned into capitalism following the collapse of the USSR. Ownership and Corporate Control focuses on the ideas of ownership and corporate control (i.e. who owns the gas station and who owns the gas company) within transitioning economies with a focus on the history preceding these transitions. The name of the class might have tipped you off already--this is not the breezy, lightweight class you might be looking for in your study abroad experience. Stacks of working papers accompany slides dense with equations detailing the Principal-Agent theory. Though the deliverables focus more on the qualitative aspects of the course material, the readings themselves can be long. Put more simply, if EGB wasn’t your forte, this may be a class to avoid.

of the course material, the readings themselves can be long.

Put more simply, if EGB wasn’t your forte, this may be a class to avoid.

Course Info Class No. ECON-UB 9271

Department Economics

Credits 3

Required Coursework Microeconomics EGB strongly recommended

Qualifiers aside, Ownership and Corporate Control brings clarity to the kinds of questions you might have about how socialist economics actually work in practice. Interested in the qualitative history of socialist economies? The current professor, Vilem Semerak, is a Czech economist who has done much of his research on China; examples from the Great Leap Forward will accompany others from Yugoslavia and the Soviet Union. Want to go more in depth into how a centrally planned economy really works?

You’ll enjoy attempting to build a massive input-output model in Excel, and skimming hundreds of lines of production values for everything from wheat to oil.

Want a more hands-on example?

Take a class trip to a car factory that’s been around for decades.

Want to know why the Soviet Union collapsed economically?

Through slide after slide of stories and stats on failed alternatives to capitalism, you’ll know better than most by semester’s end.

Perhaps more important than the facts absorbed in the classroom is the phenomenal corollary to a semester spent in central and eastern Europe. Professor Semerak is methodical in his

“A reaffirmation of what

a society needs in order to do good business.”

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descriptions of transition economies not only in the Czech Republic, but also in neighboring nations like Hungary and Poland. The cab you hail during your weekend in Krakow reminds you of the eight years it could take to get a new car in Poland in 1989. Present-day surroundings gain context, and discussing Czech history with locals at the bar becomes much easier. The ancient streetcar you take home, windows declaring they were “Manufactured in Czechoslovakia,” call to mind the planned economy that built them not so very long ago. If you’re interested and willing to put the work in, you will get something out of this class beyond three credits towards an economics concentration.

Personally, that “something” was a greater sense of context for the career I plan on pursuing. The importance of incentives structures, working capital, and properly balanced risk are critical themes touched upon in the class. Beyond the exact specifics of planned economies in the mid-20th century, my critical takeaway was a reaffirmation of what a society needs in order to do good business; particularly at a business school that mandates a social impact core, the message is a powerful and necessary one.

Ownership and Corporate Control in Advanced and Transition Economies is offered every semester. If your travels bring you to Prague for a semester and you can stomach the workload, you owe it to yourself as a business student to take this class.

REDEFINING:

By Kong Wan

NYU’s Startup Culture on the Rise While the media depicts technology startups as a twenty first-century gold rush in the West Coast, New York City is actually turning itself into the second largest tech hub in the world. Between 2003 and 2013, the NYC tech sector grew twice as fast as Silicon Valley’s in terms of dollars invested, 13.3% vs 6.4%. This translates into 336 IPOs and acquisitions, or approximately $18.1 billion in exit amount. Among the NYC tech founders, 3.6% of them hold a degree from NYU, which ranks the university #3 in the city, behind UPenn and Columbia. Recognizing this new trend and hoping to uphold it, NYU has launched multiple initiatives to promote entrepreneurship among the students, including Leslie eLab

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1 2

“NYU’s startup initiatives are just the tip of the iceberg.”

The Leslie eLab

Summer Launchpad

The Mark and Debra Leslie Entrepreneurs Lab is located at 16 Washington Place, on the corner of Greene Street (formerly the computer store). It features flexible configured co-working spaces, meeting rooms, an event space, and a fabrication lab, which allow students to develop and work on their entrepreneurial ideas. The Leslie eLab also has a prototyping space for all student and faculty developing physical products and devices for their startups. Equipment includes 3D printers, 3D scanners, CO2 laser cutter, assorted sensors, soldering kits, etc., that are available to all students and researchers at NYU. Students can reserve the space and equipment in advance and ask “lab guardians” to help build products fasters.

For serious entrepreneurs, NYU has introduced the “Summer Launchpad” as a ten-week intensive accelerator program for graduating students.

The Summer Launchpad provides participants with $7,500 of nondilutive funding, access to coworking space at the Varick Street Incubator in SoHo, workshops and guest lectures, and mentorship by local VCs and entrepreneurs.

In addition to providing physical space and equipment, Leslie eLab also hosts skill-building workshops for students. Topics include technical skills such as Arduino programming and 3D printing, as well as soft skills such as fundraising and pitching. Most of these workshops are hosted at the eLab, while some are cosponsored at the School of Engineering in Brooklyn.

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One graduating startup, Kinvolved, is now partnering with the New York City school system to deploy its attendance management platform and is competing in the Robin Hood College Success Challenge for a grand price of $3.5 million.

