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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Cap intro AMAI ran cap intro for a top 5 investment bank. If you want to know anything about the capital introductions space, I'm happy to answer. AMA...
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I'm bored: Macro Hedge Fund PM Q&AHowdy folks, this market has me bored to tears [edit: I'm truthfully also just having a harder time getting a read on conditions than at any point in my career, so that is prompting both frustration and introspection], and just for work-unrelated reasons, I have a bit more free time on my hands at p...
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How Do Hedge Fund "Geniuses" Einhorn and Ackman Still Have Any AUM? So hedge fund "genius" David Einhorn is down 18 percent this year, even though the S&P is up 5 percent. Last year, his fund gained 2 percent while the S&P gained 22 percent. He slightly underperformed the market in 2016, while getting crushed in 2015 when he LOST 20 percent while the S&P gained ...
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MBA for credit roles (stressed, distressed, opportunistic)Looking to get some input from those who have either done an MBA and are in a credit hedge fund role or are familiar with the post-MBA recruitment opportunities within credit. Are there any benefits to attending an MBA program (e.g. top 7 MBA excluding H/S/W) in terms of academics, perception, netwo...
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Distressed Debt Recruiting from BB IBCan someone explain the recruiting process to exit from a BB IB to a Distressed Debt hedge fund? I heard recruiting starts this December for the 2018 analyst class. Is this true? Should I wait for recruiters to reach out to me or should I reach out to them? What are the headhunting firms that recrui...
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Paul Singer : The Doomsday Investor Anyone see this ? https://www.newyorker.com/magazine/2018/08/27/paul-singer-doomsday-investor Good read in my opinion. Funny how they tried to paint bush so sympathetic and as if he didn’t deserve what he got etc (I guess that’s the NewYorker for ya) . Thoughts on Elliot and his strategy? I th...
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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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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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Interview question @ Wall Street hedge fundInterview question @ Wall Street hedge fund: You have the chance to spend $200k for an investment. What is according to you the best investment. One guy said it was to do an MBA at Stanford, Harvard and UPenn (assuming yearly tution costs = $100k and the program is 2year long). Consider this...
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Hedge Fund AdviceHow would you recommend a trader with a couple of years of experience leverage his abilities into a Hedge Fund. I have a Bachelor's and a Master's in Mathematics, and currently a CFA Level II Candidate, any recommendations?...
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Hedge funds AGAIN getting killed by IndexesJust a follow up to an earlier post -- another report today on how the average hedge fund, YTD, is getting killed by indexes -- average hedge fund down 1 percent, vs. S&P index up 8 percent. https://www.cnbc.com/2018/08/21/hedge-funds-are-struggling-this-year-due-to-facebooks-plunge-bets-against-st...
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Something between burnout and intellectual stagnation..Not entirely clear how to ask this question, so hopefully this makes sense. Backstory: Started career at a credit fund. Absurdly intense environment, arguably abusive, definitely unhealthy, etc. Lasted there for a couple years then needed a break. Joined a MM PE shop that is building out a distres...
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AMA: 3rd Year Hedge Fund AnalystI've been reading WSO for years and it helped me out immensely when I was trying to figure out the best route to take in order to achieve my goals. Now it's time to try and return some of that value, so here goes. I'm currently a 3rd year Analyst at a $1 -$5Bn Hedge Fund. We focus on primarily on ...
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JPMorgan Chase - Review - Equity Capital MarketsGood work environment, decent work/life balance, Ohio is a great place to live without all the hassle of NY. Not enough meaningful work, there were times were I was just doing busy work and not getting much out of it. ...
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From M&A to Hedge FundHi there, I'm an analyst in a sector team in an investment bank in London. As everyone, I was looking at private equity exits but I start wondering about hedge funds / tactical opportunities / spécial situations. I guess the ones where the IB skillset would be the most relevant are: long / short, ...
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Best Way to Break Into Shareholder Defense?Hi everyone, I am currently an Investment Banking Summer Analyst in the M&A group of a bulge bracket firm (think CS / BAML / Citi). One aspect of finance that I'd heard quite a bit and read about is shareholder defense - specifically, advising boards through hostile takeover attempts and in gener...
