MMHF -> SM
This forum and many other places make it seem like going to a MM essentially blacklists you from ever working at a SM in the future, largely due to the vast difference in investing styles. However, I’m seeing an increasingly large number of individuals start at a platform before moving to a well respected SM. Is this a growing theme or is it just a result of the quality of candidates the platform attracts and them being early enough in their career that the style difference isn’t yet relevant?
It's both.
MM platforms are getting better talent now, so some people can make the jump. But it's still way harder than going SM to SM.
The style difference is real - most MM funds are diversified long/short vs concentrated high-conviction at top SMs. Different skillsets.
People making the jump usually:
Still easier to go target school → top SM directly than MM → SM. But not impossible if you're good and strategic about it.
Don't bank on it, though. Most MM people stay MM.
Wdym, I thought you can’t go SM out of undergrad
quite common now. maybe not at TCI or concentrated value funds. but definitely see MM analysts go to top SM these days
yep, as far as i remember, wasn’t there a guy who went from BAM to D1?
There are a good few that have gone from top MM to top SM. Not sure why people still think its not doable.
What are some of the top SMs ur referring to?
Historically, SM would get the best talent so MM was "inferior" or whatever. Nowadays, MMs can recruit the best talent (at least C/M) so SMs will take a look. More of a function of who got hired historically versus anything else. I have friends who went SM -> MM in the past few years which was prob looked down upon a decade ago but now people get it.
Don't forget you'll have a non-compete too at a MM, so you're betting that not only do they not have a bias against MM (defs smaller now) but that they like you that much more than the person they can get NOW.
Think non competes only really apply to those more senior. Haven’t seen any be upheld for people coming out of the grad programs or early on in their career.
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