NYU’s startup initiatives are just the tip of the iceberg for aspiring entrepreneurs. Students hoping to make a difference can take social entrepreneurship classes within NYU; the Stern International Volunteers Ghana class allows students to test social entrepreneurship products through a class trip to Ghana.

Meanwhile, networks of students and alumni are easy to tap into, especially within student organizations and clubs. Best of luck to the innovators among us! lorem ipsum :: [Date]

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byline

Lorem Ipsum

BAP member and current junior Isaac Marshall has taken advantage of the many resources Stern has to offer; he recently launched a new platform, Sparkfish, along with his friends and colleagues. The platform allows students to post projects and seek contributors; it also allows students with specific skill sets to find projects to work for. It positions itself as “a community of students working together to bring new ventures for life.”

“We started in January 2014 and and developed it in June,” said Marshall. “Sparkfish aims to help early-stage startups crowdsource noncash resources. It provides a community for students from top universities around the world.”

“It’s about bringing together different players who otherwise might not have found each other.”

Marshall hopes to enter the Summer Launchpad competition; he also visits the Leslie eLab frequently. “But you know what I’ve found really helpful? Stern’s Berkeley Center for Entrepreneurship and Innovation. Professors are very willing to help students, especially when they are promoting and working on something different.”

Sparkfish reflects Marshall’s attitude towards business as well.

“The way I see it, business—and even finance—is about connecting people. It’s about bringing together different players who otherwise might not have found each other, be it investors and companies, or students with specific skills and talents.”

The website is currently free for all users and does not help negotiate details or compensations. However, it is still in its initial stage and is looking for more projects before its official launch.

Feel free to visit www.spark.fish if you are interested in posting your own project.

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lorem ipsum :: [Date] 20

By Adrian Lee and Stevy Desir

AN EXCLUSIVE INTERVIEW WITH FORMER BAP PRESIDENT JOHN ANG Where in the world is John Ang? – is not a question you would expect to be asked of a graduate who is merely two years out of school, much less of a would-be second year analyst at a bulge bracket bank. But John, a former BAP president from 2013, does not envision having a typical career that many Sternies aspire to. He joins the BAP Review team to discuss his experience with BAP, his brief tenure as a banker, and his future with virtual reality.

John enrolled in Stern after spending two years in the Singaporean military service. As a 21-year-old freshman, he knew that there was a lot of work cut out for him and sought a community that he hoped would lead him down a clear path. During his time as a candidate, he looked to the Candidate Masters as role models and inspiration - inspiration that he used to become a Candidate Master himself and eventually president.

We asked John about his experience as a leader in BAP and how it translated to success in the professional world: Being able to cultivate leadership skills in a practical setting is very useful

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John Ang, Founder of First Faces Digital

Issue [#]: [Issue Date]

“Having a vision and following through with solid execution was very important.” and is something that has helped me succeed professionally. For me, having a vision and following through with solid execution was very important to me, as were complementary soft skills.

Here’s a tangible example: as president, I took the initiative to consolidate the talent pool of upperclassmen working across all industries to prepare our candidates and members throughout the recruiting process. Presenting the idea and bringing other leaders on board, observing and working alongside teams, as well as dedicating over one hundred hours of my time mockinterviewing ensured that the program gathered momentum and ultimately succeeded.

So where does this lead up to in a professional setting?

Believe it or not, a lot of my responsibilities encountered during my last two years at Stern have become opportunities and were transferable beyond the four years spent as an undergraduate. As the founder of a virtual reality startup, I am constantly faced with the challenge of not only pitching my ideas but also of having a goal and actionable plans to present to potential partners and investors. Even though the company is in its nascent stages, I will soon find myself building a team, and with effective leadership, working towards my next vision.

So let’s talk about your transition into virtual reality - can we hear about your transition and where you see the industry heading?

Let me take you way back, before I even started studying at Stern. When I was still in Singapore, I opened a scuba dive shop with a friend and quickly realized that I wanted to found my own company after college, but not before understanding the basics of business and having some corporate experience under my belt. Studying finance and enrolling in numerous management courses at Stern made the most sense to me.

Up until about sophomore year, my entrepreneurial goals had been a priority. However, they had been set aside as I shifted my focus to gaining corporate experience in financial services. Before I knew it, it was my first day on the job as an analyst. As a banker, I worked in the leveraged finance vertical with a focus on the telecom, media, and tech industry. Being staffed on live deals allowed me to understand company operations through countless financial valuations and solving complex transaction issues.

My desire to start my own company soon reemerged, however, after I saw an opportunity in the virtual reality space. From an industry standpoint, virtual reality is fairly new and focuses mainly on the involvement of the head and eyes. I see the next step in VR as the manipulation of the content that we are immersed in; I also wanted to involve more body parts and senses into the equation.

You’ve seen how Tom Cruise is able to manipulate information in The Minority Report right? Well, then you can only imagine the potential impact that virtual reality has upon productivity. My short-term goals start with 2 22

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Issue [#]: [Issue Date] text and information, where readers experience a seamless unison between their actual surroundings and the virtual content, all while sharing such information in real-time with contributors. Later on, I hope to allow users to engage and manipulate the content to further increase productivity.

