I'm currently an analyst at a top BB looking to move to a HF after my analyst stint. Wondering what people think are the best fundamental long/short seats are to aim for. I would also be grateful for advice on making the jump from banking.
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Best fundamental seats are where you work under a great PM at funds that are both pod/SM. Think funds like Holocene, Junto, Steadfast, Woodline, Alyeska, Viking, Anomaly. Can throw Farallon, DESCO in too.
Generally bearish on most legacy SM.
what do you think about big tiger cubs?
read somewhere that they were down 30% ytd… if true that says enough
Why viking? Returns very mediocre
brand, aum, stability of capital base, can go anywhere after
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DK is not good, not familiar with Baupost, Elliott I know well. I don’t think Elliott is a good seat, maybe 10 years ago it was. Elliott might have the largest delta between perception on this forum v actual seat quality. When was the last time equity activism at Elliott has generated alpha? I’m sure you’re also familiar with the bureaucracy, sweatiness, limited investible universe, virtually zero upward mobility, etc.
Need to find a place with great training for the type of strategy. Lot of notprofitable senior analysts / subPM at even these types of funds, bad habits
This is actually correct
How is Marshall Wace? Or is it too pod-esque? Have heard a lot of comparisons with them to DESCO
Any color on DESCO? For equities or credit
lol this is so incredibly wrong. Anomaly? Junto? wtf
Alua?
excellent timing bro
what are you long rn
Bump
TCI
Oh right of course! How could we forget. This analyst will definitely have a shot at TCI, may even run for PM later on.
Abrams, MFN
Second on Abrams. Impossible to get a seat there though.
Interned there sophomore year as they would not take me full time, incredible experience.
Received an offer from them a while back, very strange position.
Would you be willing to pm me about your interview process/experience?
What are the best credit seats?
For credit HF seats, is it better to start out at an RX IB seat or does directly from buyside work similarly?
I noticed that some people went from Asset Managers, MF Credit Analyst Programs , and smaller public/private credit firms to credit HF seats, so would greatly appreciate any input on whether both paths work or if RX IB is a better way.
Both are good paths for credit hfs. But buyside hours are better than rx
Agree that best seats are top SM/MM hybrid places like Holocene/Woodline/Junto. If you can get a seat at one of the high AUM/IP SMs that pay well like Pershing/Lone Pine/SRS but there are only a handful of those like that with a single digit # of seats across that entire cohort per year worth taking. Otherwise just the largest/most consistent pods at the large platforms. Most legacy SMs are mostly a melting ice cube but if you have a generous founder maybe you can hold off for 5-10 years and make enough money before they go the way of the dodo.
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Do you know if Junto only takes 2+2?
I noticed that they took a Yale guy from Alger.
They hired a guy from GSB a few years ago (believe 2+2 pre-MBA). They hire so infrequently it's probably hard to say, wouldn't be surprised if the GSB person had been dual-tracking MBA apps and HF recruiting beforehand and then just stayed in touch
What about places like Ashler, etc. which pitch themselves as more differentiated than MM?
bro Ashler is quite literally Citadel so it is in fact your prime example of a mm
What about the newer spins like avala, avantyr, nx1? Any others?
Just my two cents. The better opportunities, especially for juniors, are not in equities. The asset class is getting commoditized fast, and people early in their careers will hit that ceiling sooner than they think.
Commodities and macro are where the bigger cake is. Within those, my (very subjective) ranking at this moment is US power, Euro rates, TTF natural gas, Euro power, then inflation-linked rates. They are markets where complexity somewhat resists AI displacement and where the demand shock is structural.
US power checks both boxes since the grid buildout for data centers and electrification is a generation-long story, supply is nowhere near keeping pace, and geopolitical oil/gas shocks only add to the opportunity. Euro rates has high dislocation density given ECB divergence, German fiscal shift, French political instability, and swap spread compression. TTF gas remains structurally volatile, still liquid, still the anchor of EU energy trading. EU power offers renewable intermittency and cross-border flow arbitrage, though the alpha there is moving toward systematic players.
How about credit?
Credible take - the irony is that you can probably only fully appreciate the opportunity enough when you’re already in the seat. For a generalist or non energy person to feel convicted enough to specialize in this is a high barrier to commit to
Interested in healthcare - what are views on biotech L/S? specifically some of the more prominent SM funds like Perceptive, RTW?
Do scaled 500M+ / IP SM hire out of banking often? How rare of an offer is this.
Rare
Del
How do you find good pods without working in the platform
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