Summer Internship Advice - SM HF vs elite LO AM
I have two choices for a junior summer internship. Wanted to get y'all's 0.02.
First is a large ($5-10bn) SM L/S HF. interned there before, good culture, smart people, liked the gig.
Other is a large elite LO mutual fund with great name recognition (think RCG, harris associates).
goal is to launch own L/S fund one day down the line.
thanks.
If you already interned there, you should have a clear idea of if they are willing to take you on as a full time analyst after graduation. If they are - then you should understand if interning there is an implied requirement (I would imagine it is). If not, then what's the point of interning again at same fund, just go to Ruane. Then figure out where you want to be after graduation
understood, but say interning at the LS fund is a requirement (it is). Then I don't really have the luxury of figuring out where i want to be after graduation - i gotta decide that now.
If goal is L/S, prob better to intern at a L/S to learn how they make the sausage on the short side (which is very different from long).
However, since you have interned before, doesn't hurt to get a flavor of what LO is like. So you get a more complete picture to reaffirm your determination to do L/S or realize sooner than later that you are not that committed.
Thanks.
I'm passionate abt shorting. Would consider myself not half bad at it too.
Thing is that the two have quite different investment styles on the long side as well. L/S shop trades a lot more, has way more positions, much higher turnover. But both styles def appeal to me on some level if that makes sense, which I know makes it seem like I don't know what style I want. But I strongly believe I would be happy at either.
I guess I'm more wondering if, after several years at one or the other (which ik is less guaranteed at the L/S shop), which would better sets me up to potentially spin out or just have the ability to raise capital.
shorting is fucking hard bro. anyone who’s been in game knows it’s a fucking pain to find alpha shorts
Not sure about Harris, but at least for Ruane, all their analyst work on self-directed project. No one is there to hold your hand and tell you where to look and they expect a lot of independence. So factor that in when you decide where to go
Yep, well aware of this. I love the autonomy actually - found it much more freeing at prior HF internships.
Hey, seems like we have similar aspirations regarding starting a L/S fund of our own further down the line - mind if I PM you to discuss?
The branding difference between a $5-10bn L/S fund and RCG is going to be marginal on the whole, I think, with RCG having outsized benefit weighted towards a niche, super value investor type. I find it hard to believe that spending your first 2-3 years or so post school at either one will make a difference to you starting a fund, since that is what you seem to care about. I would take the L/S fund since you have it in hand. If a condition to taking the summer offer is coming back full time, you can always reneg later if you want (with consequence), but its not like you're signing your life away with no other options.
Take the l/s option because it allows you to get more reps in and learn from mistakes. Both RCG and Harris are not rly going to teach you how to make money. They are great life style shops but they won't teach you anything. Also they don't prepare you to launch a fund nor give you the creds necessary among institutional backers.
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