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Hedge Fund FundingWho do you contact to get a real estate deal funded by a hedge fund? I have clients that need $3m-$300m in funding?...
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L/S portfolio construction thoughtsTo fellow investors: How do you think about your portfolio construction set-up? Apart from concentration, geographies, industries, net/gross exposure and turnover, what else do you take into consideration? ...
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CPP Public CreditHas anyone got any info on CPP's Public Credit group, is this like a hedge fund or an asset management firm? ...
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HF vs PE without experience, which is easier to break in to?Apologies if this has been answered in previous threads, I did look but was unable to find anything directly comparing the 2. My question is, **for someone who is not currently in finance, which of PE/HF would be the easier to break into?** I understand fully that both will be extremely difficult, ...
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Negative FundNegative Fund: where investment loss reduces tax burden? Investments would support business such as concert (jazz) promoting or programs to provide the homeless with container homes; win/loss. if so who manages it? If none who would be interested in starting one?...
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Is joining Point72 social suicide for joining other firms?Do some hedge fund managers have personal vendettas against Point72/Steve Cohen? If a person has Point72 on their resume early on in their career, is that a flag for other firms...against the morals of the candidate?...
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Canadian HF industry Would love to get people’s view on the state of hedge fund industry in Canada. Are there a lot of jobs? Do they invest in non-Canadian assets? Has anyone here moved from the US (back) to Canada?...
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How do you feel about cryptocurrency hedge funds and research?Deletedddddddddddddddddddddddd Delete Delete Delete Deete Delete Delete Deleteeteteteteteteteteteteetetetetetete...
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How do I get sell-side equity models?My bank has access to sell side reports from a few brokers, including ourselves. But how can I get the corresponding models?...
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Susquehanna International Group - Review - TradingShallow management hierarchy. Lots personal responsibility. Most coworkers are very intelligent. Good opportunity for internal transfers.. Technology development is chaotic and inconsistent. No offsite work. Can't bring spouse to company Christmas party. ...
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Hedge Funds - the Australian POV (uni student)Hi WSO and thanks for taking the time for reading my first post. There aren't too many posts on here about Australians looking for HF careers and it's no surprise. In my city the scene for HFs is close to nonexistent and there is virtually no word of them at all at universities around here or in my...
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networking follow up with analyst at top fundapologies this might be a stupid question, but just to give a background: junior in college. I had an informational with a guy at a top fund last month. The call went really well. He even asked me if I had some idea in mind. I told him about this short I was working on at that time - he seemed inter...
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Two Sigma Investments - Review - Quantitative ResearchTwo Sigma Investments is a phenomenal place to work and I would highly recommend it to anybody. My coworkers were kind, interesting, and were excellent mentors to me.. I have very few complaints about my time at Two Sigma Investments - as I said under "Happiness, I thoroughly enjoyed my time there....
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Canada Non-Equity HFsLooking for names of non-equities hedge funds in Canada. Specifically looking for global macro and commodities Hard to find information about HF industry in Canada, probably because it is small, but would be very grateful for any color. Thanks guys...
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Modeling courses for HF?Hi, I've been looking around and haven't seen modeling training courses for HF or AM, they all are for IBD. Does anybody know any courses for HF/AM? or should I take those IBD training courses (Wallstreetprep, BIWsS, TTS...) Thank you,...
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Info Request: Select Equity Group Interview ProcessWondering if anyone can give any color on Select Equity Group? What's the typical pay like for an entry analyst? How long is the interview process? Thank you!...
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Risk Per Trade in Macro InvestingI have read a few books (and online resources) on macro investing but I still don't have a good grasp on the concept of risk per trade. Could you help me understanding it please? (below are a few thoughts I have on this). I find the consensus advice from the legends and pros is that that traders s...
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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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Would you work for a short-only fund?Let’s say you’re fresh out of college, have an offer in hand for a short-only hedge fund that takes a very activist approach to their investments. In other words, they’re finding companies that are mismanaged, fraudulent, and/or unsustainable, and aggressively publicizing their thesis. Assum...
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Asset Base LendingAnyone here who does Asset Based Lending? Is this a good field to get into now? Do any HF and PE shops look for people with this skillset. How does ABL at a bank stack up to LevFin in terms of exit opps and skillset?...
