Silver BananaTopicReplies
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Need advice - equity analyst offer at event driven long/short start-up, have to decide tomorrowI currently have an opportunity to join a year old event driven long/short fund. The fund has a little under $200mm AUM and had a very solid year last year. They are backed by one of the big hedge fund of funds and the PM has a good track record. The offer they gave is to take a slight pay-cut but t...
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Most sought-after skills for Quantitative research positionHi there, I went to undergrad at a target/semi-target school (top 10 but not ivy) and am currently pursuing a master's in operations research (OR) in an ivy. My plan is to work as a quantitative analyst after graduation. That being said, I am torn between doing a financial engineering track (takin...
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Point72 - Review - N/ACompany had more interesting work, a better work life balance and higher pay than private equity role . Job is much more fast paced and high volume than private equity, covering 25-75 stocks with daily news flow on all of them...
Five Rings Capital LLC - Interview - TradingThere were estimation questions regarding natural logs, which I found odd. Additionally, there were a lot of Fermi questions that could be very tricky (look at http://www.fermiquestions.com/play for examples of such questions). Besides that, the trickiest part was the time limit. They didn't expect ...
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Short-term investingI believe that some equity long/short hedge funds have a pretty short time horizon for their investments. This might sound naive but I was wondering how they can operate like this. Especially for the funds that focus on getting earnings right - I find that near impossible to call. I understand that...
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Best Quotes Something fun while in the office this sunday: Favorite/Best quote you've heard from a HF manager while in the office/outside the office...
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Susquehanna International Group - Interview - DerivativesYou have 17 coins and I have 16 coins, we flip all coins at the same time. If you have more heads then you win, if we have the same number of heads or if you have less then I win. What's your probability of winning? roll a dice, win 2* the value of the face if it is an even number, or win 1*the v...
Point72 - Review - ResearchSmart people, good atmosphere, good hours, great benefits (excellent insurance, 401(K)), good management.. High learning curve, demanding, very competitive, But not much to complain about. Depends on portfolio manager....
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AMA: Former hedge fund junior trader/analystI recently got laid off by my employer, a larger credit focused hedge fund. I though I'd create an AMA to clear up questions anyone may have regarding the hedge fund industry. I traded multi-asset classes included ig, hy, cds, clo's, mbs, and specialized in tech and healthcare industries. My backgro...
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Conversion of two closed end funds into open fundHi, I'm interviewing with a HF and as part of that process, I've been given a scenario where two closed end funds are closing and merging into the company that owns them, basically becoming an open end fund. I have to devise an investment report of sorts that would explore profitable opportunities ...
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Fundamental roles at traditionally strong quant HF's.Hi everyone. I understand that hedge funds such as Citadel, DE Shaw, AQR etc. have traditionally been recognised as strong quant funds. However, I realise that they've broadened their strategies to include more fundamental roles. What is your opinion of such roles at such funds? For example, bein...
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Can I eventually work at a biotech analyst?Hi I have a B.S. in Neuroscience and M.S. in Statistics both from UCLA. I currently work as a data analyst. I have an ability to peruse scientific articles and clinical trials with ease. Anything I don't know, I can easily research and learn quickly. I can also scrutinize the statistical methods...
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AMA: Research Analyst at $1 Billion Hedge FundHey everyone, I’ve been a long time user of this site, which was instrumental in getting me to where I am today. If it weren’t for the help of everyone on here I certainly would not be in the position I am in today. I’ve been meaning to do this for a while but I would finally like to give bac...
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AllianceBernstein - Interview - Investment BankingThe interview was entirely behavioral. Questions included: Which roles are you interested and why. How would you benefit from this program. Why Alliance Bernstein. They also asked me why did I pick my college and my major. They asked me to talk about a time I overcame a struggle as a team. They also...
Two Sigma Investments - Interview - SecuritizationClassic friend circle problem: 1) There are N students in a class. Some of them are friends, while some are not. Their friendship is transitive in nature. For example, if A is a direct friend of B, and B is a direct friend of C, then A is an indirect friend of C. And we defined a friend circle is a ...
CITIC Capital - Interview - Mergers and AcquisitionsWhat do you think about Trump, you do not look like a trader, why did you apply, biggest dream ...
