Is there more to learn?

I work at a >5bn fund in a risk taking seat. I'm not a PM and just an analyst.

It feels like there's nothing more to learn? I've been doing public equities for 4 years. I know how to model (fck that it's relatively useless) and the whole standard due diligence routine of doing expert network calls, sellside/buyside calls, taking management meetings, earnings reviews - so on and so forth.

I'm familiar with the stories of the companies within my sector coverage already. I don't really know if there's much more to learn. It feels like once you know the sector/companies you cover - then it's all about what your view is and having intellectual debates with other people on it which is really enjoyable.

I know it's all about whether you can generate returns but in terms of day to day - after awhile, doesn't this get super repetitive? Am I missing something? 

Comments (26)

  • PM in HF - RelVal
Jun 27, 2022 - 11:47am

I completely agree with your sentiment. The job becomes procedural after a while. Once you learn how to make money, you just repeat the process over and over again. 

  • Analyst 3+ in HF - Other
Jun 27, 2022 - 12:31pm

I feel like I have but you never really know if you've learned it well enough. I'm sure many people thought long secular winners in growth and short the opposite like shitty retail was their way of knowing how to make money but looks how that's going now. 

Jun 27, 2022 - 2:26pm
Pizz, what's your opinion? Comment below:

Can you make money tho? Not just for one year, but over a 5-10 year period annualized. 

  • Analyst 3+ in HF - Other
Jun 27, 2022 - 4:25pm

I don't know. Have only been in this seat for 4 years of which past 2 were risk taking. I think it's hard to know whether you can make money until you obviously do it. So many people think they can but the market finds a way to throw you off (see every SM -> pod analyst that got canned) 

Jun 27, 2022 - 7:04pm
Ayther, what's your opinion? Comment below:

I'm not on the buyside yet but my sense is, you figure out how you play the game best. Then the rest is pattern recognition. 

Over time you get really really good at seeing stuff no one else sees, or has conviction in... You feel when to cut/add risk based on how your process has worked before... 

In theory you get better over time. 

  • Analyst 3+ in HF - Other
Jun 27, 2022 - 7:36pm

That's the theory, correct 

Jun 27, 2022 - 8:57pm
[email protected], what's your opinion? Comment below:

Every career is repetitive

Either lean in and try to make better picks and make more money (creating potentially more adrenaline) … and/or balance it out by picking up a challenging hobby if the job isn't providing the amount of satisfaction you are looking for. Based on your post I assume you are not a huge money maker with crazy fun hobbies

  • Analyst 3+ in HF - Other
Jun 27, 2022 - 10:09pm

lol adrenaline? I'm not in this business for adrenaline. I'm in this business to make money and I'm completely fine if it's done in a boring manner. I just wanted to know if it's normal for your day to day routine to plateau. Don't know know how you draw these oddly personal conclusions

Jun 27, 2022 - 11:46pm
marketimer, what's your opinion? Comment below:

Same spot (5ys risk taking seat). Completely normal. Core coverage has been boring for quite some time. Fortunately, I have a pretty broad coverage where I think will spend more c.3-5 yrs getting to know new sectors and companies well and by then, it will get 100% boring. At least we (will) have money and can take the risk of changing careers or whatever to get excited again.

Routine only changes when you become PM - gets less fun IMO, unless you own your shop. 

  • Analyst 1 in IB - ECM
Jun 28, 2022 - 4:32pm

Technically there's always more to learn even if you've become good at your current role/tasks. Maybe try gaining better insight into the industry you're covering or researching any new trends that could affect your positions both short and long-term. You could always try to find a PM to mentor you more or teach you new things?

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  • Investment Analyst in HF - Event
Jun 28, 2022 - 6:22pm

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