Silver BananaTopic
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Point72 Superday Process?Hi all, I have a superday (5+ interviews) next week with Point72 to join one of their teams as an analyst. For those who have gone through the process before, do you have any insight or advice as I continue to prepare? I've done the modeling test, HR screen, take-home case study, etc. I've spent th...
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HF vs. BB IBD What are people's thoughts on Point72's academy program and how it stacks up to other HF programs as well as top BB IBD programs? Any insight would be much appreciated! ...
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First Job out of Undergrad (Quant vs Banking for Later in Career)Hi Guys, I'm a senior at a non-target school who happened to be lucky enough to get into a well known (as in top 50) quant hedge fund as an investment analyst. However, my ultimate goal would be to work at a more fundamental investment firm later on in my career and I'm concerned this will get me ...
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Company Interview: Other - Arena Investors1. How would you design a research project to determine the profitability on high yield bonds that have a two year maturity and YTM of 20%? 2. What are the pros and cons of Trump's economic sanctions on China? Each of these questions were qualitative and quantitative. They required the candidate, m...
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Undergrad straight to HF viable?I know the typical career track to HFs involves a stint in banking, but I want to hear from anybody who did it straight out of undergrad. What type of background did you have & any advice to someone trying to do it? A little background on me: I'm a rising junior, currently have around a year of ful...
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26 Year Old Female to raise $200 million Short Hedge Fund"26-year-old Fahmi Quadir, who expects to raise $200 million at her newly created Safkhet Capital and begin trading early next year, may face an uphill climb. Hedge funds have come under fire for high fees and unimpressive returns. Fewer startups rolled out in 2016 than in any year since the financi...
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Creating a Returns / Bench Marking for your PAHi Guys,, Wondering if any of you have built an analysis to benchmark your personal investment account to major indices, etc. I naturally get the concept however, I'm having a hard time approaching it as I have increased and decreased cash from the account over time as needed. Thus, my returns are ...
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HF vs. IB offer?I have received two full time offers and am struggling between the two: * Offer 1: elite boutique investment bank. Interned there this summer and had a great time * Offer 2: elite hedge fund Any advice as to what I should think about when choosing between the two? I really like both places....
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Looking to connect with professionals in LondonHi all, I am an Investment Banking Analyst with an engineering background and looking to connect and chat with professionals in the HF space, my knowledge about the industry is limited and I'd like to learn more about the different types of funds/ strategies, etc. I've went through many forums and ...
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Quantitative Finance Undergraduate MajorWhat kind of jobs can one pursue right after graduating with a bachelor's degree in quantitative finance? Is this a rigorous major and would it assist someone into eventually obtaining a HF job? Any helpful replies would be greatly appreciated. Thank you for your time and assistance....
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Breaking into Quant HFsI recently decided that I want to change plans and pursue a quant route rather than IB, but am not sure what the best path would be for breaking into HFs. I am studying Qfin and Math double (rising junior), but can't really find any alumni that would be able to help much. Should I just start rea...
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Bond math holding period return How would you solve this question - What is the 1 year holding period return of a 30 year US Treasury if it is currently selling at par ($100) with a 7% coupon and the YTM a year from now is 11%? The answer holding period yield of (27.6%). Intermediate step is calculating the bond price of $65.4....
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Long TSLAMake sure to see Whitehat's response inside the thread Unlike WhiteHat ( "TSLA Taxpayers Stuck with Lifeless Assets" and "10 Facts/Headscratchers from the Ongoing TSLA Saga"), I’m a big fan of Tesla Motors. Why I like Tesla: Tesla has followed a typical learning curve - Tesla began in 2003 by...
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The bulge bracket investment banks don't typically work with activistsThe title says it all! Based on the available data, it does not appear that any one investment bank has carved out a dominant position in terms of activist financial advisory services. I would like to question the added value of financial advisory for the activist hedge fund industry. (The need fo...
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D.E. Shaw Generalist / Corp Dev Intern or BB IBD intern What's the differenceHi all, Just wondering if anybody could shed some light on these opportunities and the similarities and / or differences. Long term career differences etc. Thanks :)...
