I know the standard advice is to prepare one long and one short for an ER interview but what if it's a long only fund?
What about two long ideas where I describe in detail why I would not invest in their competitors to show I can assess the negatives in a business?
You don't need a short pitch for a long-only interview unless it's a very compelling one you can talk about and advocate a long as a result. For example, "I'm short company X because it's losing market share but Company Y is gaining share from Company X and it's not fully priced into the stock so I'd be short X, Long Y."
Wouldnt hurt to have short idea in mind - probably a competitor of one of the companies you pitch as a worst case scenario. However, for a long only interview, I wouldnt volunteer that information unless asked. Focus on your long pitches.
Long Only Value Investment Manager Interview- Still Need a Short Idea? (Originally Posted: 11/16/2013)
Question stated above. On a pure valuation stand-point there are countless over-priced equity securities. One would surmise that anything that's not under-valued is in turn fairly, or over-valued. Just trying to get some fooder here.
Also, the person interviewing me is their fixed income PM, although the role is for equities. Besides general knowledge what could they possibly expect me to know (outside of normal things such as: why the recent crash, simple bond math, and what's going on with fed, etc.).
Thanks, monkeys
Any specific sector?
It appears that everyone is a generalist, although most have sector specific knowledge from a stint in ER (some have a background in valuation from big 4, or all investment experience).
I have some industry specific knowledge (Not ER, or industry but rather something unique).
I've looked at their holdings to see where they're overweight and will stray away from anything that they recently purchased/sold.
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