Silver BananaTopicReplies
Two Sigma Investments - Interview - Quantitative ResearchWhat does it mean for a strategy to be 1 Sharpe? What is the overall Sharpe of 100 1 Sharpe strategies? What is your range of possible Sharpes? This is more or less related to the projects you do. I did a project where I should've known what a Sharpe ratio was, so he asked me this. But generally,...
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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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HF career advice Hi all, Hope your week is going well. I’m a current member on WSO, but made this throwaway for anonymity. As a quick summary, I hail from a non-traditional background (think natural sciences). After some time, I was able to progress into a role at a special situations hedge fund (sub $50mm). As...
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YTM spread in Bloomberg terminal Hey! Can you please help me with following question? How to find weighted average YTM spread between corporate and goverment Eurobonds (for the same currency and country) in Bloomberg terminal? Thank you!...
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List of Opportunistic Value FundsCertain hedge funds are truly opportunistic, asset-class and geography agnostic, concentrated, and usually value-oriented. These are truly flexible funds able to invest in public equities (actively or passively), distressed debt, structured credit, and private assets (RE, venture, etc.). They tend t...
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Highland Capital Management - Review - Equity Capital MarketsOverall great firm that’s in a transitional period from CLOs to a more traditional PE model. The CLO business is not what it was and it will take time to get AUM back up but it will happen with new hires and a clear new direction.. Some left over waste from back in the day who are incredibly rude ...
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How realistic is making $500,000 a year working for a hedge fund?Not right away of course, but maybe 5+ years down the road. Just wondering what the normal range of salaries+bonus is? Thanks. ...
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To PMs and Junior PMs: MM vs SM pathHave a question to PMs in equities: am considering an established value MM vs an established SM. MM total comp lower initially, but stronger curve in the long-term if the performance is strong obviously. It is not the typical trading platform with tight risk limits. All PMs follow a value-based str...
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Targeted Master's for Top Quant FundsHi everyone, I'm currently researching graduate programs with the intent to land a role with a quantitative fund post-grad. My main targets are places like D.E. Shaw, AQR, Two Sigma, etc. My undergrad was in finance and accountancy from a non-target school. Additionally, I've had 3 years of exper...
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Protocol Capital Management - Review - N/AFriendly culture, partners at firm make effort to get to know you. Also get broad overview of different kinds of hedge funds.. Internship is unpaid, and there is very little analytical work. Overall, work can often be very tedious. ...
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Taconic CapitalCan anyone speak to the work experiences and culture at Taconic? Or have any friends that work there?...
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Sending example pitches to funds & recruitersI've been working in investment research for a few years now and I'm currently looking to switch firms. Given how challenging it can be to stand out in networking and in applications (and even communications with recruiters) would you ever consider including relevant pitches in introduction network...
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Tourbillon Closurehttps://www.bloomberg.com/news/articles/2018-10-08/tourbillon-hedge-fund-to-return-1-billion-in-latest-closure Another large fund closure. Had a friend work at Tourbillon for his sophomore summer actually, but he wasn't keen on going back and instead opted for an EB for SA. Perhaps he knew what was...
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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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RWC Partners info.Does anyone have info on RWC Partners, in particular with regards to prestige, compensation etc.? Had a look here on WSO but couldn't find anything. Asking because I'm interested in their summer internship. Any help on this would be much appreciated. ...
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Frostgate LLCAnyone heard of Frostgate LLC / have any information on the firm? Saw them online and was curious if anyone had any information...
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Scopia Capital Management LLC - Interview - GeneralistI think what was hardest was the amount of work that was given to me for the stock pitch. It was extremely time consuming. The interview was many technicals that I didn't expect, including many questions about valuation and accounting. They also grilled me about the company that I had pitched, hitti...
D.E. Shaw - Interview - GeneralistThey asked me to go into detail about my academic interests. As a history major, I study nationalism and nation state building and legal history- and they asked me to explain to them the relationship between the two of them, which I wasn't expecting. After giving the normal elevator pitch regarding...
