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 ...
|0||12 months 4 days ago|
I work for a LO manager. I have a little less than five years in the industry although have prior work experience. We do fundamental work and average a two year holding period. I see opportunities to generate relative outperformance in many places. I do not think it is easy but would think it is...
|18||12 min 41 sec ago|
Hi, I wonder if some of you good people could offer any constructive criticism on how to improve my cover letter / CV. I know I am not good at this sort of thing... Short story is - I quit working for an asset management firm (Putnam Investments) in London 10 years ago and I would like to go back ...
|6||7 hours 18 min ago|
Hi all, Am learning more about special situations, and had a few questions about valuing spin-offs pre-separation. Assuming it's a pure 100% spin-off, where say the owners of the parent get 1 share of the spinco for every 5 shares of parentco, is the implied value of the spin-off simply the parent...
|0||11 hours 50 min ago|
I had a very great phone call this afternoon with a hedge fund. He thought my credentials were fantastic and I was able to persuade to him how I am different than a person with a 4.0 from Berkeley. He asked for me to do some research on supplemental readings AND writing samples... WHAT EXACTLY DO...
|1||14 hours 34 min ago|
What would the GPA cutoff be for larger hedge funds (AUM > $1.0bn) from a semi-target top 15 school? Currently working at a MM bank....
|0||17 hours 10 min ago|
I am planning to apply to some event-driven hedge funds. Just graduating in couple of weeks, and will now start applying. It would be great if someone can suggest me some names. Thank you. ...
|5||23 hours 28 min ago|
[quote]Since you brought it up - what is your edge?[/quote] I am really a liquidity provider of last resort, with occasional forays into macro. [quote]Certainly lots of people can or are willing to provide liquidity in your world, no?[/quote] So let me start by saying that I believe that there a...
|15||1 day 10 hours ago|
I am about to start as an analyst at a fixed income hedge fund focused on relative value strategies. Its unclear to what extent I will get experience doing fundamental research, but it seems like I won't be doing a lot of it. I have a few months of free time this summer before I start work and am lo...
|9||3 days 5 hours ago|
How much does knowing people in the industry matter for success in public markets? If I cover XYZ industry (say media), how helpful is it to know people in that industry? Obviously knowing more people is obviously always better, but I am curious whether anyone could provide color or a helpful anecdo...
|2||3 days 15 hours ago|
There appears to be some demand for an HF AMA, so here goes... I believe this will be a communal effort with several people contributing, including myself. Briefly about me: I have been in the mkt for almost 15 years, always specializing in global rates. Currently, a PM in a reasonably large ma...
|184||3 days 19 hours ago|
Good day to you all. A longtime member of this forum, just creating a new account to post this and would like to hear your thoughts, especially from those who have made similar decisions. I've received two offers and am currently deciding which one to go for. Not going to describe the IBD offer si...
|16||4 days 4 hours ago|
Hi friend first time to raise question here, Forgive me if I am not following any convention right. I am a incoming fresh graduate from a top school in HK with major in finance and politics . A real growth and value investing lover. Now two offers in hand as mention above. Want to get some seasoned ...
|6||4 days 7 hours ago|
and you call this WALL STREET oasis? I must be missing something. ...
|1||4 days 15 hours ago|
How important is programming for a MSc in finance student who would like to work as a trader at a hedge fund? I've been accepted into LSE's MSc in Risk and Finance program and Imperial's MSc in Finance program. Imperial's is much more programming based than LSE's which has virtually none. Feel fre...
|0||5 days 12 hours ago|
Over the last 12 months, we have made a big effort to improve our hedge fund interview prep package by bringing to you relevant webinars with interview advice and actual investment pitch walk-throughs...I think for those of you that don't watch the webinars, it would be helpful to give you a brief s...
|1||1 month 3 days ago|
Have an interview at a hedge fund of funds as a data analyst. I dont see much on glassdoor regarding interviews at the firm. The position discusses working knowledge of market or reference data across equities, commodities and derivatives. Also statistical and time series, cross sectional analysis, ...
|1||5 days 22 hours ago|
Hi, 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 ...