After all your ex perience as a leader, yo ur work in a co rpo rate setting, and yo ur jump into a startup environment, what advice can yo u pass on to current students?

My general advice to all students is to explore your interests academically. There is no reason to pigeonhole yourself and it’s probably a good thing that the school puts a cap on credits that kids are allowed to take within Stern.

After a quick glance at your Faceboo k wall, it’s evident that yo u travel quite a bit to conventions and gatherings in the U S and ab road. H ow have your travels been so far and what have you learned?

After joining Barclays full time, I found it very challenging to find time to learn about the industry, develop programming and technical skills, but most importantly, someone who was willing to take the risk of leaving their full-time job to share my vision.

Traveling is very tough, but I think I’ve figured out a way to schedule my sleeping and flight time to be ready to hit the ground running wherever I may find myself. And yes – I’ve been hopping all over the place – Seattle for the PAX gaming convention last summer and a meetup this March in Singapore focusing on developing virtual reality landscape in the country. Let me tell you, I was terrified for the Singapore event because I had set it up myself and didn’t know what to expect. It was my first time organizing a meeting of this nature and I only expected a handful of people to show. When over twenty people came to share and collaborate at the

For those of you who are interested in starting your own company, I highly recommend meeting people who share the same interests and goals while still in college. Take it as one of the only times in your life when you have a considerable amount of time to plan, develop necessary skillsets, and talk calculated risks. When it comes to the development of skillsets, let me put it this way; if you want to be a chef, you should cook and create recipes during college. If

“Explore your interests academically. There is no reason to pigeonhole yourself.” event, I was very surprised but felt an immense amount of support and satisfaction. I plan to continue traveling between New York and Singapore on a monthly basis, and look forward to seeing the development of the VR community in Singapore over time.

you want to work in the tech industry, it would make sense to write immeasurable lines of code and develop programs. It’s a great way to hone a relevant skillset and keep yourself sharp throughout college.

We’d like to thank Jo hn fo r his devotio n to BAP as both a member and alumni and hop e to see him at future events if we are fortunate to catch him in the city!

After having attended these conventions, I’ve learned that there’s one available for every conceivable niche. If you find one that interests you – go! I cannot stress it enough. It’s a great environment to learn and connect with others that share your passions. The next one that I’m scheduled for is the Tribeca Film Festival, which contains your usual “artsy fartsy” content as well as some new technological developments. I’ve seen How to Train Your Dragon and Interstellar virtual reality rigs, where passersby were given the opportunity to experience the future channels of immersive storytelling.

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THE RISE OF BOUTIQUES

An understanding of the change in the recruiting process for students studying finance at Stern

By Varun Sawhney Coming into Stern, I knew very little about finance and had no idea where I may want to work.

As a freshman, the few recognizable names are the large, multinational industry leaders. When deciding which clubs to join or where to look for advice, people tend to only look for a few names: Goldman Sachs, Morgan Stanley, and J.P. Morgan. These are the banks which, in addition to a handful of others, are traditionally known as bulge brackets. These are the firms that have

historically made headlines for doing the largest deals, paying the highest salaries, and attracting the best talent.

This trend may finally be coming to an end. Boutique banks like Lazard, Greenhill, Centerview, and Moelis have taken center stage as they have come to the table recently, even on the largest transactions. For example, Centerview and Lazard were recent the sole advisors to Kraft and Heinz on the $75 billion+ merger. In addition to

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the large influx of deals towards boutiques in recent years, the analyst experience at these firms has also played an integral role in the surging attractiveness of working at these firms.

The analyst experience at these boutiques is quite different from that of a bulge bracket analysts for a number of reasons. The main reasons stem from the size of the firms itself. The smaller size of boutiques means that fewer people work on a deal, allowing an analyst to take on

a lot more. For example, firms like Qatalyst and LionTree work on the biggest tech, media, and telecom deals with analyst class sizes of less than five new hires. Furthermore, smaller deal teams enable the analysts to interact more with clients and senior bankers, which provides deep insight into various industries.

This insight is also valuable because it allows for greater opportunities to know managing directors and other senior bankers on a personal level – relationships which can have huge payoffs down the line. Most boutiques also allow analysts the flexibility of working in multiple industries rather than specializing from day one. A generalist analyst could work in multiple industries and gain a much broader learning experience, thereby also increasing their opportunities for the future – whether in banking or somewhere else.

The superior learning experience is further supplemented by the great culture at boutique firms. The smaller team sizes mean that cultural fit is highly essential for a wellfunctioning firm. This means that firms place a lot of emphasis on hiring the right people and take a lot of initiatives in establishing a closeknit culture. This is one of the main drivers behind high employee satisfaction at boutiques. There is more of a social atmosphere across the hierarchy, and analysts have the opportunity to get to know some of the senior bankers on a deeper level.

Though at times the analysts may work more hours, the overall analyst experience at a boutique will allow for more responsibilities, more accessibility to senior people, and much more. Overall it has become an increasingly attractive path for Stern juniors and seniors – and one that everyone should keep in mind.

