I'm a junior at a semi target looking to get into the HF industry. I have what I think is a pretty decent memo I wrote that presents the short case for a public company. If I find funds that own the stock in their 13F, and then send them my pitch, will it be a good way to network or will it come across as being a smart ass?
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It'll come across as having 0 EQ and being on the spectrum.
even better I'd just go to their office with a short printed out
Lol this is amazing
Reminds me of the time I pitched a bond short to a PM who was the largest owner of the bank debt (I didn't know). Did not get the job.
I don't agree at all with what everyone is saying. As an analyst at a long only, I'd love to hear different views. It bothers me to no end talking to the hold rated sell side analysts to try to understand what bears are thinking just to hear "well I published that hold at x and its down 20% so it may be a buy now". Now I will say that as an UG, you're likely not producing work I want to see so just come in humble and I bet you'll get some nibbles.
I've got a job after heavily cold emailing pitches (after 2 years in IB and 2 years in a SM) - like 30+ emails, 10+ interviews/convos, and 1 offer. My experience:
1 - Pitching something the fund doesn't like (either a buy in a company they don't like or a short in something they like) doesn't generate empathy and likely doesn't work. Especially if you're interviewing with the analyst or non-PM partner who did work in the stock. You will be seen as low IQ / having an incompatible investment style.
2 - If it`s a short, it HAS to be REALLY compelling to convince funds otherwise. With all due respect, It`s unlikely that your work is enough as you`re in undergrad.
3 - If you are hit by the problems above, chances are bonds are forever broken. You`re likely never interviewing with these funds again.
I am starting to pursue this strategy and was curious if you could share what did work well.
I am guessing something along the lines of "hi there, I am x, I do x, interested in HF (etc.), I wanted to share a write up and see if you had any feedback?"
I am also guessing its best to keep it short - 1-2 pages of write up max and then a model as an attachment?
Or do you do a full write up / pitch with all accompanying slides - this would be 15 slides more or less as follows, and the excel model:
1) summary of recommendation / introduction
2) business overview w/cap table / valuation / historicals
3) stock chart and setup
4) ~3 points of my thesis
5) ~3 risks to thesis
6) why there is an opportunity
7) current valuation and price target, risk/reward set up, trading fundamentals
8) checklist/ overview of business fundamentals (how it scores)
9, 10, 11) support for each of my thesis points
12) risks
13) my projections vs. consensus
Only do that if you floated the idea to Jim Chanos and he said go for it.
Otherwise NO.
Hahahaha
Please do this and post the response emails you get.
I thought this seemed like a good idea, but I guess I underestimated the egos in the HF world…thank you for asking this question
I asked an actual PM this and he thought it was a great idea. I guess either he was an exception or the people on this thread aren't actually in the industry.
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