The Wall Street Oasis Hedge Fund Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the hedge fund industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate ...
|0||8 months 14 hours ago|
I know some investment bank asMorgan Stanley Sc lowy Illiquid capital What are the other investment bank/boutique ...
|0||3 min 28 sec ago|
Hello - I have my year end review coming up at the end of the week and wanted to get some different points of view on how to think about my range. For background: I work at a ~10B MM fund. I have been on my team for nearly 3 years, I have a good relationship with my PM, and we had a very strong 2016...
|8||17 hours 10 min ago|
I currently work at a long-only HF within a large institutional AM firm and have been since graduating university. However I noticed most of the work I am doing revolves around client/compliance work and understanding investment decisions rather than making them, despite working directly under PMs. ...
|2||18 hours 59 min ago|
Recently read a Bloomberg article about how the golden age of hedge funds is over. This is in large part due to the fact that hedge funds only beat a broad index of bonds by 175 basis points and hedge fund managers made most their income off of the 2% management fee they commanded. Coupled with the...
|28||19 hours 19 min ago|
I started at a hedge fund this month with decent AUM (in a range of $1-5 billion). I am rather surprised to see that the vast majority of the guys prefer semi-formal or business casual unless they have meetings. Is this common across the funds you guys work at? ...
|17||21 hours 9 min ago|
I'm working through a distressed case and had a couple questions, figured I'd give it a shot on here. Is a Debtor-in-Possession loan a given even if the company has slightly above breakeven EBITDA, $80M of cash, $40M in interest expenses before I expect them to default on the debt when it comes due,...
|2||1 day 19 hours ago|
Hey guys, For those of you that have had the pleasure of working on a HF case study , is it worth building a full 3 statement model? The particular company i got is not a balance sheet driven business and I can complete a valuation with an earnings model (Revenue down to EBITDA and FCF) and a debt w...
|11||1 day 20 hours ago|
I've heard you don't need any licenses to work in HF, since the fund is legally considered a single client, regardless of how many partners/investors are in it. Is this correct or am I missing something? ...
|0||1 day 23 hours ago|
Hi all, I'm new to WSO and wasn't sure where to post this. I was recently invited to first round interviews (phone screen) with KKR's macro group. I couldn't find much info on them online. Does anyone know anything about this group and could provide some info on them and/or interview process? Want t...
|0||3 days 1 hour ago|
Can anyone share some thoughts on small hedge fund work? How one person needs to take on many responsibilities like risk and trade support in one person? Appreciate if you can share your thought. Thanks ...
|0||3 days 7 hours ago|
Usually, Jan/Feb is bonus time and as a buy side analyst there are plenty of restrictions of what one is not allowed to invest in. Apart from investing into your firm's own fund/s and real estate, what do you guys invest in? ...
|11||3 days 11 hours ago|
I'm starting to cold email hedge funds to start trying to build a rapport, but one frustrating thing that I've encountered is the problem in the title. Some of these funds, mostly small, but some surprisingly big don't exist at all outside of SEC filings. I hate cold calling as well, as I just find ...
|0||3 days 20 hours ago|
Hey! Anyone out there a member of Hammerstone ? Trading off of news / research etc ? Just wondering your thoughts. Thank you. ...
|0||3 days 21 hours ago|
I have an interview here - does anyone know about the firm? Would an internship here look good? ...
|16||4 days 13 hours ago|
Hey all - Managed to score an interview at Aptigon in the coming weeks. Given the fund's recent move to Citadel's platform I haven't been able to find much info on its interview process, culture, etc. Any insight here would be greatly appreciated. ...
|1||4 days 21 hours ago|
Anyone have any experience with these guys in terms of culture/comp/exit oops etc.? Specifically their credit team ...
|1||4 days 22 hours ago|
Hi all, I am asking for some advice. I was hired out of undergrad to work at a small buyside shop at a significant salary discount with the promise of a raise after inflows to the fund occurred. It has been two years without any inflows. Should i jump to the sell side as an associate in order to j...
|7||4 days 22 hours ago|
Hello everyone! can anyone please explain what are the exact reports for Prepare Administrators reports for inclusion in Board meeting in fund services ? Many thanks ...
