Silver BananaTopicReplies
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Fundamental groups within platforms?To fellow investors: do any of the platforms and MMs have fundamental equities groups? In other words, not the usual 1-2 quarters flipping with leverage. Having in mind: Citadel, Millenium, Balysasny, P72, Marshall Wace. Would also be interested if any of the fundamental teams are generalists. ...
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Citadel Investment Group - Interview - N/AYou have three cards, each labeled n, n+1, n+2, and you don't know n. These are the rules of the game: All cards start facing down so you can see them. You flip one card. If you choose to "stay", you get that card's value. If you don't "stay", then you flip another card. Again, choose to "stay" (and...
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Advice needed about obtaining an internship or analyst position at a quant fundHi guys, I really need a professional advice about my career options. I currently posses a 2.1 BSc Mathematics from an average not too good university in the UK. Furthermore I also pursued a MSc Statistics degree at Warwick university, however I made some mistakes with choosing modules, meaning tha...
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How do I raise money for a hedge fund?Let's say I wanted to start a hedge fund in 5 years. What would I need to do now to make sure I know the right people to be able to successfully raise money for this? How am I supposed to meet these people? To me this sounds impossibly difficult, and I actually don't understand how I would ever mee...
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GMT Capital Corp - Interview - Equity ResearchThe most unexpected question they asked were questions about contago, backwardation, and land productivity. Basically they asked about the physical crude commodity complex as well as the reasoning behind me having a large position in E&P producers outside the permian region in the last interview. Th...
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Large hedge funds with few employeesHello, I was looking at a hedge fund recently with fewer than 10 employees. It manages over 600m. It has grown a lot recently. So they may have some hiring. Are there examples of other large hedge funds with few people. What mostly contributes to the employee size? Is it certain strat or funds that...
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Harvard Management Company - Review - N/AI worked at D. E. Shaw & Co. - Investment Firm full-time (More than 8 years) Pros You get to work with the best thought leaders in the field, in a true meritocracy. Cons Imposter Syndrome is common. Most new hires are used to being the expert at what they do. It can require adjustment to get use...
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Lying About Passing CFA L2 on the First Try?So I was interviewing for a HF research role and the interviewer asked if I passed the all levels of the CFA on the first try. For whatever reason, I quickly answered yes, even though I failed L2 once. I immediately felt awful for the lie, but I held my composure like Nixon in the first half of the ...
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Most chill job available for someone with HF experienceFormer equity L/S HF guy here. Worked at a few multi-billion funds, both with sector specialist and generalist experience. Made my way up to the senior analyst level, and have a couple of monster PnL home runs to my name, but felt burned out and left last year. Been chilling and working on personal ...
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Should HF managers pay for losses?I found[ this article ](https://outline.com/kRzzSC)from the Financial Times, talking about an alternative compensation structure for fund managers. It talks about how HF manager comp is "one-sided" in that, if the fund generates a profit, the PM gets a fat bonus, but if the fund loses money, the P...
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D.E. Shaw - Interview - TechnologyAsked many details about python multithreading. Specifics on GIL, why threading in python is better or worse than in other languages. In general, heavy emphasis on knowing the ins and outs of python compared to other languages. Was also asked about various graph algorithms, whereby BFS/DFS can be us...
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Hedge Fund (NYC) v. Boutique IB (SF)Have an offer from a top-ranked hedge fund in NYC and a boutique IB in SF for summer analyst 2019 (junior year internship). My dilemma mostly surrounds * **exit opportunities** - Not sure whether I want to close that off immediately. May want to exit to a corporate in healthcare or tech in the f...
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European HF InternshipHey everybody, i am looking for fundamental L/S equity hedge funds that offer internships in Europe (Zurich, London, Frankfurt). So far i have only come across Cevian Capital. Does anybody know other funds?...
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Best way to get to value fundHello all, I am currently a rising junior at a nontarget in a flyover state. I have always been interested in value investing and would someday want to start my own. I'm lost on how to get there as I always thought IB would be the best way but as recruiting is finishing up and I don't have an offer,...
