Silver BananaTopicReplies
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Definition of underlying.Hi, I am studying for my CISI exams coming up In May. I am seeing the word 'underlying' a lot. Please define as this is being talked about massively. Thanks....
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Distressed News - Is Reorg Research worth the price ? Hi Monkeys, I am an analyst at a French turnaround management consultancy company that is currently considering to start a distressed investment practice. My firm is looking at various information solutions on Distressed Debt, and trying hard to understand what's the best solution. Given that we'...
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Sohn Investment Conference NY - Extra TicketHave an extra (transferrable) ticket to the Sohn NYC conference next Monday that I'm looking to sell. Figured that there might be some interest here. Willing to listen to offers, PM me if interested....
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AXE Capital -- Exit OpsWith all the recent news regarding AXE Capital, I was wondering if it's still a good place to work? Obviously it's been a top shop historically, but recently all the bad headlines have made me wonder if joining the firm would be a bad idea. Also, would the exit ops still be good even if I'm traine...
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AQR Capital Management - Interview - Equity ResearchHow to determine optimal portfolio allocation under changing market conditions. How to estimate factor models using large data sets, including derivation of certain estimators. Performance of estimators, and robustness to heteroskedasticity and time series variation in errors. Also asked about struc...
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Large hedge fund analyst compensationWhat do you guys think is a typical/fair compensation for an analyst (say age 28-32) in a large (>5b) established multistrat fund in NYC? What comp level do most people tend to flatten out at (and at what point in their career), assuming they do not become PMs?...
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Coatue management interviewHi has anybody interviewed at coatue? I’m a college soph (rising junior) interviewing at coatue for a data science role. I have an introductory call with a person next week and was wondering if anybody knows what I could be asked...
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Definition of "Hedge Fund Sponsor"We all know what a hedge fund is, but what is the actual definition of a "hedge fund sponsor"? ...
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How good does a top Hedge Fund internship look?wondering what the perception is for having an internship at a celebrated hf (think Greenlight, Elliott, Baupost) in portfolio valuation? might it make breaking in out of undergrad more feasible? also, how about for looking to do SA programs at a BB or EB? TIA...
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SIG Equity ResearchHey guys, Any idea what SIG equity research is like in terms of prestige, respect etc. Also, what kind of exit opportunities are there, I am interested in how SIG would be viewed by other firms. I know it is a very quantitative firm, so that would be a great learning opportunity as well....
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Please critique my equity long pitchGuys, I have a final round at a long-only shop at the end of this week. They are a relatively concentrated bottom-up, fundamental style investor (20 - 40 positions), manage > $50bn and I have been asked to come in and give an elevator style pitch for a long - no longer than 5 minutes to give it. I ...
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BlackRock - Interview - Alternative InvestmentsWhat issues is the industry currently facing today? Describe what a relative value strategy is and what it’s risk profile is compared with other quant equity strategies. How do you assess the risk of a new manager? What questions do you ask a new manager? The weirdest question I was asked is what ...
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KKR Special Situations - LondonGuys, does anyone have any information on KKR's Special Situations team in London. It's part of the Credit team. Any information on work culture, compensation etc would be great....
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Canadian Student (undergraduate) UC Berkeley vs Richard Ivey (Canada)......................................................................................................... ...
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Bridgewater -- A Crazy Cult?I recently attended a Bridgewater info session, and while it seemed like a place that hired a lot of smart young people, it also seemed a little bit cultish ('we tell everybody what we think of them every day, including the CEO' etc etc)...which is fine enough I guess...BUT What worried me is that ...
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Two Sigma Investments - Interview - Quantitative ResearchHe asked the questions according to my resume such as why do you use R^2 to indicate the fitness of the regression. Does it mean the higher R^2 the better the model? ...
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Sohn NYCAs Sohn is around the corner: is any HF investor going to attend the conference? Heard that the event is very crowded and wonder, how useful it is from a networking perspective....
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Orbis and Oldfield PartnersAnyone heard of Orbis and Oldfield Partners? They are investment funds. Keen to hear re culture, pedigree vs established hedge funds, comp etc thanks...
