Silver BananaTopicReplies
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2017 Hedge Fund Report: 8 Key Takeaways The 2017 Hedge Fund Industry Report compiled by Wall Street Oasis (WSO) provides insight on compensation, the interview process, employee satisfaction and more. All statistics featured in the reports are based on 1,800+ user submissions from the hedge fund industry. The report includes data fro...
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WSO Hall of Fame: Hedge Fund Forum The Wall Street Oasis Hedge Fund Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the hedge fund industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate here. If ...
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AMA, I'm the head trader for a Multi-strat HFWent to a top 25 undergrad program, been at HF trading for past 10+ years, ask me anything. been at same HF the whole time so my experience may not be typical...
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EnTrustPermal - Hedge Fund Associate Does anyone have any thoughts or opinions on EnTrustPermal? I'll be speaking with them in regards to a hedge fund manager research role. When I was my previous role with an investment consultant we didn't favor them because after the merger there was some turnover. I wasn't involved in the initial m...
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Benefits of a CFA? Debating taking the examsIn my first year out of school and currently working as a research analyst. looking to as i gain more experience, work as an analyst in a hedge/mutual fund. Debating going after the CFA and was wondering if anyone had any feedback on how it may have impacted them following earning the charter? jobs,...
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D.E. Shaw - Review - Hedge FundA very good company. Good reputation. Good pay. Good people. Good working environment. Good career path.. Do not have anything to complain yet. Overall it is a good company to work for. Will see in the future....
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Machine Learning Taking over HF research analyst roles in near future?I read an interesting article recently regarding machine learning taking over research analyst roles over the next 5 years or so (https://qz.com/1113633/wall-street-analyst-jobs-are-the-most-likely-to-be-disrupted-by-artificial-intelligence/). I also spoke to the CFO of a multi-billion dollar pens...
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Is anyone from Europe?Hello everyone, im studying Engineering in Europe but i dont really enjoy it. I love everything about markets and trading so i want to do a Master in something like Financial Engineering because i really want to work in a Hedge Fund in Europe but i dont know which country i should go for. Any ideas?...
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JPMorgan Chase - Review - Credit RiskVery intelligent and hardworking people. Large financial footprint means there's always interesting things going on at the firm.. Bureaucracy due to size can be frustrating. Macro technology focus does not translate to efficiency gains for internal projects due to prioritization conflicts and budget...
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Why do you think public equity is more interesting than private equity?Hi Guys, I would like to pick your brain on this one Why do you think public equity is more interesting than private equity? Thank you !...
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Bridgewater - Interview - Hedge FundAll were pretty standard interview questions. The personality questions might dig a bit deeper than you are typically used to. On the technical side, the open-ended questions were definitely the hardest because you are given little guidance or variables. I got asked the same question on glasssdoor w...
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Dalio's all weather Portfolio - Value Investing versionI recently thought about this idea after reading Dalio's new book. Many of you are informed with Dalio's All Weather portfolio. It has returned on average 9.6% over the past 30 years. For those who don't know its a mix of 40% long term bonds, 15% short term bonds, 30% equities, 7.5% gold, 7.5% commo...
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Will someone review my stock pitchHi, I have made a short 2 page pitch that I would like someone with experience in the industry to review. I’m planning to reach out to people at funds to network and was planning to include a pitch. I edited a pitch upon suggestions by someone but I’m looking for more people to review it and let...
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Citadel Investment Group - Review - TreasuryGreat brand name Good food/snacks Nice office, decent gym Good after hours activities Fast pace, high responsibility. Poor pay for hours worked and stress given Zero opportunity for career advancement Politics more important than work product within the treasury and ops...
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Starting a hedge fund type of serviceHello all! I live in US and have been trading my own money with success for a while. Recently my business partner and I decided to apply this to other people's money as well while keeping a percentage of gains. So how do we go from here to there? We are considering a fiduciary account approach: wh...
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Looking for seed money but no idea on the how/what/whoHey all, Before diving into this I think it makes sense to at least give some context and background on me personally just so we're all on the same page. The general gist of what I am curious about from anyone with experience is the goal of getting seeded to start a small fund. The goal would be $...
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What do you do when you make a bad investment in your HF job? Currently at a L/S equity fund, and one of my investments blew up, as in the investment thesis didn't play out since an unforeseen event happened. So I lost my fund money. Literally just hid under my desk all day while my PM was busy with other stuff. Literally worst feeling ever. How do you cope ...
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State Street Corporation - Review - Equity Capital MarketsFriendly team, relatively low stress, extensive teaching and training over the course of the summer. . Not too many, it was a pretty low stress job without many expectations from a sophomore intern.........
