Are some funds truly the cream of the crop?
Do you monkeys think there really is a significant difference between for example Pershing Square, Point 72 and Bridgewater?
If the scenario is that I would work for a firm for 6 years, then try to lateral to a PM position, would it matter to anyone if I am from one vs. the other? I assume at the end of the day only Alpha really matters right? I am asking because I always see these rankings float around and as a person I strive to work for the smartest. However, at the same time if Third Point gave me an offer, it would probably be dumb to decline in hopes of getting somewhere "more prestigious". Also, I guess I personally mainly care about comp and being able to get on track for a PM position eventually (ideally within the firm). Prestige is secondary but it seems most people consider them to be one and the same.
It matters quite a bit. Esp when junior or at a single manager because you have no track and it’s easy to blame factors/market/PM if PNL isn’t great. So signaling mechanisms like school and firm reputation are quite important
I guess more in specific I mean comparing funds that are considered to be some of the best. Like how much difference is there between say a Top 5 HF vs one that’s the 10th best like P72 (making up the ranking).
Given your example can you really even compare an activist with a mm with a global macro? You also call P72 top 10 at best but how do you even make a ranking across funds with wildly different investments philosophies / mandates? Maybe you can say top 10 consists of top 1-2 from major types of funds and maybe P72 doesn’t quite cut it but they’re still damn good at what they do
Will also add that wrt top 10 vs top 5, many would have put tiger global in their top 5 only 3 months ago. Idk how many would still rate it so highly tho. Food for thought regarding consistency of any ranking you might come up with
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