BOUTIQUE vs. BULGE BRACKET

Training

Experience

Boutique

Bulge Bracket

Pro More attention & training from more senior members of the firm much earlier in your career than at a bulge bracket firm

Pro Hours in the classroom learning the basics & getting up to speed; you know from day one what your curriculum looks like

Con Without a formal “classroom” style training program the learning process can sometimes seem ad-hoc; must be pro-active Pro Get to work on deals for a wide range of businesses, deals & industries since the firms expect a full hands on approach from everyone; much more receptive to requests to be staffed on a particular deal

Con Unlikely to interact with senior management throughout this process; difficult to differentiate self from peers; delay in on-thejob experience Pro Exposure to some of the biggest deals on Wall Street, which looks good on your resume; easy to make valuable industry contacts fast due to sheer number of employees

Con Might not get direct experience of the huge billion dollar deals which are being struck on Wall Street

Con You have little influence in choosing what you want to be staffed on; much more competition due to larger number of peers Pro Competitive starting salary; likely considered for a bonus y/y; relocation package offer

Pro Eventually have a larger influence and say over how you get compensated since you won’t be competing with a whole group of people at the same level

Salary

Con Starting salaries are lower; no relocation package at the start

Con Difficult to negotiate for a unique salary

Pro Private Equity and Venture Capital firms recruit from boutiques

Pro PE or VC firms all recruit from the top investment banks after 2 years; past exposure to a wide range of deals; common for IBankers to set up own firms in PE or VC

Exit Con You might not have had the Opportunities

deal experience of those leaving investment banks where they would have a higher flow of business in general

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Con Difficult to differentiate self from large group of colleagues

TRANSFERRING & BAP A Reflection

By Rishi Kumar Transfer students will probably agree with me when I say that the process is not at all easy. Personally, my first semester in Stern—fall 2014—was an exceedingly challenging semester. Not only was I adjusting to the change from being an economics major to being a finance major, but it was also recruiting season; when I was not catching up on the core classes that I had missed, I was busy networking with professionals in the hopes of securing a summer internship. On top of all that, I rushed BAP. Despite those sleepless nights of work followed by my trying not to doze off in my Corporate Finance class, I will never forget the great experiences I had as well as the new people I met at BAP. As Stern students, we often overlook the many luxuries we have. For one, I found it amazing that most, if not all of my classes, were scheduled in one building. I could not believe that my next class would be just a short walk

printers at Stern. This, coupled with the 1,000-credit printer allowance, was heaven for me. No longer would I need to wait in the long lines next to the Bobst printers, praying that the person in front of me was not about to print two hundred pages.

Yet, I also missed many aspects of CAS—most importantly, the lack of the Stern Curve. Even before transferring, I had heard of this dreaded curve. Rumor had it that it could potentially shatter your future if you were complacent. After taking my first Stern class, I quickly realized why it was so important to check and recheck your grades on an exam as even a simple rounding error could make the difference between a B+ and an A-.

The existence of a “recruiting season,” however, shed light on the greatest differences between Stern and CAS. Attending multiple classes dressed in a full suit was something extremely new to

“Transfer students will probably agree…when I say that the process is not at all easy.” down the hallway—in CAS, I was accustomed to walking between different buildings throughout campus and having to brave the horribly long queues outside of the elevators at Silver. Moreover, I also loved the availability of

me. On a more serious note, having to juggle recruiting, classes, and rushing BAP all at the same time meant I had a heaping plate of responsibilities that I was only just keeping from spilling over.

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Choosing to rush BAP during recruiting season sometimes made it feel like I had a never-ending to-do list, but I realized that joining the BAP community was actually one of the best decisions I could’ve made.

“Joining the BAP community was actually one of the best decisions I could’ve made.”

While the process was tough at times due to the countless events that I needed to attend, I gained a lot of great mentors and advice from many members. For most students in Stern, they’ve been immersed in a pool of information and deadlines about recruiting starting from their freshman year. I, on the other hand, knew next to nothing about the recruiting process or OCR, so I was extremely grateful to see that many BAP members were exceptionally helpful in guiding me and introducing me to alumni that were instrumental in my application process at many firms.

Spring 2015 is definitely proving to be a much more relaxed semester. However, I am still grateful for the events I attended last semester that helped me

become a part of the Stern community. Not only have I made many new friends through BAP, but I have also learned so much. As a member of BAP, I’ve grown so much both socially and professionally. The cherry on top? I was lucky enough to land an investment banking internship for this summer.

If I could give one piece of advice to any potential transfers, it would be this: your first semester at Stern may be rough, but there is a light at the end of the tunnel.

As with most things in life, as long as you stay committed to your goals, you will be able to trudge through the inevitable challenges thrown at you and emerge as a more experienced, fulfilled person.

BAP CS Publicolor event at Liberty Avenue Middle School.

“As long as you stay

committed to your goals, you will…trudge through the inevitable challenges thrown at you and emerge as a more experienced, fulfilled person.”

LESSONS LEARNED From Freshman to First-Year: How to Ride the Stern Curve

By Michelle Kuan Walk into Stern.

