Henry Medina: The anxious ex-Deutsche Bank associate running Litquidity
If you came across Henry Medina in the street, you would seemingly have no idea that the former Jefferies analyst and Deutsche Bank associate runs the Litquidity Instagram account. In the words of Business Insider, he is "humble," "quiet" and nondescript. You would never know that Medina, who is 32-years-old and recently divorced, is the most savage finance satirist of the moment.
The Financial Times, who today broke the news of Litquidity's true identity, confirms that he's not what you'd expect. He is "soft-spoken, polite," it says. Medina himself says he's always been "the observer." He's not a country-club guy: his parents were Nicaraguan immigrants living in Miami. He's the shy diversity guy casting a wry eye on the try-hards.
Medina/Litquidity only spent two years in banking according to his FINRA registration: one at Jefferies and one at DB. They were interrupted by two years at private equity firm Wexford Capital. His return to DB as an associate suggests that PE wasn't as promising as it seems. At Jefferies, the FT says he distinguished himself with extreme skills in Excel. However, the return to DB doesn't seem to have gone well: “You lose your power of being the client. You go back to being their bitch," he told the FT last year.
Medina's banking friends include Richard Handler, the Jefferies CEO who is himself something of an Instagram influencer. Handler appears to have nurtured Medina's own Instagram career; the FT says he's Medina's mentor.
Having escaped both private equity and banking (twice), Medina seems to be thriving. The FT says he successfully charged $1k to bankers who wanted to talk to him last year and that even in 2021 Litquidity was valued at $20m. He also has various side-gigs, including a private members club, a venture capital firm and a role as a scout at Bain ventures.
Why did Medina go public now? He's described being afflicted with "crippling anxiety" and says anonymity helped with that. But in a post on Instagram, he said Business Insider were planning to release his identity against his will. He was already familiar with the FT after they paid $445 for a lunch last June, and chose them to disclose his identity instead. Stepping out from behind the veil is part of a new era: Litquidity is becoming a holding company that will invest in brands aligned to Litquidity fans, he says.
If Medina had stuck in banking and kept on applying his Excel skills, he might have been an MD soon. The FT quotes Kevin Cullinane, who was a friend of Medina's at Jefferies and an associate while he was analyst there. Cullinane works for Barclays, where he was promoted to MD last December.
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