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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
[LONG POST ALERT] What should I do? I am kinda lost

market-enthusiast

Hi all prospective monkeys! Hope you are doing well! I am feeling lost in my career path and confuse of what should i do next. Any input will be appreciated! ###**BACKGROUND** I am from Hong Kong, just finished the first year of study in the top 3 local university (i don't think...

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Replies
+1
Concrete Advice to Break into HF from Non-Target Undergrad

jmcinley133

Hey all, I am currently a college freshman going to a non-target T20. I have been personally invested in equities for a decade by now and have had the aspiration to break into HF after undergrad for about as long. I currently have an internship at a shop in NYC lined-up of the summer. Over this p...

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HF Recruiting in London and Zurich/Geneva

Monkey Safari

I have a few questions about HF recruiting in Europe.. 1) Do HFs in London or Zurich/Geneva generally consider bankers from Continental European offices like Frankfurt, Milan or Paris, or are they exclusively recruiting from banks in London? 2) If so, how do you get in touch with HFs and recruiter...

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+1
Best Option for HF Post-MBA

WilliamWaterman

I am looking for advice on successfully transitioning to the hedge fund industry post-MBA. Currently investigating schools and have a preference for CBS, Wharton and Booth. My background is economic consulting and corporate finance at a bank/credit union. When would be the best time to start reac...

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+1
Asset Management vs Banking for Eventual Hedge Fund

darthStrader

For someone who is ultimately pursuing a job at a hedge fund, which is the better path out of college? Banking, or research at a large AM like Fido, Wellington, T.Rowe? Would the latter have a more transferrable skillset?...

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+2
Europe gas/ Liquefied natural gas (LNG) commodity trading companies in Europe

natgastrader

Hi, what are the similar companies to Vitol, Trafigura (EU gas/ LNG traders) based in Europe? Is there some sort of a public list of these companies/ HFs?...

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+1
IPO flipping: going around broker restrictions

Hzkangarooo

Hi WSOers, I just learned about IPO flipping today, and I was interested about the typical stock price rise during first trading day, so I did some research on IPO flipping. I learned that brokers discourage flipping IPO stocks and might even blacklist traders for it, so I thought if there's any w...

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+1
Activist hedge funds: comp, hours, recruiting

bloomberg_jr

Hello all. I'm an incoming analyst at a strong BB group. Very interested in joining an activist hedge fund. There's very limited info on this site, and I just wanted to learn more. - What's comp look like? - How are the hours? - Who are the top headhunters? - Is it possible to go straight from IB t...

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+1
Blackrock BAA

Fubaro_29

Currently looking into a role as a co-investment associate in BAA. They appear to source opportunities via their fund investment relationships in a separate team, then this group runs full diligence on the names that come through? Anyone familiar with this group and able to give any advice on it? Th...

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+1
How are cold calls/Cold Walk ins for Hedge funds?

John-Jacobs1

I know walk ins/calls are frowned upon for IB but wasn't sure if this was the case for HF. I live near a few big name Hedge funds and haven't been able to connect with anyone there so I figured I might as well drop by and hand my resume for a potential off cycle internship. Thoughts?...

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+1
Net Expense

freank

When calculating interest expense and capex, does one take into account net interest expense and net capex? Or just interest expense & CapEx Interest Expense: If a company has a large cash balance and earns interest on this cash, would you deduct the interest income from the interest expense when m...

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+2
Compensation at CLO funds

teabag822

Does anyone know how a first year analyst at a CLO shop might be compensated relative to other analysts in the industry?...

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Hedge Fund Headhunters

bulge4lyf

Does anyone know who the best recruiters are at the mid-level (4-6 years experience)? I know Dynamics used to be good but my understanding is they mostly deal with junior placements....

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+1
MM Lending -- Pay / Compensation / Lifestyle?

ElCapitan404

I'm currently looking at MM Lending opps within PE firms and it looks like there is a dearth of information on the strategy on WSO Can anyone that works in or around this strategy offer any insight on the career path? ...

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+1
Value Investors Club Full Membership

Hank Hill

Wondering if there were any users on here who are full VIC contributors or audit members. I've had an audit account for a few months now, which allows the user to see ideas without the time lag but doesn't allow the user to post or comment. Has anyone else had experiences with this? Are audit member...

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+2
Biotech/Healthcare Focused HFs?

Pmc2ghy

I've searched a bit, but only found older threads that may not be as relevant in 2019, so hoping for some help. A few biotech/healthcare focused funds I can think of are RA, Perceptive, Rock Springs, Redmile, Healthcor, Surveyor's biotech arm, Glenview, Orbimed. Any other big ones, or smaller ones,...