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D.E. Shaw Nexus/Latitude FellowshipDid anybody else apply to the two day event in August? They said we we would hear back in late July, so just want to get this thread up....
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short stock pitch reviewhi, would anyone with experience in the industry be willing to review a short stock pitch? if yes, pm me your email and I'll send it to you. Don't want to put it out here because I'm planning to use it for upcoming interviews. It's a 1-2 page short on a chinese company I believe is a fraud and is h...
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Investment PitchOver the last 3 years I have developed a systematic L/S strategy that has continuously generated alpha and is ready to put into production at an institutional level. Strategy is both scalable and repeatable. It is a relative value strategy that also incorporates options to exploit small but more cer...
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Quantitative Algorithmic Trader CompaniesDoes anyone know which hedge fund companies in Los Angeles hire Quantitative Algorithmic Traders? Also- is there an employment agency that can help?...
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Is the internship I'm doing relevant to HF?Doing a risk management internship at a big 4 right now, and quite frankly, I don't quite like it. Its a freshman internship thats a month short. I've always been interested in getting into HF, but I don't quite see how this internship I'm going through with would be relevant as I'm mostly doing hed...
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AMA: equities hedge fund Senior Analyst at large U.S. fundUpdate: Thread closed as of 6 Aug, I won't be able to comment after that. Ladies / gents - thought of doing an AMA. I have worked in the hedge fund industry for 4 years in fundamental equities for a large multi-strat US hedge fund. Worked in banking before. Fire away any questions - usual disc...
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xlp capitalhas anyone heard of xlp capital? www.xlpcapital.com/ family office in nyc run by two princeton grads with a history at bcg. Talked to a few people who interned there and they all said that the internship program was great with a lot of focus from MDs, so definitely considering them. But wanted to s...
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Market Making subsidiary of a hedge fund - prop trader requirementsfor a large macro hedge fund 20bln+ that has a separate (yet large) market making operation, what kind of numbers are they looking for in terms of a macro trading strategy / prop trader? Sharpe Ratio min P&L (% and $$) Balance sheet usage and turnover any insight would be appreciated...
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Seeking papers on multi-factor models on the equity long short hedge fundsI am seeking papers that use regression & multi-factor models for equity long-short funds. I am interested in understanding the funds' behavior and exposure to various factors using some quantitative techniques such as regression. For example, I ran regression of financials equity long/short funds a...
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Psychological / maths tests at fundsQuestion to fellow investors: I have the glorious task of finding an appropriate maths and psychological test for new joiners. What are you guys using at your fund (if anything) or have you ever taken one of these before? I never had to and am still not sure about the benefits (yet). Any recommendat...
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Career Paths For Successful QuantsI was wondering what the typical path is for highly successful quants (ones that are making upper 6 figures/into the millions). Obviously, I understand that everyone is different but I'm just looking for a general overview of the following: College/Major - Target schools are probably a given as wel...
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hedge fund interviewHi, have two interviews coming up in a couple of weeks. Both are l/s equity funds, after the first interviews I'm pretty sure that they have a value oriented investment philosophy. I'm a math major interviewing for investment analyst internship positions at both the funds. Does anybody know what que...
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modelling sample exercisesHi, have interviews for internship coming up at two l/s equity funds later this month. Does anybody have any sample 3 statement modelling exercises they would be willing to share? thanks....
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Hedge Funds with a more intellectual cultureThis is kind of a weird question, but has anyone given thought to which hedge funds have a more intellectual, start-up-like culture? My first thought was Two Sigma/Jane Street just based on what I've heard from people I've met there, but not sure if there are more names out there I'm not considering...
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How do you mentally deal with tough stretches of performance at HF? We're wading through some rough waters at work at my L/S equity fund, where one of our large positions has significantly dragged down our YTD performance (it was a joint effort, so no one to blame). How do you deal with this every time you come in to the office, where your PM is perpetually in a cr...
