Hi Team, Currently a PE associate who covers a little bit of take private txns. Had a few interview with MM/SM and all have been rejected. I suspect because I don’t understand all the details each stocks of the coverage sector that much (I only understand commercial, not so much on earnings beat / miss / recent business changes.) Question for you is should I be expected to understand exactly what has happened at those stocks? In that sense, should I go and study all the 50 names and get to understands exactly what is going on with them and why? Feels like a lot of work given I currently also have private deals going on and they are not necessary public names. What are you looking for in an analyst interview?
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Not a senior analyst or a PM, but when I was interviewing around for analyst roles, they typically wanted to see a high degree of interest in the public markets, with a high degree of specificity. If you have an idea on how to find good longs/shorts, try and figure out ways to backtest that idea. For MMs where it's usually sector coverage for L/S, what names in the sector do you like for a good long or short position? Hedge funds, particularly L/S equity, is one of the areas where the information is significantly more readily available, so you can just get a 10K and put together a model/investment memo on your own, and to a large degree, that is expected.
What I would do (and this is time consuming, unfortunately) for L/S equity is build out mini coverage lists. 5-10 stocks for each sector that you have an interest in. Put together a model for each (doesn't have to be a super complex one) and put together an investment memo for one stock per sector that you find interesting.
PM me if you have any further questions
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