What happened at Balyasny in 2023?
Saw BAM returned 2.7% in '23, anyone have color on poor performance, did some pods blow up?
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Didn't the whole Consumer team in the US blow up or something
heard they fired 5 out of 7-8 consumer PMs in the fall
There were some tech books that also blew up there. In general a very tough year in equities for many of the market neutral guys. Usually ppl joke around and say oh a pod is blowing up but that happened in reality this year and caused a lot of damage
Their founder went on a podcast called Invest like the Best.
They have a poor management team and don't know how to build businesses. They recklessly expanded after having one good year in 2020 and basically made the exact same mistake they made 3-4 years earlier. Hiring all of the people Citadel fires and copying other platforms' successful trades 2 years after everyone knows about them isn't the right blueprint for a sustainable business...
curious what your source is for this information, you seen quite negative on BAM, all the established PMs i know at these platforms in L/S speak very highly of each other/platforms, admit there's no difference on the L/S side at least, central book, quant side is a different game
sure, they had a bad year in 2018/2023 but 10% annualized since inception is still p. good, just want to understand why you're so negative
This. BAM is still above P72 is annual return since inception
Baly’s annualized returns are closer to 7-8%. More importantly their Sharpe is barely above 1 which is 2-3x less than their supposed “competitors” - MLP ~3, Citadel ~2.5, P72 ~2. They have always had middling performance tie they’ve just been good marketers.
Everyone’s making fun of Schonfeld now. That was Balyasny 5 years ago and they still havent changed
Well said
Have friends that have worked there - I have heard they just don’t invest in tech / systems -
They definitely over hired in equities and probably didn’t add enough macro / cred /commods
Equit long/ short has been really tough at the 2nd tier managers - look at exodus last year
I feel like baly has been hiring across macro/cmds like crazy.
But are the commods / macro people they hired any good?
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