This episode explores the evolution and future of dealmaking on Wall Street, featuring Scott Bok, former CEO of Greenhill & Company, who shares insights from his book "Surviving Wall Street." The discussion begins with an examination of the value investment bankers bring to M&A, including providing market timing advice, valuation expertise, and board-level reassurance. Against the backdrop of globalization, the conversation pivots to the rise of boutique M&A firms in the early 2000s, which offered conflict-free advice compared to bulge bracket firms with multiple business lines. More significantly, the conversation addresses the impact of globalization on M&A activity, noting how the push for shareholder value drove consolidation across industries. As the discussion pivots to the contemporary environment, the potential for deglobalization and increased protectionism is considered, with the guest suggesting that M&A may shift towards facilitating regional manufacturing capabilities. The episode concludes with Bok's reflections on work-life balance and the changing landscape of Wall Street careers, highlighting the importance of adapting to new economic and political realities.
