Citadel Portfolio Manager on IB to HF interviews
Came across a youtube video series with an ex Citadel Portfolio Manager and ex Viking analyst. He says that in L/S equity interviews they don't really care if your pitch idea is actually going to make money as long as it meets the criteria of a good pitch in terms of structure, variant view, etc.
Was wondering if this is indeed the case for all long/short funds or just specific to his experience? Seems odd to me that how likely the bet is to make money in the real world is irrelevant.
Whats the youtube series called?
But yes seems weird. If it is a good pitch with variant view and deep research, shouldn't it be actionable? Maybe they dont expect IB analysts to be able to contribute ideas right away, and if they hire you, you will spend 6 months or so learning their process. Thus, they don't expect your pitch when interviewing to be actionable, but rather they want to see that you can think outside of box and can learn their process in 6 months.
It's called "Citadel Portfolio Manager - Stock Investing Masterclass". Actually lots of good stuff there, some of it over my head.
I think what you're saying makes sense. Maybe the first few years you'll be learning and won't be expected to contribute to the book as much or at all, so demonstrating you have the right approach is enough in the interview stage. Also, variant view and good research might not always be actionable if the market doesn't care or timing isn't right... he actually talks about how to determine what the market views as important through consensus.
Just watched the extra pitching portion — he demonstrates brilliantly how a good thesis is formed. You look at a well-known broader trend but then dig deeper into it for a specific company and prove it doesn’t hold true. I imagine in interviews, they want you to show the ability to do things like that vs whether the idea will play out.
I wish I had this kind of content when I was preparing for HF interviews.
He's assembling everything essential that took me dozens of hours to learn by myself.
What are these series about? Mind DMing me the link?
DM'ed! Think the main topics covered broadly are going from IB to HF, gaining conviction in your ideas, and understanding what the market thinks.
Do you mind DM'ing me the link too?
Cause in the real-world things do not go according to plan. Give me someone raw with all the tools, ability to adapt, hunger to learn and critical thinking skills versus someone who thinks every idea they present has to a be winner.
For sure! I wish funds had a better way to assess these qualities
Don't understand why everyone is being cagey about his name (it's in the youtube video description anyway).
Rich Falk-Wallace - I follow him on LinkedIn and he posts decent content there. He runs a crypto research operation now.
Didn't notice he was posting. Followed as well - seems very interesting
Just checked out his linkedin - he's got some good stuff there
lol
Shitty hedge funds do interviews when they're not hiring as a way of sourcing ideas from pitches in interviews. But outside of them, nobody is looking for something actionable in the pitch part of the interview. They want to see how you think, what you find interesting about an idea, your ability to pitch it convincingly, how you think about risk/reward, how much research you've done for follow up questions on the industry and company, what happens when you get pressed beyond your knowledge, have you gone the extra mile to call IR or find somebody in industry to talk to etc. Coming from IB, you simply don't have the resources or experience to put together a pitch that a PM at a fund will find immediately actionable. Might pique his interest to dive deeper into a topic, but that's about best case scenario.
Great insight. Thank you for sharing!
How do you tell apart the "shitty" hedge funds?
None of the bigger well-known funds do that I think it's fair to assume.
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Has anyone signed up for the course series by Rich Falk-Wallace? Wondering if you found it useful. I’m a 2nd year analyst at MM looking to improve in any way I can. Any insights would be appreciated
I actually have! It's been incredibly helpful to me so far. He's very good at explaining things and it's full of insights and lessons. Feel free to DM me with any specific questions
DMed!
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