Go to class.

Eat lots of free pizza of dubious quality during common hour.

Go back to class.

Learn how to walk an interviewer through a DCF. Go home, sleep, repeat.

Realize you still have no idea what classes you need to take to fulfill your concentration.

Check Wasserman and realize OCR is beginning.

Chuckle nervously during awkward silences at networking sessions.

Drown in panic.

Seems like a bit of a nightmare, right?

The bad news: this is a very real and very possible scenario here at Stern as recruiting picks up during the fall semester of most students’ junior years. The good news? It never has to happen to you. Here’s how to prepare yourself for what’s ahead.

by when. This will also help you avoid getting pigeonholed by complicated prerequisite requirements in your junior and senior years, or surprised by core requirements that could hinder your graduation (4 of 6 intro classes, I’m looking at you).

Leverage Academic Advisors

At the very least, plan out your concentration(s) requirements and look at the classes you can take to fulfill them. Get a general idea of what classes you want to take and make sure you know what prerequisites you’ll need to hit in order to get there. Are there any

One of Stern’s most underestimated and most underused resources: the academic advisors. It’s generally good practice to sit down with an advisor and map out your four years at Stern so you know what you’ll need to take,

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“Don’t be afraid. The hardest step is mustering up the courage to put yourself out there and meet new people.” required advanced classes you’ll need to take to finish a concentration? Are there classes that count for more than one concentration, such as Financial Modeling and Analysis, which can count towards either a finance or an accounting concentration? It doesn’t need to be a rigid, set-in-stone plan, but having an overall idea of what your course load should be will make registration much less of a hassle.

The Buddy System: How to Talk to Upper Classmen That’s the million-dollar question, isn’t it – how does one contact, let alone approach, an upperclassman to ask for advice? It sounds impossibly daunting to freshmen and sophomores, but in reality, meeting upperclassmen is as easy as saying “hi” at a Stern event, club meeting, or even in class. Several clubs have mentorship programs where underclassmen receive upperclassmen mentors for all things Stern and lots of things outside of Stern—these are great opportunities for underclassmen to get to know upperclassmen in one-on-one scenarios.

Apply your AP/IB credits as early as you can. They’ll fill your non-Stern requirements like science and math, and – more importantly – bump your registration time up earlier. Advising will most likely tell you to put it off for a year or two so you don’t run out of space for electives, but there’s honestly no risk of running out of credits to take unless you decide to apply upwards of 20 credits.

The best advice I could offer a freshman or sophomore would be this: don’t be afraid. The hardest step is mustering up the courage to put yourself out there and meet new people.

Networking and You: How to Master the Awkward Silence There’s nothing worse than that awkward silence when you’re meeting someone new, and both of you are looking desperately around the room or at the floor, trying to find something interesting and/or impressive to say next… … Except when the person you’re meeting could make or break your recruitment process, and you’re not just meeting one person; you’re meeting five. Or twenty.

If there’s anything my friends and I have struggled with during our time here at Stern so far, it’s networking.

Networking is intimidating and stressful. It’s more exhausting than you’d think. And it’s absolutely, 100% necessary to learn, because business is all about how you interact with people you don’t know, and how well they like you.

So practice. There’s really no other way to learn how to network; guides and presentations on how to “properly” network can only do so much. Throw yourself into networking as early as possible, freshman year if you can—go to any networking event you can get into and start refining the way you introduce yourself, pick up on subtle social cues, and learn some of the topics you can talk about with professionals. Bring a friend; meeting new people is much less daunting when you have someone you can bounce off of if a conversation starts to slow, but do not fall into the trap of talking only to people you know. Don’t be shy in asking a friend or an upperclassman to introduce you to new people.

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CHOOSE YOUR OWN ADVENTURE: RESTAURANT WEEK 2015

By Gary Chen

I

f you are reading this magazine, you probably have an appreciation for the finer things in life.

Whether your idea of a great meal is impeccable service, lovely ambiance, innovative dishes, or a beautiful date by your side, Restaurant Week has something to offer for everyone. You’ll have to find the date yourself, but I’m sure the lucky lady or man will find it hard to say no to a meal at any of these fine establishments. Just be sure to check out the prix fixe menus online before showing up, as $25 lunches and $38 dinners at gourmet restaurants mean limited choices. While the winter Restaurant Week 2015 may have passed already, these restaurants are more than likely to host the event again, so be sure to mark these restaurants on your calendar.

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Impeccable Service

Nougatine at Jean-Georges | 1 Central Park West It’s not Jean-Georges, but then again, it kind of is. With its location at 1 Central Park West, it’s hard to get closer to the good life. To clear up any confusion you may have, the Nougatine is Jean-Georges’ slightly less formal and slightly less expensive sister, complete with a bar. Note that slightly less formal than JG means business casual. When I went for lunch, the waiter-to-guest ratio must have been at least 2 to 1. They make the customer feel important and really do the dishes justice by presenting them one by one. Knowledgeable in everything from ingredients to pairings, the staff at the Nougatine elevates the experience above what is expected at a fine-dining restaurant – even in the city.

