Finance Interview Prep

How can you reduce the risk of a portfolio?

- Diversification - Arbitrage - A special hedging strategy

What are futures? Tell me about Futures Trading

"Hedgers" vs "Speculators": futures can be used to effectively hedge other investment positions, they can also be used for speculation. Doing so carries the potential for large rewards due to high leverage but also carries commensurately outsized risks. - High Risk, Highly Leveraged - Can make more money more quickly - Fairer than other markets, harder to have insider information on the future. - Futures Markets are very liquid

Why Research over Investment Banking?

- I'm a very project oriented person, one of my strengths is the depth and details I tackle a task with.

Unemployment Rate

Currently 4.9%, within Fed's estimates. Labor market close to full strength. Low unemployment could push up wages, as labor market gets tighter, driving inflation. Some people argue Unemployment rate is below where inflation should start to rise. Yellen said she believes inflation and wage increases are on the way in last Fed meeting

Financial Strength Ratios

Debt to Equity Ratios (under 1.0)

Consumer Spending

Strong Consumer Spending caused by Low Inflation, Higher Wages, and Low Unemployment.

Micron Technologies

$20.13 Q4 Earnings Summary: - Revenue of $3.2 billion ($2.9B last Quarter, $3.6B last year) - biggest boost in PC DRAM and Mobile Business unit - Gross margins narrowed from 26.94% to 18.00% compared to the same period last year - Narrowing of operating margins contributed to decline in earnings. - Heavier Spending on R&D Product Lines: - DRAM (60% of revenue): Growth - NAND Flash: Declines - NOR Flash: Declines

Give MobilEye pitch

(close - 39.30) develops vision-based advanced driver assistance systems (ADAS) providing warnings for collision prevention and mitigation. Company that worked with Tesla before the fatal crash. In a great position for the rising focus on higher-level autonomous vehicle technology - Market Cap: 8.15B - CEO: Ziv Aviram P/E Ratio: 131.14 pretty consistent Profitability Metrics (gross margin, return on equity) Q3 Earnings: Beat Expectations - Revenue up 34% - Increasing EPS: $0.19 - Chip shipments increased Catalysts: - Deal with auto parts supplier Delphi Automotive PLC - Recent alliance with Intel Corp and BMW - Intel just announced a $250 commitment to autonomous-car technology over the next two years Autonomous Vehicles: - Auto makers are ramping up spending on display systems to a projected $22 billion in 2022 from $10.1 billion last year - Auto makers need increasing computing power for advanced safety features and entertainment systems - The average new car contains 616 chips compared with 550 in 2013 Risks: Bitter dispute/breakup with Tesla Motors that centers around a fatal crash.

Give Nvidia Pitch

(close price - 107.35) designs GPUs and specialized processors. Nvidia is in a very opportunistic position. It has 74% market share in the rapidly growing GPU industry and is powering technology in several other high-growth market segments. High P/E Ratio Low Beta relative to AMD Consistent Profitability Metrics (gross margin, return on assets, return on equity) Q3 Earnings: (up 30%, beat expectations) - Increasing Dividends to $0.14 - 63% in sales of gaming segment Catalysts: GPU Industry: (high barriers to entry, GPU shipment increase of 20%) Gaming (Titan X chip, GeForce): - eSports year-on-year growth of 43%, globalization of eSports Machine Learning Approach to Self-Driving: (Tegra Line) - Auto makers are ramping up spending on display systems to a projected $22 billion in 2022 from $10.1 billion last year - Auto makers need increasing computing power for advanced safety features and entertainment systems - The average new car contains 616 chips compared with 550 in 2013 Risks: - Slower growth in the smartphone market - Intel and Qualcomm's entrance into the GPU and self-driving cars market High Potential and little risk. (Buy Long)

Japan

- "Yield curve control", buying Japanese governemnt bonds to steepen yield curve - Negatives Interest Rates

Liquidity Ratios

- Current Ratio (> 2.0 is good): company's ability to pay short-term and long-term obligations - Quick Ratio (> 1.0 is good):

4 valuation methods

- DCF (Discounted Cash Flow): uses future free cash flow projections and discounts them to arrive at a present value estimate - Comparable Company Analysis: Comparing metrics with those of other companies in the industry. - Precedent (Past) Transactions: Price paid for similar companies in the past is analyzed to estimate value of current company - LBO (Leveraged Buyout): Analyzing an acquisition of a company funded mostly with debt.

