Hedge Fund Sector Advice
Context: M&C Analyst at GS/JP/MS in London, been invited to interview for some quite "niche" L/S pods at C/P/M/B and have some questions (e.g. think neocloud coverage).
1) How important is choosing the "right" coverage universe. E.g. if the PM is good, does it really matter what the pod covers? In terms of comp, learning opportunities?
2) What is the best TMT niche to get into in L/S? Is there one? Obviously AI-adjacent stocks (semis/DC/Neos) are blowing up creating huge opportunity, but the volatility of these stocks could also backfire...
3) Is it possible to change coverage (within TMT) after a year/couple of years being in the MMHF world?
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PM first. industry is second. any strategy, any industry, its skills issue especially in LS if you are working at a very tight factor neutral environment where it is hard to ride the beta wave like we have seen from net long SMs in the AI space.
we are seeing semis getting pounded live and i can guess many semis pods are blowing up left right center as we speak. meanwhile ive heard some of my friends who work in reits and financials where some PMs are making 50bucks+. liquidity matters for scaling so the biggest heavy hitters are prob coming from TMT but most of the time you will still mint cash if you work for the right PM.
Do you think it’s fair to say that a good/great PM would be able to ride it out and produce returns in any market environment? Or do even top professional investors get crushed by markets turning on them? Specifically relating to what you’re saying about semis pods blowing up atm
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