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2018 Equity SlumpConsidering the recent drop in equity prices across markets, and more importantly, expectations of further drops (Bloomberg just posted an interview with a skeptical Nader Naeimi), is this still a time to hold equity positions? Holding 85% equity (index funds, ETFs, etc. )and the remainder in cash. ...
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Citadel Investment Group - Interview - Quantitative ResearchThe interviewer first asked about my resume. He then asked me to go into more detail about the current projects that I'm working on in my resume. He also asked about certain classes that I was taking and the importance of those classes. This was specifically true for the machine learning classes in ...
Point72 - Interview - GeneralistI was asked what my five biggest weaknesses were, which was a bit tough since usually, you're only asked for your biggest weakness, tops 3. Another question was what why Point72, especially over other hedge fund programs like Citadel or DE Shaw (fundamental equity). This one was tough to answer, bu...
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Certified Hedge Fund Professional Certification (CHP)Hey everyone, I'm currently a senior at university and I am planning on sitting for the CFA in December. I came across the CHP certification, and was wondering if anyone had any experience sitting for the CHP and if there is a strong consesus that it is a good and distinguished certificate to have...
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Questions about Bridgewater / Reading Philosophy?1. What is the day-to-day work of an investment associate right out of college? 2. How much do they care about GPA, and what is their approximate threshold to get a 1st round interview? 3. I asked someone from my college who will work for them this summer (he's extremely smart), and I asked him a...
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Managing AUM less then 100MChaplin Capital’s investment strategy is event-driven and value-oriented, specializing in the identification and analysis of securities likely to experience a change in value resulting from market catalysts. The firm’s investment activities may be classified under three strategies: • Merger ...
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MIO Partners - Interview - GeneralistWhat is the vega for a put given its similar call has vega of x? I guess it is not a hard question. But I does not understand the question well at the beginning and I was trying to take derivative from Black Schole model. But then I studdenly remembered the vega for put and call are the same. It was...
Citadel Investment Group - Review - ResearchIt’s pretty interesting word esp considering that I like investing so much and it’s a good platform.. It’s quite intense esp during earnings season and so it’s a demanding job. Depending on which Pm you work with, it can be quite different as some have bad temper...
BlackRock - Review - InvestmentsAs BlackRock is big, depending on the team compensation can be very rewarding (generally on the active investments side); scalability and the name also provides a lot of resource and learning opportunities for juniors. overall very merit based. Getting too big and hiring a lot of unnecessary functio...
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Distressed Debt Analysis - MoyerHey Guys, Anyone have a pdf copy of distressed debt analysis by stephen moyer they'd be willing to send me? I am very interested in the distressed space and want to learn as much as I can. If any are willing, it'd be much appreciated....
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How to Start Your Path to a Hedge Fund JobAs an undergrad student that is determined to make a career on the buy side of the market, whats some helpful tips and advice that will jumpstart my process of making that dream a reality?...
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Anatomy of the 10-KStill jet-lagged by 8 hours from a day and a half in London, I haven't slept for a good 48 hours and remembered I owe WSO my process for dissecting a 10-k in the usual form. Before I get right into it, keep in mind every business is different and that will dictate the way you should read their spec...
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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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Distressed HFs compared to Distressed Credit within PE FirmsI was wondering what people think about working for distressed HFs (Silver Point, Anchorage, etc.) compared to distressed businesses within larger funds (say, GSO or Oaktree distressed). The latter category has stable capital, with all the structural advantages that brings. They are able to invest i...
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XIV Goes PoofSo I read yesterday's newsletter by Matt Levine https://www.bloomberg.com/view/articles/2018-02-06/people-are-worried-about-the-stock-market The short volatility trade finally blew up. Some poor retails guys on Reddit caught holding the ball are wondering whether they should literally kill themsel...
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Are you good at shorting?Was asked this at a HF interview. What is your thought process when determining good shorts and what are key items you look for. Also, how do you determine what kind of position to take and how should you adjust/change your position if the market goes in your favor/against you favor (for example, ...
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Och-Ziff Capital Management Group - Review - Mergers and AcquisitionsGood work life balance. Standing desks. Excellent menotorship. Quality tech support groups. Good location. Pay is way below average for the position and street. Management makes promises they do not keep. low pay...