Why Banking over Engineering?

- Diversity of People & Personalities, not everyone is doing the same thing - Environment and Culture, more fast-paced, more social - Everyday is different in the markets - More exciting to keep up to date with current trends and events, having a better understanding of how the wheels of the market works.

Why Deutsche Bank?

- Diversity of people and personalities (not everyone is a investment banker personality) Global network with people from 169 different nations. - The Community and People I've met at events are genuine and respectable, not as boastful, more approachable - Emphasis on inclusion and collaboration of perspective with many Diversity Initiatives. Multicultural Network - Mirrors the sentiment I want to have when going into an industry that is under so much scrutiny, under John Cryan's leadership, a successful restructuring of the bank - a global bank that promotes internal growth/mobility, increasing emphasis in Asia and Europe

Questions (Sales and Trading)?

- Do traders frequently interact with traders from other banks? - What do you read in the morning? - I know trading involves a lot of stress, how do people deal with that stress? - Is there still room for innovation and creativity in the types of trades made? - In your opinion, what is the most important quality of a successful analyst? - Is it still important to develop relationships in an trading role and to have a technical background in a sales role? - What is the most challenging part of your job? - What do you read in the morning? What's the best way for an untraditional major to learn more about financial analysis? - Do interns choose a specific sector or industry? - As an intern or junior analyst, will I have any actual trading opportunities? - What do you think about the increasing popularity of passive investing? - Are there any multicultural groups or networks that I can be involved with after joining the firm?

Why fixed income over equity?

- I like following corporate news - I like following the bond market

Why Sales and Trading?

- I love the results-driven environment, the more the put in the more you get out - Every day is different in the markets, and I find it exciting to always be on my toes - keeping up to date with leading edge technology and innovation - Presents more opportunity for me to use my technical knowledge as an engineering major.

Pharmaceutical Industry

- It takes between 10 to 15 years for an average drug to make it to pharmacy counters and be FDA approved. - Established companies are almost always safer than new ones. - Firms trade at a higher price-earnings ratio than those in other industries. - Companies have a noticeably higher Return on Equity when compared to other industries. - The health of the pipeline (and patents) - Reputation: a history of successfully bringing drugs to the market - sometimes having too many drugs in development is as dangerous as having too few drugs in the works.

Why Deutsche Bank?

- Mirrors the sentiment I want to have when going into an industry that is under so much scrutiny: (Technology for Social Good, Global Cities Initiative) - Emphasis on inclusion and collaboration of perspective over 70 Business Resource Groups, multicultural network - The Community and People I've met at events are genuine and respectable, not as boastful, more approachable

Oil

- Oil gridlock. Conflicting sentiment. - Oil rallies after comments of Russian energy minister who supports a production cap, who is going to meet with Saudi Arabia and Qatar later this week. - BUT data of growing stockpiles drag's oil prices down. This is going to put more pressure on OPEC to strike a deal.

What are some strategies you came up with for Hedge Fund

- Predicting Winter weather by looking at weather in a small town in Siberia and using this data to anticipate increases/decreases in retail sales and correlation to department store securities - How political speeches/statements impact the markets in real-time. - volatility arbitrage, VIX and UVXY - IPO pricing model.

Recent JP Morgan News

- Quorum Project: JPM is building a blockchain on Ethereum (a crypto-network). To decrease fraud - Barry Sommers will now co-lead the new Wealth Management & Investment Solutions division alongside Brian Carlin - Downgraded Wells Fargo from Overweight to Neutral (higher litigation costs and reputation hits) - Named Todd Combs, an investment manager from Berkshire Hathaway to board as director. - Competing with Goldman to grab stake in global ETF market

Why buy- vs. sell-side

- Raw discovery aspect of the sell side, finding undervalued securities - I like persuading others, Pitching to others - Not about the money, I like the actual process of doing the analysis and research

Why research?

- Really get into the knit and grit of the markets. And the first look into the analysis of market trends and strategies. - The change to really get your hands in the dirt. - Just the buzzword, Research: I've always been passionate about research, the market really interests me. - Every day is different in the markets, stay up to date with trends and leading technology - At the end of the day, YOU ARE THE EXPERT of the strategy. - Get to do something really intellectually stimulating

Tech

- Snapchat $22 billion IPO - Showed particular weakness after election - Lori Calvasina's research on tech, "the proportion of mutual funds and hedge funds with outsize tech positions relative to the benchmark hit record highs", also foreign engineers and taxes - Tech Stocks -> Financial Stocks, "Banks are new growth stocks"

Tell me about Forex Trading?

