When I did my AMA thread a while back I promised at least one person that I would share my general research process. So here you go... Every analyst has his/her own way of conducting due diligence. There certainly is no one correct way to come to an investment decision, however, I’d argue...
Still jet-lagged by 8 hours from a day and a half in London, I haven't slept for a good 48 hours and remembered I owe <abbr title="Wall Street Oasis ">WSO</abbr> my process for dissecting a <span class='keyword_link'><a...
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...
Howdy 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...
There appears to be some demand for an <span class='keyword_link'><a href="/finance-dictionary/what-is-a-hedge-fund-HF" rel="nofollow"><abbr title="hedge fund">HF</abbr></a></span> AMA, so here goes... I believe this...
A career in the hedge fund industry is one of the most desirable careers in finance. Money is undoubtedly the greatest attraction to careers with hedge funds, with analysts making $150k and then some. Portfolio managers often make north of seven figures, which is why eventually running a...
Mod note (Andy): Throwback Thursday, this post originally went up on 4/23/12. Hey guys, so after some encouragement from a few of you guys I'm gonna go ahead and start a bit of a series of posts on my experience in the <strong><span class='keyword_link'><a...
Mr. Pink Money
<em>Mod Note (Andy) - We're reposting the top discussions from 2015, this one ranks #8 and was originally posted 8/23/2015.</em> There's really no point to this post. TLDR: Sometimes it's just a job with a boss that does boss things. <h3>1) Young PMs...
I've been reading <abbr title="Wall Street Oasis">WSO</abbr> 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....
<em>Mod Note (Andy): Each day we'll be posting the top <abbr title="Wall Street Oasis">WSO</abbr> forum posts of 2014. This one was originally posted on 2/23/14 and ranks #26 for the year by total silver banana count. You can see all our top ranked content <a...
Article just hit last night...Baly cutting 13 stock teams (~40 investment professionals) plus a bunch of back office to be cut by end of year. Oct was really bad for hedge funds, Nov has been an official **bloodbath**. MLP, Citadel, Baly all getting hit hard. Garden leaves vary by firm, but...
So hedge fund "genius" <a href"https://nypost.com/2018/07/31/einhorns-greenlight-capital-is-down-18-percent-for-2018/">David Einhorn<a/> is down 18 percent this year, even though the S&P is up 5 percent. Last year, his fund gained 2 percent while the...
I may be a dumb southerner who limped through advanced calculus like a wounded animal, but I spent a fair amount of time in college studying math and applied statistics. (I think it is amazing you can graduate from many institutions with a degree in finance, having memorized a bunch of formulas...
Mr. Pink Money
<em>Mod Note (Andy): Throwback Thursday - this was originally posted Feb 2009</em> Since there aren't any decent/active discussions on the HF forum, I figure I start a thread highlighting the good, bad, and ugly aspects of working at a hedge fund. This is based on my personal...
There have been a few other related posts that I have commented on recently that touched on mispricings and catalysts. I wanted to take some time and write something up that brings it all together in one post. This is something that took me a while to understand and come around to when I was...
Hello, I currently work as a trader at a crypto focused hedge fund. Our primary function is that of a market neutral liquidity provider and we work with our clients to transact in concentrated positions of illiquid, thinly traded coins. Prior to this role, I was a trader at Goldman in...
I recently got laid off by my employer, a larger credit focused hedge fund. I though I'd create an AMA to clear up questions anyone may have regarding the <span class='keyword_link'><a href="/guide/hedge-fund-interview-questions">hedge fund...
Frequent lurker, first time poster. This is my story, with a bit of personal flair. I’ll cover why not getting an internship was the best thing that ever happened to me. Why a high GPA and and an Ivy League degree are not as important as you think. Why Renaissance, Two Sigma, et.al. are not...
Mr. Pink Money
Some of these messages are very old but I'm going to answer them anyway b/c I’m in a helpful mood. <strong>Question: How would I know what the career path for [this particular hedge fund]? </strong> Every fund has their own "career path"...it just depends what...
Keep seeing article after article about what big name did poorly in October and November and I am just curious as to who's doing well? Are there any strategies that have been thriving in this volatility or at least had gains large enough to survive it? Personally, I know there are a...