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Point72 - Interview - GeneralistNothing asked was very unexpected. I was first asked to go over my resume. Then I was asked why Point72, as well as how my experiences would be able to translate to success in the role. I was also asked about if I have any research experience, as well as how I stay up to date on the markets. I was a...
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Should Hedge Funds be Regulated?As the title says, should there be stricter regulation of HF's? So many times HF's get a lot of scrutiny for "Exacerbating" the bears that happen in financial markets because of their huge leverage positions and ability to short markets to gain from other people's losses. My take on it is that altho...
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10 Days Since Bridgewater Final Round: Have Not Heard Had a trading superday at Bridgewater on July 20. I had 4 interviews onsite but am still waiting to hear back — if it’s been 10 days did I not get the job? This is for a lateral move. ...
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Point72 - Interview - Investments1. What would your toughest professor say about you--really unprepared for this. 2. Questions about your background, high school, and college. The interviewer asked about how you chose each step and how each stage contributes to making you who you are 3. What initially attracted you to finance--not...
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Real Estate Hedge Funds (RE Stocks Only)I know a bunch of hedge funds that invest in real estate, but does anyone know of hedge funds that primarily invest in publicly traded REITs and RE related companies? LDR Capital Management is the only I found that is somewhat close to what I'm looking for. I'm going to use a pretty broad definitio...
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Point 72 Asset Management - Interview - Investment ResearchAsked about basic behaviorals about why Point 72, why investing, talked about successful experience in trading. Also the interviewer was interested in learning about my performance at school, asked about hardest classes/professors and personal interests. The most unexpected question I got was tell m...
Worldquant - Review - Equity Capital MarketsThe Work is really comfortable. Can Submit the Alphas anytime from home. No need to attend office. The amount of work is relatively low.. I am really disappointed with the payout structure. The Feedback team is also really bad. They don't respond to the problems Quickly....
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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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Bridgewater - Interview - Investment ResearchThere wasn't a specific question that was most difficult, just the way that the interviewer questioned us individually in the group discussion During the group interview, we discussed different philosophical questions like organ donation or drone strikes and we were challenged to argue against or fo...
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How to deal with few positions getting in the portfolio?I work at a large (e.g., $1-10bn AUM) l/s hedge fund as an analyst. We have a concentrated portfolio, so it is fairly difficult to get positions in the book. That said, I feel like I have had far more difficulty getting positions in the portfolio than others have. A lot of my ideas have done very we...
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Hedge Funds for New gradsWhat is the definitive ranking of quant hedge funds right now for junior analysts? Where are the best places to work ...
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Point72 HireVue InterviewHi Monkeys! I have a Hirevue interview coming up with Point72 Asset Management. It is for a financial analyst position. Any recommendations on how best to prepare and what types of questions (behavioral vs. technical) I should expect?...
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Best entry career path to Hedge FundsI am currently an undergrad at a semi-target uni and have an industrial placement year coming up. My long term goal is to move into PM side of Hedge Funds, appreciating you have to pay your dues elsewhere first. What I want to know, is whereabouts is the best place for me to go to pay my dues? Cons...
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Point 72 Asset Management - Interview - Asset ManagementThere were multiple questions asked about weaknesses and what past bosses and coworkers would say my weaknesses were. Be prepared for really in-depth behavioral questions and follow-up questions on the most minute details. I was asked a lot about my life before college and if and what adversity I ha...
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MIT vs. Princeton vs. Yale undergrad for quant hedge fundHi all, I am a current high school senior choosing between attending MIT, Princeton, or Yale for my undergrad. My current goal throughout and post undergrad is to secure a summer internship at one of the big NYC quant hedge funds (Jane Street, D.E. Shaw, Two Sigma) and hopefully transition into a f...
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London hedge fund headhuntersCan anyone recommend HF headhunters in London? Ie guys who are working on real mandates and have good relationships. thanks...
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Can fund managers invest in their own funds?Hi, I am a rising junior at a liberal arts college (think top 20). I am interested in investing and am considering working for an investment fund (among other finance related paths) hopefully as a portfolio manager someday. My question is as a fund manager, can I personally invest in the stocks/eq...