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Alternative career path: Math PhD?Hi folks, I am a sophomore at UNC majoring in math. I worked as an intern at the Investment Banking division at Industrial Bank Co.(China). During this internship, I found that I really hate office work. I enjoy intellectual freedom and wouldn't want to do boring and basic works. Moreover, I found m...
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D.E. Shaw internship Early ApplicationI recently got an email from D.E. Shaw inviting me to apply early for a 2019 summer research analyst internship. I'm a rising sophomore at a semi-target (unsure about the classification, we're top 15 US News but pretty low presence on Wall Street) with a good GPA and test scores, but an almost purel...
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How crazy would it be to start an investment partnership right after graduation?Trust me: I know this sounds like a bad idea; I'm here to gauge the extent to which it's a bad idea. Bottom line: Professors and career center have been encouraging regarding starting a *small* investment partnership and/or SMA business post grad (BBA finance/MS Accounting from mid/low-tier private...
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Point 72 Academy 2019 Recruiting Hello everyone, Just trying to get a feel for Point 72's Academy 2019 recruitment process. I submitted my resume and got Hirevue a day later. After completing the Hirevue I was then invited to an "exclusive summer networking night" at Point 72's office in NYC. The invitation said the event will ...
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GAAP vs Non GAAPHi, does anyone have a good article/reading material on how to evaluate GAAP vs non GAAP earnings numbers please? Thanks! ...
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Periodic Confusion Hey guys, I need some advices from you experienced players. Background: I am currently interning at a boutique investment banks with ops, but a consulting role. I am rising seniors with com sci and finance background and my school has good presence on the street. I have 2 plans 1. take the re...
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Moving To Buyside Trader Role After Hedge Fund Trader Support Role ?Have an offer to work as an operations analyst at a hedge fund administration firm. "The position will expose the Junior Operations Analyst to all financial markets and products traded globally, including highly complex derivative instruments." During the interview the directors said I will be lea...
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Typical path to becoming a quant?Hey guys, there isn't a lot of talk about this subject compared to other careers but can someone explain to me how people become quants at a bank or HF? Is the general path: CS or Math undergrad from good school -> Work experience -> MFE or Ph.D. in quantitative subject at top school -> Quant. Ge...
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Point72 Video InterviewI have a video interview with Point72 this coming Monday and I am not sure what to expect. It is for the 2019 Academy Summer Internship. Any help is much appreciated....
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Investors Bet Against the Georgian Chicken Market[From this NPR article](https://www.npr.org/sections/thesalt/2018/05/17/611869606/a-story-about-wall-street-hedge-funds-and-the-chicken-business ), I learned that a Hedge Fund thought chicken companies (Tyson, Pilgrim’s Pride, Sanderson Farms) had grown too fast and decided to short their stock. T...
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Current sponsorship situation by HF/AM after an MBAHi, I'm an analyst in an HF in an emerging market and I'm considering to apply for an MBA. The plan is to try and get an HF/AM job after graduation. I prefer the HF path, but since I understand it's very competitive I'll try to get into an AM as well. I heard some horror stories about the current ...
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Bridgewater - Interview - GeneralistTell me about your current team? What do you like/dislike about it? Understanding on beta / alpha? Why is commodores worhty investment in the long run? The interview is thoughtfully designed to find out various dimensions of the candidate, including mental math/logical questions, case studies (more ...
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Preliminary Interview at Point72I was recently invited to participate in a preliminary interview for the 2019 Summer Academy Program at Point72. I am wondering given my educational background what the entire process will be like. I am an economics major and have not been exposed to a ton of finance and accounting classes, so I a...
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HF/AM resumesThere's a lot of content out there regarding IB/PE resumes, but was wondering if anybody had some good tips for HF/AM resumes - specifically, would you list specific "deal experiences" or investments? Currently mine has the following format: -[Description] - Conducted bottoms up research....... -Se...
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HF Guide Prep on WSOHey guys, has anyone bought and used the most recent HF guide on this website? Just curious as to what you're feedback is on it? Also, I'm heading into a top ~15 MBA program so is it even worth buying? Obviously some of the material covered I can learn through classes and/or the investment/finance c...
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Most Memorable Earnings CallWhat is the most memorable earnings call you have come across? I remember one from Enron where the CEO insulted an analyst in response to a question about its cash flows. JPM has some good ones as well given the temperament of Jamie Dimon. ...
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Valuing company using multipleshi, some analyst at a hedge fund told me that they don't use DCF and only value companies using multiples. my question is how do you project the multiples for the next 3-5 years and how do you get upside/downside% and target price? the only thing I can think of is comparable company analysis from us...