Worldquant - Interview - Natural Resources1.Why do you want to be a banker? 2.What attracts you to a career in banking? 3. What kind of lifestyle do you expect to have in banking? 4. Why have you chosen banking over consulting? 5. Do you know what you're letting yourself in for? 6. What would you be doing if you weren't in finance? 7....
Quicken Loans - Review - Equity Capital MarketsThe work is really interesting and the culture here is great. You dont have to show up to work with a suit.. Unfortunately, sustainability is a huge issue at Quicken. While the people and the culture are great, there is very high turnover....
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Understanding PE/HF 101Hello All, I'm new to financial recruiting and looking for a 2nd in command to a CEO at a HF. What would a HF CEO be looking for in the best candidate? Can someone please advise? Thanks! ...
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Highland Capital Management in Dallas?There isn't much info. about them on here. Curious if anyone has a first or second hand opinion of the HQ in Dallas?...
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Do you know this firm?Anyone familiar with the firm Gerstein Fisher? They are AM/investment advisory (link below) with a lot of research on their website. But reviews on Glassdoor do not look impressive (take it with a grain of salt) and so I'm wondering if anyone is familiar with them (reputation, etc). https://gerste...
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Citadel Investment Group - Review - Quantitative ResearchVery insightful and respectual people throughout the interview process! Organized and interesting discussion, good compensation and benefits . Relatively high turnover, although depending on teams, inter team communication is not very common. ...
Citadel Investment Group - Interview - GeneralistThe onsite interviews were not standardized. Each person had a totally different style of asking questions. One interviewer asked a strange one-line question that had a really obscure answer. Another interviewer asked me a series of technical questions? Like around 4 technical questions in a series....
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$1mm+ and $10mm+ bonuses at hedge funds (junior analysts)Sometimes you hear about ridiculous payouts of $1mm+ to certain hedge fund analysts very earlier on their career (mid 20s, after 2 years of banking or 2+2) because the stars aligned in that the fund was large and had strong returns for the year and the analyst contributed a material amount to the P&...
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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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Likelihood of getting into Hedge Fund with no experience in finance or college degree?Hey everyone. Long story short, I met a hedge fund manager (joe) when I was 18 at a restaurant in NYC through a mutual friend. Regular dinner as anyone else would have. There was no agenda, just hanging out/having dinner/talking shit. This friend of mine (joe2) owned a massive media company. At the...
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Citigroup - Review - Sales1. Strong presence globally, especially in Asia. Very strong in FX, credit and rates. Equities is picking up in terms of market share. 2. People are generally nice and friendly. Awards loyalty - met several asso/VPs working for Citi upon graduation. 3. Internal mobility 4. Branding 5. Strong corpor...
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Economic Consulting to Hedge Fund Post MBAI'm a senior at a lower top ten public university with a BA in Economics. This summer, I interned at a long-only equities AM firm. Now I'm back in school, and have interviews coming up this week with two top tier economic consulting firms (think Cornerstone, NERA, Analysis Group, Brattle, Bates Whit...
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Apollo CreditFellow Monkeys, I am trying to get greater perspective on Apollo Credit and was hoping to hear from those who are more familiar with the firm. My basic understanding is that the Credit group is divided into a few sub-groups including: 1) Performing Credit - Seemingly focused on Asset Management 2)...
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How soon can one switch jobs?I graduated this past May and started work. I realize my current HF job is definitely not what I want to do. It's been just over 5 weeks since I started. How soon is it acceptable to reach out to other firms and try to find a different job? What's the best move for me to try? Should I reach out to ...
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I've been at a fund for 2 months and hate it. please adviseso i recently took a job at a very well known l/s value hf as a junior analyst. the fund is long-term focused but BC of the pm i work under i find myself blowing through ideas so fast without doing any deep analysis on them. in 2 months ive already screened 14 ideas...aka almost 2 per week. and by s...
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What schools have the largest AUM student managed funds?I've been unable to find a comprehensive list of student managed funds at both the undergraduate and MBA level. Would anyone here happen to know which schools have funds >$1 million?...