Magnetar Capital - Interview - Fixed IncomeThe most difficult question was some technical questions regarding python, as the position required some computer coding. Be prepared to answer specific and detailed questions about your experience, and they will expect you to have thought retrospectively about your experience, why it makes you appe...
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Accidental portfolio manager looking for optionsWould love experienced feedback on my situation.. I work at an investment research firm, independent. CEO pulls me aside a few years ago and asks me to create a systematic US equities strategy based on his factor research. Ok. I put together a security selection model, and let it run. First two yea...
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What do you think about the CAIA?I'm seeing more and more people take the CAIA...
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Bridgewater - Interview - Prop TradingThere really wasn't any one question that was particularly difficult. It's just that Bridgewater has this culture of radical transparency, and it feels as though you're being scrutinized very closely by the interviewers. The whole group interview/debate was also very unusual, and it was difficult to...
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Mistake to tell Recruiter also interested in AM?I am going to be reaching out to recruiters soon and wanted some advice. I’m coming from sell side research and am looking to make a jump to the buyside. Truthfully I would be happy working at either a hedge fund or traditional assessment firm (Fidelity, etc). What’s the best way to approach thi...
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The Age-Old Question: HF or PE?Hi y'all - So after some careful thought and studying the work of my directors / MDs, I've decided against banking as a career. I've always been interested in valuation and investing (companies/businesses mainly), so PE / HF seems like a good route that pays well too. People have said that passio...
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Canadian buy-side analyst trying to transition to USHi, I am a canadian buy-side analyst working at a $50mm+ hedge fund. It is my 3rd year on the job and my experience are predominantly in the event driven space (risk arbs, special situations) but I do have some experience covering long/shorts via my current job and via previous 2 years on the sell ...
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Moving to London HF from USHi all - was wondering if anyone here in the HF space has made the transition from the US to London and could shed light on their experience (likes, dislikes, culture differences, pay, etc.). I'm currently stateside in a multi-strat (analyst level) and evaluating potential opportunities (London wou...
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Final round buyside interviewSo I had a rly good final round with case study with the partners. Reception was very positive: they asked abt when I expected comp, when I would be able to start, and if I was talking to other shops. They said they were hiring for 2-3 jr positions, and that they expect start date to be within a mon...
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EB Analyst -> Credit Research -> Credit Hedge Fund?I worked for 2 years at an EB doing Rx and M&A, wasn't given a third year promote, didn't do well in buyside recruiting and switched to a sell side credit research role at another bank. I've been here for 2 years now and am a top performer but I'm wondering if my inability to get a buyside job right...
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What books or where can I learn more about quantitative investingI am a noob value investor with knowledge in basic intrinsic value methodologies such as DCFs, Comps, Earnings Power Value, and the Graham formula. I am extremely interested in valuation and was wondering if there were any other quantitative strategies that you would recommend I explore. (I don't m...
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Buyside Research Analysts - What blogs/newsletters do you regularly read?As an equity research analyst, what are the best blogs/sources of news out there? Similar to Stratechery for example...
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Headhunters in Mid-AtlanticI wanted to know if there are any headhunting firms for hedge fund jobs that specialize in the mid-Atlantic area (DC,Baltimore, Philadelphia). Alternatively do any of the recruiters that seem to be based in NYC also tend have opportunities in that region? Thanks!...
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2-hour Modeling Test for HF (Fundemental Equities) - What to expect?-I have a final round analyst interview at a fairly well recognized fundamental equities shop in NY. I was told to expect a two hour test and it's likely to concern either a model update or a ground up modeling excercise. -The PM will then decide based on what you produce and the fit you bring to t...
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Cold Emailing for internship help neededI've been cold emailing and asking for the internship straight up in my emails but I've gotten close to no response on those. I attach an investment writeup(the limited feedback I've gotten indicates that it's very good so I don't think this is the issue), and this is the template I use: Hi YYY, M...
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Help with Hedge Fund Recruiting ApproachHowdy y’all, I’m looking for critique on my hedge fund recruiting approach. I’ve identified two funds whose teams I would like to join. Both are located in a small city to which I will be moving soon (regardless if I land an offer with one of them). I don’t just want to simply cold call them...
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HF phonecallHey guys, so after a lot of networking efforts and cold mailing in the search for a summer internship, I've finally got a phonecall setup with a partner at a fund after a few days of mailing with him. I know it's a vague situation but what should I be expecting from this call? A general get to kn...