|2||5 days 5 hours ago|
Fellow WSO users I am currently a year away from finishing high school and have done work experience twice (nothing special just researched some sectors and stocks) at a Macro Fund and I honestly woke up excited to go in. However that fund relocated recently. I want to get more into the HF world rig...
|8||5 days 7 hours ago|
Hey guys, My ultimate goal is to work in a multi billion dollar HF doing equity l/s, after doing an M7 MBA. I would like to ask people familiar with HF megafunds recruitment 3 questions re my next step: Is working at even a small fund usually better than working in sell side ER? I feel that the adva...
|3||1 week 1 day ago|
I'm seeing more and more people take the CAIA ...
|16||1 week 1 day ago|
Over the last 12 months, we have made a big effort to improve our hedge fund interview prep package by bringing to you relevant webinars with interview advice and actual investment pitch walk-throughs...I think for those of you that don't watch the webinars, it would be helpful to give you a brief s...
|1||4 months 2 weeks ago|
Hi All, I'm in the process of writing a few stock pitches for applications to Mutual Funds/Hedge Funds in the UK. I'm applying to a range of long/short funds with varied investment thesis. One of my pitches is for a P2P lending fund, (P2P Global Investments). It's a bit of a left field choice pitchi...
|1||1 week 1 day ago|
HF Resume Announcement: WSO has released a hedge fund resume template for Experienced Professionals with Deal Experience!: Click here for the free investment banking resume template for college students. Just like our PE resume template, this resume is for pros with deal experience coming from I...
|7||1 week 2 days ago|
I am researching for my next steps after finishing the 2 years of investment banking with a focus on restructuring at a BB. I am interested in joining one of activist hedge funds in the future. Can anyone here help share some of your opinions for the following shops? Engaged Capital (Glenn Welling) ...
|2||1 week 3 days ago|
Hi WSO, Have a preliminary 1st round interview coming up with a relatively small multi family office / hedge fund (AUM: $600-$700mn) - Investment Research Analyst and not sure what to expect. Some background about myself: Economics & Finance undergrad background and now working at a bulge bracke...
|0||1 week 3 days ago|
Recently read this interesting article which claims hedge-fund managers with flashy sports cars make for worse investors. The article cites an experiment done a group of researchers from NYU, University of Central Florida, the University of Florida, and Singapore Management University which surveyed...
|14||1 week 3 days ago|
I accepted a FT offer at a HF that I will start next summer. I'm currently still in school and considering taking a part-time semester internship at a startup. Rationale behind doing this- I'm interested in learning more about startups/tech, and it's a way to earn some money while doing pretty inter...
|2||1 week 4 days ago|
*Next Monday is entirely hypothetical, assume the one following the day you read this thead. *Reasons behind the market crash are also entirely hypothetical, if you are looking for some magnitude, let's say it's September 2007 again. In other words, how prepared are you for the unknown? ...
|12||1 week 4 days ago|
Hi, first time on WSO here, I was wondering if anyone has a good idea to screen for funds based on the industry it mainly invests in on CapitalIQ. I've managed to figure out how to do it for geographical data, but the "industry classifications" filter doesn't really work as it applies on the company...
|0||1 week 4 days ago|
I am currently an undergrad top UC freshman, and I was wondering about taking hedge fund internships in freshman and sophomore year and recruiting for investment banking in junior year. I would ideally like to intern in some sort of investment management capacity freshman year(slim pickings, but und...
|0||1 week 5 days ago|
Hey, anyone who has taken part in the Best Ideas online conference by the manual of ideas guys? I don't have any affiliation or whatsoever. thanks ...
|0||1 week 6 days ago|
I am currently a sophomore in high school and am extremely interested in working in the the hedge fund in the future. Are there any suggestion for which majors in college are the best pick to land a job at a hedge fund right out of college. Not really focused on a specific type of fund yet just the ...
|8||1 week 6 days ago|
Hi guys. I am slowing coming to an end of my studies and I am looking for some temporary job to do untill I graduate. I aim at an equity hedge fund/AM upon graduation. I managed to secure 4 offers (described below). I am investing with my personal money and I am writing my own investment reports, so...