|5||5 days 23 hours ago|
Hi everyone, This may come across as a common sense question to some. But I'm a little stumped. Few days ago, one of the top IBs came to my fund and advertised structure products in the form of tradable indices that meant to mimic a particular strategy. I took a broucher and saw a wealth of them. ...
|9||6 days 2 hours ago|
Could anyone, perhaps someone working within the HF industry, provide some insight on what skills an M&A analyst should really be developing to get into a HF after a few years? i.e. what parts of M&A are relevant for a HF? I would assume an LBO is less relevant to HF, when compared to PE for exampl...
|5||6 days 18 hours ago|
Hi, anyone has some details about Squarepoint? It seems one of the up and coming firms out there but it is really hard to find info - like AUM, reputation, trading vehicles, style (high or mid-freq), structure (deshaw style, millennium style or something else). Where does it line up compared to othe...
|7||1 week 1 hour ago|
For those of you who have seen Showtime's new show, "Billions," I'm wondering what you think of it? It "borrows" a lot from the SAC Capital story and includes some corny moments, but overall I thought it was entertaining. Paul Giamatti and Damian Lewis are both good actors, if nothing else. If you...
|51||1 week 2 hours ago|
Hi All, If you're bored at work or just feel like helping out a poor college kid, please feel free to read. Any feedback is appreciated! (How can I make this thesis stronger?) ------------------------------------------------------------------------- McKesson Corporation (MCK) Price: $137 S...
|7||1 week 14 hours ago|
Does anybody here have experience setting up a small high-yield fund / LLC to invest his own money? I am thinking about something along these lines: • Limited liability structure (trying to make this non-recourse) • $4mm invested in 10 to 20 high-yield corporate bonds (say blended 8% yield) •...
|3||1 week 20 hours ago|
I have had a few years of IBD experience and recently received an offer to join a BB distressed desk. Trying to understand my exit opps down the line, would appreciate if someone can share their views on how difficult it is to make a move from a desk to a fund nowadays?...
|0||1 week 1 day ago|
Alright guys I am a community college student who got accepted to Brown University for Computer Science, and also University of Pennsylvania for Computer Science also. For Math/Economics I got accepted to UCLA and for Computer Science/Business Administration I got accepted to USC. 1. I was wonderi...
|9||1 week 2 days ago|
Hello guys, I'm an Economics graduate from the University of Iceland. I thought I'd share with you some information that I believe has never been made public before, at least not in English. It's a story about some brilliant investments that made a select few hedge funds A LOT of money. This post w...
|44||1 week 3 days ago|
What does Ronald Reagan and Donald Trump have in common? Both considered populist, what happens in a populistic market environment? I'll tell you, but first. Leave your ego at the door. So generally rationale goes more and more out the window when people get excited, people's passions are excited. ...
|0||1 week 3 days ago|
Complacency is the root of all failures, yes men are negative for growth. So how do we get to Alpha?...
|19||1 week 3 days ago|
I've been told STEM majors do well in HFs due to their qualitative nature. What would be a route to get into a HF from a non-target? Do people usually go for a year in FE or apply to top MBAs (with 5 years of programming or software work)?...
That Whole Yale Thing
|14||1 week 3 days ago|
I have an interview with a credit fund in the northeast coming up in a couple weeks. They are more high yield/ leverage loan focused rather than distressed. What book should I read to get familiar with the intricacies of this sort of stuff? My background is more focused on direct debt investing. Hav...
|1||1 week 3 days ago|
Interested to hear what podcasts you listen to in order to keep up to date with the markets. (: wso ...
|21||1 week 4 days ago|
Though I'd let you guys know. Madoff is played by Robert de Niro, so definitely have higher expectations than the ABC series. Unfortunately most of you probably don't have HBO (cord cutter as well here), so better cozy up with a friend who is old-school. On a side note, I'd pay money to talk to t...
|3||1 week 4 days ago|
Have a write-up that's a contrarian short thesis on a mid-sized tech company. Happy to share via PM to anyone that's interested. Would welcome any and all feedback / critique!...
|75||1 week 4 days ago|
I have 30 years' experience in quant trading, Asset Management, and hedge fund marketing, and I am applying for a CPM role at a major UK-based quant hedge fund. Can anyone tell me what the fair market value for that position is?...