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Follow Warren Buffett News on Instagram ! (https://www.instagram.com/warrenbuffettnews/)This instagram posts quotes & news about Warren Buffett and his companies. Our goal is to be the best Warren Buffett news source on Instagram which is why we post the news as it happens. Everything here is human curated, no bots! With ~8 news articles posted per day, and a similar number of quotes, ...
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Sun Capital - Interview - Investment Bankingvirtual function in C++ fair coin, HH or TT will win, chance of winning Let n points be on the circle. The probability that the given n-gon includes the center of the circle. How do you delete a node in BST? There are six cities and two modes of transportation. Each pair of cities is connected...
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Data Analyst or Operations AnalystI received two job offers this week, one from a more well known hedge fund in CT for a data analyst position, and one from a korean asset manager for an operations analyst role in which there's lots of room for lateral/vertical movement within the company. My goal is to eventually get to a research ...
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John Paulson Owes $1 BILLION To The IRSI know you guys saw this go up on the journal. A decade ago, the hedge fund manager bet against the subprime mortgages ahead of the crash and was one of the whale sized winners. He made $15BN for his funds, and took home his own bonus of $4BN. Now, he owes about $1.5BN to the IRS. [quote]By April ...
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Point 72 Asset Management - Interview - N/Athe questions were given ahead of time for the pre recorded video interview - done through the hirevue recording platform - but the intelligence test had some very different questions that I had not seen before but i thought it was very interesting and easy to pick up. make sure you work fast becau...
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Would you quit your Hedge fund gig if your boss has emotional mood swings?If you were an analyst working at a small fund under one PM at a typical L/S equity hedge fund, you were paid pretty good/hours were good and have the potential to get equity in the fund as You progress contingent on performance , but your boss was erratic and goes through cycles of mood swings beca...
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GPA for IR roleSo I was just dinged for an IR role at a fairly large fund ( think Baupost, Elliot, Viking). The headhunter informed that although my experienced matched what they were looking for and I presented well, my GPA was too low. Has anyone else experienced this, your background matches but your GPA bloc...
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If you want to start a Hedge FundA friend of mine who works for a hedge fund incubator in London, they currently have around $500 mil AUM. They can set you up with compliance and all the tools needed, they have a in house accounting team, lawyers and so on. They provide you with the right contracts. But its not like you going to s...
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Starting in Finance when older?Hello, I would like to know of any examples, either from posters on this forum or potentially more famous examples of people beginning in finance, specifically hedge funds, at an older age. The majority of examples I found were quant or systematic types who are phd academics who left to join or sta...
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On the Job With Simple As… My Research ProcessWhen 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 that t...
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JR. Operations Analyst Interview TomorrowHey all, new WSO member here... I have a Junior Operations Analyst interview tomorrow at a relative value/emerging markets hedge fund in Midtown NYC. What types of questions should I be expecting (this is a first round interview that I landed through a high school alumni group) , they are nearing ...
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Bloomberg - Interview - Global MarketsWhy do you want to work in Hong Kong? This was a bit unexpected as I usually never get asked questions about why I wanted to work in a particular city; employers usually assume that you would be able to deal with it. I guess they asked because I was from another country and they suspected that I ma...
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Capital Call: Launched Anti-Phony Innocence Fund IV - Min $5m - No Ivy League bastards; PM me for NDAIf you really want to hear about it, the first thing you'll probably want to know is Caulfield Capital's strategy, and how much we launched with, and how much I got from the friends and family round, and all that David Rubenstein kind of crap, but I don't feel like going into it if you want to know ...
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Value-based US equity funds with strong track recordAm based in London, so less familiar with the U.S. market apart from the large guys a la Baupost, Pzena etc. What other shops are strong performing (across the cycle) funds with a value-based strategy in equities? ...
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Should I get a JDBackground: I'm currently at a multi-strat shop (coming up on 3 years here after 4 in banking) and have been looking at a lot more distressed debt situations. It feels like a space I want to continue to grow my skills in. Education: I have a dual degree in Computer Science and Business Administrati...
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HF Interview hear back timelineI had a hf final round interview with the fund owner. I was sick, super tired and nervous, therefore just did a ok interview (maybe worse than that). However, I provided my research portfolio (not very related, pure equity alpha and systematic portfolio strategies research). I can tell he was kind o...
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Equity vs. Credit funds?How average, who usually makes more? Analyst at L/S credit or equity funds? Thoughts?...
