Moody's sovereign --> macro hedge funds?
Am genuinely curious about why we don't see this move more often? Seems obvious to me that one could easily go from rating gov bonds to bet on them?
Moody's to the DMV is probably more plausible
Of course if you worked on corporate credit, but isn't the sovereign experience more relevant to macro hf? is it just a question of pedegree or am I missing something?
Yes, you ARE missing something. Rating agencies are filled with kids from Baruch and Fairleigh Dickinson. Does that sound like schools that Tudor / Duquesne / Bridgewater recruit from?
Ok: but assume a kid gets sorted wrongly at entrance in the job market, and has the names for it. Do you think the move, if looked for, is probable or not?
don't understand your question
Same reason why every humanities major doesn't become the next Soros...
The question is not totally off base and the poster implying ratings analysts on the sovereign side don’t go to target schools/end up at hedge funds clearly is not familiar with sovereign dynamics. FWIW as you imply the other poster is largely correct for corporates. However a few caveats.
Sovereign ratings analyses form agencies typically end up at emerging markets focused vs general macro funds given their competitive advantage in EM hard currency debt (this is primarily what they rate) and the large portion of the em investable universe made up by this asset.
On the other hand leaving aside equity index and commodities macro funds generally are most active in fx/rates vs sovereign credit and rating analysts are typically not forecasting FX (robustly) or expertly watching the central bank monetary policy path (the key inputs to fx/rates).
so it is a slightly different skillset than a macro fund but plenty end up on the buyside.
The sovereigns team in the rating agencies have people only from the top econ and policy schools. The key is to network and to not come across as a risk person... because funds appetite is different and you want to find the wins. However if you are not from a top school then would be harder to network or sell you as a PM.
Ipsam neque et et doloribus ipsum expedita autem consequatur. Ex vitae cupiditate nobis et rerum sed. Vitae iure accusamus voluptas distinctio temporibus dolorem aut et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...