- Unlike stocks, futures or options, currency trading does not take place on a regulated exchange. - Trades 24 hours a day, most liquid and fluid market in world. - No Commissions, only bid-ask spread Currencies Traded: EUR/USD: 0.94 (USD/EUR: 1.06) USD/JPY: 0.0088 (JPY/USD: 113.80) GBP/USD: 0.80 (USD/GBP: 1.25) USD/CHF: 0.99 (CHF (swiss franc)/USD: 1.01) commodity pairs: AUD/USD (Australian dollar/dollar) USD/CAD (dollar/Canadian dollar) NZD/USD (New Zealand dollar/dollar) Cable, sterling, pound - alternative names for the GBP Greenback, buck - nicknames for the U.S. dollar Swissie - nickname for the Swiss franc Aussie - nickname for the Australian dollar Kiwi - nickname for the New Zealand dollar Loonie, the little dollar - nicknames for the Canadian dollar Figure - FX term connoting a round number like 1.2000 Yard - a billion units, as in "I sold a couple of yards of sterling."

Why Banking over consulting?:

- What I do will have much more impact early on, depending on the quality of my work - More keeping up with current markets and events - More room for innovation, no cookie cutter procedure for analyzing - There is a right and wrong answer, the results is equal to the amount of work you put into the quality and validity - Better opportunity to incorporate my skills and experience from outside finance and business - Keep up to date more - Quantitative in following major trends and hunting for lucrative data to make conclusions.

Questions (Equity Research)?

- What type of analysis goes into a typical research report? Is it more fundamental or technical, top down or bottom up etc? - Will I be choosing or working with a specific sector or company? - How frequently are research reports usually produced? -Do interns work on more short term or long term projects throughout the summer? - Does an analyst or intern typically work on a single research report? how long will it take before I would actually cover my own stocks? - As an intern or analyst, does a lot of the work you do consist of doing detailed market research and modeling things, or does it consists more presentation to the sales team? - Is there anyone else you recommend I talk to, or anything else you recommend I do when continuing through the recruitment process - How much is innovation and creativity in making investment strategies valued on an analyst level? - What do you read in the morning? - What's the most challenging part of your job? - Is it still important to develop relationships in an equity research role? - Does the culture differ team to team?

Financials

- new "Growth Stocks" with decreased regulation

Types of Equity Trading

1. Agency Equities - splitting up large trades effectively - May be automated in future, less interesting 2. Equity Derivatives - Options: give more flexibility on the types of trades you make - Leverage is also built into options so you can put more money in 3. Algorithmic Trading: - More reliant on technical analysis - Hedge funds needed to change assumptions after financial crisis - More technical background, more quantitative

Types of Fixed Income Trading

1. Government Bonds (notes, bills, and bonds, known as US Treasuries) - Least Risky, can take huge positions - markets are constantly trading - Yield Curve, macroeconomics 2. Corporate Bonds and Credit Default Swaps - have risk of Defaults, but higher yields - Credit Default Swaps (CDS) don't have default risk, more insurance 3. Structured Credit - price and package complex financial products sell them to investors. - Very large trades, don't follow market, less frequent - Much more quantitative

Walk me through a DCF

1. Project free cash flow for a period of time (say, five years) using CapEx, OCF, and NWC 2. Terminal Value: Predict the value beyond the projection period using Gordon (Perpetuity) Growth or EBIDTA Multiple Method 3. Find "present value" at a discount rate known as weighted average cost of capital (WACC)

Describe a few instances when you failed?

Accenture Innovation Challenge. Two people left group, difficult personalities, couldn't work together. Did a lot of research on my own, went up to present and couldn't communicate as a team.

Types of Trading

Agency Trading: You execute orders for the client, Proprietary Trading: You are the principal Flow Trading: if the client wants to buy, you are the seller - and if he wants to sell, you are the buyer

What is Beta? What is Alpha?