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+1
Point72 interview

alpharisk700

Hello all, I know this topic has been covered and I have reviewed the previous posts on this but just wanted to see if anyone has any additional details on how to prep for an interview with Point72. I've done the modeling and iq test and it's a phone interview. Multiple people have mentioned braint...

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+1
Second WSO Weekly Trivia - Win A Year of WSO Premium (80,000+ Interview and Salary Data Points), $299 Value, for FREE

Wall Street Oasis

Ready to show off your HF brain chops to win big? Welcome to WSO Weekly Trivia, a chance to win a year of WSO Premium (a $299 Value) free! This week's question wants to know: Loading...(function(i,s,o,g,r,a,m){var ql=document.querySelectorAll('A[quiz],DIV[quiz],A[data-quiz],DIV[data-quiz]'); if(ql)...

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Small Fund Internship?

Warren's Buffet

Hey WSO. Currently considering an internship at a small HF with ~100m AUM. I understand that that's low, but the founder is an activist and constantly appears on BBG, CNBC, etc. Also, the fund is up ~29% this year already and seems to be quickly gaining traction. Any idea if an internship like this ...

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+1
Please delete this post (duplicative)

outofbananas

Duplicative post to another one on the same exact topic that's just below.... please delete this post!...

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+1
Calculating FCF Credit Investors

freank

As a credit investor how do you calculate free cash flow? The way I was thought to calculate FCF is the following 1.) EBIT 2.) EBIT (1-t) 3.) Add D&A, changes in NWC, minus CapEx = Unlevered FCF -Interest expenses =Levered FCF Shouldn't credit investors take into account the interest tax shield a...

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+6
Planning to launch a small scale Hedge Fund.

TalgatVandy

Planning to launch a small scale HF. AUM about 1M. Looking for people who have launch such small scale funds. Want to learn more about their experience. Or if anybody know any hedge fund manager who started such a small scale fund....

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+12
The morality of a commodity fund

xWallStreet

Hi! Been trading commodities for a few years now. Have heard that futures trading has adverse effects on the developing markets where a lot of commodities are produce using labour in less than perfect condition. Would like to know your thought on if it's morally perfect and is positive for all inv...

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+2
Guidance on Recruiting for Top HF out of Top IB Group

boasldkfja

I was wondering if anyone could offer guidance on the process of recruiting out of a top IB group for a top HF (Baupost, Viking, Tiger, Lone Pine, etc.) I was wondering what the best steps would be to prepare for the possibility of these interviews. Besides the standard reading list of the top 10-15...

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+13
Large hedge fund analyst compensation

ahedgeguy

What 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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+1
Debt shop modelling test

ertopd123

Hi everyone Currently preparing interviews for credit focused shops. On the modelling tests, how would you approach the following live test (3-4h): "Here is a name & some financials, you have the possibility to invest across the cap stack. Would you do so, in which instrument/price?" The only way...

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+1
Blackstone GSO CCS Superday

HappyPistachios

Anyone heard back from them? HR said should expect an update by the end of last week, so was curious did anyone get offer yet...

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+4
Hedge fund analyst compensation (experienced)

ValueInvestor888

What is the expected all-in compensation (Base+Bonus) for a Hedge Fund Analyst with 2 years of banking + 2 years of private equity experience? I checked the WSO Hedge Fund Report and believe those data points are for analysts coming straight out of banking....

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Hiring market for people coming out of PE

Bluefanatic

I am looking to transition out of private equity and into a L/S equity hedge fund role at a single manager shop. I have gotten relatively negative feedback from people within the industry and even from head hunters about the hiring market. It seems that the value oriented fundamental shops had a tou...

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+3
SS ER > HF. Network in from SS or MBA?

excelsior

For the past year I've been at a MM bank doing tech/software ER and have spent about 5 years total on the sell side. I would now like to make the transition to a traditional L/S hedge fund. I've recently started more seriously networking as I view that as my best path to breaking in. I have a few o...

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+1
Structure for Cold Email with Investment Pitch for Activist Funds

ColumnCore

How should I structure a cold email with an investment pitch? Would this work? Should I also include my resume? Hi xxxx, My name is xxxxxx, I am a senior at xxxx studying xxxxx. In the past several months I have developed an interest in activist investing and corporate governance after reading xx...