|0||1 week 4 days ago|
I'm currently at a small value fund which I started out at after graduating college. Because I graduated with a non-finance/business background, everything I'm doing right now I've either taught myself previously or learned on the job. I initially joined the firm because after an internship with the...
|3||1 week 5 days ago|
I have spoken to various hedge fund and Asset Management employees and they have all recommended that I take a back office job and then work towards a front office fund management role after doing the CFA. Is this route common? Is it true that front office positions in hedge funds are all first a...
|13||1 week 5 days ago|
3 years into my current gig at an equity L/S fund (started out of undergrad) that's getting hit with redemptions so I'm looking to get out ASAP. I am weighing a few options at the moment: (i) MM PE associate, 2 funds with total AUM 500MM-1B range. Good comp package offered and solid team but not mu...
|19||2 weeks 4 hours ago|
Anyone know what the pay will be at a middle size Hedge Fund for a research analyst with 3 years IB experience, 1 year PE experience? I know there is alot of variance but just want some rough estimates. 250k? 300K+? Obviously it depends on performance etc but what kind of range should I expect. T...
|1||2 weeks 14 hours ago|
Obviously it would depend on the hedge fund. However, what if it was like a bigish Hedge Fund like Citadel, Millenium etc? I've heard some of the more bespoke products should be avoided as only really niche hedge funds trade them. So should i go for a more liquid derivatives desk or vanilla ficc et...
|0||2 weeks 14 hours ago|
I'm interested to hear from anyone currently in HF/AM who sees a portion of his/her annual bonus deferred or vested. I'm interested to see if this practice is "market", and if so, at what level (by title or above a certain pay) does the vesting actually begin. Anything on structure (i.e. X% of any...
|10||2 weeks 17 hours ago|
Hi Guys, Those of you who work at HFs , how many stocks do you cover ? I mean how many stocks do you actively maintain models on, follow during earnings etc and know the story pretty well ? I am looking to make a switch from the sell-side to a HF, and I want to understand how the workload changes ...
|5||2 weeks 2 days ago|
I am a student who is really interested in global macro and whose dream job would be to be at a global macro hedge fund in an investment analyst role and where I could have the potential to act in an idea generation capacity. I have looked online and found some stuff, but all the stuff I found was e...
|7||2 weeks 2 days ago|
Assuming you already have say 5-10 yrs of experience in a hedge fund, when interviewing for another fund, how much does the stock pitch actually matter? From my experience, not one previous fund ever hired because they really liked my pitch (or disliked it). They hired b/c they liked me as a person ...
|3||2 weeks 2 days ago|
Hi all, First time poster, so please forgive me for any poor WSO etiquette. Basically I'm an Australian undergraduate, undertaking a Bachelor of Commerce with coursework majors in Accounting and Finance. My university is not necessarily a 'target uni', but has seen a fair few ambitious and hungry...
The Jordan Belfort
|0||2 weeks 3 days ago|
Hi all, I was just wondering how important are cover letters, and what do people try to convey through that? I am graduating this month. Thank you. Regards Sumit...
|3||2 weeks 3 days ago|
This question is on behalf of my friend. My friend is at university and is part of a hedge fund startup that has raised £5m in capital. The hedge fund consists of phd students. They have developed an algorithm. This algorithm has got the seal of approval from professors including a Nobel laureate...
|11||2 weeks 3 days ago|
Hi WSO. I have a decision to make between joining a HF out of undergrad vs. RX at an EB bank. I have always been interested in the HF space and would be joining an HF after 2 years in RX anyways. The EB group places really well to top HFs in the distressed and L/S space (pretty much the top group on...
|37||2 weeks 3 days ago|
Hey guys, I have the option to join a start up hedge fund after I leave b-school. It hasn't launched yet, and has raised almost $200MM in assets right now. The team is very strong, and the PM has had a great track record at the blue chip fund he left to start this one. We have not discussed comp fig...
|27||2 weeks 3 days ago|
Hey guys, so I am looking into L/S equity hedge funds and would love to make a career of it, if not for the next 50 years or so, at least for the next 25 years. With the ETF/Index fund buzz and markets generally becoming more efficient, is this still a good time for a new analyst to enter an L/S equ...