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A PM that refuses to show marketing deck w/o NDAHello, Long time reader and posting out of a little frustration. I work with an HF as a capital raiser and our PM has a unique strategy completely uncorrelated from credit/equity which is still an emerging opportunity with a lot of potential. My issue is when I reach out to allocators he refuses to...
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Ms.Focus on Forex day trading with fundamental analysis & technical charts analysis, experienced in Gold, USD/JYP....
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Would Anyone Care to Review My PitchI've already accepted a FT HF offer, so at this point I'm focused less on generating ideas for interviews and more so on refining my existing process for when I start. Would anyone like to review one of my recent pitches from a process/logic/formatting/pacing/etc standpoint? Thanks...
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Is it my time to strike out?Hi WSO, I wanna get a gauge on whether is it my time to strike out with my own HF. I'm currently in an established fund with shared track record. Envious of being the fund manager and CEO at 40 at my own place adds impetus to me starting on my own. My stats are: - Top undergrad target school. No m...
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Looking for some expertiseHey, I have a few questions for everyone here, hoping to get some expert opinions. I am a junior in college and will be graduating with a bs in accounting and finance. I currently work at a bank as a mortgage loan originator but what I dream of doing is eventually starting my own hedge/investment ...
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Typical mid-level hedge fund analyst compWhat is the typical fair comp range for a mid-level (say 29 years old) analyst in a large, established, multistrat fund? 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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PE vs HF L/S equity - which one is harder to excel in?Hi all, I am coming from PE background (associate now after 5 years experience) and am considering my options to continue with PE or move into HF L/S (2-3 years long holding period and ~1 year short selling positions) I like investing and breaking business models apart and understand what makes t...
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Why you need to read to get Sr. PositionsHello all, many think networking is the key and the only way to attain senior positions. While this may be somewhat true, **you have some hope.** When cold calling Hedge Funds or even emailing, HF's want your ideas. They want your genius ideas to incorporate in their fund. **History repeats itsel...
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To all canopy dwelling silver gorillas, I'd love to hear about your career story.Being a student looking up at everything, I'd really love to hear about an actual story of someone starting off at the bottom and building a rich career. I have this idea in my head of people entering as analysts, and leaving as associates to start their own hedge funds, but I don't know how grounde...
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Lots of insight into start-up biotech companiesHi everyone. I work in at a firm that organizes conferences for start-up biotech companies. Basically, these are companies that are developing new drugs that are in FDA clinical trials. These conferences bring in experts (doctors, researchers), to talk about the drug, about ongoing trial design etc...
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Sub-Prime Auto MarketHello all, I raise capital for a fund in an unrelated space but I have been more and more interested in researching the sub-prime auto market for a short on our own capital for some time. My question lies in finding data to research and I was hoping to gain some assistance from underwriters and cre...
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CitadelHi all, Does anyone have an idea of the comp, hours, culture, trading style etc. of the Citadel oil or gas (paper or phys) trading groups? Looking for all info from jr. analyst to head trader...
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New here, love the work, want to stay in the industry, wanted to say helloHey folks! I was told to introduce myself to you all/tell everyone a little about me, so here goes... I've worked in finance for 4 years now, but in a fairly limited way. I have an extensive academic background in analytic philosophy and behavioral psychology, and ended up working for a friend as...
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Anyone know what a Credit Analyst does at a HF? (Also anyone hear about Oak Hill Advisors?)Our school has an application for Oak Hill Advisors as a Credit Analyst. I'm currently in the recruiting proces for IB so I really haven't looked into HF nor do I think I'm anywhere near prepared for any HF roles but after looking at the application and position it just piqued my interest so I wante...
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Cold Call v. Cold EmailHey guys, What is more dangerous here- a cold email seems more formal, but a cold call may give me a better chance of getting the information regarding internships that I am looking for. With that being said, I don't want to sound ridiculous. Is it a bad move to cold call, and should I just stick t...
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Need Career Advice ASAPHello WSO, I need help figuring out what I can do next in my career. Let me first explain a bit about my current background, and where I'd like to go. Any advice/insight would be great. Current Position (3 yrs) - PM/Trader for a long-term trend fund (~AUM $100mm) - PM/Trader for a volatility strat...