|0||2 weeks 3 hours ago|
I have recently received offers for ER in Sandford Bernstein, as well as S&T in Citi. Both are internships. I was inclined towards SCB, as I was interested to move to buy side in the future. I was told SCB (from internal sources) that it is easier. What do you guys think? Have you heard of SCB a...
|12||2 weeks 4 hours ago|
I am starting this topic because I want to know from people in the hedge fund industry now what I can do in my high-school and college careers to maximize my chances of being successful at landing a job at a hedge fund. Also if anyone has any insight specifically on how to get into a hedge fund with...
|17||2 weeks 6 hours ago|
I am just learning about debt investing and I ran across a company the other day which has both 1L and 2L bank loans, but also has 1L Senior Secured Bonds. Am I correct in assuming that even thought the 2L bank debt is 2nd lien - because it is bank debt - it is still senior to the 1L Senior Secured ...
|2||2 weeks 19 hours ago|
I am confused as to the filing requirements of a privately held, private equity sponsor owned company which has publicly traded debt. For QIB's who are holders of the company's debt - is the company required to file quarterly financials? Any clarification or explanation into how this works would be ...
|0||2 weeks 21 hours ago|
Monkeys, I was reading this article on bloomberg which mentioned that 2016 marked the beginning of the end of hedge funds. It says that the investors are joining a growing revolt, spurred by years in which fund managers grew rich while producing little in the way of returns. In 2016, big money cli...
|2||2 weeks 3 days ago|
I would like to get better at evaluating enterprises, and it's best to learn for the best, so what are the best analysis on an enterprise that you've seen: using any type of method or model. Can you share or show an example of the work? ...
|1||2 weeks 3 days ago|
I'm a current junior at a target and have an IBD internship lined up for the summer. Now I'm trying to look into getting some buy-side experience for this coming semester. Anyone have any advice as to how to go about getting an off-cycle part-time internship? My school isn't really located in a majo...
|0||2 weeks 4 days ago|
Here's a great panel discussion on activist investing, courtesy of the Milken Institute. Panel comprised of Clifton Robbins (Blue Harbour), Barry Rosenstein* (JANA Partners), Chris Teets (Red Mountain), Jeff Ubben** (ValueAct), and is moderated by Chris Ailman (CalSTRS). Enjoy:http://www.milkeninsti...
|6||2 weeks 5 days ago|
TrumpStockTrumpStockTrumpStock We're scratching our heads as to whether the beginning of 2017 will yield a continued rally fueled by all the optimism on economic growth and tax/regulation reform? Or, regardless how the rest of the year plays out... will we see a big sell off in January because every...
|1||2 weeks 5 days ago|
What is your fund currently long on? Any asset class/currency is fine for this question... Or for fun, what are you currently short / long on in the world in general? ...
|47||2 weeks 5 days ago|
Howdy, guys. I'm doing research and am trying to find the top hedge fund launches of 2016. I've been all over google and having a lot of trouble. I know Key Square is the biggest fund launch of the year, and yet the lists I've found don't include it. Does anybody know what the top 10 fund launches o...
|1||2 weeks 6 days ago|
Hey guys, I have a family-friend connection at Ares that I'm speaking soon about their summer analyst program for college juniors. The call is informal, but I was wondering what type of questions I should ask, and what I should be saying during the call to increase my chances at moving forward in th...
Cosimo de' Medici
|4||2 weeks 6 days ago|
I applied for the Aperio internship and received an email to take an assessment that's supposed to take about 20 minutes to complete. I'm a CS student and the role is for their Aperio team (data science/machine learning). Any idea what I should expect? I'm not familiar with this process - any help/d...
|2||3 weeks 1 hour ago|
Surprised this hasn't been posted yet. Also surprised theres no blooming data science crowd on here considering how many people are trying to learn analytical skills now a days. Curious to see what WSO things about using big data in traditional finance.https://www.bloomberg.com/news/articles/2016-12...
|1||3 weeks 1 hour ago|
Hey guys, I'm a 1st year analyst at a regional BB recruiting for HF opportunities this year. A few questions - thoughts / opinions much appreciated. Haven't closed a deal yet, it's been a lot of WIP / pitching. Wondering how funds view this and if its a huge issue. Wondering what NYC funds think abo...
