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+7
Struggling to provide a 'valid' reference

Piigs fly

I've received a verbal offer a week ago from a tech startup. I'm now in the reference check stage. HR initially asked me for two references, but has then been constantly following-up with me and has asked me for a total of five references. The problem that they're facing is...

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+5
ROE tracking the market

PacioliBoss

Here’s a simple question for all of you investing hotshots: Why don’t market returns track ROE? In other words, if ROE represents the return on the common shareholders’ equity in a particular company, then shouldn’t the market (over time) compound at the weighted average of all...

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+3
Tiger Global / Tiger Cubs

MonkeyBeesWax

Hey guys, I'm trying to find a good book about any of the PMs from Tiger Global / Tiger Cubs. I just want to learn and read about their career/life path, culture at these firms, etc. Any good suggestions?

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+1
Monarch Alternative - any info?

Paul Reichmann

anyone have any info on these guys? they're mentioned in a few threads that list a number of distressed investors, but couldn't find any detailed info on their 1. strategy/rep 2. culture/hours, and 3. comp (their AUM is much lower than their peers and from what i can tell, they don't seem to run par...

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Linking Ending Cash to Balance Sheet - Modeling Question

bill_ackman

I'm having issues linking ending cash on the Cash Flow Statement to the Cash & Cash Equivalents balance on the Balance Sheet. The numbers seem to be different by more than 20% and I triple checked. It probably seems that some of the cash is put elsewhere on the Balance Sheet (as the cash flow number...

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+3
Value vs. Growth Investing

Bigtime44

Obviously these two investment styles are derived from different schools of thought and have both had their successes and shortcomings over the past 30 years. How do you distinguish these mindsets for investors? Do you find yourself partial to one or do you learn to develop that mindset based on w...

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+2
Value company from Gaap or non- Gaap Basis?

papadelight

I'm currently pitching a high growth tech company (+55% revenue Yoy) and they give guidance and quarterly earnings on a non-gaap basis, which makes it hard to project IS items on a gaap basis. I know the adjustments to make, but I'm not sure whether this company is valued on a gaap or non-gaap basis...

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Startup Hedge Fund Hiring with Equity

newbie2banking

A guy has asked me to help him launch a fund that has promise. We need to build out a small team (CFO/COO/etc). Though salaries will not be paid until we reach a specific level of AUM. Where could these type of individuals be recruited, without salary being paid at outset?...

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Ruane, Cunniff, Golfarb as an exit

thegreatspoofing

I am an undergrad currently set on entering a career in investment banking. I was wondering if they typically hire FTs straight out of their summer investment analyst program or if they are open to people exiting from EB IBD? I know they typically only take 1-2 FT first year analysts yearly. Let me ...

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Fund NAV question

skyork

In the context of open-ended funds, what does it mean when someone specifies that redemption will be limited when "shares of fund NAV surpasses 80% of the total assets"?...

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+8
Merger Arb/Risk Arb?

HFunder769

Hi everyone, I hope you're all well. I had a quick question for you; I currently work for a Special Situations fund, and have an interview with a PM for a HF focused on Merger/Risk Arbitrage. I did a quick search on the strategy and found some threads, but was hoping for a bit more insight. Specifi...

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+50
Leaving a single manager to start a book at a platform

bulge4lyf

Has anyone made the switch from being an analyst at a single manager to being a PM on any of the platforms? As background, I've been at a single manager for 6 years and have covered my sector for a total of 8 years. I'm making ok but not great money for someone my level (500-750K) but have always h...

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13 year old trader

marcus_3

I am making this thread because I am so passionate about trading and I'm doing everything in my power to network to finally get an internship in the hedge fund industry. I even built a LinkedIn bot to send out my cv to Portfolio Managers. Would also appreciate if someone wanted to be my investment ...

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Investor Service Associate Salary?

Hdbdjdjdndbdhhshs

What should I say for my salary requirements for a back/middle office role at a hedge fund? Midwest firm with about 15B AUM. Wanted 4 years of experience according to job posting(which I don’t have)....

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+5
Distressed Debt Analysis - Moyer

iFindValue

Hey Guys, Anyone have a pdf copy of distressed debt analysis by stephen moyer they'd be willing to send me? I am very interested in the distressed space and want to learn as much as I can. If any are willing, it'd be much appreciated....

