Returns seem great, but have heard very mixed things on the people there. Have opportunity to interview there but want to make sure it’s the right fit before I do
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It actually might hurt you to go through the process
Why would it hurt ?
They run very net long though
Appaloosa spin. Have heard anecdotally that returns are phenomenal, coming from a mix of distressed and l/s equity. Not too many shops out there doing all of that
What mixed things have you heard ?
I hear they’re intense and work long hours.
Can only comment from outside in. Founder is very well connected in the industry and fund is having a killer year. Think their biggest winner to date comes from credit but could be mistaken
Know a guy who used to work there pretty well when it was much smaller (think like $1 billion of AUM) and have interacted with a couple others over the years. Think they’re at least double that size now, so it’s possible this is dated.
Extremely sharp team, hence the returns but buckle up if you’re planning on working there.
It’s a sweatshop, and the guys at the top are absolute dicks. Thought I had thick skin with my IB group, but this requires a whole other level. They have a very high analyst level turnover now, partly because everyone that’s not a junior is a dick, but actually more because nobody that’s in charge of managing juniors should ever be in charge of anything.
In terms of strategy they seem to do a bit of everything, but do especially well in tricky complicated situations. partly why it’s such a grind. Not your typical leveraged tech buy and holds you see with those kinda returns. They make their killing across distressed and also in more traditional long/short stock picking. On the equity side, which I’m less familiar with, their 13f has like 300+ names and that number seems to go up every quarter. At least they take good duration on this stuff though, even when it’s down.
Accordingly, analysts cover a LOT of names, and they are worked to the bone.
If you’re willing to take your lashes though then you’ll get paid pretty well and learn a lot. It is an amazing opportunity. Up to you if that’s worth the mental scars. Also as an analyst be prepared to have to earn your autonomy. Lots of micro managing and breathing down your neck.
Some hfs don’t really have titles beyond analyst and partner. Whether that’s by design or not there, they don’t have any real tenure based on LinkedIn data, so go in knowing it could be a quick flip.
Throwaway. Interviewed there this past year. Extremely disorganized team, and echoing what others have said here already about them being dicks. Zero respect for other people’s time. Sure they’re smart and do well but not worth it as an analyst. Seems super sweaty and the second in command is a dick and from what I gather tells you when you can take a shit. Maybe I’m just disgruntled bc I didn’t get an offer, but everything I saw there screamed run.
I interviewed there 2 yrs ago and had a similar experience... disorganized team, #2 guy there actually seemed nice to me / interacted well in our conversations but maybe that's because I worked with an actual psycho in prior life. The part that was most confounding to me was that these guys seemed to be mile wide inch deep in names they covered and the jnrs (not the #2) argued with me on a name I pitched during the case.... which turned out to go my way a few weeks later (and is there 2 years later). Not the quality of work I expected from a shop like this given their returns... but you learn something new everyday.
Judging from these comments, It seems they’ve interviewed everyone available
CIO is Tepper’s nephew. #2 is the Devil’s
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