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+14
AMA: 2nd Year Equities L/S HF Analyst in Hong Kong

marketbeater

<h4>About:</h4> <abbr title="Wall Street Oasis">WSO</abbr> has provided tremendous help at the early stage of my career, even though I have always been studying and working in <abbr title="Hong Kong">HK</abbr> (and yes, <abbr...

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+7
Hedge Funds requiring IB experience... why?

datakid97

Please, I just can't wrap my head around it. I'm sure there is some semi-rational reason why a hedge fund would hire an investment banker but I just don't see it. I would say that if you're in the business of attracting actual talent you might as well go as far away as...

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+4
How do global macro funds generate investment ideas?

yourdoveismydrug

I'm currently interning in <abbr title="Sales and Trading">S&T</abbr> at a <abbr title="bulge bracket">BB</abbr> and I'm really curious about global macro. I'll try to network with some alums for further discussion, but I would...

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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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+1
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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+1
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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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...

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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!...

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+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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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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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!!...

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+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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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...

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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...

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+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?...

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+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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+2
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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+1
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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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...

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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...

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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...

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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...

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+1
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. ...

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+1
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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+1
MBA for HF/Asset Management: Kellogg or Tuck?

technicolorbeast

[[DELETE][DELETE][DELETE][DELETE][DELETE][DELETE][DELETE][DELETE][DELETE][DELETE][DELETE][DELETE]DELETE]...

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+1
Master Essay

thomas.napolie

Hi guys, First of all, thank you for your valuable posts and information that can be found on this site. To finish my Master's degree and continue my career I must produce the famous "Essay" of 100 pages on a financial subject related to my career (Investment side / AM equities) I wanted to know ...

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+1
Citadel Global Macro

CambridgeGuy1986

Hi, Last year Citadel started building up a Global macro group as a new business division. Apparently they hired some PMs from big macro fun. Does anyone here know this group and could share some information? What's your impression? Do you think this is a long term thing or is likely this group ...

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+1
Can't trade EUREX call option???

George Kush

Maybe someone here can help me before I call our prime broker tomorrow and embarrass myself. I'm trying to buy a Dec 2023 call (so I guess maybe it's classified as a LEAP but I'm not sure) on a major German company but it won't let me place the order. It trades on the EUREX and the underlying equity...

1
+12
AMA: Hedge Fund Analyst Out of Undergrad

hedge fund baby

Background: Target school, studied engineering. Summered at a multi-billion $ hedge fund doing fundamentals l/s and currently at another multi-billion $ hedge fund full-time. Willing to answer anything that does not have to do with my personal past experiences (to preserve anonymity)....

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Analyzing companies that does a lot of tuck-in M&As?

chips_ahoy

Hi everyone: I'd appreciate your insights on how you would approach this analytical problem! Supposed there's a public company that has clear unit economics driven by # of stores. It can cold-start a store, and it can also acquire competitors' existing stores. It often does tuck-in acquisitions wh...

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+1
Longest time between superday and hearing back for a HF?

scaevola_1

I had a superday for a large institutional credit shop in SF about a month ago that went well and got called in for another superday two weeks ago to meet additional people in as a "check the box" thing. Feedback was positive throughout the process and at the end of the second superday HR told me to...

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+1
Ever heard of someone making the leap from alpha capture?

thedude

I am a contributor to 2 of the top alpha generation hedge funds in the world and have been killing it the last 3 months (as long as I have been doing it). I had 27% alpha in September, 7.69% Alpha October, and so far in November I am at 5% alpha. While I am being paid $30-10k a month together by bo...

6
+1
When to Full-Time applications open

gonline47

If anyone else has been applying for Full-Time or looking to apply Full-Time, do they know when applications for entry positions at Hedge Funds are going to be open? I currently have a Summer Analyst position at a BB S&T, and am looking to apply full-time to hedge funds. I see a lot of Full-Time rol...

1
+6
Point72 Canvas FRG

N0vice33

Is anyone familiar with the canvas fundamental research group within point 72? Nature of the work, comp, hours compared to front office, etc? ...

12
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Recommendations for a Quarter-Zip Sweatshirt?

The King of Success

Title says it all - I'm looking to invest up to $125 for a nice-looking quarter-zip pullover, anyone have any good recommendations? ...

1
+1
LSE (BSc in Finance) vs NYU Stern vs UMich (Possibly Ross) vs UVA vs BC Carroll

bd2001

I got into all of the schools listed above. I’m trying to decide which one to go. My long-term goals are working at a buy-side firm (especially HF/PE) as soon as possible or starting my own. I feel that I’m currently between the first three, still waiting my decision for Ross. I feel like LSS ...

1
+26
Who are the best hedge fund managers?

Making Gravy

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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Adjusting EBITDA for Depreciation within Cost of Sales?

chips_ahoy

Hi guys: I'm looking at an equipment rental company, and would appreciate your thought on the question below. The company accounts for "Depreciation of equipments on rent" within its Cost of Sales. Therefore, in  its reported EBITDA, depreciation of equipments on rent is not added back. Should I ...

