Title says it all. Ofcourse shorting would be the obvious differentiator. But I'm curious more on the dinferences on the long side across these strategies. How do the top LO funds approach going long a stock vs a SM L/S fund/tiger cub and how that manifests itself in the process in which they make money?
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College kids are so insufferable
You never know: might be high school kids
Haven’t updated title - but am I the only one who lost 30 BPS of alpha this week??
I used to think there was some massive difference too given all these stereotypes until I rocked into conferences or earnings calls and everyone - the LO guys, the SM guys, the pod shop folk - were asking the same questions, looking at the same names, trying to get a feel for roughly the same drivers. At the end of the day, these styles are not set in stone and no pro investor is going to say no to a high upside because it doesn't fit their reputation or stereotype. Real investment mandates and institutional constraints are the real differentiators - and these mandates are some of the limits to arbitrage in academic finance.
LOs SMs and pods asking the same questions yet pods are the only ones with true edge / strongest ability to monetize answers to said questions
This entire forum is full of college cub obsesses kids who have zero clue how this biz works and what’s coming in next decade
Expand?
i enjoy approaching all names as a L/S analyst with the thought of "is this a long or a short?". ive worked at long only and short only funds and you wont believe how many people so easily fall into the trap of (if long only analyst for example) "what can i look at to prove this is a long". leads to large amounts of data mining. my favorite phenomenon is when my first instinct is screaming that something is a short, but after some more digging i realize it is not a short...those are usually great longs, because the long only investor probably got to the same initial place i did and said "this is clearly not a long" and moved on. then, if i am right that it is not a short, the business should start to get better, which causes those same long onlys to re-examine the name and potentially now decide it is a good long, meanwhile i've been invested the whole time at a great price.
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