|4||3 weeks 5 hours ago|
Hello, I am a Physics graduate student at McGill University. I am studying in Canada as an international student from India. After I finish my PhD at McGill, I would like to work on Wall Street in one of the quant hedge funds. (There are virtually no quant hedge funds in Toronto and the salaries ar...
|0||3 weeks 12 hours ago|
I typically find people on here talking about having a passion for the markets and generating investment ideas. Perhaps being a student has held me back or maybe it's just not "in me", but I've found cultivating this passion pretty difficult, and i think it's just that I don't know where to start re...
|18||3 weeks 2 days ago|
When I did my AMA thread a while back I promised at least one person that I would share my general research process. So here you go... Every analyst has his/her own way of conducting due diligence. There certainly is no one correct way to come to an investment decision, however, I'd argue that ther...
|140||3 weeks 2 days ago|
|17||3 weeks 3 days ago|
I'm surprised nobody has posted about this yet, but Bridgewater is notoriously known for its unique culture of seeking the truth and openingly disagreeing with one another. This new development is definitely on a new level. The World's Largest Hedge Fund Is Building an Algorithmic Model From Its Emp...
|2||3 weeks 4 days ago|
Does anyone know what the Dynamics Search Partners (DSP) hedge fund test entails? Have to take it shortly and wondering if anyone here has taken it / knows anything about it. Thanks a lot ...
|2||3 weeks 4 days ago|
I am now on holidays from school and I am set on a career in Asset Management, specifically Hedge Funds. What are some things a high school student can do to best prepare for a career in AM/HF if any. ...
|14||3 weeks 5 days ago|
For hedge fund interviews is there a set expectation that all your ideas will be 100% original, or is it fine to pitch stocks from 13Fs or ideas from VIC to the extent that you've done your own research and understand the investment? Asking because given the limited free time in IB, trying to figure...
|1||3 weeks 5 days ago|
A number of friends/acquaintances want to give me money to manage on their behalf. Obviously if I were to do this under a personal account it would be illegal. So how hard/costly is starting an investment fund that can take money from other people? I would just want the cheapest, simplest legal stru...
|117||3 weeks 6 days ago|
I know it's very common from going from BB -> Mega HF (i.e. Soros) I was curious on what everyone thought about going from ER (Macro / Fundamental) -> Mega HF ...
|10||4 weeks 1 hour ago|
Hi guys, Have been doing some digging around HPS Investment Partners (fka Highbridge Principal Strategies), but it seems like there are not a lot of information about the firm out there after the buyout from JPM. Anyone can shed some light on the firm's exit opps, comp range, and brand name? All inp...
|0||4 weeks 4 hours ago|
I will be starting FT at an NYC $bn+ credit HF with a focus on liquid distressed debt/HY out of undergrad. I have searched the forums but haven't been able to find much info on similar situations. I was wondering what exit opps would look like from a place like this. It is not name brand, but the te...
|0||4 weeks 20 hours ago|
Does anyone have a pdf of the book by Moyer? I would really appreciate a copy or link as I am in the process of preparing for my role as an investment analyst in the distressed debt field. Thanks! ...
|0||4 weeks 20 hours ago|
I am hearing mixed things about operations: do you needs strong technical financial knowledge or just be a good employee? Just curious. I browsed a few threads on WSO and wasn't sure about it. ...
|5||4 weeks 1 day ago|
Hey Everyone, Was kind of curious to see if anyone had an interview for this position yet. I was just put to the second round with an interview with HR and was kind of curious to see what types of questions would be asked. First round was Hirevue. ...
|3||1 month 1 day ago|
I'm a junior at Duke, looking to get ahead of the field by picking my Spring 2017 classes based on where I want to be next summer. I've heard DeKyme prefers engineering/math to finance. Should I play down my investment club involvement and skip anything too mainstream finance-y for now? I've heard o...
|0||1 month 1 day ago|
Hey guys. Been a while since I posted on this forum, but here goes nothing. So I'm currently an undergrad about to enter my final year at a strong target (think HYPS). I was initially double majoring in finance and mathematics but Im going to drop math because I performed horrendously this semester ...