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Ruane, Cunniff and Golfarb Rep/CompThoughts on Ruane, Cunniff and Golfarb for an internship and full time analyst position? Their investor day shows they invest through the main Sequoia fund in addition to 2 other hedge funds. Wondering what the reputation of this firm is like, especially after Valeant. Since they only charge a 1% mg...
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I have a million dollars in my IBKR account and will get 10 million more next year, how do I successfully create a hedge fund?I'm 19 years old and in a unique situation where me and my friend (his dad is an ultra wealthy Chinese entrepreneur) were given a million dollars to invest and use to create a rudimentary fund management firm. We were told that if we could outperform the market and create a strong foundation for a l...
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Gamco vs other value shops - plus culture/compThere are a number of quality value shops in the equities space out there. How does Gamco compare with the usual suspects in terms of culture / comp / exit options? Appreciate any 1st hand insight. Thanks ...
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bcIMC - Review - Generalistgood pay, amazing opportunity. Vast amount of deals. great team. Best opportunity for a pension fund and PE firm in the west coast. Location is hard, frequent layoffs. Comps are not as good as other pension funds. Known for be a sleepy firm but taking on more active roles recently....
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Modeling in HF vs IB?Hi friends, Is there any difference in Excel modeling between HF and IB? My guess would be that HF is more towards the 3-statements model and DCF and comparables while IB builds M&A models, LBO, etc... What are your thoughts? Thank you...
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Fundamental groups within platforms?To fellow investors: do any of the platforms and MMs have fundamental equities groups? In other words, not the usual 1-2 quarters flipping with leverage. Having in mind: Citadel, Millenium, Balysasny, P72, Marshall Wace. Would also be interested if any of the fundamental teams are generalists. ...
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Citadel Investment Group - Interview - N/AYou have three cards, each labeled n, n+1, n+2, and you don't know n. These are the rules of the game: All cards start facing down so you can see them. You flip one card. If you choose to "stay", you get that card's value. If you don't "stay", then you flip another card. Again, choose to "stay" (and...
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Advice needed about obtaining an internship or analyst position at a quant fundHi guys, I really need a professional advice about my career options. I currently posses a 2.1 BSc Mathematics from an average not too good university in the UK. Furthermore I also pursued a MSc Statistics degree at Warwick university, however I made some mistakes with choosing modules, meaning tha...
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How do I raise money for a hedge fund?Let's say I wanted to start a hedge fund in 5 years. What would I need to do now to make sure I know the right people to be able to successfully raise money for this? How am I supposed to meet these people? To me this sounds impossibly difficult, and I actually don't understand how I would ever mee...
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GMT Capital Corp - Interview - Equity ResearchThe most unexpected question they asked were questions about contago, backwardation, and land productivity. Basically they asked about the physical crude commodity complex as well as the reasoning behind me having a large position in E&P producers outside the permian region in the last interview. Th...
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Large hedge funds with few employeesHello, I was looking at a hedge fund recently with fewer than 10 employees. It manages over 600m. It has grown a lot recently. So they may have some hiring. Are there examples of other large hedge funds with few people. What mostly contributes to the employee size? Is it certain strat or funds that...
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Harvard Management Company - Review - N/AI worked at D. E. Shaw & Co. - Investment Firm full-time (More than 8 years) Pros You get to work with the best thought leaders in the field, in a true meritocracy. Cons Imposter Syndrome is common. Most new hires are used to being the expert at what they do. It can require adjustment to get use...
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Lying About Passing CFA L2 on the First Try?So I was interviewing for a HF research role and the interviewer asked if I passed the all levels of the CFA on the first try. For whatever reason, I quickly answered yes, even though I failed L2 once. I immediately felt awful for the lie, but I held my composure like Nixon in the first half of the ...
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Most chill job available for someone with HF experienceFormer equity L/S HF guy here. Worked at a few multi-billion funds, both with sector specialist and generalist experience. Made my way up to the senior analyst level, and have a couple of monster PnL home runs to my name, but felt burned out and left last year. Been chilling and working on personal ...