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Eagle Capital Management Anyone have any info on this fund. In terms of reputation, track record, caliber of investment professionals. The fund apparently manages 12.5billion equity portfolio and have been around for over 20years, yet I have never heard anything about them. Is this strange or is it just me? Even when you...
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Best Route to HF?I'm a freshman in college who got bit by the HF bug after stumbling across and watching too many Ackman interviews. I know unequivocally that I want to work at a HF. Reading about the markets all day and actually investing is a dream job. I'm just as certain that I don't really want to work in ib a...
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D.E. Shaw: Background and Reference Check = Good sign?Hey guys, Longtime lurker here. I've recently had a superday with D.E. Shaw and was asked soon after to provide references and agree to a background check. Does anyone here with experience with D.E. Shaw's background check process know if this is a good sign/potential offer? Or does D.E. Shaw happe...
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D. E. Shaw Generalist Intern Final Round Context: Junior, top LAC (semi-target??), political science major Had a phone interview for the generalist position 2 weeks ago and got a call back for on site interviews next week. Any idea what kind of questions to expect? My first round was basically just a walk through of my resume, and I made ...
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reaching out to HH with 5y in the job, looking for small HFCurrently stuck in a equity sell side role. Feel like I've got something to add to an investment team, and its what I've always wanted to do from the start anyways. I'd be interested to see what's out there in terms of smaller start up hedge funds, and like the idea of less institutional, with what ...
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How much do hedge funds sell for?Coming from the startup world where exit strategies are the norm, I am curious, what are the exit strategies for hedge funds? What type of valuation is given (other than AUM) to a smaller hedge fund or prop shop that wants to be acquired by a big bank or another large hedge fund?...
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Unsure how to answer this basic biz dev question:I was asked this question the other week and while I'm sure it's a typical cookie-cutter question, I couldn't think of a great response on the spot. *"If you were hired, what would be the most difficult part for you in regard to integrating with the the team?"* Obviously want to be honest but at t...
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Wellington Management - Review - Healthcare- Compensation in line w/ experience - Truly variant perspective on investing within group - Mixed use of fundamental and quant data for investment decisions. Bad location (Boston instead of NYC). NYC pressure inside a non-nyc city makes it a less than ideal offer...
Highland Capital Management - Review - GeneralistGreat work life balance - sometimes the hours can be alot but it is manageable and great team. Invested in personal development of juniors. . Sometimes the work can be tedious and projects don't always get approved. Culture could be less intense. ...
Grosvenor Capital Management - Interview - ResearchMost difficult questions were related to the stock I pitched. Think, what the bear and bull case are, potential loss or gain. One question was related to how you would invest a million dollars. How you would build a portfolio for your grandma, yourself, and your schools endowment fund. They asked me...
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Bridgwater Investment Engineer RoleBridgewater Associates has a role called Investment engineer. I was unclear about their tasks and impact. Also, what do you do if you're fired from that role? ...
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Investment Thesis Template Does anyone have a good investment idea template for word? If you do feel free to email it to [email protected] or comment here and I'll shoot you a DM. I would truly appreciate help on this as I feel like my templates look a bit messy. ...
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Quant with a M.S in Applied Math?Hello, I am in my first semester of a M.S in Applied Math at Johns Hopkins. I plan on my degree being about 50% Probability and Statistics, 20% Pure Math( Matrix Theory, and Real Analysis) and 30% Programming. I did not want to go the financial engineering degree route as this would pigeonhold me....
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Joining a crypto hedge fund ?Has anybody thought about taking the high road and joining a crypto hedge fund instead of a traditional long/short equities hedge fund ? There seems to be a lot of top investors/traders from traditional HF/AMs going into the crypto space right now. Plus firms like Pantera capital, polychain capital,...
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Offer from Citadel SecuritiesI'm an undergrad who received a trading offer from Citadel Securities. There is not much information about the market-making side of Citadel. What's its reputation? The offer is incredibly strong and I'm probably going to take it. I heard that turnover on the market-making side is lower than the hed...