<em>Mod Note: Each day we'll be posting the top <abbr title="Wall Street Oasis">WSO</abbr> forum posts of 2014. This one was originally posted on 5/28/14 and ranks #24 for the year by total silver banana count. You can see all our top ranked content <a...
I work with equity L/s arms of the multi-managers and single managers. A little about me: I don't come from typical financial services major nor have I ever wanted to be an IP myself. All the same, I love my job and don't wouldn't trade it or my firm for the world. Happy to answer...
Mostly Random Dude
After a brief chat with the local Gods (Patrick and Andrew), I thought I would host an AMA for anybody interested in the life of a hedge-fund volatility trader. Brief background: * Undergrad: abroad so by definition a non-name school :) probably can be described as a double major in...
Howdy all, I work at the largest private search firm in the world that only does financial services. I focus on the fundamental, bottom up investing space of the hedge fund community, however we cover the full gamut of products on the buy and sell side. It's been quite a year for the hedge...
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...
It’s been a while since I posted (sorry @AndyLouis") so I decided to come back with something a little different from my previous posts. I’ll continue the E&F posts at some point, but given recent market conditions I thought this was more appropriate. The below is a compilation of...
The question is fairly straight forward. When I started in business school I noticed that most of the fund managers or PM's who would come talk repeated a similar refrain. It was a point of pride to spend every moment thinking about investing. They would all say something along the lines...
Mr. Pink Money
<em>Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 12/27/09. To see all of our top content from the past, click <a href="//www.wallstreetoasis.com/highest-ranked-discussions">here.</a></em> I got a PM asking how to prepare for an...
New user, co-founder of a 2-person small Asset Management firm utilizing a trading algorithm for long-short equity. Looking for advice on networking, fundraising, partnerships, etc. Newly relocated to <abbr title="New York City">NYC</abbr>.
It's been a slow week and I'm not going away for Christmas so AMA time. Some background: Engineering major at an engineering-focused school in the Midwest during the crisis (graduated 2011) <abbr title="investment banks">IBs</abbr> only recruited for back and...
Mr. Pink Money
Might as well make it official and say I have left the <span class='keyword_link'><a href="/finance-dictionary/what-is-a-hedge-fund-HF" rel="nofollow"><abbr title="hedge fund">HF</abbr></a></span> business to pursue...
Hey guys, haven't been on here for a while, but I'm currently waiting a few weeks to start my next gig and I'm bored. I figured I'd try to give back a little, especially because I know there are people from London on here, and the amount of info available on London <abbr...
Have lurked on <abbr title="Wall Street Oasis">WSO</abbr> on-and-off since pre-crisis days. Reading the material on here helped me get my first internship - time to give back. Happy to answer anything and everything. Quick background below. - Beginning third year as...
Happy 2018. Going to start it off a bit heavy here. I think in the last ~5 years things have been getting worse for your typical fund analyst/PM, and I think the trend is only accelerating. When I say getting worse I mean the growth path and (especially) the compensation for your moderately...
I currently work at a medium sized fund. My resume looks like what you'd expect, highly selective undergrad, good work experience, <abbr title="Masters in Business Administration">MBA</abbr> from a top 3 program, passed the <abbr title="Chartered Financial...
Just finished up a couple very long weeks at work and am feeling pretty generous at the moment. So, a little bit about me: - Non-target former varsity athlete/captain - Corp Strat to <span class='keyword_link'><a href="/finance-dictionary/what-is-a-hedge-fund-HF"...
What professional backgrounds are today's and tomorrow's top global macro minds coming from? And how much does the environmental backdrop help explain this? Pretty simple question, but I think it's interesting to note the following trends for context. The first generation of...
Hi all I have perused many profiles who don't list an actual employer - rather they enter "New York based Hedge Fund" for example. Why is this? Do some funds not allow employees to advertise that they work there and if so, why? I would hazard a guess it would be concerns of...
I figured that I'd give back/pay it forward in one form or another after being in the industry for a while. Frankly, the most relevant thing I could think of was advice on people searching for new opportunities. My advice is more tailored towards fundamental investing hedge fund recruiting...