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D.E. Shaw Fundamental Research groupHey guys, I was wondering if anyone have some insights into D.E. Shaw Group's Fundamental Research program. How difficult is it to break into straight from undergrad? Is anyone familiar with the role? The posting on their website says: "Research analysts are vital to the firm's fundamental investin...
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Should HF managers pay for losses?I found[ this article ](https://outline.com/kRzzSC)from the Financial Times, talking about an alternative compensation structure for fund managers. It talks about how HF manager comp is "one-sided" in that, if the fund generates a profit, the PM gets a fat bonus, but if the fund loses money, the P...
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D.E. Shaw - Interview - TechnologyAsked many details about python multithreading. Specifics on GIL, why threading in python is better or worse than in other languages. In general, heavy emphasis on knowing the ins and outs of python compared to other languages. Was also asked about various graph algorithms, whereby BFS/DFS can be us...
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Bridgewater vs. D.E. ShawI'm a current business school student at an M7 (one of the perennially top ones, if that contributes) who intended to go through MBB recruiting, didn't take networking *sufficiently* seriously for my demographic, ended up with just one first round interview, got a final, but got dinged. Subsequentl...
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Hedge Fund (NYC) v. Boutique IB (SF)Have an offer from a top-ranked hedge fund in NYC and a boutique IB in SF for summer analyst 2019 (junior year internship). My dilemma mostly surrounds * **exit opportunities** - Not sure whether I want to close that off immediately. May want to exit to a corporate in healthcare or tech in the f...
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European HF InternshipHey everybody, i am looking for fundamental L/S equity hedge funds that offer internships in Europe (Zurich, London, Frankfurt). So far i have only come across Cevian Capital. Does anybody know other funds?...
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Best way to get to value fundHello all, I am currently a rising junior at a nontarget in a flyover state. I have always been interested in value investing and would someday want to start my own. I'm lost on how to get there as I always thought IB would be the best way but as recruiting is finishing up and I don't have an offer,...
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D.E. Shaw Nexus/Latitude FellowshipDid anybody else apply to the two day event in August? They said we we would hear back in late July, so just want to get this thread up....
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short stock pitch reviewhi, would anyone with experience in the industry be willing to review a short stock pitch? if yes, pm me your email and I'll send it to you. Don't want to put it out here because I'm planning to use it for upcoming interviews. It's a 1-2 page short on a chinese company I believe is a fraud and is h...
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Investment PitchOver the last 3 years I have developed a systematic L/S strategy that has continuously generated alpha and is ready to put into production at an institutional level. Strategy is both scalable and repeatable. It is a relative value strategy that also incorporates options to exploit small but more cer...
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Quantitative Algorithmic Trader CompaniesDoes anyone know which hedge fund companies in Los Angeles hire Quantitative Algorithmic Traders? Also- is there an employment agency that can help?...
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Is the internship I'm doing relevant to HF?Doing a risk management internship at a big 4 right now, and quite frankly, I don't quite like it. Its a freshman internship thats a month short. I've always been interested in getting into HF, but I don't quite see how this internship I'm going through with would be relevant as I'm mostly doing hed...
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AMA: equities hedge fund Senior Analyst at large U.S. fundUpdate: Thread closed as of 6 Aug, I won't be able to comment after that. Ladies / gents - thought of doing an AMA. I have worked in the hedge fund industry for 4 years in fundamental equities for a large multi-strat US hedge fund. Worked in banking before. Fire away any questions - usual disc...
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Quant vs Rule Trading PitchOver the last year I have developed a trading method. System utilizes an Excel sheet which signals Buy/Sell using historical data. Trades are still being made manually after the signal. Is this technically discretionary trading as trades are still done manually or could this still be considered a q...
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nitorum capital and hawkeye capital managementanyone heard of nitorum capital and hawkeye capital management, two funds in nyc before? have interviews coming up in a couple of weeks. Tried finding people who interned there in the past but had no luck in successfully contacting them. Any insight into what kind of people they look for and their i...
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xlp capitalhas anyone heard of xlp capital? www.xlpcapital.com/ family office in nyc run by two princeton grads with a history at bcg. Talked to a few people who interned there and they all said that the internship program was great with a lot of focus from MDs, so definitely considering them. But wanted to s...