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+2
Life at a small Hedge Fund

EUROPETARGET

I have an interview with a small hedge fund (4 people in total and around 200 million USD AuM, their return was >20% last year), they told me that they're open to hiring if I perform well. I'm wondering how life at a small hedge fund compares to other firms. My only experience in Finance so far has...

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+7
Tips on discretely looking for other HF opportunities

kppw1517

Just want to see other people's thoughts on trying to leave a hedge fund without it getting back to your employer. Ideally I would like to get somewhere to start 2019, but don't want to ruin my bonus this year. When I see messages from HHs for roles that are similar to what I do, I am nervous to res...

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Diligencing a HF employer

tangent style

Hi Monkeys, Looking for advice or relevant existing threads on evaluating a HF as potential employer. Sorts of stuff I am thinking about: LP base and capital duration, performance, conversations with sell-side and sales guys that know them, conversations with past analysts that have worked for the ...

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+1
Writing journal articles

Oligarch92

**Case study: Stephen Moyer** I came along an article Moyer wrote on distressed investing published in the Journal of Applied Corporate Finance. It sparked the idea of writing journal articles during gaps in employment throughout my career. I would like to know how you think this would be perceived...

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+1
Non compete plus gardening leave: enforceable in UK?

CambridgeGuy1986

Hi, I am working at a Quant fund in the UK and my employment contract has a notice period of 6 months (the company has the right to put me on gardening leave for this) plus six months non compete after this. So if they can enforce this, I will have to wait one year before I can join a competitor. ...

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Is Starting your own Micro HF any use for getting AM or HF roles

euwechue

I'm starting a small HF. AuM < $2m. Will this be any good on my CV for HF or AM jobs (assuming good track record)...

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Anyone heard of Atalaya? $2.5B distressed debt fund

NealCaffrey

Has anyone heard of Atalaya Capital Management? Looks like a hedge fund/pe hybrid that raises closed-ended funds and invests in distressed credit and originates debt too. Curious what the reputation is?...

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Going from RE Development -> MSRED -> Distressed/NPL HF (RE focus)

SpruceSap

Hi, This is a follow-up post to one I made over in the real estate forum. I did not get much in the way of response, so I wanted to try over here. I was accepted to a top MSRED program (MIT/Columbia/Cornell). I have a few years of work experience at a boutique development shop doing some pretty u...

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+1
Availability of IPO prospectus after years of listing

bruce_2

I am looking at a listed PLC (FTSE 250), and trying to find the IPO Prospectus that was presented to investors in 2014. Since I did not find it on the website, I sent an email to IR, who responded by saying "the 2014 IPO prospectus is not available on the website". Does IR have the obligation to se...

1
+1
Urgent- NFI-ODCE

Brody92

Does anybody have NFI-ODCE index returns broken down annually in the last 30 years? Or can someone point me in the right direction how to access it? I have been searching on NCREIF or Prequin but I have been unsuccessful. I really appreciate any help here, thank you so much!...

1
+23
I work in event driven / arbitrage. Here are some career advice for you

halfstep

It’s been a while since I’ve visited WSO. 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 believe may help others who are also trying to strive in their profess...

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+6
Starting quant fund out of college

Truman

Hello people, Let me first say that I believe to be heavily delusional on the feasibility of this subject. That's why I'm posting here to get a taste of the real world. A little bit about me: will in one year have a fairly quantitative MSc Finance from semi-target/target (think HEC, Bocconi, St Ga...

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+32
LinkedIn Secrecy - Hedge Funds

John Tuld

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 poaching? Thanks ...

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how much harder is it to use a headhunting firm to get your second job at a hedge fund vs. the first one?

BobbybananamA

the first time i recruited for the buyside i was in investment banking. while it was pretty hard to get a job that i wanted, i still felt like i got a lot of interviews. i have been working on the buyside for 2 years now at a fairly good hedge fund. when i sent my resume out to some headhunting fi...

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+4
Point72 Market Intelligence Research Analyst Interview Process

Persistent

Hello WSO, I was wondering if anyone here knew about/experienced the interview process for Point72's Market Intelligence Researcher/Research Analyst role. To clarify: this is NOT the traditional Academy or L/S Research Analyst position, as it appears to be within their Market Intelligence group. ...

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how to understand returns taking consideration of net exposure?

tonapornottonap

Hey guys, i can't seem to wrap my head around this. say this HF's portfolio has a net exposure of 70% and its one year return considering net exposure is underperforming the S&P, say -5% vs. SP's -4%. How does one interpret this?? Thank you so much guys!!...