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+1
Syndicate Calendar - We are looking for new syndicate calendar investors

Syndicate Broker

Seasoned institutional broker with 20+ years experience. Our firm recently merged with an investment banking/corporate finance firm which is VERY active in syndicate offerings. This is a new area for me, as my focus is on tradional research sales trading. If you are active in the syndicate area a...

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MBA and age question

ApolloEast

Hello, I have a question about recruiting for an HF position out of business school, and age. I'm trying to plan for potential career paths. Say that I go to an M7 MBA after five years of experience, with the most recent experience being sell-side equity research or investment banking. Does age st...

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King Street Capital - Any insight?

BankMeUpScotty

Dear WSO community, I have been looking but couldn’t find anything on King Street Capital Management on this forum, although they are one of the biggest hedge funds in the world with ~$20B AUM. I understand they are a special situations / event-driven hedge fund and can invest across the capita...

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Transitioning from Market-neutral strategy funds

TripleTrack

For those who have worked at Millenium-type shops running tight market-neutral strategies and moved onto funds that have longer holding periods and take more concentrated positions, or vice versa: 1) How transferable is the skillset of covering / pair trading 40 names? 2) How important is quarterly...

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Hedge Fund Seed Deals

heretic

First post on WSO, used to be a reader a long time ago. Great site, thanks. I'd like to start a dialogue with anyone here willing to help me who knows about hedge fund seed deals. Specific questions: - Average terms (%, lockup, AUM at launch, etc.) - Exclusivity options (how much are these worth?...

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+2
Point 72 Experienced Hire Process

Bluefanatic

I am recruiting for P72 out of private equity, trying to get a sense of the process. So far I have had a a few fit interviews and now doing a case study for a particular PM, also took modeling assessment and wonderlic. How does the process unfold after that? Am I expected to do more interviews with ...

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+32
Credit Hedge Fund opportunities

bigcheese210

I wanted to make a quick blurb/ overview of the different pathways in the overarching credit space but also seek feedback and other thoughts from other guys in space – knowing full well plenty of things on my list are guesstimates, anecdotal, etc – and that I’m more coming from a place of tryi...

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How to make the transition from a Mezz. / Direct Lending role to a large multi-strat credit fund?

AzaFolkz7

Hi fellows, Relatively simple question here, as laid out in the title: I spend ~3 years in banking at two firms, doing mostly financial sponsors but also some M&A and restructuring. Moved to the buy-side about 6 months ago in the credit arm of a PE fund (think AEA or Audax Private Debt). Enjoy the...

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Distressed Debt Ratios

LaNoob

What are the mains ratios to look at when considering distressed debt plays? How would I find distressed debt investment ideas online (like for stock pitches in interviews)?...

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+65
AMA: 3rd Year Hedge Fund Analyst

ActiveShare

I'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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Hedge Fund as buy-side exit after IB ?

Rorshak21

Hi everybody, I hope I am not the 100th to post something like that. If so, please tell me and I will further dig on this forum. I'm gonna be pretty straitghtforward: I just graduated from business school and gonna start my career next July in an EB as M&A Analyst in Europe. I have always been mot...

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+5
Columbia Value Investing Program Placement

Stevie123

I know this has been covered previously, just thought I would bring it back up since I'm considering this program. How is this program viewed from perspective employers? Without prior buy-side or equity research experience would this program be a good launching pad to the buy-side? ...

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+6
How does a guy Running a Long Volatility Mean Reversion Strategy get a Job at a Hedge Fund?

traderfirstyear

I have a quick question for any one on the forum who could help. I previously worked as an junior level investment analyst. I could not get promoted, so I left in 2017 to start my own shop. I ran a multi-strategy convex portfolio designed to create asymmetric returns with a strong focus on systemati...

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+6
Asset Management vs Investment Banking for exit opps into value-based hedge funds

Hedge Funder

Hello everyone, I am a South American student in my final year at a target uni in London and I currently have 2 full time offers and I am stuck and do not know which one to choose. The offers are: 1) A full-time offer from an elite boutique (Lazard/Rothschild) where I would be doing a mixture of res...

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+8
elite M&A -> elite HF -> failed startup founder -> decent HF?

BobbybananamA

If you leave the hedge fund industry after 2 years to start your own company, how hard is it to go back into the industry assuming the startup fails? Suppose you did 2 years banking at a great group then 2 years at an elite hedge fund. I am considering starting a company, but want to understand what...

