What happens to the "washed out" HF analysts/portfolio managers?
So we all know that HF is a cut-throat industry and some completely were forced out of the industry after a few years, where do they usually end up in?
Corporate or startups
LOs (but rarely tier 1 ones)
Some have saved enough to semi retire
Not a ton of options really
Straight to the gulag
Venture investor at a different HF.
If you just look at Venture investing teams at HFs I think it’s 50/50.
Source: Trust me bro. But really I have a found that some start-ups legit don’t have great business models nor great pump narratives that somehow do get lot of money funded all have like the same venture investing arms of HFs backing them. Usually comes with a combination of flawed business model, lackluster founder mentality, and flawed technological understanding. Hubris kills you in investing and venture
If you managed to have some great years before you go bust - you usually get another chance in another fund
If you didn't - you get back to your previous job before HF (ex-market makers going back to banks, ex-analysts going back to research houses)
What does 'semi-retirement' look like in practice?
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