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Random Musing on Mr. MarketAgain take everything I say with a grain of salt... 1) Are we happy yet value investors? A while ago, I was once asked if I was happy. It was a weird question since I'm generally a happy person but this investor thought I wasn't expressing an appropriate amount of happiness doing my job (... 4 hours 53 min
Random musings that sound like ventingThere's really no point to this post. TLDR: Sometimes it's just a job with a boss that does boss things. 1) Young PMs in a bull market 30-something year old HF PM/Partner scare me...and should scare LPs. You know the type. Started career around the financial crisis and survived the... 6 days 10 hours
Random Musings on the HF Interview ProcessThis is far from a definitive guide but should give you a high level overview on how to think about the process. I'll update more topics as I find time. 1) Help Wanted Openings can be sporadic but a few things to keep in mind. There are always one-off openings throughout the year as new funds... 6 days 19 hours
The Hedge Fund Experience - Good, Bad, UglyMod Note (Andy): Throwback Thursday - this was originally posted Feb 2009 Since there aren't any decent/active discussions on the HF forum, I figure I start a thread highlighting the good, bad, and ugly aspects of working at a hedge fund. This is based on my personal experiences so don't take... 1 year 5 months
Elliott Management's Juniper PresentationAgree? Disagree? http://ify.valuewalk.com/wp-content/uploads/2014/01/JuniperJanuary.pdf (Side note: Having candidates deconstruct these type of presentations during an interview is pretty useful. Anyone can regurgitate a pitch with practice. I want to see if you can identify the holes or... 1 year 7 months
Group: Read the FootnotesThis group will highlight the good, bad, and ugly aspects of working at a hedge fund/buyside. Trade stories, share insights, or just follow along. I've decided to start a group to better organize topics that interest me and ensure my posts do not get buried in the forums over time. 1 year 9 months
Preparing for the HF informational interviewModerator Note (Andy): Best of WSO - this post originally went up December 2009 and we thought it deserved to go back on the homepage for those who may have never seen it. I got a PM asking how to prepare for an informational interview with a HF manager. Since I don't post often, I'm going to... 2 years 7 months
Hedge Fund Guru Answering Inbox Questions Here....Some of these messages are very old but I'm going to answer them anyway b/c I’m in a helpful mood. Question: How would I know what the career path for [this particular hedge fund]? Every fund has their own "career path"...it just depends what the founder thinks. Some give a shit and want to... 2 years 10 months
Investing with a catalystI came across a blog post about Bill Gates calling Kodak "toast" back in 1991 that serves as a good reminder on why you really need to have a catalyst when investing. http://www.businessinsider.com/bill-gatess-amazing-yet-terrible-call-on-kodak-2009-12 http://brontecapital.blogspot.com/2009/12/... 5 years 8 months
Technical questions forumHave you considered starting a technical questions forum? Some of my favorite topics on this forum are related to valuation, modeling, and technical questions. I enjoy discussing the various technical questions prospective analysts are being asked, and highlighting why the textbook answer might... 5 years 9 months

Comments

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The honest answer is I don't know if they would...The honest answer is I don't know if they would let me in today (assuming I was new trying to break in). If I could retain everything I know now and had to start over, I would forego the HF route but still do capital allocation. Not going to bore you with the types of investment vehicles I find... 1 week 2 days
HedgeHog: Sorry, #1 sounds logical and all, but...[quote="HedgeHog"]Sorry, #1 sounds logical and all, but I doubt the correlation between age and "blowing-up" is very high. In 2008, plenty of guys in their 30s made a killing (usually more of a macro bend). If you graduated college in 1995 you were 35 years old in 2008 and had already seen a lot... 1 week 2 days
Gray Fox: I highly doubt he took this stake...[quote="Gray Fox"]I highly doubt he took this stake without a future transaction lined up. I personally think the end game here is the break-up of Pepsi, with Frito-Lay merging with MDLZ and the beverage business going to AB-Inbev.[/quote] That's my guess. You don't put that much capital to... 3 weeks 2 days
1. Two weeks is fine but don't be surprised if...1. Two weeks is fine but don't be surprised if you're ask to leave on the spot. 2. Wouldn't worry about burning bridges. If it's not a good fit, no reasonable person is going to flip their lid over it. 3. This is probably as good of a time (outside of Jan/Feb after bonuses) to leave and not put... 3 weeks 5 days
I wouldn't be too worried about employment status...I wouldn't be too worried about employment status. It's a small world and those that have done good work are able to land on their feet and will generally get another seat somewhere else (if they want back into HFs). I've also seen plenty of talented people leave HFs and they all end up doing well... 1 month 6 days
Honestly many "bottoms up" long-short funds are...Honestly many "bottoms up" long-short funds are making macro/basket bets disguised as stock picks for a portion of their portfolio. Lots of reasons for this but post-2008/2009 many managers realize they can't just ignore macro (esp when its driving performance and LPs keep asking their opinions/... 1 month 1 week
Stryfe: What I might tack on to your first point...[quote="Stryfe"]What I might tack on to your first point there is that its very easy to fall in to the trap of thinking that because you've done so much primary research on a name you should be able to find a way to make a long/short case out of it, when really an opportunity might not be there at... 2 months 4 weeks
Where you have a potential edge: 1. Concentration... Where you have a potential edge: 1. Concentration of resources (Time and Capital) - You end up spending more time and more capital (i.e. primary research) on fewer names and should have a better view of what drives value in the names you diligence relative to analysts that may not have the time/... 2 months 4 weeks
I believe you don't have to compromise who you...I believe you don't have to compromise who you are to be successful, but don't expect sympathy if you put yourself in a cutthroat situation. The laws I generally try to follow or learned over the years. Law 5: So much depends on reputation – guard it with your life. People are going to know... 4 months 2 weeks
The content of this thread ended up materially...The content of this thread ended up materially more interesting than the original topic. 4 months 4 weeks