They have a reputation to uphold, after all.

A Feast for Your Eyes

Tavern On The Green | 67 St. Central Park West If 1 Central Park West isn’t close enough to Central Park, head over to 67th St., where you’ll find Tavern on the Green.

The restaurant is actually inside the park. Rain, snow, or shine, Tavern on the Green offers some fantastic scenery from its glass-walled dining room. Sitting inside the glass box with pearly white furniture brought to mind the image of a time past. I could picture a lazy Sunday brunch in the 1960s presented in a similar setting. Tavern on the Green certainly provides Instagram-worthy views, at the very least. The hearty, tasty food didn’t disappoint either, but head down to the Nougatine if upscale cooking is what you’re looking for.

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Food for Food’s sake Casa Mono | 52 Irving Place

Casa Mono showcases amazing attention to detail and flavor. I am by no means an expert on Spanish food or tapas, but their food is just plain great. Pan con tomate (bruschetta), croquetas (croquettes), and dishes whose names I still don’t know—the food I had here is among the best I’ve ever had. Every dish is interesting in its own way with its own nuances. It may just be me, although my dining partner agreed, but Casa Mono is one of those restaurants where the food is made to taste great and not made to just look good or to appeal to some specific palate. Dishes are improved in an almost intuitive way. Take the pork croquetas as an example. Normally croquettes are a pretty heavy food, especially when filled with meat. Casa Mono offers the solution, in the form of caper salsa, salt-baked radishes, and a farmer’s egg; autumn gazpacho and golden raisins; or a pea aioli with shiitake mushrooms (their selection changes). Each choice manages to give dimension to the fried meaty delights.

Date Night

Casa Nonna | 310 West 38th Street Sure, it’s in Midtown. But once you step inside, you’ll forget all about the hectic, intense city that engulfs us sometimes. It’s just you, your date, and your dinner. There’s something about the rustic feel and the quiet space that makes the restaurant a pocket of calm in the busiest part of the city.

With its ample spacing, magnificent wooden furniture, and cobbled floor, Casa Nonna sets the mood for a special night out.

Even the food is made for a date – it’s great, but it won’t take the attention away from your conversation. You can entertain clients here too – just replace the romantic gazing with a firm handshake!

Eat Like a Baller, Err…Banker

Morimoto | 88 Tenth Avenue Perilla | 9 Jones Street

Morimoto and Perilla both normally cost a small fortune to eat at. If you go to any of the two during restaurant week, you’ll pay less than half what you usually would for an amazing meal. Bonus for going during lunch, $25 normally doesn’t even cover the tip at these places. There are certainly other expensive offerings on Restaurant Week’s roster, but it’s hard to go wrong with these two. Morimoto features Japanese and sushi, while Perilla showcases gourmet western food of ambiguous influence, aka “New American.”

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Even More

Looking for an Adventure?

Red Rooster | 310 Malcom X Boulevard

Acme | 9 Great Jones Street

So you read the headline and have been disappointed thus far by the lack of adventuring?

Hop aboard the 2 or 3 train and get off at 125th Street. On the corner of Malcom X Blvd and 126th is Red Rooster, cooking up some of the best soul food money can buy. Fine, this might not be the Harlem of old (there’s a Starbucks on the same block), but the food at Red Rooster will take you back to a timeless tradition of taste. Everything here, from the chicken and waffles to the corn bread, captures the essence of comfort food. Don’t be fooled though; Red Rooster is still a fine dining establishment. The $4 cornbread is great, but I can’t claim to have sampled the 3-serving duck meal, at $77 a serving ($231 total).

Good southern-influenced cooking, low-key but great atmosphere.

Gotham Bar and Grill | 12 East 5th Street Can probably never be overrated, a classic.

DBGB Kitchen & Bar | 299 Bowery Does Frenchish better than Lafayette.

Il Mulino | 86 West 3rd Street Classy and traditional Italian.

Winter’s Restaurant Week has come and passed, but luckily it’s a biannual event! Mark your calendars, since July and August will be here sooner than you think. Visiting outside of Restaurant Week is always an option too, since many of these spots are worth exploring with or without prix-fixe.

Happy eating!

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RENEWABLE ENERGY: Always a Trend, Never the Mainstay?

By Rachel Lu

Despite the growing consensus that global warming needs to be addressed, renewable energy is more often seen as a trend rather than a serious energy revolution.

E

nergy is a complex industry because everyone needs it, but not everyone has it. The United States used to be one of the have-nots until the shale revolution shifted the focus from oil to natural gas. Since 2008, U.S. oil imports have decreased by over a million barrels annually. One could argue that shale gas took away what could have been a renewable energy revolution, instead of just being another transition from one fossil fuel to another. So where does renewable energy, particularly wind and solar, play in the changing energy industry landscape?