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Alternative route to Hedge Fund?Hey guys, I'm curious about the possible paths taken to get into a Hedge Fund. I understand that some of the common paths include IBD>HF or ER>HF or sales>HF. Depending on how my applications go, I may initially need to start out in accounting before making the move to IBD/ER (I understand the ACA ...
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Millennium vs. AQR - Job OffersI have job offers with the cloud platform/technology teams at AQR and Millennium. Which one will you suggest is a better bet and why?...
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Starting a Small "Hedge Fund" - How hard/costly is starting an investment fund? A number of friends/acquaintances want to give me money to manage on their behalf. Obviously if I were to do this under a personal account it would be illegal. So how hard/costly is starting an investment fund that can take money from other people? I would just want the cheapest, simplest legal stru...
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How to Break into the Hedge Fund IndustryHi, I am a web designer and would like to cater my services towards hedge fund companies. Can anyone be so kind and advise how I can reach potential new hedge funds and create their website for them? Perhaps website and transition to IT service. Your help is greatly appreciated. Thank you Tommy...
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D.E. Shaw Dress CodeWhat's the dress code for a first day internship at D.E. Shaw? I heard they had no dress code but for my first day I'm not sure....
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How to get a Hedge Fund InternshipHedge Fund Internships There’s a lot of mystery surrounding hedge fund internships. Are they available to people who don’t have connections through family and friends? How do they stack up against other finance internships? Are they viable when the end game is investment banking? What’s the p...
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BAAM Ventures Investment AssociateBelow is a job description from the Blackstone website for their FoF business, specifically for the BAAM Ventures business line. Generally, I've gathered it is difficult to move to direct HF/PE from FoF roles. Does it sound like exit opps would be equally limiting here, or more translatable? (The gr...
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Executive Compensation (Dilution)Hi, I am an analyst working at a real estate investment firm. The company is beginning to deploy capital into public REITs in order to capitalize on mispricings in the public markets with REITs trading at a discount to NAV (a strategy I find quite interesting) and I am trying to learn how to naviga...
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Does anyone know of a database containing recruiting contact info for every investment manager?I'm looking for a website or database that contains a list of every HF/PE firm along with the company's preferred contact method. Ideally you could filter by strategy, AUM, location, and number of employees. If this doesn't exist, anyone interested in helping me build it?...
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Junior Year Summer: I-Banking Intern or Top Hedge Fund InternI am a rising junior and am unsure of which is the better option for me. I am currently interning this summer at a mid-market PE firm with ~8Bn AUM just to give you a sense of my experience and have a great opportunity for next summer. I connected with an alumni at a top fund in the US for a junior ...
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Citadel's Physical Natural Gas PresenceStraight from their website: "In addition to trading the US natural gas derivatives markets, the US gas team acquired a portfolio of natural gas pipeline transportation capacity in 2016 which has enabled the team to grow its physical footprint. On an opportunistic basis we would be interested in sp...
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Is a Computational Biology degree is better than a Finance degree?Hedge fund manager Desmond Lun has been beating the market in an unusual fashion. He is a computational biologist that has found a new area of success in the "quant hedge fund" world he says its due to his study of the biological cell. I can't believe how diverse the financial world is getting. It u...
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Investment IdeaI am an ex hedge-fund junior trader, and have (limited) research experience working at a BB. I came across an investment idea I thought was particularly interesting. I am still in the preliminary stages of establishing a thesis, but wrote a brief summary of my analysis. Wanted to see if anyone would...
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Undergrad HF internship possible for me at all? Hit me with reality so I can focusFirst of all, I will appreciate any kind of advice. I feel like I am kind of late in the game starting this question thread now, but better late than never. The crux of this thread is this: I need to figure out the best way to spend my junior year summer and need your help to get me focused. I wi...
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Can you switch to ibanking after a year at a hedge fund?I will be joining the industry in a couple months after graduating last month. My role will be focused on FI relative value trading. It is unlikely that I will be getting much exposure to traditional financial modeling (as my friends in banking will be). I've been reading up about the hedge fund un...
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Company Interview: Point72 - Point72 Academy Full Time AnalystStandard stock question: What is your favorite publicly traded stock and why? Mention industry, revenue drivers, business model, and key risks. You are given 10 minutes to prepare an answer and 2 minutes to record your answer with one retry allowed. After recording your answer you are asked to reco...