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OrbiMed Advisors - Interview - Investment BankingNothing too unexpected- just general questions about finance to see what my knowledge base was because I come from a non-finance background. For example, he asked me to just name the parts of a balance sheet/income statement, etc. He had a copy of my resume and asked me to explain my experiences in ...
3G Capital - Interview - Investment ResearchQuestions included: 1) Why didn't any of your internships turn into a full time offer? 2) what do you think makes a great business? 3) tell me about an investment mistake you made? 4) Why do you want to work here? 5) What is your edge? What sets you apart from other candidates? There was alot of di...
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How to Make Money in The Market: Providing Liquidity[quote]Since you brought it up - what is your edge?[/quote] I am really a liquidity provider of last resort, with occasional forays into macro. [quote]Certainly lots of people can or are willing to provide liquidity in your world, no?[/quote] So let me start by saying that I believe that there a...
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How accurate is the sumzero compensation report?I made $350K all-in 2-3 years out of college working at a hedge fund. How should I interpret this compensation figure? Is it "high" or "low"? As background, we are in the ~$1-10bn size range with ~5-15 investment professionals. Our performance target is to return in line with the index but with hal...
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From sell-side capital markets (HY debt/structured finance) to Credit HFHi all! I’m from an emerging market, 30 years old, and worked for almost 5,5 years in the capital markets team of an investment boutique. The deals were structuring of high yield debt securities for distressed or middle market companies (usually with complex guarantees, credit enhacements etc.), ...
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Marketing Positions for HFIs it true HF marketing is mostly female dominated and that males don't have as much as a chance? This is a career that would interest me, and I would be looking to raise cap....
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Analyst half life and deferred compensationBackground: I work in ER on the sell side, covering a struggling industry. Lately, it seems like clients have suffered quite a bit, and today I learned about two more clients getting let go. In at least one case, the performance record was strong. Question - what is the average lifespan of a newly ...
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Cash/Liquidity at Hedge FundsHi, does anyone know how much cash the average fundamental, "value-investing" hedge fund keeps at all times? They need to hold cash to meet redemptions as well as to have dry powder in order to originate new positions. Thanks...
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Citadel Investment Group - Review - TreasuryGood kitchen and food breakfast/lunch/dinner and after-hours events. Great name. Blue line train in front of office.. Zero opportunity to move within the firm. Poor growth. Little training and engagement. Middle and back office functions and even low-end front office positions (portfolio finance) ar...
Maverick Capital, Ltd - Interview - GeneralistThe only question asked was what do I like about the Hedge fund business model. When probed I was told to talk explicitly about the operations of the business model. She asked about the cost structure of the business model and how does it differentiate itself competitively from other firms. I was d...
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Which 13F's to follow and should you follow them?I was just curious as to what (if any) 13F's members of this forum follow and if they are even worth following? From a little bit of research, I've found that you need to follow the right fund's 13f's if you want to track "correct" long positions. It's sort of counter-intuitive but you would obvio...
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James Simmons hedge fund manager formulaDoes anyone know the formula that James Simmons uses to manage his hedge fund. Now I realize that nobody knows the exact formula on this website. I am looking for someone to point me and who ever else is curious, in the right direction. ...
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Point72 - Review - Quantitative ResearchDecent compensation, very chill hours, really interesting work, great people to work with. Fantastic firm and tons of resources. Low bonus, unclear career progression/opportunities for growth. Long non-compete clause, which can be frustrating for recruiting....
Citadel Investment Group - Interview - N/AThe most unexpected question asked was a classification problem where you had to do k means on unnormalized data. The data set had some tricky data points, so it was you had to experiment with k a bit to figure out the best k. Another interesting problem was finding all locally maximum point in a 2d...
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Alpha Hard Reload probably a conduct **Alpha Hard Reload** probably a conduct a few human beings name being 'hardhearted.' This comes from year's well worth of unresolved past hurts being piled up and in no way addressed or resolved. attempt no longer to take it individually if the complaint comes your manner. recollect the guideline t...
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Anchorage CapitalAnyone know anything about them / go through interviews in the past?...
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Two Sigma Investments - Interview - N/A1) Design load balancer in a data center. 2) Wildcard matching '?' Matches any single character. '*' Matches any sequence of characters (including the empty sequence). The matching should cover the entire input string (not partial). The function prototype should be: bool isMatch(const char *s, c...