4
+12
Life as a CLO Analyst + Career Progression

ebit_dab

Can anyone provide some information on the "day in the life" of a High Yield CLO Analyst, particularly for a more junior investment professional (2-5 years exp). Looking to learn more about the underwriting process, detail on credit memos (i.e., how detailed they are), hours and comp. Any insights i...

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+1
Hardest hedge fund interview questions

BobbybananamA

What are the hardest hedge fund interview questions you have ever heard? I am looking for the questions that you were just totally unsure of or had no idea how to answer...

1
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Undergrad Looking to do HF long-term. How can I get there?

undergradlookingHF

Hello all, I am currently a sophomore at a non-target in Boston with an internship in corp fin this summer. As recruiting had begun for summer 2020 I have been applying to both S&T and IB roles and networking with alumn as is the norm. I generally enjoy my conversations with alumni in S&T more and...

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+1
Regression Analysis Idea?

Warren's Buffet

Anyone here at an HF have an idea of something useful that I can do my regression analysis project on? I'm an undergrad and this is for a Stats class, but I thought I'd use it as an opportunity to learn something interesting and maybe contribute to an idea someone at an HF would find useful. Lmk! Th...

5
+1
Global Macro Fund Position Durations?

icehouse95

Hi, I know it will vary from firm to firm and trade to trade, but what is the normal time horizon for a Global macro fund's positions? Do they generally tend to be more quarter traders, or make longer term bets?...

3
+41
The Mechanics of a Mispricing

Secyh62

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 startin...

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+1
Elliott Management Interview Process

freefly716

Hi everyone, Does anyone have any insight into the Elliott Management interview process? Happy to DM for specifics - understand that it's quite secretive and may not make sense to sound out over a public messaging board. Specifically asking about the generalist activism / distressed strategy....

2
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Nomura S&T vs. Point72 Academy

Toyoda

Hi all, I have to make a decision between two Summer 2020 interviewing opportunities by tomorrow evening. A little background first: Year: Sophomore Majors: Economics, Computer Science Semi/non-target Prior S&T internship at tier 3 bank, will be returning for summer 2019 I have been invited to...

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Corp Finance to Hedge Fund MO

Rumbles

Hello all, this is my first post but I have been reading WSO for about a year now. I realized a bit late I wanted to be in the hedge fund / equity research space. Long story short, I currently work at a fortune 10 company in treasury(financial leadership program) and have the opportunity to move in...

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+1
Bridgewater Questions

ThrowawayAccount00801

Hey all, Just a few questions... Anyone have any current thoughts on Bridgewater? With respect to full time offers how does bridgewater compare to an offer at a tier 1 Investment bank? What does an investment associate at Bridgewater actually do, and how does this compare or differ from other type...

1
+4
Developing short ideas

West Coast rainmaker

I'll admit I know very little about shorting. Equity research is not known for its abundance of sell ratings. But, as I contemplate a move to the buyside, I am trying to learn. It seems to me that successful shorts target companies with at least one of the following: (1) Blatant overvaluation (e...

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+2
Tech distressed debt?

chips_ahoy

Hi guys: I've been reading that some firms are investing in bonds/debt of technology companies. I was wondering if any of you could tell us a bit more about this strategy - my very rudimentary understanding is that tech companies can be asset light - in that case, how does one think about investing...

2
+2
Advice on starting offshore fund in Caribbean

Alex-Bee

Hi, Me and my business partner have 10 years of market experience. For 3 last years trading we are making 50-60% profits a year with minimal drawdowns on our small 400k USD account at IB. We also run our own companies not connected with finance. We are in our at our 40s and we are thinking of sca...

5
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L/S Equity Hedge Funds - Long Term Career Prospects

zMaverick

L/S equity hedge funds historically were a high compensation, high career volatility sort of place. But for those who succeeded it was one of the most lucrative career paths out there. Now there are a lot of pressures L/S equity hedge funds face between 1) fee compression, 2) shrinking alpha opportu...

2
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DE Shaw Latitude Fellowship

Macaco

Has anyone heard back from the DE Shaw Latitude Fellowship for this year? They took the website down and haven't reached out yet....

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Thoughts on Symmetry Investments

Anonymous Monkey

Basically the title. Curious if anyone has some insight or interactions with them and can provide a bit of information. Good place to be? I know they're a spin out from Millennium and have been growing quite quickly (both in AUM and employees) but not much information out there. ...

1
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Anyone went from Software Engineer to the Hedge Fund space?

TheRoadLessTaken

Just curious as to see if anyone here was a software engineer and converted into the hedge fund space or have created a tech-focused hedge fund.....

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