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Transition from Prop Shop to Hedge Fund?It is my goal to work at a HF and I have a background interning in AM for a well-known Boston firm. Next summer I have the choice between interning at the same firm (doing something that doesn’t interest me) and interning at a Prop Shop. Which would be a better path to a HF? I have a strong resume...
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Baupost strategy and similar fundsBaupost has been known to make investments all across the capital structure and seems to have a very opportunistic strategy. How would you characterize their investment strategy? Simply as a value fund? Also, what are some funds that run similar strategies?...
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Bank of America - Interview - Generalisthow did you show integrity in the past. In each box, please start by listing a question you received, followed by your response (optional). Please try to phrase as a question and/or be as detailed as possible about the technical problem, business case, etc. If you need additional boxes...
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How to identify strong management team?Hi guys, Has anyone come across any good philosophy/ insights on how to identify strong management teams when making investment decisions? Would love to learn your thinking and recommendations on books/thought processes. thanks!...
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How to get a top Quant Researcher/Trader Job?Hi everyone, I was wondering how hard it would be to get a top quant job at firms like DE Shaw, Two Sigma, AQR, Citadel, etc. I currently go to a semi target (rising sophomore) as a math and CS major (possibly removing one and inserting physics). I've also been looking at tech, which I'm also inter...
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Do hedge funds hire entry level analysts? If yes, could you please provide any you are aware of?Hi everyone. This year I will be completing my bachelor and master degrees in Mechanical Engineering and Financial Engineering, respectively. To be honest with you, I think I am more interested in business analyst positions rather than quant ones. I wanna learn more about industries rather than focu...
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Hedge Fund: The World's First Global Democracy THE WORLD'S FIRST GLOBAL DEMOCRACY With the advent of the Internet and the World Wide Web the seven billion plus people of the world are increasingly doing business with each other from all parts of the globe. This New Global Eco...
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Point72 - Interview - Hedge FundThey really do try to get into your head; not necessarily in a bad way, but I think they genuinely want to know who you are as a person and a candidate. I'm going against the grain here but I'm going to advocate that you sort of don't prep; they are going to push past that prep in their questioning,...
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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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Will someone review my stock pitchHi, I have made a short 2 page pitch that I would like someone with experience in the industry to review. I’m planning to reach out to people at funds to network and was planning to include a pitch. I edited a pitch upon suggestions by someone but I’m looking for more people to review it and let...
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AQR Capital Management - Review - Equity Capital MarketsHappy about the pay and benefits. Colleagues are good and smart, and stress level is not too high. In general a nice convex combination of benefits . Nothing specifically. Some people believe that the bonus is lower than other hedge funds but the stress is also lower ...
Bridgewater - Interview - TradingThe classic train barrelling down the tracks coming up to a split. If you do nothing it will kill 10 people who are stuck on the tracks, if you divert the train it will kill 1 person. Do you throw the switch, why or why not. Second difficult question had to do with reproducing the S&P500 index w...
Point 72 Asset Management - Interview - Investment ResearchQuestions including why I was interested in finance/buy side and asset management was given to me. I think it was hard because i thought it would be quite broad and i didnt expect her to dig into the details of all the jobs i was interested in. In addition she asked me at some point whether i was re...
Point72 - Interview - GeneralistWe really spoke about my investing philosophy, growth vs. value, and the direction of where i thought the markets were heading. I pitched a couple of stocks and then we went into more depth about those that I pitched. They really wanted to see if i knew what i was talking about and if i had done m...
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Moon Capital - pay/reputation/culture?Does anyone know what it's like working at Moon Capital? From searching online, it seems like the pay is pretty dismal (60-70k). Wondering if anyone can comment on the pay, culture, and general reputation of the fund from the perspective of a junior analyst. Thank you in advance....
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Citadel Investment Group - Review - Equity HedgeInteresting work, really smart people, everyone's on their A-game. There's tons of resources to work with and everyone is looking to help the businesses succeed. . Tough work culture, success comes to those that are aggressive career managers, growth isn't given but taken by force so you need to man...
