Hi fellow monkeys, I need your advice on my situation. I am a second year BB analyst and I have two HF offers, both in New York: one's a fundamentally-driven L/S equity fund; the other one is a special situations fund (they do merger arbitrage, distressed debt, restructuring. spin-offs etc.). In providing your advice below on which offer, please assume that pay is similar and I like the people in both places equally. Please also assume that I have no other options apart from the above funds, and only reply if you are in the HF industry please. In your response, please feel free to generalize as I know that each fund is different. My questions are:
1) I like assessing the prospects of companies and industries. I get the sense that there is less of that in a special sit fund as compared to L/S equity. is that right? Special sit / event-driven funds tend to bet on the occurrence of an event (e.g. merger arbitrage) and less on the long term fundamentals.
2) I like building models but do not like doing it under time pressure. I also do not like to model and quantify things down to the last minute detail (just a lot of pain without much reward). I prefer taking bets based on 5-6 key investment thesis. Which fund is more suitable in this area?
3) Which type of fund tends to have more reasonable hours (i.e. 70+ hours a week on average) and more predictable hours (i.e. minimal last minute requests for work on a Friday night and I have to shelve all my plans)
4) I love working independently and do not enjoy working in large teams (or indeed any team). Again, is there a difference here between the two types of funds?
5) Finally, I am pretty ambitious when it comes to $$$. which of these types of funds will pay better in the long run assuming that I make it to senior level, but NOT to the very top?
6) if you work in one of the above types of funds - please tell me the top 3 things that you like, and dislike about your work.
Thanks a lot, and do let me know what you think.