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Syndicate Calendar Accounts.please message me to discuss. I have an active calendar and could help a couple more accounts that want to participate....
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Syndicate Trading - Building a book I am a younger, hard working, thirsty broker that has been in the business since 2003 with a MAJOR wire house and I currently focus the majority of my time in Syndicate offerings. My group takes part in Equity Syndicate (IPO’s & Secondary’s) as well as the Fixed Income Syndicate calendar. I am...
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Bridgewater Non-Finance Exit OppsUndergrad with the opportunity to work at Bridgewater and no idea what I want to do long-term. I know that if you go into consulting (MBB) you can come out with exit opps far beyond consulting/corporate dev (think government, NGO, research, think tank positions, masters degrees, start-up opportuniti...
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London - Best Recruiters for Hedge Funds Hi, Would be great to get a post going with all the best recruiters for the hedge fund industry in London. Who do you think are the strongest? Kind regards, Aksel Levi...
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FCF consensus on BBBloomi keeps getting worse over the years... How do you guys derive consensus UFCF / EFCF? Cannot be bothered to go into analyst models and do it manually. FCF consensus on BB seems to mix UFCF and EFCF. Any suggestions?...
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Global River Associates - scam or new firmA firm recently came on my radar claiming to have $600m in aum and is pursuing a variety of equity and other trading strategies. The earliest info I can find is that the website was created in November of 2017. No other identifying information on linkedin, website, anything. Im quite skeptical this...
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Investment Idea: Shorting DINIhop recently became Ihob because they're unbelievably dumb. I say short the parent company DIN because Ihop is going down the drain!...
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AllianceBernstein - Review - Equity ResearchExtremely smart portfolio managers who bring decades of experience in hedge fund space. Excellent culture where PM's and analysts are collaborative and often work together, which is rarely found in the multi-strategy hedge fund space.. AB as a whole doesn't operate as effectively and efficiently as ...
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How to best prep for internship at top fund?in about a month I’m going to be beginning a Private Investment Valuation internship at a top value-oriented hedge fund. What are some good exercises/readings to consider in preparation for the position? Thanks in advance....
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S&T vs IBDHi, Currently trying to apply for summer internship in BB but wondering which is better IBD vs Sales Trading summer analyst both at BBs ultimate goal Risk Arb, Special Situation Sales or Analyst in a HF. Thanks ...
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Hedge Fund Interview - Technical QuestionsWhat are common technical questions for hedge fund interviews? I have one coming up and don't really know what to expect....
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How screwed am I? No internshipI’m a rising junior at NYU. I had an internship at a HF lined up; however, because of a huge delay in processing work authorisation (I’m an international student) I can’t do the internship anymore - OPT takes a lot of time to process and now it’s too late because I still haven’t completed ...
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Hedge fund traders/decision makers here?Trading has been my life for over 10 years now. I’ve got my masters in finance from a top college. I know several programming languages. I know machine learning and statistical analysis. I’ve worked at one of the “big 4 top banks” (non trading roles but semi mid-level roles). Eventually I le...
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Prepaid_Expenses: AccountingI understand that if a company (Let's call it Rover) pays 3 months of rent for an office space in advance, it's called a prepaid expense. In this case, the income statement doesn't change since Rover hasn't started using the office space yet (it's not expensed until Rover starts using the rental spa...
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Thoughts on Matrix Capital Management and Scopia Capital ManagementAny information about firm reputation, culture, employees, strategies, idiosyncrasies, etc. would be greatly appreciated!...
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Career switch, advice neededSome background about myself: I'm a core dev doing ML + blockchain at a BB, in my mid-20s, based in Singapore. I recently got an offer from an HF who's starting to build a quantum ML trading arm. It's a more quant research type of role, and according to one of the HF partner, they know that this is ...
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Quant vs Quantamental in career advancement I'm currently thinking of making the switch into hedge funds. I have a background (PhD level) in machine learning but also have relevant experience and background in biotech/pharma. I want to ask for advice regarding what the career prospects are for a pure quant role vs a role in a more fundamental...
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Cowell and LeeHey has anyone heard of this fund in hong kong called Cowell and Lee? I'm looking to move out to Asia and apparently they're an event-driven fund focusing on credit. Any feedback would be great, thanks!...
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Help with capital raising for a small hedge fund?Hi all, I hope you're well. By way of background, I recently (...