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Alpha is the active return on an investment. The amount of abnormal return in comparison to a benchmark (CAPM model)

Tell me about Credit Suisse

CEO - Tidjane Thiam (Tijan thee-em) Headquartered in Zurich, Switzerland History: Founded in 1856 as Swiss Credit Institution in order to fund the development of Switzerland's rail system. It also helped develop the country's currency system and funded entrepreneurship. The company restructured itself in 2002, 2004 and 2006. It was one of the least affected banks during the global financial crisis One of the few banks not bailed out in the crisis. News: - Brian Chin appointed as New Global Markets CEO - $90 Million settlement with SEC for Misrepresenting Performance Metric - Tidjane Thiam's efforts to restructure Switzerland's second-biggest bank. - Priority shift away from investment banking in the US and towards operations in Asia.

Tell me about CSC

CSC: Currently working with a community currency startup. Competitor Analysis: Facebook Marketplace, ShareTribe, - Brand - Revenue (Fees) - Size of market (local vs. widespread) - Flexibility or Rigidness - Protection, security / privacy - Customer retention - Access to Customer Information Last Year: Learning Experience, ADMA Biologics, late stage biopharmaceutical company. RI002: treatment of primary immune deficiency disease. Just completed phase III clinical trial. Adam Grossman CEO. Want to obtain FDA Approval.

Tell me about what you do in CUAUV

CUAUV: (Problem) First year building two robots, needed to raise additional money through a way other than sponsorship ==> CUAUV crowdfunding campaign: Using team's personal connections instead of sponsors, using social media, using ten connections

Put and Call Options

Call options provide the holder the right (but not the obligation) to purchase an underlying asset at a specified price (the strike price), for a certain period of time. If the stock fails to meet the strike price before the expiration date, the option expires and becomes worthless. Put options give the holder the right to sell an underlying asset at a specified price (the strike price). The seller (or writer) of the put option is obligated to buy the stock at the strike price. Put options can be exercised at any time before the option expires.

Investment Strategies

Conservative Growth Value Momentum Income Indices

Inflation Rate

Currently around 2.7% (up from 1.5%), which is past the 2% mark that the Fed wanted it to be at. Increasing interest rates would lower inflation. The fed wants to keep it around 2%, so they might raise rates again.

What do you think about the current state/news about Deutsche Bank?

Even in the over financial sector, confidence runs are overly exaggerated compared to the actual problems firms have. People are still jittery from the past and worried about a coming financial crisis.

Interest Rates

Fed Funds Rate currently 1%. (up 0.25%) Higher interest rates make people save more and borrow less. Higher interest rates decrease inflation, increase bond prices, increase exchange rates, decrease company valuations, and indicate economic growth.

What are derivatives?

Financial instrument that "derives" its value from the price movement of another instrument. - Futures Contracts, Forward Contracts - Swaps - Options - Credit Derivatives

Tell me about your research this year in Hedge Fund

HEDGE FUND: Noticing a lot of volatility in the market, hedging the PowerShares ETF (Exchange-Traded Fund) UVXY against the more stable VIX. Long VIX, Short UVXY: an attempt at creating a volatility arbitrage strategy using hedging with ETFs, to take advantage of the differing prices in two really correlated indices. Explore data, generate ideas, find trends or patterns, develop a strategy, and backtest

Tell me about you research last year in Hedge Fund

HEDGE FUND: Research project last year, predicting IPO Returns through a quick regression model of several variables (prestige of underwriters, price range width, price adjustment, offering price, retained stock, offering size, industry) then using the Parkinson extreme value and Average True Range (aims to estimate the volatility of returns using the high and low in a particular period) to measure its Volatility, Found that The financial industry is the least volatile The utilities industry is the most volatile, reading the prospectus, buy and hold PBBI & CFDB

What is Sales and Trading

I enjoy Trading more because I like the markets but enjoy the technical side and making trades more.

Tell me about Intel

INTEL PROJECT: Worked under mentorship on program to predict electrophysiological movement by interpreting electrode readings for catheter robotics and noticing a successfully simulated cardiac rotor. PGN: Pledge class philanthropy chair, organizing a pie a pledge event.

Tell me about Japanese School

Japanese School: Getting the taste of a completely different culture. My dad's side of the family lives in spanish harlem.

