Todd Glassman

Global asset landscape - 2025 update! In 2023, there was $900T of global wealth. Today, that number has grown to $1000T. THREAD on the key insights of this analysis...

The one piece of advice I always give young graduates who are starting off in banking or private equity You need to lose the ego. Most people who join these finance seats come from good backgrounds, went to Ivy League or equivalent schools, and tend to be relatively more intelligent than the average person But then they join a job like banking and quickly realize that none of that IQ is being put to use Your days are spent doing mindless grunt work, including > changing font colors on PPT decks > updating formulas on excel sheets > coordinating Zoom meetings with clients > sending calendar invites to investors > creating nice looking graphs and charts for CIMs For a lot of folks, this is completely different than what they imagined their life to be like as a banker or private equity investor You joined this field expecting to close "exciting" multi-billion-dollar deals, but the reality is that you are just a glorified assistant to your VPs and MDs In a short time, a lot of analysts start to feel that the job is beneath them, and they stop taking it seriously as a whole. While this can be a perfectly good reason to leave banking after a couple of years, I highly encourage young graduates to suck it up and actually try to do the job well Two main reasons > you will actually learn a lot more if you try > you will preserve relationships in the industry While I agree that most of the banking job is BS at the analyst level, it does actually set a fantastic foundation for the rest of your career Even simply learning how M&A transactions work, how models are created, and how deals get negotiated are valuable skills for any job in any field As an analyst, you get to be a fly on the wall during boardroom conversations that very few people ever get to see or hear in their entire lifetime You should take advantage of it Banking is very much a job where you will receive as much as you give. The more you try, the more you will learn Second, and even more importantly, no one wants to work with analysts who have bad attitudes about the job Working hard and trying your best will set a precedent for yourself that people in the industry will remember you by Careers are incredibly long, and finance is a small world. Even if you dont plan on being in banking forever, there is a possibility that you will come across your coworkers again in the context of something else in your life If you move over to PE, you might see them on the other side of a deal If you apply for a job outside of finance, it is possible that you will need a referral from your VP or MD to go and land your dream gig If you want to go down the MBA route, the same will be true Being a hard worker is a great reputation to have for anything you want to do next. Burning relationships because of your ego is 100% never worth it Always remember that you are just starting your career, and nobody trusts you to do the big things yet But do the small things well, and build a solid reputation for yourself. Don't ever think that a job is beneath you because you are too smart or intelligent for a mundane task I have seen many bankers and PE folks come and go in this field. The ones with too much ego and pride at a young age are never able to stick it out long enough

Private equity is going all in on HVAC Notable PE-backed HVAC deals: ~18.5x Champions Group (2026) ~17.0x Redwood Services (2025) ~17.0x Sila Services (2024) ~20.0x Goettl (2022) ~16.0x Burton (2021) ~17.0x Southern HVAC (2021) ~16.0x Any Hour (2021) ~16.0x Sila Services (2021) ~15.0x Service Champions (2021) ~16.0x Heartland (2020) ~17.0x TurnPoint (2020)