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IR/Cap RaisingI have done some research on business development, IR, and Capital Raising on WSO and most of the information that I came across is for small to medium size funds. What do these roles look like for a top 20-25 fund? I am talking about a specific role where IR and BD are a combined function. Also,...
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Indus Capital PartnersAnyone got info on this shop? Performance, culture, pay, reputation within the hf space? Coming from the perspective of a young MBA student at a top tier b-school. There's very limited info on them online, and even though they are decent size firm, their analysts seem to come from all over the place...
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D.E. Shaw - Review - Quantitative ResearchThe work was challenging and interesting. The intern program was well organized. The pay was good. . The manager was quite unhelpful. No feedback given or clear expectations. Unclear what was expected from interns. ...
Jane Street Capital - Interview - Hedge FundSorry, I am not allowed to tell the technical questions I was asked during in the interview process. But what I can say is that they ask fairly difficult probability and dice questions. You have to practice a lot before if you want to solve those question in 30min of the interview. You also need to ...
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Importance of Arabic & SWFs in the Middle East**1. A shortage of Arabic-speaking students in the West** Mandarin and Japanese have been praised as important business languages, in contrast with 'less important' languages like Arabic. This sentiment resonates with government initiatives, such as Obama's '1 million strong' (Mandarin) and univer...
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Small Hedge Fund (20-50m AUM) or Bulge Bracket Bank?I am looking at 2019 internship opportunities as a junior. I am currently working at a startup hedge fund, however am looking at opportunities at bulge bracket firms as well. Do you have any advice between staying at a small, entrepreneurial hedge fund in which you are able to tangibly affect the b...
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Paul Singer Wins Argentina Bond Battle!A 15 year fight with a foreign country! From my quick glance at the situation, Singer's going to receive 75% of his claim. As reported by various sources (Bloomberg, New York Post, CNN), this figure amounted to $1.6 to $2.3 billion in 2012, so whatever the actual number was it's higher now due to ac...
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European/London HF LandscapeWas curious to know about the HF industry in London. Is it as strong as in the US? On the forums here, I see a lot of talk about the big funds like Bridgewater, Citadel, DEShaw, TwoSigma, Point72 etc. and how they generally have a good rep in the US. Was wondering how these funds are perceived in E...
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week in the life of a Hedge Fund analyst.....for those who actually work at a HF!!!!!.....tell us a week in the life of a Hedge Fund analyst........
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Two Sigma Investments - Review - Investment ResearchCool work culture and flexible hours. Managers didn't mind me working from home on avergae 1 day per week.. During deadlines, the good work culture dried up immediately and I was given enough work to fill weekends....
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Credit Hedge Fund Definition and InterviewsGuys - I'm at a BB in Lev Fin and recently have been called up for an interview at a credit hedge fund within a private equity fund: focused on distressed debt, special situations, long/short equity, etc. I've been involved in several PE interviews but never interviewed with a credit hedge fund. ...
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Potential Interview: Undervalued Midcap 400 Stocks - AssistanceHello everyone, I have an interview coming up for an analyst position. The firm specializes in midcap 400 companies and I want to prepare a stock pitch. It would be great to hear your thoughts on certain stocks that may be undervalued. Thank you in advance....
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What's your view on Cryto ETFs / Hedge Funds?Would you consider investing in Crypto ETFs and Hedge Funds? What are the historical returns of crypto funds so far...
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Worldquant - Review - StrategyThe environment is pretty good and provides opportunity to meet 1 on 1 with experienced advisors, could learn many stuff. The learning curve is extremely high and requires a lot of time to come up with strategies. Gets bored after several months....
Worldquant - Review - Strategy and OperationsThe environment is very good and provides 1 on 1 meetings with advisors, could learn many useful stuff.. Learning curve is very high and it can be time consuming to test strategies. gets bored after seveal months....
Bridgewater - Review - Global MarketsIntellectual Challenge, Compensation, and Friendship. People are driven and ambitious and do not tolerate slacking nor lackluster effort. They will be honest with you and expect honesty in return.. Draining environment if you are not able to compartmentalize and adapt. Commute from NYC to Westport, ...
