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Transitioning to activist HF from SM HF
How do activist hedge funds or activist strategies within HFs recruit? I have 4 years buy side experience with a SM HF in the healthcare space and I am interested in exploring the activist strategy. Is there a path to doing this? If so, which HFs would like a person with my profile? Prior to my SM...
Activist Hedge Funds
Seeking some clarity from anyone who knows about activist HFs and how they function internally. Most people know of Third Point/Pershing Square/Greenlight, and similarly the Loeb/Ackman/Einhorn-type investors of the world. But in terms of working at such funds, does the workload only include...
Quant Trader -> Activist Fund
Currently a student at a top school and based on my skill set and interests, becoming a quant trader after graduation seems viable. However, I’ve become very interested in activist investing and would like to work at an activist fund down the line. It doesn’t seem possible to go to an activist...
Activist Hedge Fund Case Study
Hi all, I have a case study at an activist hedge fund coming up and am thinking about how I should structure my write-up. The basic structure should be similar to a traditional L/S case study. I will obviously need to state an upside / downside ratio / upside / downside valuation. For a L/S case...
Most Interesting HF Strategy
Hey guys. I've been learning about different HF strategies recently and I wanted to ask the wider HF community, which strategy provides the most interesting/rewarding work? For me personally, I'm very interested in pure Activist funds(Value based) as well as Special Situations, but I also love the...
Activist Case Study with PE-style Diligence
I've been asked to develop a case study / pitch for an activist group of a hedge fund whose diligence style is more similar to that of a private equity firm. That is to say, they have longer hold periods and do deeper diligence on their investments, but their investing takes place in both private...
PE-style Diligence Case Study for an Activist Group
I've been asked to develop a case study / pitch for an activist group of a hedge fund whose diligence style is more similar to that of an private equity firm. That is to say, they have longer hold periods and do deeper diligence on their investments, but their investing takes place in both private...
What's the point of activism defense?
A lot of banks advise boards on defending against activist investors. I'm curious, if the goal of an activist investor is to unlock shareholder value, why do companies pay advisors to fight them? By paying fees to do so, isn't this essentially acting against the best interests of the shareholders?
Why do CEOs care so much about activist hedge funds?
Hi monkeys, Can one of you explain why activist hedge funds are supposedly so feared by F500 companies? Why does a F500 CEO care so much about what a 5% shareholder wants that it requires him/her to devote a majority of their time responding to their arguments? I've read several articles in the...
Is short selling ethical?
Monkeys, I was going through this article on Roger Ackman's Pershing Square Capital Management: http://www.newyorker.com/magazine/2017/03/06/fina… The author mentions that "Short sellers are generally reviled by corporations as malevolent opportunists" but Ackman thinks it as a way to fight evil....
How to Break into the Hedge Fund Industry
Hi, I am a web designer and would like to cater my services towards hedge fund companies. Can anyone be so kind and advise how I can reach potential new hedge funds and create their website for them? Perhaps website and transition to IT service. Your help is greatly appreciated. Thank you Tommy
Interview with Aurelius Capital
Hey guys, I have a first round interview with a headhunter for a position with Aurelius. Does anyone know anything about the process and how to best prepare? I'll have some pitches/ideas ready. Anything beyond that? Thanks in advance!
How do activist funds screen for targets?
Hi everyone: Just curious, would anyone mind shedding some light on how activist funds screen for their investments? I guess in distressed debt to ownership situations one would watch on for the bankruptcies, but what about the other types? Many thanks in advance!
How exactly does “arranged financing” work?
Prime brokers offer what is called "arranged financing" which allows hedge funds to gain maximum leverage - more than allowed under the Portfolio Financing platform. I understand there is an element of stock lending where some or most of the Hedge Fund's long/short securities in the account are...
Activist Hedge Fund Research Team
Hi all, I was hoping to get some advice on breaking into the research teams at event-driven/special situations hedge fund focused on stressed/distressed and catalyst-oriented/situational opportunities (restructurings, bankruptcies, spin-offs, etc.) in both public and private securities across the...