What 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. <abbr title="JP Morgan">JPM</abbr> has some good ones as well given the temperament of Jamie Dimon.
Mod Note (Andy) - as the year comes to an end we're reposting the top discussions from 2015, this one ranks #44. This one was originally posted 10/19/2015. If you've seen some of my other posts you know that I'm not a stock picker, deal maker, or quant - I'm an...
Hi there, After lurking for sometime, I figured I'd jump in with an AMA: Anything you want to ask an E&F allocator? Willing to offer candid thoughts on any and all questions, from the do’s and don’ts of getting funded to what life/comp is like on this side of the table. I...
Mr. Pink Money
<em>Mod Note (Andy) - as the year comes to an end we're reposting the top discussions from 2015, this one ranks #26 and was originally posted 8/23/2015.</em> This is far from a definitive guide but should give you a high level overview on how to think about the process....
When ever someone asks me what I want to do after a school I reply with working in a Hedge Fund. I get about 3 responses a. What the fuck is a Hedge Fund? - I then tell them and they look at me like I'm some sicko and say how boring b. Your a money hungry bastard! I wanna hear...
It's no secret that the HF industry has been under a lot of pressure lately. The industry bled more than $100 billion in 2016 as fund flows moved into ETFs an other passive investment vehicles. It's also no secret that net returns have lagged behind the general market, though HF risk...
My dad is consistently trying to show me articles how hedgefunds are <abbr title="balance sheet">BS</abbr> and how they "can't even beat the market". Then proceeds to show countless articles comparing hedge fund performance in the last 8 years compared to the...
<em>Mod Note (Andy) - this AMA originally went up last August but Gray Fox wrote and said he could still answer questions</em> I've posted here for about five years, but with much less frequency the past year and a half. @xqtrack" @Kenny_Powers_CFA" @BlackHat"...
It was a standard Sunday for JRMM – Woke up entirely too early, ate breakfast, watched SportCenter, then had to kill time before the start of day 4 of the tourney. I had just gotten home from hitting golf balls and was about to firmly plant my ass on the couch for the remainder of the day...
Long-time reader, first-time poster. Just wanted to share my story so far since I graduated from undergrad ~8 months ago & when I was a prospective monkey, I really appreciated people's stories of their experiences and their advice they had for others. My take is a little different...
Message pretty much sums it up. Who are the best hedge fund managers? And if I want to start doing my own research, how do you recommend figuring out who the best hedge fund managers are? Seems a bit opaque. Thank you.
I'm a long-term lurker, infrequent poster on another account. AMA. Have been reflecting a lot lately on "giving back" and <abbr title="Wall Street Oasis">WSO</abbr> has been huge to me. More interested in talking credit / markets than "my...
<center><img src="https://www.wallstreetoasis.com/files/hfreport_title.png" alt="" /></center> <br> The <a href="https://www.wallstreetoasis.com/hedge-fund-industry-report">2017 Hedge Fund Industry Report</a> compiled by...
Straight from <a href="http://uk.businessinsider.com/former-hedge-fund-manager-raoul-pal-doesnt-think-young-people-should-join-the-industry-2016-10?r=US&IR=T">Business Insider</a> which I don't even like as a source for being too much reliant on click...
2nd year analyst at an <abbr title="elite boutique">EB</abbr> waiting for my next six months to tick by before I start my next job at a distressed hedge fund. Unfortunately in the office on a Sat waiting for comments and was recently watching a Paul Singer video on how he...
There have been several of these so I don't know how helpful I can be. Will do my best Took a pretty traditional route to get the job: <ul> <li>Target school</li> <li>Top banking group</li> <li><span class='keyword_link'><a...
Hi guys, after gaining a lot of knowledge from the many useful topics on <abbr title="Wall Street Oasis">WSO</abbr> I thought it would justified to give back a bit, even with the little experience I have. Maybe how I made my way to a hedge fund job is not replicable by many...
<a href="//www.wallstreetoasis.com/guide/hedge-fund-interview-questions">Hedge fund interview questions</a> typically are trying to uncover how you think as an investor. One of the best ways to demonstrate your knowledge is to highlight that you look for investments that...