|0||1 month 2 days ago|
My friend has an offer for a business development role at a top HF. Why I think I he should take it: 1. In the right environment, so he can pick up the internal lingo / build connections, which should benefit him longer term. 2. The firm are keen on retaining / internally promoting employees. 3. The...
|0||1 month 2 days ago|
I am introducing capital allocation to small hedge fund start ups. You will need to show me a 12 months track record, preferred the fund is on a entity i.e LLC We are based in London, fee split will be negotiated once you are qualified to get investments. Larger the account size the better. message ...
|1||1 month 3 days ago|
I am curious as to whether you could theoretically and / or practically short sell a convertible bond? I know that the typical convertible arbitrage strategy is short the equity and long the convert, but is it possible and do people ever short converts? Any thoughts or insight would be much apprecia...
|2||1 month 3 days ago|
Does anyone know how a first year analyst at a CLO shop might be compensated relative to other analysts in the industry? ...
|10||1 month 3 days ago|
Hey guys, roughly how much can one expect in base pay from a multibillion dollar long/short hedge fund for an analyst coming out of banking? I've searched the threads but many were outdated. Any rough idea of total compensation in a typical year would also be appreciated. Thanks a lot. ...
|131||1 month 4 days ago|
Here is the full article from Business Insider: http://www.businessinsider.com/julian-marchese-rai... This guy sounds like a joke to me. He's presumably from a rich family and goes to NYU, and yet he could not get any real SA / FT jobs? He literally has no work experience. In addition, my exposure t...
|24||1 month 4 days ago|
Potential opportunity here- has anyone heard anything about this firm at all? It's a credit fund that specializes in private debt lending. Looking for any information at all on compensation, lifestyle, and career path. ...
|2||1 month 5 days ago|
might as well delte thismight as well delte thismight as well delte thismight as well delte thismight as well delte thismight as well delte thismight as well delte thismight as well delte thismight as well delte thismight as well delte thismight as well delte thismight as well delte thismight as wel...
|0||1 month 5 days ago|
Does anyone with some leveraged finance experience know how this is normally done? Particularly on the pricing side - is it normally just the yield on comps referred to? Are there any rules of thumb for the spread between senior / junior secured / unsecured? thanks ...
|0||1 month 6 days ago|
Hi Everyone, Long time reader here, I can't thank each of you enough for all the insight I have gained via WSO. I've managed to land myself an internship with a hedge fund and I really want to make the most of it. Of course I've read other posts on tips for new analyst joining hedge funds but I'd st...
|3||1 month 6 days ago|
tell me about which teams trade more heavily with SF tech companies on the NYSE. Which has a bigger trading team???? ...
|39||1 month 6 days ago|
I had a number of questions about Citadel's global equities team because I recently advanced pretty far in the process there. There is a surprising lack of information on the fund given its overall influence on the finance world more broadly. Feel free to comment on any of the questions below so we ...
|16||1 month 1 week ago|
Hey guys, Does anyone have information on Millennium Management's Equity teams? Whether it's their role, culture, ideal candidates, anything would be useful Im guessing they are some kind of long equity fund but not entirely sure Thanks ...
|2||1 month 1 week ago|
Could anyone give a list of courses that one should take to prepare for a career as a quant? I've already taken PDEs, and I have Stochastic, Probability, and Engineering Algorithms scheduled for next semester. I plan on taking machine learning, pattern recognition, and computer vision courses for my...
|1||1 month 1 week ago|
I am currently a second-year corporate banking analyst at a BB and have started prepping for jumping to the buyside in a credit-focused role. I've been asking a lot of individuals for advice given my background and have come up with these potential exit opportunities to focus on: MM Lending / Privat...
|2||1 month 1 week ago|
Your personal ties aside, how would you rank places in the US on a scale of 1-10 for starting out a career in hedge funds? New York Boston (though excluding outliers like Baupost) San Francisco Houston / Dallas (excluding outliers like Maverick) Los Angeles Somewhere random (somewhere in Florida / O...
|3||1 month 1 week ago|
Have an internship with a medium size fund (around $11Bill AUM), and I have absolutely no quant or high level math skills other than calculus. Sophomore Econ major at an LAC. What should I expect in the interview and how should I prepare? ...