Hedge Fund Job Advice
I recently had an interview with a long/short deep value fund. The team is fairly small (think
Any systematic/quantitative driven funds in Houston/Dallas?
Not looking in particular for prop shops or small funds...Are there any notable HF out here with a more quantitative slant? Looking more towards a research role but not too familiar with the area.
Fixed Income HF PM bettter compensated than equities PM
Seems counter-intuitive. Can someone explain the reason? Compensation closing Hedge funds have always paid smaller salaries than long only asset managers, but their bonus payments could stretch into seven figures for top performers. However, the gap has closed – or reversed entirely, depending on...
Elliott Management Intern Interview
Hey guys, I have an interview with Elliott for an MBA internship. Any insight into the process and what to expect? First round appears to be a phone call. Thanks in advance!
Top 20 Hedge Funds List
Excellent 2015 edition of the Barron’s Best 100 Hedge Funds list. Many of the funds on the list fly under the radar on WSO. I am sure that people working in the industry have heard about most of those these funds, but probably ca. 50% have never been discussed/mentioned around here. Equities...
Breaking Into Activism
Long time lurker - first post. I'm an incoming analyst at a NYC BB and will be graduating in the coming months. I'm ultimately looking to break into an activist hedge fund after my analyst stint, but am unsure how to best position myself. From your experience, whats the best / most common way to...
The Economist Calls Activist Investors Capitalism's Unlikely Heroes
Today's Economist has a fantastic cover story about hedge funds that is very pro activist investors and amusingly anti-management and anti- "lazy stockholders." They then go into detail in an article that proclaims activism will "change American capitalism for the better." Even if you already know...
Undergrad Investor
Hi everyone, I am a senior in college and have been investing my personal account for the past 1 1/2 years with some success. I was wondering if anyone else here on WSO invests and is interested in forming some sort of micro-cap investment group to share ideas. I ONLY focus my attention on small...
Private Equity/Hedge Fund Recruiting: Differences between Starting at a BB Investment Bank vs. a MM/Boutique Investment Bank
Hey guys! Title says it all. I'm currently researching as much as possible in order to plan ahead and look into the process of recruiting for hedge funds/private equity. I'm not completely sure about which path I want to take, or how long I would like to stay in investment banking - but definitely...
Pre-MBA (CFA 3 Cand.) Long-Only Analyst to Hedge Fund? NYC/CT
Hey guys, So I'm a long-only analyst with a couple years of experience - pre-MBA and taking the third level of the CFA in June. I got really lucky by landing an analyst role at a value-bent long only shop straight out of undergrad because I do not have a finance degree (average GPA - mid 3's) and...
Cannell Capital Activist Investor calling for Jim Cramer to resign
http://www.cannellcapital.com/uploads/12.02.14_TheStreet_Letter.pdf He has some awesome perks...
Corvex CCI presentation "betwixt and between"
At the Robin Hood Investors Conference, hedge fund Corvex Management wants CCI to a) increase the dividend payout ratio or b) Lever up "to 6x", then buy Verizon towers. CCI presents an "80% AFFO Payout Scenario (1.20x Coverage) or "90% AFFO Payout Scenario (1.10x Coverage)". Aren't wireless towers...
Non-Target --> BB IBD Analyst --> Activist Hedge Fund Analyst
http://www.businessinsider.com/wes-calvert-starboard-value-2014-9 Looks like the lead Analyst on the Darden situation at Starboard Value went to powerhouse banking target Cal Polytech State. Goes to show you, it really doesn't matter where you go to school. This dude is crushing it. Who wants to bet...
Selling a public company
For example Carl Icahn wants Dollar General to sell. How would that make him money?
Goldman Sachs - Human Capital Management Analyst
What types of securities are they trading ?
Panel Discussion on Activist Investing
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:...
What did Bill Ackman do after undergrad and before MBA?
Graduated Harvard College in 1988. Received MBA from Harvard Business School in 1992. Starts Gotham Partners in 1992. After winding down Gotham Partners in 1992, opens Pershing Square Capital. But does anyone know what he did from 1988-1992? Try to gauge what type of experience/knowledge he attained...