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+9
Point 72 Academy 2019 Recruiting

wolfofdurham34

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 ...

126
+5
Hedge fund analyst salary vs investment banking?

biobro

I’m trying to decide between an MM investment banking associate position and a hedge fund (>10bn) equity analyst position (post MBA). The IB position salary is known but since hedge fund analyst salaries vary widely, I wasn’t sure what to expect. Also how hard is it to go from a reputable MM ...

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+1
NonCompete and equivalents..

mavericksn

My acquaintance, a quant trader, had a non compete of 5 months at a quant hedge fund. He left the firm, and after the non compete ended, his exEmployer sued him to try to get an injunction, with barely any facts. Given the pending injunction, which takes a lot of time for even straight forward decis...

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+2
Quant portfolio manager interview

CambridgeGuy1986

Hi, I have been working for a single manager Quant fund for about 4 years. I would like to move into Quant PM role at a multi manager. I have been in touch with a recruiter and will soon have some first meetings with business development guys. My key problem is that I do not have a track record, ...

10
+7
Junior analyst at small fixed income hedge fund

Fingirl5

I've been working at a small fixed income hedge fund (~350m) for a few months now whilst I finish my undergraduate degree. I'm not sure how I feel about the environment. It's a very small team, 2 funds (1 is closing and second just opening). They have 1 PM, 1 junior PM for the new fund. And then an...

7
+1
Google Alerts / Alternatives for Company & Industry News

ke18sb

Is there anything besides google alerts out there people use to track news on companies / industries. I use google alerts, but unless I'm doing the settings wrong, its mostly just crap that gets pulled about stock technicals, etc. that's totally automated and worthless. Ideally, the goal is getting ...

1
+1
any value to MBA in quant fund world?

guy_incognito

I come from a technical background and work on quantitative strategies. Is there any value to a MBA? My impression is no. Is there value if I want to jump to PE?...

1
+1
Custom algo work?

differentialequations12

Is there a market for custom algo dev work? I can imagine a lot of smaller shops not wanting to hire a lot of full time devs, but I wasn't sure. Figured I might ask some of you to see if it's something that might fit into the current market -- crypto or equities. ...

1
+2
Banking vs Family Business

juan.longo97

Hello, I will be joining a BB bank (GS/MS/JP) in London as an IBD analyst. My father runs and owns a pretty decent businesses in South America. He recently lost passion for one of his businesses ($1.5mln EBITDA and about $14mln revenue which makes up approximately a third of his wealth I would say) ...

3
+1
Negotiation of Terms, as a new Hedge Fund Marketer. What to ask for?

YoungSun

Hi all, I recently landed myself a marketing and sales position with a small global macro fund in Asia. Despite its size (...

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+1
Global Macro Hedge Fund Interview Preparation Advice

willyoulike

Hi there, I am getting an interview from a Global Macro Hedge Fund mostly focus on FX, Fix income and etc. Would like to know any advice for the interview preparation. Thanks a lot in advance!...

1
+3
Quant hedge fund career progression

veryBadShort

I've been working in a major quant hedge fund as a researcher for almost three years now and I thought it would be a nice idea to lay out my thoughts about the quant space, and maybe give a bit of a contrast to the overwhelmingly positive image quant shops get. Also, any advice on career choices app...

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HF Internship > Undergrad Senior > HF(?)

PoorCharlie

I recently landed an internship with a Macro HF. The whole process of networking my way into the internship was one of the greatest experiences I've had in school....but now I have to worry about what comes next. It was made pretty clear during my internship pursuit that the majority of funds hire o...

1
0
Tiger Cub: Matrix Capital Management?

Your Dad

Anyone know anything about this firm? Started by David Goel, protégé of Julian Robertson, with Paul Ferri of Matrix Partners. Have an upcoming interview with them for an intern role but ironically know nothing about them. Not much on the internet either. Any information would be appreciated. Thank...

4
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Best distressed credit fund outside the US?

Manchurian Candidate

I recently joined a multi-strat credit fund with significant EU/Asia coverage and notice that some of the names in the ad hoc group are quite unfamiliar for me. What are the best "local" distressed credit funds outside of the US, in terms of both return and prestige? Below is my observation: In EU...

4
+1
IMF to hedge fund

willyoulike

Hi guys, I have been working at the IMF and world Bank as RA for a while and thinking about switching to HF. Anyone has any advice? Much Appreciated!...

