How does one know if they'll be good at a MM??
(sorry in advance if this is a dumb / obvious question)
have an offer at a pod shop. PM has been there a year (and a few pods before then), so not sure about his process but he's not brand new to the game either
it didnt come up at all during interviews, but now that im reading more about the job and things like being factor neutral, var and sharpe ratios, im extremely confused about what exactly the job is
for those of you that made the jump: how exactly did you know if you'd do well at a pod?
Would honestly be wary if the PM has been bouncing around pod shops. Usually there's no reason to leave one of the blue chip MMs unless you've gotten fired as the platforms are all fairly fungible
thanks. that was my thought based on other threads on this forum
it seems like working for an experienced PM with a process is the most important thing to look for
but what's confusing me is not knowing how to know what a good process is, and whether id fit into that process -- the job just seems so different from anything ive done in banking, im honestly not even sure where to begin
How did you get an offer at a HF without having talked about your investment process (even if you never worked in the buyside)?
You never talked about it during your conversations?
In general I agree with this. But at the same time, the reason people jump is big guarantees.
eventually pod jumpers run out of places to go, but in the meantime they’ve collected a big paycheck.
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thanks a lot for the detailed answer, that makes a lot of sense. the whole process was 3 weeks (incl. the case study), and i only spoke to the pm twice so will ask for a follow-up call
as you were thinking about the role and having those discussions, were there things that made you say "i think id be good at this" or "this isnt for me"
thanks in advance
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Mind sharing some of what you said here? Keen to understand this
Couple things;
-Moving pod to pod: PMs can move firms if they can get more resources/guarantees and basically do the same thing. This is how firms poach from other firms. Also sometimes the current firm may want a star PM they are looking at and refuse to give resources/more-capital to the current PM who fits the role. So people do not just move firms cause they get fired.
-3 weeks is fast, but not unusual why waste time when you find someone you like who fits the role.
Agreed many times after my initial call with a candidate I will start prying their brain a day later and continue talking to them through the entire interview process. But that is not everyone's process some people do not want to share more information till they know you are going to take the role or just are too busy to worry about it till its real.
Absolutely you should ask how you fit in, how you can grow in the role and so on. Actually its a bit annoying when a candidate asks this towards the end of the process (reassurance they will succeed) easier to get this all over with at the start so later on we can focus on fit/comp.
That’s great input - thanks a lot
Not crazy unusual, he’s probably under pressure to ramp quickly and not a big budget established team - do a little extra diligence. Not surprising to not really get the model before doing it, a little weird he’s not telling you about it and trying to be more sure you’ll like it. Just diligence him like you would a stock and then decide how picky you can afford to be. The timeline isn’t THAT unusual, you’d like to see him be a bit more discerning tho. Easy hire easy fire, but a foot in the door is worth a lot
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