This is a very general question, but generally, if you're an analyst, and you constantly feed your group and higher-ups amazing, stellar picks (I'm talking about constantly above 30% returns over a 6 month period) how long do you think it would take to climb the ladder and be given your own money to manage? Again, very generalized, just looking for someone's insight into the hierarchy of a HF and how meritocratic they are.
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It depends... From 6 months to 2 years has been the range that I have observed in the past.
Seems like 5-12 years on the MF side, but the AUM you manage will obv be a lot larger.
Same range at my shop, although there are exceptions like the rockstar who makes PM at 25 once in a blue moon.
sounds like u r talking equity long short but in macro it can be anything...from a couple years to never. You have to find someone willing to commit capital and show an ability not just to make good picks but to manage risk well. Being an analyst that gets balance sheet at a big shop is half good ideas and half being political enough to tie yourself more strongly to the ideas that work and be able to distance yourself form the ones that don't. Its a bit of an art.
Heads, I win. Tails, you lose.
Serious question - any tips on how to distance yourself from ideas that (repeatedly) backfire due to idiosyncratic risks/ reasons? Taking credit for ideas that work has never been an issue...
I dont have any specific tips as its kind of an art...i would say the best i can put it is to discuss/write-about a range of topics/trades and then as things unfold focus on the stuff that has proven correct along with new ideas and let the stuff where u were wrong just fade away.
Do you mean ideas that backfire for macro economic or systemic reasons?
Even so, I don't know which is worse. Of it's idiosyncratic that means the whole reason you put the trade on was 180 degrees wrong. You're not generating alpha riding a positive beta move. If it's for macro reasons, that's a good way to get your book taken away quickly because that's the point of portfolio managing.
It's political and salesmanship. You either have it or you don't. You can get better, but there's no special sauce.
about 9 years is what i hear
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