|43||2 weeks 3 days ago|
This site is run by a poster on these forums but I think this post deserves attention because it is well written and includes a good looking Excel model. The layout and example are both simple but that will make the most sense for the most people reading the article. ...
|23||2 weeks 4 days ago|
Hey guys, I have the option to join startup macro hedge fund. I'm currently an associate in macro research (think commodities/fx) at BB. Pros and cons of making the move? I've seen a few posts here about Macro HF vs S&T but nothing on Research vs global macro. Thanks...
|7||2 weeks 6 days ago|
Over the past year I've went through a couple sets of interviews with a well known long-short multi manager platform. The process typically goes very smoothly early, and then in the end I get dinged I think basically because I do not have experience on the short side. I have five years of long-onl...
|13||2 weeks 6 days ago|
I mean equity research is more close to the stocks, IB skills would not be that important except modeling. If my understanding is correct, then why?...
|53||3 weeks 1 day ago|
Hey guys, I have a first round interview with a headhunter for a position with Aurelius. Does anyone know anything about the process and how to best prepare? I'll have some pitches/ideas ready. Anything beyond that? Thanks in advance!...
|1||3 weeks 2 days ago|
I want to get into FO (obv as fuck). I have never been glued to anything other than wanting to trade. Never liked IB, Credit. Liked modelling but always loved trading. Currently working as a Credit/Finance Analyst for a P&C carrier. And recently got to second round of a growing quant fund for BO Ops...
|0||3 weeks 3 days ago|
I am going to graduate school for engineering. I want to start in a standard engineering industry and move up to business (probably get an MBA) and work at a hedge fund or other similar business job. I was accepted to both an M.S. in Columbia engineering and M.S. in Carnegie Mellon engineering. At ...
|14||3 weeks 3 days ago|
Hey guys, what is the current hiring market like for junior laterals at fundamental hedge funds? I assume pretty bad from weak fund performances you hear about in the news but was curious. Thanks. ...
|2||3 weeks 3 days ago|
delete thread please ......................................................................................
|0||3 weeks 3 days ago|
When HHs reach out to you about a role (call it 7+ years of required experience) at a HF (notorious for nebulous comp structure and varying range), do you guys typically ask what the pay is upfront? I do this and often find them dancing around the issue and saying something along the lines of "it's ...
|6||3 weeks 4 days ago|
Does anyone have any experience interviewing with Silver Point? This is at the analyst level. I have heard they have quite a difficult interview full of case studies, but is generally lighter on the distressed technicals (at least lighter than you'd expect). If anyone has any other info or thoughts...
|1||3 weeks 5 days ago|
Anyone worked with Mercury Partners before? I'm considering retaining them for a search but I don't know much about them. Has anyone worked with them before either as a candidate or a client?...
|22||3 weeks 6 days ago|
Working as a research intern at AQR this summer and the recruiter told me to list any preferences I had for a group. Can anyone shed any light on any of the major three departments or groups within them (Global Stock Selection, Global asset allocation, Global Alternative Premia)?...
|1||3 weeks 6 days ago|
I've been trading privately for about 15 years now and I've been asked by several family members if they can invest in my trading account. Can anyone advise me if this is possible (only with family members) and if it is how to organise this? The account is less that $100K (UK Based)....
|1||4 weeks 1 day ago|
Anyone have any experience with these guys in terms of culture/comp/exit oops etc.? Specifically their credit team...
|3||4 weeks 1 day ago|
http://fortune.com/2017/03/28/john-paul-charles-murphy-suicide-new-york/?iid=sr-link1 This is too sad. I wonder what is going on at Paulson fund regarding their $3B loss last year....
|2||4 weeks 1 day ago|
Am willing to provide advice on networking, applying to jobs strategically, and whatever it is someone in a similar boat might want to ask me about the Big 4 or Fortune 500 Finance roles. Also, WANT to get advice from experienced finance folks - how to break into HF from the Consulting world? I am...
|17||1 month 10 hours ago|
HI. I have been trading for 3 years, finally have a bit of consistency. I live off trading. People are asking me to trade their money, but I´m kind of afraid, but they keep on insisting. I just formed an LLC and started trading with it. I want to take my series 7 exam and file an ADV or whatever my...