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HF non-complete includes banks?Hi WallStreetOasis, I have a simple question. Need some advice from the veterans. On paper, my HF employment contract has a x-months non-compete during which I can't join a competitor; competitor is defined as a company that competes directly in business with the company. Suppose my current positi...
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Glenview Capital Management - Interview - GeneralistValuation questions with a list of 10+ companies, each in different industries, and you're asked to list various metrics for each one. You'll recognize most of the companies but obviously getting the valuation metrics right is a lot tougher. Also, several brainteasers which were quite challenging....
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Hyde & Co. a collective hedge fundHi there -- We are a team of young scientists who founded a Hedge fund startup called Hyde & Co (hcoinvestments). Our trading system is an autonomous trading system that uses AI to find signals. We are raising capital for our first fund through an ICO(initial coin offering). If you have a question o...
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Differences between Special Situations FundsCould someone please the differences between different styles of special situations funds??? They seem to be both PE and HF special situations funds? Whats the difference in what they do? Also there seems to be long only equity spec sits, credit spec. sits, ...... Also whats the link to distressed...
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Beating a Dead Horse with a New StickSo I'm going to rehash everyone's favorite topic - the CFA. But this one's a little different: I already work for a hedge fund in a front office position. I recently started with a $3b fund straight out of school (non-target). We're mainly an event-driven shop, but we recently also began providing...
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Invited for a introductory meeting with a HF in college, how to prepare?A HF is visiting my school for the first time to deliver a presentation. I think they are considering taking some summer interns and I have been selected as one of the candidate. I have a 30 minutes intro meeting with their team. What should I expect and prepare? I don't know anything about HF inve...
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Received HF offer; want to leave current role early - advice?I'm currently at a BB in NYC but have an offer with an HF that starts in the summer. There's nothing in the offer letter / contract that says I have to stay in my current role until then (unlike for PE). For personal reasons, I want to resign early. How would you recommend bringing this up to the HF...
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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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Swiss National Bank Issues Gold Coin for AnniversaryHi all, I would like to share an anecdote about SNB that a professor from University of Zurich and former SNB employee told in a lecture some years ago. Switzerland would celebrate a big anniversary (cannot recall how many years of existence) and SNB thought about issuing a gold coin worth 500 fran...
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How Do You Develop Your Macro ViewJust as the title says...would very much like to do a better job of this and would love to hear from those of you that have to do this for your work every day. What books do you recommend reading, and what news do you specifically try to seek out? In addition, what are the thought processes that y...
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Starting a small hedge fundNew user, co-founder of a 2-person small Asset Management firm utilizing a trading algorithm for long-short equity. Looking for advice on networking, fundraising, partnerships, etc. Newly relocated to NYC....
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Pay for Sales / IR Teams in Hedge FundsCurrently working at a $5bn Systematic Multi-Strat Fund in London in the Sales / IR Team. I am happy with my pay at the moment but I have no viability of what my seniors earn. What should I be expecting (Total Comp) after 3-4 years of experience? Thanks ...
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How common are 100 hour weeks in HF?Are hours? 1. Long like banking (100+)? 2. Track the market (so like 8 to 6 maybe?) 3. Depends more on your team ,so what about other things like how predictable are your hours and do you get called in on the weekend? how much "reading from home" is actually expected? And does any of the above incl...
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best college major for non traditional student willing to do an mba in futureI am 27 yrs old and dropped out of college after sophomore year due to financial trouble, since I have been working and now I am Financially secure now. I am making 6 figures proprietary day trading. I am restarting my career, I have returned to my state school Oklahoma, which would be a suitable ma...
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Any Canadians here on TN?Fellow Canadians - has anyone had a lot of trouble going through the TN visa process recently? Considering the recent wording changes to the TN Economist, you guys think it will dissuade a lot of banks/HFs/PEs from hiring due to greater attorney costs? Also has anyone been able to get a finance rol...
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QVT Financial LP - Interview - N/ASeveral questions related to classes I took. One of the interviewers had my transcript and would seem to just go through and look for classes with names that sounded like topics he could ask about. It was hard since some of the questions were obscure and it had been a year or two since I'd taken som...

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