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CFA level 2 materialAnyone on WSO have CFA L2 material (exams, outlines, summaries, LOS overviews, online flashcards, etc.) that I could use for the exam? I am sitting for the exam in NYC - done with one read-through and plan to start practicing questions now until exam day....
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DE Shaw vs Two Sigma vs Citadel Offer AdviceJunior undergraduate at top school (think HYP) studying quantitative field. I've been fortunate enough to land summer offers with DE Shaw (trading), Two Sigma (quant research), and Citadel (itap - investment and trading associate program). I'm hoping to make a decision in the next two weeks. Could a...
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11Honoré and Precious Lee Are Here to Disrupt the High-End Fashion WorldThe fashion industry has always been exclusive—but even more so if you happened to be above a size 10 or 12. If you've ever eyed a runway look for next season’s wardrobe, chances are the brand wouldn’t make it in your size, unless you went straight to the designer for a custom-made dress. But...
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comp at point72?anyone know what comp is like for junior level for research analysts in their first few years? or vs the industry standard?...
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Startup Hedge Fund Entity structureHi, I have started a hedge fund. But I am looking for ways to structure the business into such a way that, I can bring in a wide range of investors like US and Non-US. I want sort of a multinational hedge fund structure where, a lot of strategies of different types can be used. With investors of dif...
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The Vulture InvestorsAnyone have a pdf of the book, or know where I can get one cheaply ? the ebook is ~ $30 on Amazon......
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IMC Financial Markets - Interview - N/AGiven a market on the populations of two countries, how would I transact (buy/sell)? Lots of coin flipping questions. Some mental math. Various brain teasers. If I go to a casino and I have $1000 to spend, and I get an extra $200 if I participate in at least $2000 of bets (think roulette without the...
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Patriot Power Greens two easy sugars**Patriot Power Greens** two easy sugars referred to as glucose and fructose. Sweeteners like desk sugar and high fructose corn syrup are a mixture of each types. culmination comprise a aggregate of fructose glucose and sucrose. while eaten in big...
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Star-up HF over a large HF from an MBA perspective?I am currently working as a 1st year analyst for a Hedge Fund in Asia that currently manages an AUM of $500Mn, exclusively investing into Asia (prior experience in IB). I am thinking of joining a small shop which is just about to launch (hedge fund) that will raise anywhere between $50Mn to $100mn. ...
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Prestige of P72How prestigious is point72 in the HF community? Just curious, as I've been reading about them a lot more in the news in the past few months....
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CAIA Level I Study MaterialI recently took the CAIA exam and have a lot of leftover material/study guides/powerpoints that I paid good money for. I am wondering if I bundled all my files if people would be interested in purchasing them. Thinking $40 for it all, compared to the hundreds and sometime thousand dollar study guide...
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Where's a good place to find ranked performance of hedge funds over time?I'm thinking of something like IB league tables, but I can't find it. Does something like that exist?...
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2018 Point72 SummitHas anyone participated in/is anyone going to be participating in P72's one-day academy summit this year? I'm curious about what the interviews for the summer 2019 intern position will be like once we're there, since the interview process to get into the summit wasn't super technical. Do you guys th...
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Wellington Management - Review - GeneralistGreat culture there is a lot of room for internal promotion they like to keep people on rather than send them after 2 years.. Long hours, the work can get repetitive, there is a decent amount of bureaucracy, but the firm is working on it....
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Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and BeyondA 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 fund is c...
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L/S funds: Alpha long/short vs pair trade pitches Hi! Wanted to get an idea from those who have gone through the process of applying to L/S funds. My background is in PE and thought the best fit (most transferable skills) is to apply to funds that take longer term investment holding period & fundamental analysis approach (similar to tiger cub styl...
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Modern measures of riskWhat is everyone using nowadays? For example, stuff like VAR is considered pretty "quaint", market Beta has been often derided as being questionable as a measure and whatnot, so I was wondering what the guys on the ground actually care about. Hazarding a guess: We've had massive expansion in comput...
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How to get into the HF industry? #Confused UndergraduateHi guys, I am an undergraduate economics and mathematics student. I am really confused about my post graduate study, and I would like some advice. 1. I am really interested in Mathematics, and I wonder if pursuing a PhD in math would do any good on getting into a HF? (or PhD in economics) 2. Is MBA ...