|0||1 month 1 day ago|
Hey WSO, I'm interested in learning how financial markets and the overall economy work together. For example, I'd like to better understand the fundamentals of all markets and their relation to the overall economy. I have been trying to gain an intuitive understanding of how economies work, but t...
|11||1 month 2 days ago|
Looking for either a very good online or in person financial derivatives class to take in Chicago. Want to try to avoid having to apply to a place like Booth. Not sure if any thrid parties that arent exactly universities offer anything like this or if anyone has taken a class similar that they recom...
|0||1 month 2 days ago|
Here is the full article from Business Insider: http://www.businessinsider.com/julian-marchese-raises-5-million-for-hedge-fund-2016-11 This sounds like a joke to me. This guy is presumably from a rich family and goes to NYU, and yet he could not get any real SA / FT jobs? He literally has no work e...
|31||1 month 2 days ago|
Anyone come across materials that would be helpful in understanding "special situation" or structured credit investing? Any help would be greatly appreciated here...
I Gotta Jam
|1||1 month 2 days ago|
Anyone else apply to the Point72 Summit in their HQ office? I just did the Wonderlic test and waiting to hear back. I was wondering if anyone else is in the process. Also, any insights on point72 and the academy from the more senior monkeys on this board? Thanks! We hear back April 19th, good luck...
|19||1 month 2 days ago|
**Value Investing Club – membership offering** **You want to become a value investor and would like to join a group of like-minded individuals?** This may be the right place for you. We are 3 young professionals willing to enhance our investing skills in a group setting. We thought the best way...
|4||1 month 3 days ago|
I've been able to find reports from Baird, Jeffries, Credit Suisse, etc. through Google, but was wondering if anyone had any specific retail focused reports that they like. Also looking for primers into retail valuations and modeling. ...
|0||1 month 3 days ago|
Hi guys, Have been doing some digging around HPS Investment Partners (fka Highbridge Principal Strategies), but it seems like there are not a lot of information about the firm out there after the buyout from JPM. Anyone can shed some light on the firm's exit opps, comp range, and brand name? All i...
|1||1 month 3 days ago|
I’m about to begin as FT at an EB and have begun thinking about buy-side opportunities. I think my background may lend itself to HF’s but I’m also interested in PE shops. Can someone give a comprehensive breakdown on different HF’s (e.g. value, activist, macro etc.) and PE shops (e.g. MF, MM...
|3||1 month 4 days ago|
Is this a decent cold email format? Also I do have some investing ideas that are semi-researched, and a thorough past writeup that worked very well, would it be appropriate to include those or a resume on here? I feel that it doesn't seem like I have much value to add or really even anything interes...
|0||1 month 4 days ago|
I'm at something of a career cross-roads. I'm ~30, been in the L/S industry for ~6 years with mixed success. Started out at a large fund, then joined and left two startups that didn't work out. In one of them I had directly managed capital and a really strong track record. Now I'm faced with a fe...
|9||1 month 4 days ago|
More than two years after the book was released I guess it's OK to reveal (or at least try to) the identities of the manager interviewed in the book. The House. - Kent Janér, Nektar The Philosopher. The Bond Trader. The Professor. The Commodity Trader. The Commodity Investor. The Commod...
|1||1 month 5 days ago|
First time on here so I will introduce myself. I am Currently a Junior Marketing major at a local college here in NYC (technique a senior due to credits... long story... graduating in 3 and a half semesters total so go figure lol) I originally planned on going to law school post-grad...which is why...
|0||1 month 5 days ago|
Hey guys, So I'm in NY doing Energy IB at a top MM bank. Don't do oil & gas, mostly midstream & refining (so the skill set is not as niche/pidgeonholing as the oil & gas guys in Houston). How possible is it to move to non-energy specific HF roles (generalist or otherwise)? Specifically looking at E...
|0||1 month 5 days ago|
I have job offers as a client facing quant from Goldman Sachs and as an execution trader at Citadel market making. Which offer should i take?...
