Funds with the best culture (individualistic, non-conformist and etc)
Being a contratrian / deep value investor, I think that investment philosophy probably naturally comes from the personality you have. In private markets, whether you do private equity or credit, I found they still act as banking 2.0 where most people are still followers and highly conforming. On the public side, L/S funds somewhat have similar culture to PE from what I've observed (correct me if I'm wrong..) Even distressed funds these days hire people who only do what is told to be done
Can anyone provide some insights into what funds out there have a non-conforming / intellectual culture where different opionions and indepence are truly appreciated?
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Btw, can you name which distressed funds you’re refering to? Agree with your overall perspective though
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At any shop as a junior, there will be no independence regardless of strategy. You will follow the PM or CIO's philosophy as they are the ones judged on the P&L. I would say MM have a bit more independence on what they look at, if your strategy can make money then you will get capital. This will come with increased risk management functions but from an investment standpoint theres more leeway.
FWIW, labeling yourself a "contrarian, deep value" investor hardly entitles you to look anyone over the shoulder. Deep value has sucked for a decade now.. look at David Einhorn, all contrarian and proud, and his AUM has gone from $10bn to $1bn after underperfoming the market by what, 300%?
IMHO, for junior level peeps, the "best culture" you can find is a place where the senior people are competent and willing to invest the time to teach you the trade.
Most of the industry breeds out non-conformity and contrarian thinking. Real non-conformist/contrarian thinking and capital risk-taking today happens in the tech sector and web 3. VCs and Growth Equity try to leech on to this; some, like A16Z and Greenoaks, do so more cleverly than others. Smart legacy funds like Tiger, Viking, and Blackstone are adapting. There is some other actual innovation and creativity in the public markets, mostly at startup funds like Verdad or Octahedron. Outside of tech and equities, non-conformity and contrarian thinking is found at HFT firms and maybe some macro or debt places I'm not familiar with.
Paying 30x revenue for fintech is now called creativity ?
Lol no I called that “leeching onto” contrarian thinking
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