Hope for non-targets

Greenlight Capital and the one and only David Einhorn recently released their Q3 letter to investors. In the letter they released background information on their new hire. This is what it said:

"We had one new hire and two organic additions to the team in the quarter. We hired Andrew Frohman as a research associate in Dallas. Andrew graduated summa cum laude from Stephen F. Austin State University and has an M.B.A. from Texas A&M. He worked for PricewaterhouseCoopers where he provided advisory services to clients in a variety of areas. Andrew is a CPA and has successfully completed all three levels of the CFA exam. In addition, Andrew was a high school first team, all-district basketball player on a team that almost went to the state championship. While Andrew's strong analytical background is quite obvious, the operations staff cannot help but be a little suspicious as to the timing of his hire relative to the annual Operations vs. Investment team basketball game. Welcome Andrew!"

HOPE for non-targets and ACCOUNTANTS! As you can tell, he probably worked in TS/TAS for PwC. Another success story of a non-target to add to the list.

Keep on grindin and you could be working for Einhorn!

Comments (19)

Nov 5, 2012 - 5:34pm
SonnyZH, what's your opinion? Comment below:

I have a friend who recently got a phone call from Blackstone for Real Estate PE, fuck this target/non-target BS.

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
Nov 5, 2012 - 6:01pm
frgna, what's your opinion? Comment below:

Hustle.

if you like it then you shoulda put a banana on it
Nov 5, 2012 - 7:05pm
BanditPandit, what's your opinion? Comment below:

yeah, you neglected the key part of this "non-target" person - "In addition, Andrew was a high school first team, all-district basketball player on a team that almost went to the state championship."

putting a big bet out

Nov 9, 2012 - 7:43am
GoodBread, what's your opinion? Comment below:

[quote=Gray Fox][quote=BanditPandit]yeah, you neglected the key part of this "non-target" person - "In addition, Andrew was a high school first team, all-district basketball player on a team that almost went to the state championship."

putting a big bet out

Nov 7, 2012 - 7:44pm
TheContrarianSeer, what's your opinion? Comment below:

He's from a big 4 firm, and theres a lot of trash talked about the big 4 on this site... PwC to Greenlight Capital. Thats a pretty impressive leap for an accountant.

  • 1
Nov 10, 2012 - 5:38pm
tiger2012, what's your opinion? Comment below:

Surpising? yes. Shocking? no.

I'd wager many people only know about Greenlight as a megafund, Einhorn, and making it rain, especially on the short side. Perhaps you've read his book/heard about the failed Mets deal.

Many of his shorts come of out faulting accounting practices. I'd want to hire a Big 4 guy with a CPA/CFA, as well, if I was looking for these ideas. Hedge funds are all so different. Thats why there is no one perfect background for getting into a space that still has yet to be formally defined.

props to him though. good inspiration for some monkeys.

Best Response
Nov 13, 2012 - 12:19am
JPMortgage, what's your opinion? Comment below:

I've said this before and I'll say it again. It doesn't matter if you go to a non-target as long as you work hard and network your ass off. Start early with internships and work you're way up. I'm currently a sophomore at a very non-target, think Kansas, and I already have interviews lined up at IBs back home in LA. I worked hard to get an internship last year as a freshman and that experience gives me a leg up. While the IBs I'm meeting with aren't BB, it's a big leap up from a $100mil wealth management firm. I've been working connections and cold-calls to people in MSSB, UBS and Merrill. To early to tell if those will work out, but we'll see.

Once you get your first internship, boom you got some connections. Meet people. Make them like you.

Last year two seniors in my fraternity got full time positions at Citi in NY. Some other guys went to several other big firms. I attribute their success to being hardworking, fun to be around, and excellent in communicating with people. Bottom-line, if you go to a non-target, sure you don't have a great brand name that stands out on a res, but you make your own reputation by being unique. hardworking and passionate. That being said, I am looking to transfer back to CA to a better B-school.

