Would you still join a tiger cub in this environment?
Obviously they are not as attractive seats vs. 2019/2020 with a high water mark, but are tiger/lone pine/D1/maverick still some great seats in the HF industry? Excluding Viking/coatue here because those two have not gotten hit nearly as hard. Downside is the reputational hit this year, but the upside is large AUM, management fees pay for high comp alone and some of them have modified high water marks so that the carry is 10% until break even, so employees can still get paid quite well.
Add on top of that strong historical investment cultures, very strong employee pedigree/backgrounds, objectively excellent investment process (esp on the public side; the private side has been less clear) and the prospect of riding a tech recovery.
I guess it depends on how you define “in this environment,” and whether or not you believe today is the anomaly or if the last 12 years of high liquidity, zero funding cost, levered beta outperformance is the anomaly.
read Marc Rowan’s comments on the last APO call. He’s right.
What did Marc Rowan say on the last call?
Jesus, that's his cue to go actually read the damn transcript. You can't take a hint?
Who is Marc Rowan
he is the founder of Apollo.
He said that people entering finance don’t understand the value of hard work, want to be spoon fed everything and are only focused on money. He said they need to drastically reevaluate their attitude if they want to succeed.
MS on me all you want. Just the messenger.
Making it in this industry was hard when I started but it’s way harder for everyone getting into it now. I wouldn’t get an interview let alone a job if 21-22 year old me was entering then HF today instead of 20 years ago.
"Strong investment cultures"
What does that even mean?
I think the OP means they all wear the same vest in the office.
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