#1 Advice from experienced PMs

Based on the most helpful WSO content, here are some key pieces of advice from experienced PMs for new PMs or sub-PMs:

1. Position Sizing:

   • If you go to bed hoping for something to happen (event/data), your position is too big. This advice emphasizes the importance of managing risk and not over-leveraging your positions.

2. Soft Skills:

   • Soft skills are crucial. You pick those up over time. Managing people effectively and having systems in place to ensure nothing falls through the cracks is essential. Managing upwards is also a significant part of being a PM, as there's always someone higher up to answer to, whether it's a CEO, chair, or group of investors.

3. Unique Skills:

   • Everyone can model companies, write basic Python, and understand statistical analysis. What sets you apart is having something unique that adds value to your team and fund.

4. Transparency and Team Management:

   • Consider the level of transparency you provide to your team. Some PMs shield their team from the daily stress of the portfolio to keep them focused, while others maintain an open book policy. It's important to find a balance that works for your team.

5. Upward Management:

   • Always update your supervisor about what you're doing, especially if you haven't spoken to them in more than two hours. This isn't micromanagement; it's about ensuring your supervisor can confidently answer questions about your work and helps prevent any miscommunication.

6. Professional Development:

   • Set up regular check-ins with your direct supervisor to ensure you are on track and performing as expected. Ask for suggestions for improvements or next steps. If possible, try to have meetings with the project manager and even the partner on the case.

7. Defending Opinions:

   • Be prepared to defend your opinions, but also know when to pick your battles. Sometimes, decisions are overruled due to factors beyond just the numbers, such as office politics or client management.

These insights from experienced PMs can help new PMs navigate their roles more effectively and build a successful career in portfolio management.

Sources: Year 1 in consulting - tips, tricks, advice, and unspoken rules., First time PM - Now What?, Q&A: Managing Director at Large Global Asset Manager, Q&A: Finally made PM @ LS fund, No VP Promote from Sr. Associate - Seeking Advice