Game Over Ackman?
http://dealbook.nytimes.com/2013/08/21/ackman-acknowledges-mistakes-in-… Is it just me or is Ackman currently in his Britney Spears head shaving, Lindsey Lohan fuck-you-nail-polish-wearing and Charlie Sheen bi-winning mode? Activist investing is basically the world series of PR and this doucher...
Activist Hedge Fund and PE
I've seen more movement amongst activist hedge funds getting involved with small and micro cap public companies. Acquiring a substantial amount of equity in the company, trying to gain board seats and help strategy/operations. I was curious if anyone had seen a move between activist hedge funds and...
Relational Investors
Can anyone comment on this San Diego based activist HF headed by Ralph Whitworth. At one point had $9Bn AUM; recently I think its more in the ballpark of $6Bn. Doesn't look like they've had the best year (big losses on Hewlett Packard and A&F), but have had successful investments in the past and...
Hedge Fund Stripper
You guys know I love irony and today's post sure does bring a good bit of hardness to the table. In the spirit of the 99% I want to tell you about a fabulous young lady named Niki Marx, who has found a truly unique way to turn her capitalist oppressors into her own personal revenue stream. You see,...
New-school finance in MALTA
Hi everyone, this is my first time posting a topic on WSO even though I've been checking the site for a while now and am a campus rep. so I hope this gets some views. I am American with ties to Italy, a junior, international business major, I go to John Cabot University in Rome, Italy and am...
Hedge fund investor letters and presentations
I have been reading Buffett 's newsletters as well as Pershing Square's presentations whenever I can get my hands on them. (I have linked to them below for your perusal as well). I also try to read Greenlight's quarterly investor letter as well. Who else do y'all follow and are there any other...
Dan Loeb lets slip the dogs of war
It’s been awhile since Dan Loeb and his kickass poison pen have given us something to rave about. Hell, he hasn’t even been writing Third Point ’s investor letters since last year. Today however’s a little different for the ex Obama boy; incensed with how Washington has been handling the...
Dating into opportunities?
A friend of mine (junior-year) is currently stuck between a diamond and a soft place: -Girl #1 he's been crushing on forever, and he recently found out that she likes him back; she's smart, cute and personable, and will probably be getting into a top medical school. They get along quite well. -Girl...
Hedge Funds for Economic Development
I'm working at a international organisation right now (think IMF, World Bank, UN, etc) and am looking to transition. I'm quite interested in hedge funds that dabble within economic development measures and was wondering how viable my plan is. I graduated from HKS/ HBS in 2009 and have been working...
Restructuring to an Activist Fund
I understand that Restructuring work on the Debtor side gives you a better shot at breaking into an activist hedge fund than work on the creditor side. So what is the type of work that someone on the debtor side should try to get involved with that will give them exposure to the client's balance...
Should I even bother with the CFA???
So i have a bachelors in Economics and I am in Real Estate Research. Should I even bother getting the CFA in the hopes of entering some type of Research position that could lead to a Trading/Investment Analyst job that it could go to a HF ...or should I just work and try to network my way in or go...
Pershing Square Capital Management
Anyone have any experience or hear of anyone interning/getting a FT offer from Pershing Square with Bill? If so, any highlights? Is it possible to get into directly from undergrad? I hear they only have 40 people working there
Hedge Fund Interview Preparation
Hey Guys, I have a hedge fund interview/informational where I’m meeting the PM. What I wanted to know is what should I study and prepare for (such as technical/behavior questions)? I recently just graduated from college this may and don’t have any IB / HF experience. Thanks for the insight.
Best Job to have prior to becoming a Hedge Fund manager?
Hey Everyone, I wanted your thought concerning what is the best job that prepares you to be a Hedge Fund manager? Skill wise? Most of what I've been hearing has been investment banking (corpfin) due to the valuation skills attained. Some say sales & trading due to the market focus and familiarity....
Shenkman Capital: Working Hours, Pay?
Any idea how this fund is? Working Hours, Pay etc etc
Is corn on the cob really that delicious? opinions?
Yep, I need a second opinion on this!
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