Nov 13, 2012 - 12:53am
Cruncharoo, what's your opinion? Comment below:

I'll dunk right all over Andy's shit

This to all my hatin' folks seeing me getting guac right now..
Nov 13, 2012 - 7:02am
TonyPerkis, what's your opinion? Comment below:

There are tons of guys that prefer to hire a guy because he's good at sports for the company team. It's amazing how much a rinky dink work league in your eyes means to some of these guys that are still holding on to the dream

I eat success for breakfast...with skim milk
Nov 20, 2012 - 4:18pm
monkeyc, what's your opinion? Comment below:

Einhorn probably wants more accounting expertise on staff so he doesn't need to talk to Big4 and have his shorts leaked. And the guy has a CFA/investment credentials. Stop reading so much into stuff, I'm sure the basketball stuff made it easier for them to get along, but sounds like more of an inside joke to me. And he probably had a very good trade idea that made money over the interview process timeframe.

Nov 21, 2012 - 7:02pm
leveredarb, what's your opinion? Comment below:
monkeyc:
Einhorn probably wants more accounting expertise on staff so he doesn't need to talk to Big4 and have his shorts leaked. And the guy has a CFA/investment credentials. Stop reading so much into stuff, I'm sure the basketball stuff made it easier for them to get along, but sounds like more of an inside joke to me. And he probably had a very good trade idea that made money over the interview process timeframe.
pretty much this.

plus hes based in dallas, this might be just accounting support im not sure how einhorns funds set-up. Some funds employ ex-cops or private detectives just do dig up dodgy shit, does this mean we should all change our path to cop-->hedge fund?????

Nov 20, 2012 - 4:31pm
DontMakeMeShortYou, what's your opinion? Comment below:

Itaque quia autem labore aut ut et sint. Velit ad sed nisi blanditiis magni. Commodi rerum sunt sed ducimus sed quis.

Ducimus nihil quo voluptas nisi impedit nisi. Cupiditate corrupti eum labore voluptas in id. Cumque quia dolore corrupti voluptatem fuga eum.

Nobis at harum vero blanditiis. Officiis quos laboriosam sunt totam ex. Qui provident perferendis praesentium enim. Voluptatum rerum repudiandae magni iste dolorum est rerum. Exercitationem consequatur vitae at dolor voluptas.

Numquam velit ratione voluptates voluptatem non iure iure. Quidem et qui voluptatem provident voluptatem qui earum. Vel consequatur nobis et aut omnis aut iure accusantium. Et voluptatum et velit dolore explicabo distinctio impedit. Nobis eum voluptas soluta doloribus.

Start Discussion

Career Advancement Opportunities

September 2022 Hedge Fund

  • AQR Capital Management 98.9%
  • Point72 97.9%
  • D.E. Shaw 96.8%
  • Citadel Investment Group 95.8%
  • Two Sigma Investments 94.7%

Overall Employee Satisfaction

September 2022 Hedge Fund

  • D.E. Shaw 98.9%
  • Magnetar Capital 97.8%
  • Blackstone Group 96.8%
  • Citadel Investment Group 95.7%
  • Millennium Partners 94.6%

Professional Growth Opportunities

September 2022 Hedge Fund

  • AQR Capital Management 99.0%
  • D.E. Shaw 97.9%
  • Point72 96.9%
  • Citadel Investment Group 95.8%
  • Blackstone Group 94.8%

Total Avg Compensation

September 2022 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (22) $464
  • Director/MD (11) $434
  • NA (5) $306
  • Manager (4) $282
  • 3rd+ Year Associate (23) $275
  • Engineer/Quant (62) $267
  • 2nd Year Associate (29) $251
  • 1st Year Associate (71) $192
  • Analysts (212) $178
  • Intern/Summer Associate (20) $130
  • Junior Trader (5) $102
  • Intern/Summer Analyst (230) $85