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Market Making subsidiary of a hedge fund - prop trader requirementsfor a large macro hedge fund 20bln+ that has a separate (yet large) market making operation, what kind of numbers are they looking for in terms of a macro trading strategy / prop trader? Sharpe Ratio min P&L (% and $$) Balance sheet usage and turnover any insight would be appreciated...
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Seeking papers on multi-factor models on the equity long short hedge fundsI am seeking papers that use regression & multi-factor models for equity long-short funds. I am interested in understanding the funds' behavior and exposure to various factors using some quantitative techniques such as regression. For example, I ran regression of financials equity long/short funds a...
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Psychological / maths tests at fundsQuestion to fellow investors: I have the glorious task of finding an appropriate maths and psychological test for new joiners. What are you guys using at your fund (if anything) or have you ever taken one of these before? I never had to and am still not sure about the benefits (yet). Any recommendat...
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Career Paths For Successful QuantsI was wondering what the typical path is for highly successful quants (ones that are making upper 6 figures/into the millions). Obviously, I understand that everyone is different but I'm just looking for a general overview of the following: College/Major - Target schools are probably a given as wel...
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hedge fund interviewHi, have two interviews coming up in a couple of weeks. Both are l/s equity funds, after the first interviews I'm pretty sure that they have a value oriented investment philosophy. I'm a math major interviewing for investment analyst internship positions at both the funds. Does anybody know what que...
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modelling sample exercisesHi, have interviews for internship coming up at two l/s equity funds later this month. Does anybody have any sample 3 statement modelling exercises they would be willing to share? thanks....
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Hedge Funds with a more intellectual cultureThis is kind of a weird question, but has anyone given thought to which hedge funds have a more intellectual, start-up-like culture? My first thought was Two Sigma/Jane Street just based on what I've heard from people I've met there, but not sure if there are more names out there I'm not considering...
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How do you mentally deal with tough stretches of performance at HF? We're wading through some rough waters at work at my L/S equity fund, where one of our large positions has significantly dragged down our YTD performance (it was a joint effort, so no one to blame). How do you deal with this every time you come in to the office, where your PM is perpetually in a cr...
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Point72 - Interview - GeneralistNothing asked was very unexpected. I was first asked to go over my resume. Then I was asked why Point72, as well as how my experiences would be able to translate to success in the role. I was also asked about if I have any research experience, as well as how I stay up to date on the markets. I was a...
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Should Hedge Funds be Regulated?As the title says, should there be stricter regulation of HF's? So many times HF's get a lot of scrutiny for "Exacerbating" the bears that happen in financial markets because of their huge leverage positions and ability to short markets to gain from other people's losses. My take on it is that altho...
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10 Days Since Bridgewater Final Round: Have Not Heard Had a trading superday at Bridgewater on July 20. I had 4 interviews onsite but am still waiting to hear back — if it’s been 10 days did I not get the job? This is for a lateral move. ...
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Point72 - Interview - Investments1. What would your toughest professor say about you--really unprepared for this. 2. Questions about your background, high school, and college. The interviewer asked about how you chose each step and how each stage contributes to making you who you are 3. What initially attracted you to finance--not...
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Real Estate Hedge Funds (RE Stocks Only)I know a bunch of hedge funds that invest in real estate, but does anyone know of hedge funds that primarily invest in publicly traded REITs and RE related companies? LDR Capital Management is the only I found that is somewhat close to what I'm looking for. I'm going to use a pretty broad definitio...
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Point 72 Asset Management - Interview - Investment ResearchAsked about basic behaviorals about why Point 72, why investing, talked about successful experience in trading. Also the interviewer was interested in learning about my performance at school, asked about hardest classes/professors and personal interests. The most unexpected question I got was tell m...
Worldquant - Review - Equity Capital MarketsThe Work is really comfortable. Can Submit the Alphas anytime from home. No need to attend office. The amount of work is relatively low.. I am really disappointed with the payout structure. The Feedback team is also really bad. They don't respond to the problems Quickly....
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Where would you rather work: D.E. Shaw or Point72 for Junior Summer?Between the Point 72 Academy Internship Program and D. E. Shaw's fundamental analysis teams where would you rather spend your junior year summer with the intent of working at a HF after graduation....
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