|6||1 month 1 week ago|
with that denomination I'm referring to Newscorp, Viacom, Time Warner, Disney, CBS and GE, which control approximately 90% of the US media. Why? Well, because other than Hillary, they were the big losers of the recent election. In general their audience has been declining for a while, due to people ...
|17||1 month 1 week ago|
Obviously on the buy side there is less writing of reports compared to SS ER. However this question has always interested me. When researching a company/index that you find attractive and considering buying. Do you do a written report on it, to show your analysts/PMs/Risk team? Or do you just simply...
|1||1 month 1 week ago|
Suppose you come from a top-tier BB program and want to break into the HF world. Suppose you were an English major at a top target school but for all that's worth you only have 2 years of BB experience doing simple math in excel. Is it possible to "become a quant" with enough networking? Enter a ...
|25||1 month 1 week ago|
feel free to ask me questions as a credit trader at a macro fund. i love my job and have decent experience, for those looking to get in the industry, keep it professional and I may be happy to answer some questions. based out of london. keep it off pay and firms, and I am happy to share some thought...
|4||1 month 1 week ago|
Few questions if anyone can help me for how a small quant team actually operates: -For say med / low freq equity groups that trade minutes/hours/days, when their book / aum is turned over in a day, what is typical (understanding it can vary a lot) on how many trades / # of positions / per position s...
|1||1 month 1 week ago|
Hey everyone, I'm a junior looking to intern at an HF this summer. I've received two offers, one from Bridgewater, and the other from Marshall Wace (a London-based hedge fund). I'm really not sure what to do, so I guess a few questions: 1) can anybody who worked at Bridgewater tell me if the cultu...
|6||1 month 1 week ago|
I am a Mechanical Engineer, 24 years of age and passionate about getting into hedge fund business. I do not have a financial background. But wanting to learn Investment Banking proactively. ...
|3||1 month 2 weeks ago|
Ready to game? Most people take a real pleasure in trying a new MS2 or having some fun with their friends while trying a multiplayer game. Is your online role playing game already loaded? Don't go any further! You need to read this article before you go any further so you get the most out of your ga...
|0||1 month 2 weeks ago|
People all over the globe like playing MU Legend. Here in the following article you will find tips that can help you to have the best and most positive time when you're playing MU Legend. Buy games used. The cost of a new game can be $50, $60, $70 or more. It is a waste if you lay down that much cas...
|0||1 month 2 weeks ago|
There are already a few topics on this certificate, but they're a couple of years old. So, in the meantime the CHP Program might have increased its popularity. Have you heard about it and what's your experience with it? (for those who don't know it, "The CHP designation is the industry standard hedg...
|1||1 month 2 weeks ago|
I haven't been on this site for too long but I have been here long enough to know that the presence of any people in HF's is almost non-existent. Right now time are tough for everyone and especially HF's (maybe not the HFT's) who are dealing non-stop with the stress that comes with holding a lot of...
|27||1 month 2 weeks ago|
I was recently approached by a headhunter for an ambiguously titled 'Analyst' role at a relatively new Hedge Fund / DCM advisor (not a household name but mid-sized, +$100m, led by industry heavyweights and a very small team, they have large backers - and the debt deals they have advised on / execute...
|9||1 month 2 weeks ago|
I realize that for many people, ending up at a large HF is the desired end-state of their financial career. You have the stereotypical progression from BB IB--PE---HF that seems to be so desired. But what does it look like for people who end up with an analyst position at a good HF right out of coll...
|2||1 month 2 weeks ago|
I recently obtained an interview with a hedge fund called Element Capital Management in NYC for a summer internship position. From what I understand its a macro fund, mostly quantitative, and around 4 billion AUM. Would appreciate it if anyone has any more information on this fund, i.e. culture, peo...
|17||1 month 2 weeks ago|
Hey everyone, just kind of curious to see what everyone thinks is going to happen to the hedge fund industry within the next 5-10 years? Do you see lower fee structures occuring? What are all of your takes? ...
|1||1 month 2 weeks ago|
Anyone got decent resources / materials / blogs / whatever relating to merger / risk arb? Got the usual suspects off Amazon, but anything people working in it recommend would be interesting (anti-trust / competition law, trading strategies, equity derivatives, primers, case studies etc.). Got a bu...
|0||1 month 2 weeks ago|