For instance: You're 25, have an Economics B.A. from a ho-hum state school, good math/stats/coding aptitude (but no formal training) and are working in <abbr title="New York City ">NYC</abbr> for a prop shop doing accounting and operations. No certifications/exams...
Ask me anything. Questions about hedge funds preferred. Really just ask me anthing, and I will try to provide a sensible answer.
Slow morning for me, so I decided to share my thoughts concerning the differences between a research analyst and portfolio manager. Think you have what it takes to be a portfolio manager? Every aspiring buy-side analyst I know eventually wants to become a portfolio manager at some point....
In case anyone is looking to start a new hedge fund and is still struggling with finding a great name, you're welcome: [click here](http://www.hedgefundnamegenerator.com)
I 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
What do you guys think the most common background is among most hedge fund managers? (i.e started as traders, analyst, quants etc.)
Hey All I'm wrapping up my first year on the buy-side and I'm using this platform as way to reflect on the past year. Happy to pay it forward to those that would like advice or have any questions.
**Loaded Naive Questions Alert:** *Apologies for the verbosity.* I recently read a thread on the hedge fund bloodbath. Coincidentally, I recently saw a video where Balysany spoke at Milken Institute's panel discussion and gave some profound advise on 'How to run a hedge fund?';...
Prior reading: <a href="//www.wallstreetoasis.com/forums/hedge-fund-the-investment-life-cycle">Hedge Fund: The Investment Life Cycle.</a> Quick background: Penn undergrad - 2 years at <abbr title="asset management ">AM</abbr> firm - 2 years at large...
Hello. New user is here. Quick background: two friends (one is a CEO of a large telco Company and the other is a Ph.D. in Physics) are about to start a small trading shop. Have algorithms (developed/ tested/ deployed) that are currently running on TS (plan to move to NInja) utilizing 1 sec data...
Am interested in learning the community's thoughts on what are some of the best industries to start off in for equity investing at a hedge fund? Is it advantageous to start in cyclicals (e.g. chemicals) vs growth (e.g. tech)? What about highly specialized industries (e.g. O&G or...
The USISC today imposed restrictions on individuals working in the U.S. under the <span class='keyword_link'><a href="/company/visa" target="_blank">NAFTA TN Visa</a></span>'s Economist category. This change disallows people working in...
[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...
Recently read a Bloomberg article about how <a href="https://www.bloomberg.com/news/articles/2016-12-29/hedge-fund-agonistes-not-even-donald-trump-can-ease-the-pain"> the golden age of hedge funds is over</a>. This is in large part due to the fact that hedge funds only beat...
So........ The title says it all. All experienced users are welcome to share their thoughts. Is the legendary Axe Cap an example of how the world's leading hedge funds engage in their day to day activities?
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 !
Sword of Damocles
Longtime <abbr title="Wall Street Oasis">WSO</abbr> user who has recently discovered a significant amount of excess free time after my fund effectively closed. Have been playing around with a bit of writing to fill the time and thought I would create a dummy account to...
<b>Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes – George Soros</b> My goal is to give you as many strategic advantages as possible, so that you can’t help but win in life. A month...
I was wondering what people think about working for distressed <abbr title="hedge funds">HFs</abbr> (Silver Point, Anchorage, etc.) compared to distressed businesses within larger funds (say, GSO or Oaktree distressed). The latter category has stable capital, with all the...
Hi guys, I'm a 1st year analyst at a L/s equity hedge fund based in <abbr title="New York">NY</abbr> metropolitan area with around $400mm AUM in a very small office. I got this gig straight out of undergrad (target school, not the best GPA) after 3-4 internships...
Hey guys, Just made a new account - been primarily a lurker on these forums on my other account. <abbr title="Wall Street Oasis">WSO</abbr> has been super useful to me, so I wanted to give back. There is a growing trend of buy-side jobs recruiting straight from...
We are finally here! For those of you waiting on the <strong><a href="//www.wallstreetoasis.com/guide/hedge-fund-interview-questions"><abbr title="Wall Street Oasis">WSO</abbr> Hedge Fund Interview Guide</a></strong>, thank you for your...