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Operating model for direct lending / distressed shopHey guys, Does anyone have a model template that they could share for a direct lending / distressed debt shop? Or just a completed operating model? I have a modelling interview early next week for a direct lending and distressed role, and I am trying to learn before then how to layer in the releva...
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Why do CEOs care so much about activist hedge funds?Hi monkeys, Can one of you explain why activist hedge funds are supposedly so feared by F500 companies? Why does a F500 CEO care so much about what a 5% shareholder wants that it requires him/her to devote a majority of their time responding to their arguments? I've read several articles in the Eco...
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Need help with my career change!!Hey everyone, So idk if anyone has any advice or not but I am just looking for some advice. I am 25 and after starting and stopping and restarting my college career, and never planning to be in a financial career I have decided that I want to be in the world of investments and am willing to work m...
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How much do Baupost partners make?http://www.businessinsider.com/brian-spector-leaving-baupost-letter-2015-11 This article ^ tells of a Baupost partner who retired after 17 years at the company after joining at 25 years old. He is now focusing on philanthropy. How much does a partner at Baupost make? I get that its variable but how...
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Starting a Cryptocurrency FundMy friend is starting a fund with the intention of trading & holding cryptocurrencies (BTC, LTC, ETH, etc.) between international digital currency exchanges. The fund will be set up to manage money in a similar fashion to the hedge funds that we are all familiar with. The question is: What are d...
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Company Interview: State Street Corporation - Operations AnalystThere are some very specific questions on your past experience and knowledge, including what kind of funds you have worked on, what's their structure, what kind of investments, and what valuation method they use, or valuation difficulties you have experienced. Other questions includes what can you b...
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A case for short term investments in emerging/frontier markets**Please correct any economic concepts i've misunderstood in this post, I'm by no means an authority on this subject..just a college sophomore who feels as though i've stumbled on to something and would love to gain insights from all the experts here.** Having spent some time interning in equity an...
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Join startup HF or pursue MBA? Seeking advice.. Hi guys - trying to make a decision. I potentially have the opportunity to join a recently launched L/S HF. Guys have good backgrounds and all seem very thoughtful and would be enjoyable to work with. Lean team with ~$300-400mm in AUM currently. Little more background on me - top 25 undergrad (non-b...
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Product Management Analyst - Investor Relations Interview at $25 billion Asset ManagerProduct Management Analyst - Investor Relations interview at $25 billion Asset Manager.... Any advice on what to expect? ...
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Fortress Hedge FundHas anyone here worked or interned for Fortress? I've heard its a good company and have a connection, still a student but was wondering if it would be worth pursuing....
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Location on new fundsSo I am in no way part of the hedge fund industry, but, I am curious that if someone were to have the credentials and the track record of performance could a successful hedge fund be started up somewhere other than NY/NJ/CT and if they could be successful does anyone think they could ever compete wi...
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Top EM Funds?Hello All - I am a current undergrad curious if anyone out there has a knowledge of emerging market funds they could share. I am aware of a few of the more commonly talked about funds (Oaktree, Lazard, etc) but I am curious on if there are others worth looking into that may be lesser known. I would ...
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What do failed HF analysts/PMs next?Hey guys, so relatively straightforward, where do HF analysts/PMs who wash out (have a couple bad years) go afterwards? Let's say you did 2 years in IB and then went to HF? I understand that if you wash out earlier, let's say in your twenties, you can get your MBA and pursue another role. However, w...
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TA/ Operations Analyst Interview - Any Advice?Interviewing for a TA/ Operations Analyst role at $3B hedge fund... Any advice on what to expect? ...
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What career path will be the best to take if I want to land a hedge fund job?I am close to graduating from college, my goal is to land a job in a hedge fund. Im aware that chances are that won't happen straight out of college. What career path should I take in order to be able to have the right exit opportunity to land a hedge fund job in the next 1 to 2 years after graduati...
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Compensation at CLO fundsDoes 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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MBA vs. MFE for breaking into HFsAlthough I've already read the plenty of posts where people have debated about MBA vs. MFE, but I wanted to get a ground view of how people inside the HFs view/compare these two. I was watching an interview of Bill Ackman where he was sort of indirectly hinting at how getting an MBA training is pret...