2
+1
[CDO Economics] The concept of the collateral, portfolio losses, returns to equity, and the collateral earnings rate

ema

I was wondering if someone could explain to a newbie how the economics of a CDO works. To be more specific, I have the following few questions: 1. What is the collateral? Is it the bond(s)/debt in the company, the business operations of the company that issued the debt, or something else? 2. What i...

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Directional high-frequency multi-manager funds?

faceslappingcompilation

Which multi-manager funds would be interested in a directional high frequency strategy trading US CME / CBOT futures? After doing months of research, i recently discovered a semi-high frequency strategy (avg trade duration is minutes, with the occasional runner that lasts 1-2 hours) with good sta...

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Bridgewater Investment Logic Engineer

Macaco

I have an upcoming interview with Bridgewater for the Investment Logic Engineer Internship position. Any information or tips for the process?...

3
+6
How to pass resume screen get interviews from a hedge fund?

banana0913i7

Hi there, currently a junior at a top U with 3.7 GPA, major in math/CS. With relevant experience/investment clubs/upcoming internship at a BB. I have been: 1. applying to L/S equity funds (some top funds, some smaller ones) with or without internship programs by submitting my resumes online, but N...

17
+1
Bayview asset management

bureksunshine

1. Does anyone have any color on Bayview Asset Management in Miami and how well they're perceived in the mortgage investing space? Looking for more targeted feedback other than their focus, which, on the investment side is RV investing in whole loans (non-performing and re-performing), mbs, abs. How...

2
+1
Background check - quick questions

add_vocado

Hi guys: A quick question on background checks please - in one of my earlier jobs, I didn't have a great relationship with my boss. Long story short, didn't leave in the most friendly fashion, but I got a HR/company stamped reference letter that says something to the effect of - this person left o...

1
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What is the typical salary structure of a hedge fund in Toronto?

Gurj

Assume we're talking about the biggest hedge funds in Toronto. What is the salary structure? How does the salary structure compare to that of New York and London?...

2
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When breaking into the HF Industry, important to know Equity vs. Fixed Income; Strategies?

bau_9081

When you're trying to break into the HF industry, at the lower levels (i.e investment analyst), how critical is it that you know your preference about equity vs. fixed income and whether you are interested in specific strategies, such as merger arbitrage, global-macro, fundamental value, etc. or can...

9
+1
What price would you give to Ride's stock?

ryoumahi

Hi guys! We’re doing a study on investors, basically asking you to give a price to the stock of a ride-hailing company called Ride based on some information we’ll give you. It would really mean a lot to us if you took just 2 minutes of your day to help us. When we have the results, I'll shar...

1
+3
University Classes to break into HF

chickensoup15

Are there any university classes that anyone could recommend that prepared you for a career in HFs? Or was did most of the learning come from working on the job/trading in a personal account. Really interested in potentially breaking into hedge funds out of undergrad and want to be as prepared as po...

6
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Noob Value Investing Questions

Al Bundy

Hi, As the title says, I hope these questions aren't completely stupid, but basically, I have been developing an interest in value/fundamental investing, and I was wondering about a couple of things: 1. What styles are associated with non-quantitative, more fundamental methods? I.e. its a given th...

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Importance of Undergrad GPA at Funds?

Warren's Buffet

Hi WSO, currently an undergrad sitting at around a ~3.6 GPA at a semi target. Was wondering if funds care much about GPA as low as mine and if it will truly be a big deal when trying to find a job. Some bad test scores came back and I started to worry. Thanks. ...

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Macro Analyst at pension fund to hedge fund

rokos23

Hi Guys! New here so apologies if in the wrong forum. I currently work as a Macro Analyst at a Pension Fund, how easy/hard is it to transition to a macro hedge fund? As, I've seen many people go from sell side to hedge fund, but I've been fortunate to get on the Buy-side right away- but weirdly en...

1
0
Offering Fund Startup services

xWallStreet

Hi, I sold my previous fund to a buyer that was interested in starting a fund, but didn't want the hassle of starting from scratch. I transferred to him the LLC, Wall street address and number, Fund contacts, brokerage account. I provided a one stop solution, now I am looking to start a service to ...

1
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When can I leave my GPA off of my resume?

BobbybananamA

At what point can I leave off my GPA from my resume? 4 years work experience? 6 years? What about with and without business school in there? Do you think people will ask me anyways if I leave it off? ...

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