Offer Dilemma
Hey WSO,
Basically have 2 offers, either joining BlackRock Fundamental equities team (Active which is important), or follow the traditional path so GS TMT/FIG. Which option would be better to try and get into the HF scene, especially SM. Both offers would be San Francisco so highly tech investing related.
I know that BB IB is the 'traditional path', but not sure whether this is just bias because of the large number of IB graduates compared to fundamental equities (~200 employees worldwide) and wanted to get your guys opinions?
All responses are very much appreciated!
GS TMT.
GS TMT.
GS TMT and i didn't even do IB - majority of roles look for previous IB experience, and your recruiting will be very structured and formulaic to a point. Much better set up for a lot of reasons.
GS TMT and I didn't even do IB. You gonna need to change Blackrock Active to something way higher quality long only for me to change this statement.
What is blackrock's reputation in active equities? Didn't know it was as bad as your comment seems to imply
Blackrock has some pockets that are pretty well regarded, like their true internal hedge fund (based in london I think?) and then kelso cap, but majority of AUM at blackrock is focused on passive strategies and then they sell risk and analytics stuff and outsourced CIO models stuff, and then also multi-asset class stuff which is mostly asset allocation. They have a handful of LO or semi-LO active equity products with middling returns that do true equity fundamental analysis investing - but you don't often hear a PM from blackrock opine on equity LO investing or equity fundamental investing for a reason - but you do often hear of PMs from Fidelity and Baron etc. giving interviews and sharing their thoughts.
I can let someone of higher pedigree comment, but this what I have found.
GS TMT in every way possible, except WLB.
Gs tmt will open every door you want. And better prepare you.
Working at GS now, take the GS TMT bone now and RUN with it. It’ll pay off long term and then some.
I don't know if its as simple of a choice that people are making it out to be. I think it depends on 1. the specific role and team at BlackRock and 2. the education you will get in that seat/what sort of work - so more info would be helpful. For context, 2016-2021 annualized:
-BlackRock Strategic Equity Hedge Fund had a 17.36% return with a 9.92% risk/vol for a 1.54 sharpe
-Viking Global Equities III, Ltd had 11.18% return 9.02% risk/vol for a 1.08 sharpe.
-Maverick Fund had 13.17% return, 21.26% risk/vol for a 0.62 sharpe
So, I think it depends on the specific team and role within that team
That might make sense if we were talking about 2 separate external funds. This isn’t that.
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