|10||1 month 5 days ago|
Specific quantitative techniques used by global macro funds for trade entry or trade analysis? Maybe looking for what/how they would model? And types of modeling techniques used? Additionally, could it be cost effective for Fund to use Prop shop like wolverine for execution?...
|2||1 month 5 days ago|
How does everyone organize their notes? One master document? Folder for every company and subfolders for every quarter / big event? Word or cloud-based? For those that hand write their notes, do you spend time typing them up at the end of the day/week?...
|0||1 month 5 days ago|
Hi there, I am currently in the process of making up my mind regarding post-IB analyst opportunities. While there is an abundance of information on PE as an exit, the info on distressed debt or special sits is more limited. Can someone shed some light on some of the following questions? 1) Is som...
|11||1 month 6 days ago|
I felt this course on udemy really engaging with some valuable tips on starting a hedge fund. I m just an intern with a minimal practical knowledge. But this course shed some light on working to start a hedge fund. I wish it could have some quizzes in between. But overall i recommend it to anyone lo...
|0||1 month 1 week ago|
Anyone know anything about these events? Called 'consortium east' or 'consortium west'. Can't post a link. Worthwhile for small (sub 50M AUM) managers? thanks...
|1||1 month 1 week ago|
Hey guys, I'm trying to calculate a 10 year treasury note, but not sure what interest rate I should use to discount the cashflows. I was thinking using the LIBOR curve. Any ideas? Thank you in advance!...
|4||1 month 1 week ago|
Since most are small... does that mean they act and feel like a startup? Or despite being small, do they tend to act very corporate? Appreciate all 1st-hand input....
|10||1 month 1 week ago|
Hey guys, I'm fairly new to WSO. Just wanted to see if anyone has any tips or tricks for locking in a Summer Analyst internship or anyways to get an "in" with a hedge fund. Thanks...
|0||1 month 1 week ago|
Hey guys, I'm a 1st year analyst at a top MM (think RBC, Wells) looking to make the shift to a distressed debt hedge fund shop. What are your recommendations as to how I should approach this? Contacting the headhunters, contacting the hedge funds themselves? Is there anything that particularly shine...
|4||1 month 1 week ago|
What is the strongest path to get into Distressed Debt investing? I've heard restructuring, Lev Finance and High-yield credit analysis are some of the go to's. Any other strong pathways into Distressed Debt orientated Hedge Funds?...
|4||1 month 1 week ago|
To start this off, I'm still just a junior in high school, but I've always been fascinated and very interested in a career in finance. I've still not quite decided my major however, but it's between finance and economics. I want to know what your opinion is on which would be more beneficial. If it h...
|10||1 month 1 week ago|
Hi I have a B.S. in Neuroscience and M.S. in Statistics both from UCLA. I currently work as a data analyst. I have an ability to peruse scientific articles and clinical trials with ease. Anything I don't know, I can easily research and learn quickly. I can also scrutinize the statistical methods...
|2||1 month 1 week ago|
What kind of professional qualifications do you have? Did you have to complete it to become regulated?...
|0||1 month 1 week ago|
Elio Bonifaz Interview Questions Hello everyone, This is my first post and as you can tell, I am a prospective monkey. I'm currently studying for my bachelors of Business Administration, majoring in Finance at Pace University. I aspire of working at a Hedge Fund as a Portfolio Manager one day and ...
|0||1 month 2 weeks ago|
Hey everyone, I’ve been a long time user of this site, which was instrumental in getting me to where I am today. If it weren’t for the help of everyone on here I certainly would not be in the position I am in today. I’ve been meaning to do this for a while but I would finally like to give bac...
|80||1 month 2 weeks ago|
I'm a rising sophomore looking at working at a hedge fund in the energy space ideally next summer, but also long term - I'm trying to assemble a list of top funds (or teams of larger funds) in the space - can anyone recommend any to check out? (There are a few threads on WSO about this, but I've f...
|18||1 month 2 weeks ago|
Hi WallStreetOasis, You might have read my prior posts on my aspirations to one day become PM. That is still the case. Now here's a tricky one and I do wish to get some of your valuable advice to sort this one out. The conclusion was this - to become PM at a big fund, you either 1) have a good tra...
|0||1 month 2 weeks ago|