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Corporate Banking to Hedge Fund?Is it hard to break into a hedge fund from a corporate banking background? People outside of finance often view corporate banking very similarly to investment banking, however, those that are in investment banking often look down at corporate banking folks. Coming from a corporate banking backgr...
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Point72 - Interview - N/AThere were no difficult questions as of yet, however, the questions asked had multiple parts. This combined with the short time constraints allowed for an uneasy experience. The most difficult question asked was, to paraphrase, "What are your strengths and what would your groupmates say are your wea...
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The Tudor Group - Interview - Hedge FundNothing was difficult or unexpected. There were just questions regarding my resume and questions regarding my knowledge of programming topics. For example, they walked through all of my extracurricular activities, my classes, and questioned me on my projects and such. I interviewed for a quant devel...
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AMA: Non-finance major --> BB IB --> Director at $5B+ Multi-strat HF (in 6 years)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) IBs only recruited for back and middle office positions Got a gig in capital markets at BB bank in NY (2 year...
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Hedge Funds vs Quant FundsAre hedge funds being replaced by quant funds? I'm looking to go into finance after college but I'm worried that the age of hedge funds will be over. ...
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distressed debt analysis (moyer) and then?hello, I work in a boutique that invest in npl, claims vs public sector and direct lending I just read "distressed debt analysis" , it is useful but very general Other book more technical for the distressed/ special situation sector...
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Who are the best hedge fund managers?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....
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Is Long/Short Equity Hedge Fund Dead??I keep hearing that long/short equity hedge funds have been struggling to generate alphas. Is it true? What do you guys think about the field in general? Where can I learn about them more?...
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Explain to me like I'm a 12 year old the benefit of a hedge fund My dad is consistently trying to show me articles how hedgefunds are BS 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 s&p and index funds. I don't know enough about the subject to even respond ...
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How do you diligence the strength of a brand?Hi guys: I've been looking at a specialty apparel company whose brand has fallen out of favor for the past few months. I'm curious on how you guys would go about diligencing the strength of the brand and turnaround potential please? What I've done so far is 1) read through this company's past 20 ye...
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Due diligence questions booksHi guys: Can someone recommend a good book on due diligence please? I'm especially curious on experienced professionals' thinking on the important questions to ask for different industries - almost like how one would do in PE. Thank you for all your recommendations!...
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Fixed Income AM to Distressed DebtI am currently wrapping up my first year in institutional AM. I got a brief taste of distressed debt and have been reading up on it for a few years now. I feel confident that this is where my interests lie and wanted to begin setting my sights on this field as I complete a rotational program. I'm in...
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Volatility arbitrage, capital structure arbitrageI am interested in the two strategies and would like some readings/sources on them. My understanding of vol arb is that you are buying options + short underlyings to create a delta neutral position to extract only the volatility returns from the options. As for Capital structure arbitrage, I rea...
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AQR Capital Management - Review - Engineering- Good environment - Challenging work - Good hours - Free lunch and dinner if you stay late - Good engineering culture. - Location is not so great, commute is 30 minutes minimum - Pay is lower than competing companies: Citadel, Two Sigma...
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What exactly is Baupost's investment mandate?Just finished reading Margins of Safety on a friend's recommendation and decided to do a quick research on Seth Klarman and The Baupost Group. I'm still quite unsure regarding what these guys can invest in. Their investment holdings include blue-chip names like Microsoft, distressed debt in Puerto R...
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University of Illinois Computer Science & Statistics Major. What are the chances that I can end up in IB or HF space ?Going to be attending UofI next year. How does UofI do with placement at funds or I Banks? Chicago area or New York preferably. Goal is transfer out to Cornell, Penn, NYU or UChicago, but in the case that doesn't work out, I would like to know what I am in for. Thanks!...
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Two Sigma Investments - Interview - Finance1. What properties does a matrix need to satisfy in order to be a correlation matrix? 2. We are given a package which implements Lasso regression with no intercept, how should we use the package to implement Lasso regression with nonzero intercept? Note that we do not the intercept coefficient to b...