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MM IB to HFI’m currently wrapping up my second year at a top MM IB in Chicago. The job has taught me a lot about how to read financial statements and how to run an organized process, but reading about the critical thinking aspect of HF gets me really excited. I have a low GPA (3.1-3.5) and come from a semi ...
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Current state of Prop trading?Hi everyone! I'm currently torn between two offers, and would appreciate some insight and views on the job outlook. I currently work at a major exchange, doing quant development, primarily in python. I have two offers on the table: 1) Quant development at a major IB. This would be a steady job wi...
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KKR Macro & Asset Allocation InterviewHi all, I'm new to WSO and wasn't sure where to post this. I was recently invited to first round interviews (phone screen) with KKR's macro group. I couldn't find much info on them online. Does anyone know anything about this group and could provide some info on them and/or interview process? Want...
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Working under multiple PMs, nightmareI'm a second year analyst at an event-driven HF, primarily doing credit. My first year was spent basically training and getting my sea legs, and now into my second I'm essentially 100% sourcing and pitching solo which has introduced a new set of management challenges. We are a multi-strategy, mult...
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Citadel Investment Group - Interview - TradingSay you are rolling a dice some number of times, and adding up all the results that you get. Now say that you have the option to reroll your first toss, but you must keep whichever number shows up on the dice for your second toss. Does that change the expected value of the sum of all your dice rolls...
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Women in Finance Scholarship 2018FINCAD is now accepting applications for the Women in Finance Scholarship 2018, a program designed to promote outstanding women in the field of finance, particularly those pursuing careers in the capital markets and/or financial risk management. This has been a significant year for women, who have ...
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As a rising junior who wants to go into asset management, what are the best shops to apply for internships at?I am going to be a rising junior and I have had internships at some great places, but the ultimate goal is to end up on the buy-side at a hedge fund and to start my own one day. Does anyone have any recommendations as to what asset management shops I should look into applying to?...
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Anyone here works in HF marketing?Would like to ask you few questions, pm me please? Specifically, want to get a bit more detail on how the fund presentations are structured ...
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internship recruiting timelineI know that banks have already started their processes (some of my friends already even got offers at BBs) but I don't really want to work at banks (assuming I get something), I'm more interested in trying for hedge funds or investment funds. I was wondering when do they really start recruiting? Mos...
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MIT vs. Princeton vs. Yale undergrad for quant hedge fundHi all, I am a current high school senior choosing between attending MIT, Princeton, or Yale for my undergrad. My current goal throughout and post undergrad is to secure a summer internship at one of the big NYC quant hedge funds (Jane Street, D.E. Shaw, Two Sigma) and hopefully transition into a f...
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TN Economist Category Visa Changes Dec 19, 2017 - Any TN Economists Working in Hedge Funds?The USISC today imposed restrictions on individuals working in the U.S. under the NAFTA TN Visa's Economist category. This change disallows people working in Financial Analyst and Market Research Analyst roles from obtaining the TN visa. My question to all those working in investment analysis roles ...
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Why does bridgewater associates have so many more employees than renaissance technologies when both are very large funds?I read that Bridgewater associates has 1700 employees while renaissance has 250 when both are very large...
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Mid level career change to hedge fund I have worked in fund accounting space for over 10 year. Recently, I got a call from a small hedge fund company to interview for their operation associate position. The company has under $250 aum. The company offers a base of 85k, which is comparable to what i make. The work is entirely different fr...
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Alternative ways of securing FT offerHi everyone, This is my first post on WSO so please bare with me. I am a fresh graduate of Copenhagen Business School, having just completed my masters in Finance and Investments (M.Sc. Finance and Investments). This means that I am currently in the process of applying for FT offers. While finis...
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Formula's for (ROIC, Book Value)Hi, I am new to the field and have two quick formula's where I always see people use different denominator and numerators to calculate. Could you please let me know which one is the proper way when valuing public companies? As well as where you would find it in the BS. For example, for ROIC, I saw...
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Citadel Investment Group - Interview - GeneralistIt's very hard to change their opinion on you once they had an opinion on you. They had the impression that I am a good fit for investment-focus analyst/PM. But the role I was interviewing with was data-focus quant research. I tried to pursuade they I am interested in the current role. But it was to...
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thoughts on a firmDid anyone heard about BMO Capital Global? Any thoughts about it? tier? Thank you in advance GoldenF...
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Questions to ask a Head Data Strategist?So I have a call with a lead data strategist at a quant hedge fund. He told me to reach out in advance with any in depth questions I have that will require prior thinking. Does anyone have any ideas for topics to ask questions on so I can formulate some of my own? Thanks....
