Starting in L/S — is there an easier lunch out there?
Summering in L/S at a big platform. Love HF, figured out this is what I want to do and enjoy public markets. My only thing is in L/S equities — there are so many smart people chasing the same dollars. Just watching some of these prints you have to get the numbers and positioning right to really make money.
Across credit, equity, macro converts,etc is there anything that’s just not as crowded in publics?
"I'd love to do HF work, just without the hard HF part"
Put differently, no
almost anything lol
If you don't truly believe that you're at least in the top quartile among L/S analysts, it's not the career for you. The reality is the expected value vs. brain damage of this career is awful unless you're at least clear above the median.
Username sadly does not bode well
Literally every lunch in the world besides maybe entrepreneurship is easier.
HFs are just taking entrepreneurial risk with relatively capped upside.
A bit flawed. You’re taking entrepreneurial risk with capped upside correct but you’re selling that billionaire extreme right tail outcome for a much higher probability very good right tail outcome in the HF world
Picking strategy based on what you are good at is more important than what is "easier" right now. Something that is new and uncrowded will almost certainly get crowded by the time you are actually good at it. Focus on where your natural talents lie and what is a good fit for those.
Once you find the strategy / sector / style where you will be the best, your career will be made at the point of the cycle when it turns back to uncrowded. If you are good and patient, the environment to get paid will come around... either the competition gets exhausted and leaves, or the market changes and creates a lot of new opportunity for the person in the right position (think about why L/S MM PMs are getting paid today...)
I guess I think it’s hard to sample strategies. I’ve been in L/S bc that’s just the most accessible path for people interested in publics and have found it interesting and suitable. Any suggestions for this? It does seem like most people end up in a strategy partially from preference, but also from just career convenience and falling into it?
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