Went to a top 25 undergrad program, been <span class='keyword_link'><a href="/finance-dictionary/trading-overview">at <abbr title="hedge fund">HF</abbr> trading</a></span> for past 10+ years, ask me anything. been at same...
News just hit that Steve Cohen had discrimination at Point 72 two, calling out "no girls allowed" prior to meetings. I know some of these guys think they are bulletproof, but the guys at Point 72 must have given 0 fucks.
I'm a banking analyst and I did an internship in <abbr title="private equity">PE</abbr> and I liked it but I think there's more opportunity in the public markets and I want to have autonomy (and high earning potential) earlier in my career than post-MBA <abbr...
Multi-strat <abbr title="hedge fund">HF</abbr> analyst focused on public equities. All opinions are my own, any views on specific funds are purely anecdotal, will not answer anything too detailed on my background or specific funds, but happy to speak to broad industry...
Pretty straightforward. Other than having the basic 3.5+ GPA and being at a solid bank/group (assuming you start in <abbr title="investment banking">IB</abbr> and are looking to move to HF), what can you really do to differentiate yourself from the other candidates during...
Short of it is that I bombed into a non-target almost 2 years ago and I'll be getting a Computer Science Bachelors and a Masters in Data Analytics come a year or two. GPA is not an issue. Masters in Financial Engineering (MFE) from a target down the road, is on the table. But for now,...
I often hear this combination of terms bandied about. Is there anyone at a shop who has a mandate like this? What is your process/edge? Are there any classic books you'd recommend as a practitioner of this style of investing?
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...
A number of friends/acquaintances want to give me money to manage on their behalf. Obviously if I were to do this under a personal account it would be illegal. So how hard/costly is starting an investment fund that can take money from other people? I would just want the cheapest, simplest legal...
It’s been a while since I’ve visited <abbr title="Wall Street Oasis">WSO</abbr>. Yet in my early 20s, this was the place that I would often come to for information and guidance. In the spirit of giving back, I’ll share my story and a few nuggets of wisdom that I...
There's been a lot of discussion about typical L/S being crowded out as more investors move towards passive investing. So, this brings the question - what strategies in the hedge fund world do you see succeeding in the future? I think we can all agree quants will be very successful, but...
I currently work on the sell side doing Equity Research. One thing I have noticed is that management teams don't want to meet with funds that short. Management is generally considered to be a good resource for investors/buy-side and can sure up someones' investment thesis (or destroy...
Hi <abbr title="Wall Street Oasis">WSO</abbr>. I have a decision to make between <span class='keyword_link'><a href="/finance-dictionary/what-is-a-hedge-fund-HF" rel="nofollow">joining a <abbr title="hedge...
Hello, The purpose of this thread is to serve as an overview of the Crypto Hedge Fund industry. Other common names for this space include Cryptocurrency Hedge Funds, Blockchain Hedge Funds, and Digital Asset Hedge Funds. In this thread, I am going to discuss the following: 1. Industry...
Any generalists out there, how do you produceb alpha when you don't even have expertise in an industry or lots of experience in that space? How do you narrow down on an investment that would deliver long term returns?
David Tepper grew up in a middle class neighborhood in Pittsburgh, PA. He became interested in the stock market after observing his dad, an accountant, trade stocks during the day. Following high school, he enrolled in the University of Pittsburgh, where he excelled. After Tepper graduated with...
<h3>Hedge Fund Structure</h3> Over the last few months I’ve realized just how diverse hedge funds are, and how little people (both in/out of the industry) understand about the different structures. This is my attempt to distill some of the bigger differences in ‘team structure...
Did anyone else get the invite to do accelerated recruiting for Point72's Academy program? I got it, did the Hirevue, got the second round. Responded to HR's email about scheduling a time for the second round on Friday, but still haven't heard back? They're doing second...
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 <span class='keyword_link'><a...
Looks like 2017 took its first major casualty (as far as I know). I read yesterday that they were looking to return about 40% of their assets but I guess they decided to pull the plug entirely. [quote]Eton Park lost more than 9% last year, investors say, even as the S&P 500 posted a...