Five Rings Capital LLC - Interview - GeneralistThe most difficult part is that you don't know what to expect. The first round is predictable and you can find a sample of the questions on Glassdoor. All the answers (usually quick mental maths) have to be done in under 10 seconds. Also many estimation questions are given along the way. Some of the...
Citadel Investment Group - Interview - Sales and TradingThey asked a lot of mathematics and statistic questions and didn't ask anything behavorial or technical. For example, they asked a lot about rolling dices and what is the expected value of the maximum value of two dice. Also, they asked a lot about the combination of rolling dices and derivatives t...
Oaktree Capital Management - Review - Debt Capital MarketsCompany offers fair compensation, good people to work for and good management, very good work balance. Bad HR, poor benefits (401k match is taken out of bonus, healthcare is not free, high copays and poor coverage)...
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MF Liquid Non-performing CreditHas anyone interviewed at any of the MFs (AGM, BX, KKR) for an associate position in a non-performing liquid credit strategy role (pre MBA) and have any idea what the interview timeline usually looks like? Cheers ...
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How do you develop your estimates for private Companies?I was recently asked to create estimates for a private company (think syndicated loan deal) without having any guidance from management. There were some operating level details for the latest fiscal year in the debt bank book (think revenue by customer and state), however this information was limite...
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Man Group?I recently had a friend start at the Man Group. I've never heard of it before, but it seems to be a pretty large fund of funds, with presence in Europe and the US. I was just curious if the firm carries a good reputation/whether its respectable? Any particular groups that are more sought after than ...
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Citadel Investment Group - Interview - Quantitative ResearchHe asked very in-depth questions about my research and previous summer internship, including the dataset that was used, problems with the dataset, and my thought process with respect to all of the problems faced. He also asked in-depth questions about the model that I used, and why I used it. Afterw...
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Mid-Sized Hedge funds Hi, Can anyone recommend some mid-sized hedge funds that invest in commercial real estate debt? Thank you...
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D.E. Shaw - Review - TradingProjects were generally interesting. Not exactly related to what full timers do, but good enough to learn important concepts that help you generally understand what the day to day is like.. Some of the activities organized for interns, including a trading simulation exercise, were poorly executed. A...
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MSIM Hedge FoF InterviewRecently received an phone interview with a MSIM AIP FoF team’s executive director. Can someone share their experience with MSIM fof or experience with similar positions? Much appreciated!...
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Starting a fund today, anyone interest in making a billion?How to find partners for starting a commodity pool firm? Where should I look? I am mostly looking at develpoing algoritimics strategies that would hedge HNW investors portfolio against an equity downturn through trading in commodity futures. And later on getting institutional money. I do have reaso...
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Quant developer credentialsWSOers. I've been thinking of pursuing an FI quant fund, and could use your help. I'm an MBA (non-target) that just passed the third level of the CFA. I've done a little research, and I'm thinking of going back to school for a quant degree. I've only been in PWM/PB and commercial lending (up to $5...
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Prop Trading questionI was reading an article which suggested in America Banks can no longer prop trade. I was wondering if someone could clarify this? I am based outside America so keen to get someones input. If Prop trading is banned how will Hedge Funds and alike get a steady flow of traders in the future as surely...
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EVA extrapolationNot a big fan of forecasting beyond 5+ years, but looking at usual EVA valuation. How do you guys usually derive invested capital, nopat etc for the LT? Do you assume ROIC will stay constant beyond year 5 or so or do you assume a mid-cycle ROIC for the LT? ...
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Retired PM wants to get back in the gameI had had a long and successful career as a hedge fund PM. Retired five years ago. I have continued to trade my PM, and I am current on my specialties. My problem is that my Rolodex is stale. Does anyone have ideas of where I should start? ...
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Two Sigma Investments - Review - SoftwareThey review your application quick. I got my first response in a week! Their challenge halite was really fun and interesting. Got to know about Two Sigma through Halite.. Seems not too friendly. The recruiter takes couple of days to respond to me. Its understandable if they are under huge load right...
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