Training at HFs
Is it fair to say there is little to no training or mentorship given to new analysts that join funds after banking? As in most of the time you'll be working by yourself on ideas immediately instead of with a more experienced analyst or on a team?
Depends on the fund. In general the bigger (AUM size/ team size) the better as far as training. Some of the Tiger Cubs have a great reputation as far as training in investing fundamentals.
Obviously, leaner/startup funds will not have a lot of time / resources to train you.
Either way, most of your training will probably come from doing the work (possibly following a template), answering the critiques, and asking a lot of questions. Only real way to learn to analyze investments is to do it.
The Tiger model is less about training and more about having the opportunity to do very quickly in a reasonably supportive environment.
You shouldn't need any real training per say but there is a curve on building out your coverage, learning how to pitch effectively and avoiding rookie mistakes.
Level of teamwork can really vary. Some ideas are clusterfucks (especially when they fall into multiple people's coverage or need a lot of work) and others are completely individually sourced and pitched. But realistically you won't be really flying completely solo early on.
Also, on hedge fund hotel names (and everyone owns some) a lot of the work of building a thesis has been done and most of what you do will be tracking/confirmatory.
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