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Citadel Investment Group - Review - TreasuryGreat name on resume. Good compensation for an operations role. Good health insurance and catered breakfast and lunch.. Zero opportunity for growth or movement out of the back office. Treated like a janitor and second class citizen in the firm. Long hours for operations roles that are not rewarded. ...
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Point72 - Interview - N/AI haven't got through the whole process yet, so far there is no super difficult or unexpected question. In the pre-recorded video interview, they asked questions like what is the most intellectually challenging case you've done so far and how did you prepare for this interview. The fit personality t...
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Cold Call v. Cold EmailHey guys, What is more dangerous here- a cold email seems more formal, but a cold call may give me a better chance of getting the information regarding internships that I am looking for. With that being said, I don't want to sound ridiculous. Is it a bad move to cold call, and should I just stick t...
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Citadel Options Market Making FT First Round Phone Interview I received an interview with Citadel's options market making desk next week. I am a finance major and have a couple experiences as an intern at another small prop trading shop. Was wondering if any else went through this and what to expect? Thanks...
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How to make the transition from a Mezz. / Direct Lending role to a large multi-strat credit fund?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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BlackRock - Review - Investment BankingBlackrock APG is technology focus group. Many technology training and hackathons Senior management listens to your ideas and you can get time to implement the same. Goo transport and food.. Too many projects at one time.Sustaining here can be a challenge if management has favourtism. They will favou...
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Akuna Capital LLC - Interview - GeneralistI'm not that familiar with Python before, especially for a limited time online test. There are many kinds or sets of questions as other interviewers have posted but mine seems nothing like them. I could remember the first question is to write a function to find the symmetric date. They are typical...
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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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j goldman (not GS)does anyone know anything about this hedge fund? Specifically what its fee structure is?...
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Distressed HF Internship Interview Preparation (Undergraduate)I'm an undergraduate student (sophomore) at a target, and I have an upcoming first round interview with a distressed HF (Anchorage/Silver Point/Centerbridge/etc.) for a junior summer internship and a potential full-time role afterward. I've browsed the forums and found the ones about "Credit Hedge F...
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JP Morgan Asset Management's HFsIn worlds largest hedge funds JP Morgan always come up. Does anyone know what their hedge fund group is called? See http://docs.preqin.com/quarterly/hf/Preqin-Quarterly-Hedge-Fund-Update-Q3-2017.pdf...
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Stock pitches coming from ERComing from sell-side equity research and interviewing for hedge funds, is it ok to pitch stocks that I already cover? More importantly, what about pitching a stock as a long or short when my lead analyst's published rating is a hold/market perform? Can obviously provide a disclaimer that it is my o...
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AQR phone interview for Global asset allocation group position: insights?I have a phone interview with AQR soon for a position in the Global asset allocation group. This is a junior-level position (~2-3 years of experience). Has anyone interviewed with AQR before? Any tips on what kind of questions I should expect? Thanks a lot!...
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Are Hedge Fund Employees Structurally F***edHappy 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 talente...
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Gluskin Sheff - Interview - N/AThe most difficult questions were the ones that were most vague and open ended, there was no simple yes/no answer, but a matter of how well you could justify your opinion using logic and examples. 1) What's the most important aspect to consider before further escalating a company as a prospective i...
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Point72 Canvas FRGIs anyone familiar with the canvas fundamental research group within point 72? Nature of the work, comp, hours compared to front office, etc? ...
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Cowell and LeeHey has anyone heard of this fund in hong kong called Cowell and Lee? I'm looking to move out to Asia and apparently they're an event-driven fund focusing on credit. Any feedback would be great, thanks!...
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Mathematics for hedge fundsWhat kind of mathematics/statistics Phds are hedge funds most interested about? Stochastic calculus, PDE, Machine learning, Stochastic control, Time series, financial econometrics etc?...
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Valuing Holding Companies with Intercompany TransactionsI am currently struggling with how to value a construction company, any help will be much appreciated! Details are as follows: There is a construction company, which has a ~41% stake in a renewable energy subsidiary. The construction company derives half of their construction revenue from construct...
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If I want to eventually work my way up to a position at a hedge fund...Right now I am a senior in high school who just got into Fordham and Baruch and I am waiting on more decisions. I know you guys probably get tired of hearing this, but I have dreamed about working in the world of finance since I was in 6th grade. I was just wondering if you could give me any advice ...
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