Give Lululemon Pitch

Lululemon buy and hold - closed at 55.94 - Value Strategy Luxury Athleisure Market PE Ratio: 30.14 Inventory Turnover: 0.92 - Expansion of Men's and Youth Brand - projected holiday shopping boost is 3.3%, up from 2.2% last year - Is currently trading at support levels - Consistently increasing store openings, gradual increase in profitability per store - Revenues increased by 14% in the quarter yet inventory decreased by 1%. That doesn't happen very often. This is indicative of a stronger supply chain. - CEO: Chip Wilson ⇒ Laurent Potdevin - Filling up space in malls and replacing larger department stores Risks: (Weak Q2 Earnings) Definitely keeping a close eye on next earnings report - Revenue was $1 million less than the $515.5 million projection. - 5% same-store sales growth missed analysts' 5.9% estimate

Pitch Activision, Nvidia, AMD, and Micron Technologies, Tencent Holdings Mostly Nvidia!!

Nvidia - 93.36 Activision - 38.39 AMD - 8.71 MU - 19.21 My pitch of these companies really stems from an industry pitch rather than a pitch of a specific company. I don't think the market is correctly pricing in the global PC gaming industry. Domestic data shows across the board a shrinking PC market. Yet, a surprising earnings report with Nvidia seems to go against this notion, with a large boost in their core gaming business line. You can also see that there are unpredictably positive, exaggerated responses of AMD and Micron Technologies stock to good news as of recently. This means that although the global market for PCs is shrinking, the global market for gaming PC is a different story. Indeed, top data analytics firms agree that there is a lot of potential growth in the global high-end gaming PC market in coming years. I also think it is pricing more potential risk than there is, which Nvidia branching out into different market segments and diversifying their product lines, as well as heavier spending on R&D to stay at the front line of technogical advancements (pushing out competitors in the datacenter and self-driving cars space by partnering with Baidu, Tesla, and Nintendo ) Finally, Nvidia is in the midst of a transformation from a graphics processor company to a general-purpose processor company, a chip company to a platform company. Large growth in Data-center, automative and VR & AR segments. - Indeed, Nvidia is reaching gross margin of 60s that companies like Intel Corp and Qualcomm have Most of its revenue boost in Q3 came from a substantial boost in its gaming and data-centered product lines. - Revenue from gaming increased to $1.244 billion, the first time over $810 million in its history and a 60% increase from its last quarter and last year. - There is consistent but linear growth in its investments in Virtual Reality and Autonomous Vehicles. - Growing dividends, grew 44% since the last fiscal year, with two increases. - 59% revenue increase in its Data-center businesses since last quarter, 193% increase since last year. Global Gaming & E-sports Industry: - Asia Pacific: $46.6B, +10.7% YoY - Europe, Middle East & Africa: $23.5B, +7.3% YoY - North America: $25.4B, +4.1% YoY - Latin America: $4.1B, +20.1% YoY Catalysts: - Gaming PC shipments are growing at estimated 26% annually, and VR & AR will aid the growth of gaming PCs - Anticipating great success of the Nintendo Switch release in March, which is powered by Nvidia - Expanded GPUs into notebook devices - +13% to $373M in R&D spending since last fiscal year (compared to -3% last year) - High growth in data-centers, demand for graphics virtualization, computational science, and deep learning applications - Nvidia DRIVE powering Autopilot in all of Tesla's vehicles - Partnered with Baidu to do R&D on self-driving AI - Successful efforts in datacenter. Collaboration with FANUC to increase AI productivity in factories Technicals: PE Ratio: 65.89 Enterprise Multiple: 28.49 Risk Factors: - Large increase in Debt-to-Equity Ratio indicates that Nvidia has been aggressive in financing its growth with debt (first time above 32% => to 56%, so very drastic increase) The market for PCs does not correlate with the market for gaming PCs. PC shipments have been declining for sixth consecutive quarter, but gaming PCs are on the rise

What are Options? Tell me about Options Trading

Options are contracts giving the owner the right to buy or sell an asset at a fixed price (strike price) for a specific period of time. * Put vs. Call, In-the-Money vs. Out-the-Money (strike price < or > stock price) Option Price is affected by: - Closeness to strike price - Date to expiration - Volatility - Delta: amount an option will move based on a dollar change in the underlying stock. - Theta: the measure of "time decay." - Vega: amount an option's price will change in theory for a corresponding one-point change in the implied volatility of the option contract.