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Price is the most important factor in the energy industry, because the inputs like fossil fuels and solar, are commodities, while the outputs, like electricity, are also commodities. For years, solar and wind energy were only price competitive with oil, coal, and natural gas with subsidies. However, according to a September 2014 report by Lazard, which uses Levelized Cost of Energy (LCOE) to compare the price ranges of alternative energy to fossil fuels, even without subsidies, much of the energy generated by alternatives are competitively priced with that of fossil fuels, if not even cheaper. The LCOE method looks at the per-kilowatt-hour cost of building and operating a plant over an assumed period of time. The unsubsidized cost of solar and wind are 7.2 cents and 3.7 cents per kilowatt-hour respectively versus 6.1 cents and 6.6 cents for natural gas and coal2.

course at NYU Stern, focused particularly on the pricing challenges in renewable energy, especially in today’s environment where oil prices have dropped significantly. At the same time, he also notes that renewable energy requires significant investment, much of which are not financially viable without government subsidies.

When asked where renewable energy is headed, Professor Radner said, “it is a tossup to if we will do something” given the amount of global consensus and investment required.

Professor Narayanan believed that it will grow. However, both professors ackn- owledged that if there is not a shift from fossil fuels to renewables, the consequences will be devastating, particularly for the world’s poorest countries.

While the prices appear competitive, they do not take into account costs related to dependability because alternative energy generation relies on the external factors such as the sun shining or the wind blowing to power solar and wind farms.

The ability to fire up plants powered by fossil fuels is a significant benefit of fossil fuels. At the same time, other forms of alternative energy such as hydro and geothermal plants require specific physical conditions that fossil fuels do not.

Many business students do not find the energy Professor Sunder Narayanan industry particularly attractive area to focus in, but it is arguably the most important. Professor Radner does not fault business students for their lack of interest though, noting that students go to business school to get an education and to prepare for work, thus they are not thinking of renewable energy in particular. Professor Narayanan believes that business students need to think about the industry because it is the most global industry out there, and Stern students are well equipped with the skills and knowledge to help the industry grow.

“The lack of political will is a consequence of [the fact that] replacing fossil fuels will greatly affect a lot of huge com panies.”

Still, as lower manufacturing costs, improving efficiencies, and innovative financing methods continue to bring down the cost of renewable energy, it is unclear if that will be enough to push renewable energy into the mainstream.

Despite several setbacks to the renewable energy industry, such as infamous failures like Solyndra and cheap oil, the industry remains competitive. While still not the main focus for energy experts, both in the financial or physical industry, renewables continue to be mentioned for their consistent growth years after year. Perhaps it is too hard to say whether renewables can really break into the mainstream, but renewables are definitely not out.

Professor Roy Radner, who teaches Business and the Environment for undergraduates at NYU Stern, acknowledges that replacing fossil fuels completely will be very difficult and will take time. He believes it will take significant investment as well as strong political consensus to really create an environment favorable for renewable energy.

Specifically with the politics, he says, “the lack of political will is a consequence of [the fact that] replacing fossil fuels will greatly affect a lot of huge companies.” It would not be unreasonable to assume that the government would hesitate to implement measures that heavily favor renewables given that companies like ExxonMobil, despite the drop in oil prices recently, remains the world’s second largest company behind Apple.

Professor Sunder Narayanan, who teaches Emerging Innovations in the Energy Industry, another undergraduate 35

NARENDRA MODI’S NEW INDIA

BY RISHI KUMAR

W

ith the exception of China (which may still prove disappointing in the coming year), many of the BRIC countries have been an immense source of disappointment for investors. Plagued by incessant political and economic issues, most of these countries have performed well below expectations, and many of them are bogged down by a combination of dilapidated infrastructure, rampant corruption and political strife. Recently, growth rates in China have also started to slow, further diminishing the allure of the BRICs. Yet one radical change has brought new hope to one of these countries. When Narendra Modi recently took power in India along with his Bharatiya Janata Party last May, the world was ready to listen, ready to welcome the potential for growth and development of the world’s largest democracy. Observers hoped that this could be the turning point for a country with nearly 1.3 billion people, yet even with all of Modi’s potential, there is still a plethora of problems that need to be overcome.

In fact, as India stands now, there is no clear-cut approach for development. It is truly questionable whether it could achieve growth solely by focusing on an export-driven

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model. While this method saw much success for countries like China and Korea, the global market for manufactured goods has shifted drastically. India may have an immense surplus of labor that it could redirect towards this purpose, but with modern manufacturing becoming more and more automated, there is much less value added from this sector. Even if the country could levy its existing strengths in information technology and software by tapping into its stock of young and well-educated students, it is facing more and more competition in this sector from its peers in Asia.

To simply expand the economy in the first place, Mr. Modi will also have to address India’s dilapidated power grid. Many businesses in the country have to invest in backup power generators as a remedy for the incessant power outages that still affect even major cities. Such generators are extremely expensive to purchase and maintain, which is something that only makes doing business in India more expensive than what it seems at face value.

Another extremely problematic issue is the rampant corruption that plagues the In the most recent Doing Business study by the World country. Bribes are still an essential part of doing business, yet even with these Bank, which measures how easy it is to do business in a sometimes tremendously large payments, country, India was ranked 142 out of the 189 economies government action is extremely slow and measured. plagued by bureaucratic inefficiencies and constant delays. In the most recent Doing Business study by the World Bank, which measures how easy it is to do business in a country, India was ranked 142 out of the 189 economies measured. What exacerbates this is its exceedingly disappointing rankings for starting a business (158), dealing with construction permits (184), and enforcing contracts (186).