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Janet Yellen on financial crisisIs Janet Yellen's statement that she expects no more financial crisis in our lifetimes the greatest sign that there's a huge one coming soon?...
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Buysiders - Who do you think is best in sell-side research? While this could probably go in the ER forum, I wanted to post it in here to find of what people think of various firms when it comes to SS research. Who are the best banks? Who are your favorite analysts? Which banks are overrated? Which MM has the best research? ...
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CLO analyst roles?Hi guys: I was just wondering if someone could shed some light on what an CLO analyst for a fund would be doing please? It seems similar to high yield credit analyst role, with more names to monitor, and can be a bit less active, would this understanding be correct? Given the current regulatory env...
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Inventory Accounting for "chop shops"Co buys planes, breaks up, sells parts individually. IFRS. How should they allocate COGS to each part...
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Is there a comprehensive list of hedge funds in the Toronto area? How about quant shops?Title pretty much says it all. I can't seem to find a comprehensive list of hedge funds in Toronto. Does anyone happen to know offhand?...
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Contrarian short thesisHave a write-up that's a contrarian short thesis on a mid-sized tech company. Happy to share via PM to anyone that's interested. Would welcome any and all feedback / critique!...
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Activist Hedge Fund Manager Dan Loeb Turns to QuantsIn summary: Recently, billionaire activist HF manager Dan Loeb offered $2 million/year salary to snatch a 32 year old from a Quant HF to be the Chief Data Scientist at Third Point LLC. He said he intends on [using data to support our existing fundamental strategy...it’s a “**quantamental**” t...
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Portfolio and risk management booksHello all, I am a complete noob when it comes to portfolio and risk management. I am currently a global macro analyst at a boutique research shop. But, saying in my report that clients should go long country X, and short country Y on a 12-month time horizon is probably really different than actuall...
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Leaving an established hedge fund to join startup hedge fundHi guys, My current job is at a large established hedge fund that is well respected and I enjoy showing up to work every day. I've been an analyst here for a few years now but I feel like I'm being underpaid and I'm getting restless. I could be stay here another decade and probably wouldn't make ...
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Learning about options tradingHi All. I have been a very active trader in stocks and ETFs for a decade or so, but am now becoming interested in investing using options. I am an REPE guy not a hedgie and, while I did study the basics of options and valuing options during my MBA a few years back, I only have a basic conceptual kno...
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How to prepare for activist fund interviews?Hi Monkeys, Interviewing with an activist shop in the upcoming weeks (not one of the biggest), but ~$1b AUM, and I'm really excited about the opportunity. Would love to hear from people with similar interview experience or who work in activist hedge funds now -- how can I prepare to set myself apa...
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I have a one week internship. Now what?Hey all. Undergrad student at an Ivy double majoring in finance and mathematics. I have achieved the cold emailing dream, and secured work experience for a notable hedge fund. However, this is only for one week. I asked if they could give me more and they said they could only offer that much to me....
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From engineering PhD to Hedge Funddeleted this deleted this deleted this deleted this deleted this deleted this deleted this deleted this ...
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Och-ZiffWould you still take a job at Och-Ziff or has it been blackballed from the list of top hedge funds? They were facing large redemptions and stock was getting pummeled, but there was some good news yesterday: [WSJ Article (paywall)](https://www.wsj.com/articles/hedge-fund-och-ziff-sees-stronger-retur...
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Need Help On Best Way To Prepare For A Global Macro Fund (Macro P.M. input wanted)I am a student who is really interested in global macro and whose dream job would be to be at a global macro hedge fund in an investment analyst role and where I could have the potential to act in an idea generation capacity. I have looked online and found some stuff, but all the stuff I found was e...
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Best Credit HF in London ?Hi there, I'm a credit PM (sub debt) and I wonder what are the best HF on the credit side to move into in London/Europe ? Thanks a lot...
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Risk Per Trade in Macro InvestingI have read a few books (and online resources) on macro investing but I still don't have a good grasp on the concept of risk per trade. Could you help me understanding it please? (below are a few thoughts I have on this). I find the consensus advice from the legends and pros is that that traders s...