Economic Cycle

Recovering from the last recession. Currently 7 years into expansion phase. This is pretty late into the phase compared to Europe. 1 in 5 chance of recession in next year.

Efficiency Ratios

Return on Equity Return on Assets Inventory Turnover (net sales/inventory): # of times inventory is used in a time period

Trump Presidency on Economy

Rising Growth (GDP), Inflation, and Interest Rates forecasts. Affect on Economy: Pros: tax cuts and infrastructure plans Cons: restrictions on trade or immigration

What are the markets at?

S&P500: 2,378.25 Dow: 20,634.95 NASDAQ: 5,823.03 10 Year Treasury Bonds: 2.474 %

Tell me about Society of Hispanic Professional Engineers

Society of Professional Hispanic Engineers: Freshman representative. Organized Freshman Resume Workshop with some alumni, Prefreshmen social event with board games. Panel and Networking Event of diversity students from different majors in engineering. Recruitment Event

About Deutsche Bank

Stock: %15.2 CEO: John Cryan CFO: Marcus Schenck Headquartered in Frankfurt, Germany Q3 Summary: - unexpected profit (net income of 300M euro) - set aside more cash for litigation - restructuring and litigation costs for the third quarter were lower than expected - Employee compensation dropped - Revenue boost from fixed income trading News: - Department of Justice: $14B settlement, only $3B was set aside for litigation. Future: - cutting down the bank's asset-management business (division head: Nicolas Moreau)

China

Yuan at record low levels due to: - property bubble - past overspending in infrastructure - election

Give Short Pitches

[SHORT] Insurance Companies (Allstate, Progressive Corp) ALL - 71.78, PGR (Progressive) - 32.93, - Self-Driving Cars and Rapid Mitigation of risk in all aspects of life. - Company underperformed the industry average revenue of 7.4% - Very low debt-to-equity ratio of 0.28 - Compared to where it was a year ago today, the stock is now trading at a higher level, regardless of the company's weak earnings results. - Allstate recently downgraded by analysts at several banks such as William Blair [SHORT] Macy's, Gap short: M - 37.71, GPS - 22.53 - Currently overvalued bc projected holiday shopping boost is 3.3%, up from 2.2% last year - Growing threat of trendier, emerging competitors. Malls pushing out department stores, being filled up with smaller stores - Global warming causes warmer winters. Small town in Siberia predicts winters.

How do the financial statement connect?

income statement, balance sheet, and statement of cash flows: 1. Balance Sheet: snapshot (Assets = Liabilities + Equity) 2. Income statement indicates profitability. (Net Income = Revenue - Expenses). Net income: 1. flows into stockholder's equity as retained earnings 2. is used to calculate cash flows from operations 3. Cash Flow Statement: How much cash is generated from a companies core products or services. A strong, positive cash flow from operations is a good sign of a healthy company. Net Income used to calculate Operating Cash Flow)

Presidential Election:

markets do better when government is divided, divided power saves both parties from their worst instincts Donald Trump (Hurts Globalizaiton, Mexican Pesos Helps Defense, Biotech, Energy, Gold, Guns) - Buy Smith & Wesson Holding Corp, Pharmaceutical ETFs, big Oil companies - Sell AT&T, Time Warner, Walmart - Helps big Energy and Oil companies with plans to repeal regulations. - Very vocal against AT&T and Time Warner merger, these will be hurt by Donald Trump Victory - Very pro 2nd Amendment, Smith & Wesson Holding Corp Reduce power of Federal Reserve, more power to Congress - Buy back government debt at a discount if interest rates go up - Repealing the Dodd Frank Act (which caused more regulation of financial institution) - Abolish obamacare - Higher Prices in Foreign Goods Hillary Clinton (Hurts Biotech companies, Health Care, Helps Agriculture, solar, clean energy, Hospitals, Media). - Buy Scotts Miracle Grow Company, SolarCity, VanEck Vectors Agribusiness ETF (MOO) - Sell Regeneron, Pfizer, Gilead - Hurts Biotech and Healthcare companies: seeking greater regulation and possibly even price controls, revise Obamacare. - Decrease Oil consumption will decrease oil production, Pledges to install 500 million solar panels by 2020 - Supports ending unfair practices on Wall Street (Consumer Financial Protection Bureau), reform federal reserve Permit large banks to fail if there were another financial crisis, Risk fee for risky behavior or banks