Social issues, moreso than economic issues, are the true detractors from potential investment in India. For one, many of the minority groups in India feel marginalized by the Bharatiya Janata Party. One extremely potent cause for concern is the way that the Muslim minority in India views the role of Narendra Modi during the 2002 Gujarat riots. Many Muslims in India still hold Modi, who was the Chief Minister of the State of Gujarat at the time, responsible for the communal riots due to his inaction in mobilizing state troops. They also feel that their thoughts and opinions are not seen as important as those of their Hindu counterparts. This will definitely be an important challenge from Modi to overcome, as he must garner the support of India’s minority to ensure cohesive and uniform development.

Additionally, inequality is an equally important cause for concern. Even though the country has grown rapidly over the past decade, much of this growth has been restricted to urban areas, with much of the rural countryside still plagued by extreme poverty. It will be difficult for the government to ensure that growth also reaches the country’s rural areas.

India may be a country beset with challenges on all fronts, yet now is the time for the country to achieve its undeniable potential to be a global powerhouse. Luckily, as the country has recently managed to reign in its inflation and reduce its current account deficit, it has become more and more attractive for foreign investment. Additionally, for a country extremely reliant on energy imports, the fall in commodity prices has also worked to further accelerate the upwards trajectory of the economy. There is no better time for India to act than now, and all hopes are pinned on Modi to steer the country in the right direction to achieve its potential.

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Business Student

BY WICY WANG

BLOG RECOMMENDATIONS

The Big Picture, by Barry Ritholtz [http://www.ritholtz.com/blog/] Barry Ritholtz, founder and CIO of Ritholtz Asset Management, is quite famous for his economic commentaries; he prides himself on having called the 2008 housing crisis and corresponding derivatives crisis. Ritholtz has a diverse background, having studied math and science before going to law school; he has also published a book titled Bailout Nation. The topics covered by his blog include financial litigation, technical trading, and markets indicators, among others.

Bonus: Another financial advisor at Ritholtz Asset Management, Joshua M. Brown, also has his own blog: The Reformed Broker, at thereformedbroker.com.

The Aleph Blog, by David Merkel [http://alephblog.com/] Like Barry Ritholtz, David Merkel is the founder of an investment firm, Aleph Investments, LLC. Merkel has a background in actuarial science, and so he is more focused on understanding risk and risk management. His posts frequently mention insurance and demographics, but the range of topics is quite wide: from market news to a breakdown of index investing, Merkel covers a range of areas for the average reader.

Thoughts From the Frontline, by John Mauldin [http://www.frontlinethoughts.com/] John Mauldin puts out a number of different financial publications and has published quite a bibliography of books; his free newsletter, Thoughts From the Frontline, is worth a look.

Mauldin’s newsletter articles are a bit more in-depth than the previous entries on this list; he often pulls up an extensive array of evidence (other economics writers, market data, economic indicators, etc) to back up his insightful commentaries on market trends and worldwide conditions.

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AdvantageVoice: Market Update, by Wells Fargo Advantage Funds [http://blogs.wellsfargo.com/advantagevoice/category/market-update/] As the title would suggest, these are monthly market updates written by various asset managers for the Wells Fargo Advantage Funds. These are a good way to catch up on news in the economic, financial and business worlds after some time away, or to find and understand a good summary of overarching themes.

Between the Hedges [http://hedgefundmgr.blogspot.com/] This corner of the Internet is rather straightforward; most blog posts are daily articles that summarize and comment on the day’s market activity (for example, broad decline in markets, higher volatility according to VIX, etc). Some posts also round up notable headlines that are affecting markets. A good way to know how the markets are doing just by reading the headline.

Musings on Markets, by Aswath Damodaran [http://aswathdamodaran.blogspot.com/] Many Sternies already know of the legendary Professor Aswath Damodaran; what better way to take advantage of his insight than by following his blog? His posts walk through the occasional valuation and can prove to be an interesting addition to Equity Valuation students; but he also comments on macroeconomic news and its potential effect on corporate finance and business moves.

Farnam Street, by Shane Parrish [http://www.farnamstreetblog.com/] Farnam Street will forever be associated with Warren Buffett, because of Berkshire Hathaway’s location on Farnam Street, but now it also has a reputable association with Shane Parrish. This blog collects and dispenses life advice, occasionally related to management and entrepreneurship, but not necessarily. This is a good place to start if you’re looking to improve your performance or simply to find a new perspective.

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MEET THE EXECUTIVE BOARD Fall ‘14 – Spring ‘15

Fall ‘15 – Spring ‘16

Frank Lu, President

Mathew Roy, President

Jessica Yang, Vice President

Austen Sun, Vice President

Sherry Zhou, Treasurer

Tom Mao, Treasurer

Mari Xia, Director of Reporting

Stevy Desir, Director of Reporting

Daniel Cho, Director of Correspondence

Varun Sawhney, Director of Correspondence 40

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