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+27
Advice on HF Recruiting

floppity

@media screen and (min-width: 768px) { .hero__form { max-width: 466px; margin-left: auto; margin-right: auto; } } .form-control { -webkit-appearance: none; -moz-appearance: none; border-radius: 0; box-shadow: none; border-color: #b7b7b7; } .form-control:-moz-placeholder { ...

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Chicago trading company vs Citadel Securities vs Hudson River Trading

kingfu29

Hi, I am in the final recruitment process with these companies and wonder if anyone has some opinions on the quant role at CTC, Citadel Securities and HRT. In particular, the prospect of these companies and the pros and cons of being a quant in these firms....

2
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MBA vs. MSF for HF/PE or Investment Management

tannerdh18

I know there is a lot of material regarding this on WSO but wanted to ask a question that is specific to my situation. I am currently a risk analyst on a commodity trading desk and I recently left a boutique IB for a number of reasons, about a year of WE and currently studying for CFA Level 2. I pla...

1
+2
Calling investor relations

LMidMarket

WSO - Please forgive my ignorance, however, I am curious as to how HF analysts or individual investors approach investor relations with their questions post quarterly calls. Do they just call the number or email the relevant person on the IR team with their question? What is the typical way analysts...

5
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Moving from Corporate Finance to HF

washcaps2018

Hi everyone, sorry in advance for the long post. I'll put a TL;DR at the bottom. I'm interested in changing gears from Corporate Finance/Corporate Development to investment strategy at a HF, with the longer-term goal of becoming a PM. I'm currently 24. I'll give an overview of my education/work ex...

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+9
Citadel's Surveyor Capital PM Jack Woodruff to start his own firm

Excelling

[Link](https://nypost.com/2019/01/11/ken-griffins-citadel-fund-loses-its-star-stock-picker/) It would be interesting if anyone knew a little bit more about the size of the book, type of strategy he ran (any industry preference for example), etc. inside of Citadel, but as the article says, he has be...

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Hedge Fund vs. Proprietary Trading

quantdude123

What are the most notable points of difference between a quant position at a Hedge Fund, vs at a Proprietary Trading Shop? Specifically, how do they differ along the following dimensions: (1) Intra-firm mobility (2) Exit opportunities (3) Hierarchical structure (4) Work-life balance (5) Compensatio...

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+21
Best Industries to Specialize In

man-1500

Am interested in learning the community's thoughts on what are some of the best industries to start off in for equity investing at a hedge fund? Is it advantageous to start in cyclicals (e.g. chemicals) vs growth (e.g. tech)? What about highly specialized industries (e.g. O&G or insurance)?...

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When do you go?

Orangutndm

I am a mid-back office "analyst" at a large firm in (private area 41). I graduated very recently. I do not like my job, nor does *anyone* in my office (duh, is BO)...on the one hand, the work is banal, excruciatingly boring, and grating. On the other hand, I took a 3 hour biking expedition during "b...

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Transition from Quant to HF/PE/IB : Seeking some evaluation

PEHopefulQuant

I am a Credit Quant. Pretty successful in what I do. I work for a top 5 US bank (in Retail). I am 28 years old, manage a team of 9+ quants (as SVP) and build portfolio performance models for different credit portfolio across two continents and nine countries. Life is comfortable (9-5) but not excit...

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Hedgefund salaries

quantdude123

I'm a junior in the Wharton School at uPenn, trying to figure out which hedgefund I would make the most money at. I have an extensive background in computer science/math and thus have interest in working at quantitative hedgefunds (D.E. shaw, two sigma, renaissance), in addition to fundamental-focus...

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Breaking into HF from IB

Summer IB Analyst 2019

I am about to start my summer IB analyst program at a BB and am curious about how to break into HF after 2-3 years. A lot of talk is about PE and would like to learn more about the complexity about pursuing HF....

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Recruiting for Buy-side 1-2yrs out, first year analyst BB

jtamron

Can anyone say more about what happens after you get recruited for a buy-side job your first year at a bb? I've heard you could stay on at the bank and your job might not start for another 1.5/2 years... what happens during that time. "lame duck..." are there follow up interviews or anything? Also, ...

1
+1
Modeling acquisitive companies

chips_ahoy

Hi guys: i'm looking to model a public company that uses a consolidation-by-acquisition strategy in its industry. It makes 2-5 acquisitions every 5 year period or so (the target companies tend to be private companies). How should I model that? Do I model core business growth rate without worrying ...

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Transitioning from High-Yield/Performing Credit to Distressed HF

Spare1017

Questions for you opportunistic credit HF folks - How possible would it be for one to transition from a L/S HY ( including some stressed, CDS and LevLoans)/Performing Credit role to a distressed role? Assuming the former role is straight from undergrad, what extra steps would one need to take in ord...

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