From Special Sits (public & private) to Macro / Multi-Asset HF

Hey friends, As the title above states, I’m interested in knowing if there are any professionals out there that started in SS, and transitioned to more macro HF roles? I.e moved to trading thematically, trading rates, more even-driven, etc. Is there such a case? And if so, how did you transition to those roles? What did you read/study? How did you prepare?

8 Comments
 

Based on the most helpful WSO content, here are some insights on transitioning from Special Situations (SS) to Macro / Multi-Asset Hedge Funds (HF):

  1. Industry Trends and Transition Tips:

    • The buy-side is consolidating, with most assets going to a few firms that have outperformed in recent years. This re-concentration means fewer but larger firms dominate the industry.
    • To transition from SS macro research to a fund, having Series 7/63 and relevant experience is beneficial. Networking and leveraging your current role to build connections in the buy-side can be crucial.
  2. Preparation and Study:

    • Reading and studying are essential. For instance, spending 3-4 hours after work reading white papers, sell-side research, and learning the math behind option theories can be very helpful.
    • Developing a macro understanding involves a top-down approach, starting from central bank policies to political infrastructures.
  3. Skills and Experience:

    • Having a detailed technical background, such as a PhD or postdoc in a relevant field, can be advantageous.
    • Experience in strategy and corporate finance, as well as being sharp with numbers, is beneficial.
  4. Practical Steps:

    • Consider switching to a trading desk more relevant to global macro if your current role isn't providing sufficient experience.
    • Lateral moves to more prestigious firms (e.g., BB) can be beneficial, but the prestige of your current firm may not always matter.
    • Building modeling experience and preparing stock pitches or ideas can be more relevant for certain transitions.

For more detailed discussions and personal experiences, you can refer to the following threads: - https://www.wallstreetoasis.com/forum/hedge-fund/qa-head-of-macro-strat…</a">Q&A: Head of Macro Strategy at Hedge Fund Taking Questions - https://www.wallstreetoasis.com/forum/hedge-fund/qa-pm-at-hf-former-sel…</a">Q&A: PM at HF (Former sellside macro trader)

These resources provide valuable insights from professionals who have made similar transitions.

Sources: Q&amp;A: HF Analyst @ $5bn+ Fund - Breaking In and Transition to Risk-Taking Role, Q&amp;A: Non-Target School to Portfolio Manager at a Top Hedge Fund – 6 Years Out of Undergrad, Q&A: Head of Macro Strategy at Hedge Fund Taking Questions, Q&A: Head of Macro Strategy at Hedge Fund Taking Questions, https://www.wallstreetoasis.com/forum/job-search/help-me-formulate-a-career-plan?customgpt=1

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

I’m just tired of doing private DD processes with extra-work that adds no value, but that managers want to do to justify their salary, and added-value. I believe, maybe naively, that you make more money per hour (in terms of value per money) in macro than in pure equity.

80-90% of an investment comes from a first look, and unfortunately the 20-10% comes from deep diving into it. I just feel that sometimes the deep dive are just garbage in, garbage out.

 
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