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Difference between an "activist" hedge fund and a PE firmHey all, I am still learning about the world of finance through reading daily news and books. I searched this question online but couldn't find anything. By "activist" hedge funds, I mean the line of work that Bill Ackman and Carl Icahn do. Don't both PE firms and activist hedge funds essentially do...
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Tiger 1 page stock pitch Hi, I was browsing WSO and I came across a post that said that at some tiger fund analysts have a standard 1 page pitch format. I was wondering if anybody here knows about that or has an example they can give. Thanks...
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Tiger Cubs That Recruit from UndergradI was curious what tiger cubs recruit from undergrad. If you all know any, could you also please speak about how those cubs are perceived/considered by students weighing competing opportunities in banking?...
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If Not DCFs, Then What is Used?Hi, I apologize if this is a stupid/noob question, but one thing that I found interesting is that a lot of hedge fund and even Equity Research Analysts that I spoke with (which admittedly isn't a ton) said that they barely use DCFs when figuring out if something is undervalued. One analyst even wen...
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HF Analyst Pitch ExamplesMost l/s hedge fund analyst job postings ask for a company analysis/pitch example for an investment idea you've had. Some specify to keep it to 1-2 pages, but others are open ended. Does anyone have any examples they can share of a company pitch for an interview or application submission? Coming ...
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List of Hedge Funds: NY list?Does anybody know where I can find a comprehensive list of New York based hedge funds? Preferably grouped by investment strategy and AUM? Many thanks....
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Deerfield Capital Management - Interview - InvestmentsBrain teasers such as how much would it cost to wash all the windows in NYC. The other difficult questions were very similar to this, essentially market sizing questions to tease out how you think. They also asked how a product would be priced. For example, if you were to price a phone, how would ...
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How to find partners for a startup fundHi everyone, I wanted to know how to find partners that have previous fund experience. I am looking to get partners for a commodity futures fund that I am building. I am looking to get someone with trading experience, I have already formed the entity. Registered with NFA. Setup emails and domains. H...
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Macro Economic IndicatorsHi, What are the most important economic indicators which will effect the stock prices daily? Examples include non-farm payroll, CPI, PMI etc... Would be good to grab a list of the most important ones globally. ...
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No response after final interview for 1 monthsI interviewed with a multi - billion dollar fund for their analyst role. After all 4 rounds which include meeting with local office, regional office, global head, partners of the firm and a 10-page research report, with the entire interview process lasted for 1 months, I still haven't heard back fro...
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Interviewing Guide for fund PM/trader rolesI've gone thru a couple interviews for portfolio manager seats, and i was not prepared for a few questions they asked, so i thought i'd list them here for future reference. The people who interview you for a PM seat are very smart, and they are risk averse...so they focus more on losses than gains....
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Algebris Investments opinion / CareerHi, New to this thread. Just wanted to hear your thoughts about Algebris Investments. They are hiring in the BD, IR,positions and just want to know how it might progress in the future. Tnx in advance ...
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GS Special situations group (SSG)Wonder if anyone knows GS SSG strategy in more detail, ie do they invest across asset classes / industries / regions, is it trading or buy-and-hold orientated, what is the culture and comp like vs large cap HFs - thanks...
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Hedge Fund Internship vs. Full-Time Equity ResearchOk, so I have a full time offer from a investment research company or a short-term internship at a hedge fund (with no definite full-time afterwards). If my ultimate aim is to get into a HF, which one should I take? Would it be easier to to jump when doing a short-term internship with low pay, or a...
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Startup Hedge Fund Entity structureHi, I have started a hedge fund. But I am looking for ways to structure the business into such a way that, I can bring in a wide range of investors like US and Non-US. I want sort of a multinational hedge fund structure where, a lot of strategies of different types can be used. With investors of dif...
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Turned my live $4000 account to $44,000+ in 4 weeks...What is next? hi guys, the boy is back in market after a long period of saving capital doing 9-5. It' feels good to be back. O the subject, yes. I turned my live $4000 account into $44K with over 5500 trades (ROI - 1000%). Yes all within 1 month. You think goldman boys can produce this "without algos" i think n...
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Point 72 Asset Management - Interview - InvestmentsThe two questions asked are not difficult. The first question is to talk about a disruption in a industry, sufficient time to do research and write script. You can also read from your script. For me it is quite ambiguous what they want so I spent the whole afternoon preparing my script but it was wo...
Ellington Management Group - Review - N/AOrdered really nice (and free) lunches every day, work is really interesting and quite mathematical, lots of food in the kitchen. Location isn't great as an intern (want to be in NYC), and pay isn't competitive with similar internships, no housing...

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