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How to get started on macro research?I'm currently working in ABS underwriting and pre-ABS investment. I'm trying to break into the HF business, and I think I should put a bit more of my off-work time on studying investment research. Due to the nature of my job, I have some exposure to credit research, and I want to build some knowledg...
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How to land an offer in HF from BB FIG Group?I am about start my second year at FIG group a BB in HK. I have gradually figured out my interest and passion in hedge fund (L/S equity, activist etc). I am quite worried as FIG is more of capital markets deals rather than M&A transactions, especially in Asia. Could anyone who has a similar backgrou...
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Hedge funds with big PM AUM like Viking?Articles like these: http://www.reuters.com/article/us-hedgefunds-viking-idUSKBN1572RU indicate that there are 4-5 portfolio managers at Viking each managing $1-1.5 billion and a couple top managers managing even more (e.g. Dan Sundheim before leaving Viking this year). This seems to me to me to be...
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UCITS - Hedge fund?If a company is managing several UCITs funds, would that company then still be considered a hedge fund? They can surely say that they have several billion AUM, but would that not be different from hedge funds that actually have their AUM invested in their own unique strategies? I may have become co...
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EJF CapitalDoes anyone know anything about EJF Capital, a hedge fund in Arlington, VA? Any information would be greatly appreciated...I haven't been able to dig up much about it on wso or elsewhere. Thanks....
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Is Investment Banking the gold standard for breaking into the HF industry (2nd half of 2017 --->)Is investment banking (BB/EB/MM) the gold standard for breaking into top HF? Have ER and S&T pretty much become a crapshoot for Top HF in 2017? Your thoughts....
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Daniel Loeb Closing in on NestleDaniel Loeb's hedge fund Third Point LLC revealed on Sunday that it has taken a $3.5 billion dollar position in the Swiss conglomerate Nestle. This makes the firm the 6th largest holder of Nestle. However, this is also the largest initial bet for the fund. Third Point released a letter on Sunday tha...
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Sponsors to HFWas just curious as to what it would take/if it's possible to move to a credit oriented HF (distressed in particular) from a sponsors group at a mid-tier BB?...
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Hedge Fund RecruitmentHello everyone, I'm a graduate seeking a job in London. For several reasons that don't really matter at the moment, my plan was to start as a trader at an investment bank and then move to some hedge funds after a few years, like many do. Recently, I'm also considering trying to apply to hedge funds...
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Big BallersSo it's commonly said that in the financial industry (probably every other as well) people who bring huge amounts of money to their firms get to do whatever the fuck they want. What are the craziest things you've seen or heard from these type of ballers? ...
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DE Shaw BBQ inviteRecently got an invite to a DE Shaw BBQ event in NYC/SF. I'm wondering if this is something that they send out to everybody. ...
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Top Hedge Fund operations vs. Bulge bracket Ibank analyst?I'm an undergrad choosing between an offer from a prestiguous hedge fund operations position and bulge bracket analyst role. The offer compensation is roughly the same, but what about future opportunities? I know for a bulge bracket ibank I have a clear career path leading to MBA to associate and ab...
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Opinions on the HF interview questions guide by WSOHas anyone who has been working in the HF industry seen the WSO HF interview guide? Would you recommend it? What is it missing in your view? thanks ...
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Hedge SwapHello all, A has concluded a Euro money market loan with the B-bank with a par value of EUR 100,000. This is linked to the 3M-EURIBOR plus spread of 1.5 % points. The loan can be used in tranches at least EUR 25,000. The term of a tranche may be 3, 6 or 12 months. The interest rate is agreed before...
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Number of stocks decreasing rapidlySo I read an interesting article (https://www.msn.com/en-us/money/topstocks/stockpicking-is-dying-because-there-are-no-more-stocks-to-pick/ar-BBD4Zgq?li=BBnbfcN). It says there were 7,355 U.S. stocks in November 1997. Now there are fewer than 3,600. This is has made it far more difficult for active ...
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Putting your money where your mouth is.* Moderators: I'm unsure as to whether this is the correct forum to ask this question, so feel free to move/delete this discussion if need be. I understand that organisations are team oriented and generally no one person contributes to a whole firms success, though i'm curios as to how many finance...

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