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How to actually break into the field?So I have literally no experience in the financial industry.. There got that out of the way. However, I do have plenty of experience handling financial information, albeit not equity related, at least in a professional sense. My undergrad degree is not related to finance, but I am going to graduat...
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Firm I'm interviewing with asks for a Credit AnalysisSo I'm interviewing for this very small L/S equity & fixed income-focused hedge fund ($300M AUM) doing Portfolio Research. The firm's focus is on fundamentals, whereas I come from more of a quanty/stats background and also just graduated last month so not much experience in this field. Anyways, for...
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Do all equity l/s teams work an insane amount?I'm at one of the multi-manager equity l/s platforms (think Point72, Surveyor, etc.) as an associate/junior analyst, getting recruited to another one for a more senior analyst role. From what I see around me, basically every l/s equity team (including PMs) works a ton, call it 6-7 days a week on av...
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Distressed HF - RE group, questionsHey all, Have come across a role as an analyst/associate with the RE group of a very large Distressed HF. Fund has a broad mandate for public and private markets, mainly various debt and structured instruments, but potential for PE type lending as well. Was wondering if anyone could shed any light ...
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Interview Advice for a Quantitative RoleHI all, not sure if this is the right place for this as its my first post in WSO. Anyway, I have an interview on Wednesday with a large NYC firm that is focused in the life and retirement markets. The reason I am posting here however, is that I have an interview Wednesday with their Investment gro...
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What do you think about the CAIA?I'm seeing more and more people take the CAIA What is the CAIA Exam? Sometimes described as the “CFA for everything besides stocks and bonds,” CAIA is the Chartered Alternative Investment Analyst designation. It is a two-level exam that focuses on, as the title suggests, alternative investments...
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3rd year HF Analyst pay in HKI've joined a L/S HF right after my collage and currently in 3rd year with the firm. Wondering what would be the base salary like for other funds with similar background as mine? just feels like i'm underpaid at my current firm....
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Boutique Fund Trader's Assistant to operations at Point72 or risk management at millennium managementHi everybody, just wondering if i can get some career advice or just helpful comments on the topic here. Currently I'm around 1 year into the current trading assistant role at a small fund. Looking to slowly grow into a trading role from just doing basic executions within the next 2 years then hopef...
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Open HF Summer Analyst 2019 AppsWhat are some HF with OPEN SA internships for 2019 in the NYC / Chicago area? Other than AQR etc. it seems that a lot of the apps are closed?...
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Switching to a Different Hedge Fund: The Interview ProcessHi all, For all the experienced hedge fund analysts out there, what was your experience like regarding moving from one hedge fund to another in terms of the interview process? Haven't seen much content on WSO regarding the topic. As some background I did 1 year in ibanking and have 2 years of HF ...
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Help for Private / Structured Credit InterviewHi guys, have an upcoming interview with a MM private / structured credit fund that originates and invests in a wide range of credit securities - senior secured, asset-backed, mezz/pref, NPL pools, "specialty loans," etc. A member of the team informed me that i would be asked to "evaluate & price a ...
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Quant Funds in the Bay AreaHey All, Does anyone know of any quant funds (Big/small ) in the bay area? ...
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Switching Industries on the buy-sideHey guys, Love some opinion on this. I am mid-level (5-year into career) after 3-years of sell-side research on #1 II ranked team am now over on the buyside at a very top multi-strat relative value firm. Small team, huge risk limits, great returns and I contribute a ton. Been covering the same inds...
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Jane Street Capital - Interview - Quantitative ResearchWhat is the fair price of rock, papers, scissors with a twist. You get a superpower that prevents your opponent from playing rock, leaving them with playing scissors or paper. How much should you pay for this superpower if each game you win is +1 and a lose is -1. Little to no hints and you can go i...
HSBC - Review - N/AGood company, enjoying it here, I feel like this company has given me a lot to enjoy and look forward to in my life.. I don't think there is anything wrong. I would say the bureaucracy is a little too much at times but otherwise im fine with it....

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