Silver BananaTopicReplies
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Career switch, advice neededSome background about myself: I'm a core dev doing ML + blockchain at a BB, in my mid-20s, based in Singapore. I recently got an offer from an HF who's starting to build a quantum ML trading arm. It's a more quant research type of role, and according to one of the HF partner, they know that this is ...
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Quant vs Quantamental in career advancement I'm currently thinking of making the switch into hedge funds. I have a background (PhD level) in machine learning but also have relevant experience and background in biotech/pharma. I want to ask for advice regarding what the career prospects are for a pure quant role vs a role in a more fundamental...
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Help with capital raising for a small hedge fund?Hi all, I hope you're well. By way of background, I recently (...
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MM IB to HFI’m currently wrapping up my second year at a top MM IB in Chicago. The job has taught me a lot about how to read financial statements and how to run an organized process, but reading about the critical thinking aspect of HF gets me really excited. I have a low GPA (3.1-3.5) and come from a semi ...
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Current state of Prop trading?Hi everyone! I'm currently torn between two offers, and would appreciate some insight and views on the job outlook. I currently work at a major exchange, doing quant development, primarily in python. I have two offers on the table: 1) Quant development at a major IB. This would be a steady job wi...
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KKR Macro & Asset Allocation InterviewHi all, I'm new to WSO and wasn't sure where to post this. I was recently invited to first round interviews (phone screen) with KKR's macro group. I couldn't find much info on them online. Does anyone know anything about this group and could provide some info on them and/or interview process? Want...
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Working under multiple PMs, nightmareI'm a second year analyst at an event-driven HF, primarily doing credit. My first year was spent basically training and getting my sea legs, and now into my second I'm essentially 100% sourcing and pitching solo which has introduced a new set of management challenges. We are a multi-strategy, mult...
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Citadel Investment Group - Interview - TradingSay you are rolling a dice some number of times, and adding up all the results that you get. Now say that you have the option to reroll your first toss, but you must keep whichever number shows up on the dice for your second toss. Does that change the expected value of the sum of all your dice rolls...
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Women in Finance Scholarship 2018FINCAD is now accepting applications for the Women in Finance Scholarship 2018, a program designed to promote outstanding women in the field of finance, particularly those pursuing careers in the capital markets and/or financial risk management. This has been a significant year for women, who have ...
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As a rising junior who wants to go into asset management, what are the best shops to apply for internships at?I am going to be a rising junior and I have had internships at some great places, but the ultimate goal is to end up on the buy-side at a hedge fund and to start my own one day. Does anyone have any recommendations as to what asset management shops I should look into applying to?...
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Anyone here works in HF marketing?Would like to ask you few questions, pm me please? Specifically, want to get a bit more detail on how the fund presentations are structured ...
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internship recruiting timelineI know that banks have already started their processes (some of my friends already even got offers at BBs) but I don't really want to work at banks (assuming I get something), I'm more interested in trying for hedge funds or investment funds. I was wondering when do they really start recruiting? Mos...
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Why does bridgewater associates have so many more employees than renaissance technologies when both are very large funds?I read that Bridgewater associates has 1700 employees while renaissance has 250 when both are very large...
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Mid level career change to hedge fund I have worked in fund accounting space for over 10 year. Recently, I got a call from a small hedge fund company to interview for their operation associate position. The company has under $250 aum. The company offers a base of 85k, which is comparable to what i make. The work is entirely different fr...
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Alternative ways of securing FT offerHi everyone, This is my first post on WSO so please bare with me. I am a fresh graduate of Copenhagen Business School, having just completed my masters in Finance and Investments (M.Sc. Finance and Investments). This means that I am currently in the process of applying for FT offers. While finis...
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Formula's for (ROIC, Book Value)Hi, I am new to the field and have two quick formula's where I always see people use different denominator and numerators to calculate. Could you please let me know which one is the proper way when valuing public companies? As well as where you would find it in the BS. For example, for ROIC, I saw...
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Citadel Investment Group - Interview - GeneralistIt's very hard to change their opinion on you once they had an opinion on you. They had the impression that I am a good fit for investment-focus analyst/PM. But the role I was interviewing with was data-focus quant research. I tried to pursuade they I am interested in the current role. But it was to...
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thoughts on a firmDid anyone heard about BMO Capital Global? Any thoughts about it? tier? Thank you in advance GoldenF...
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Questions to ask a Head Data Strategist?So I have a call with a lead data strategist at a quant hedge fund. He told me to reach out in advance with any in depth questions I have that will require prior thinking. Does anyone have any ideas for topics to ask questions on so I can formulate some of my own? Thanks....
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Difference between an "activist" hedge fund and a PE firmHey all, I am still learning about the world of finance through reading daily news and books. I searched this question online but couldn't find anything. By "activist" hedge funds, I mean the line of work that Bill Ackman and Carl Icahn do. Don't both PE firms and activist hedge funds essentially do...
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Tiger 1 page stock pitch Hi, I was browsing WSO and I came across a post that said that at some tiger fund analysts have a standard 1 page pitch format. I was wondering if anybody here knows about that or has an example they can give. Thanks...
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Tiger Cubs That Recruit from UndergradI was curious what tiger cubs recruit from undergrad. If you all know any, could you also please speak about how those cubs are perceived/considered by students weighing competing opportunities in banking?...
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If Not DCFs, Then What is Used?Hi, I apologize if this is a stupid/noob question, but one thing that I found interesting is that a lot of hedge fund and even Equity Research Analysts that I spoke with (which admittedly isn't a ton) said that they barely use DCFs when figuring out if something is undervalued. One analyst even wen...
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HF Analyst Pitch ExamplesMost l/s hedge fund analyst job postings ask for a company analysis/pitch example for an investment idea you've had. Some specify to keep it to 1-2 pages, but others are open ended. Does anyone have any examples they can share of a company pitch for an interview or application submission? Coming ...
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List of Hedge Funds in NYCDoes anybody know where I can find a comprehensive list of New York based hedge funds? Preferably grouped by investment strategy and AUM? Many thanks. hedge fund managers New York City While a comphrensive list of hedge funds does not exist, GrayPools offers a strong search engine that allows you ...
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Deerfield Capital Management - Interview - InvestmentsBrain teasers such as how much would it cost to wash all the windows in NYC. The other difficult questions were very similar to this, essentially market sizing questions to tease out how you think. They also asked how a product would be priced. For example, if you were to price a phone, how would ...
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Macro Economic IndicatorsHi, What are the most important economic indicators which will effect the stock prices daily? Examples include non-farm payroll, CPI, PMI etc... Would be good to grab a list of the most important ones globally. ...
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No response after final interview for 1 monthsI interviewed with a multi - billion dollar fund for their analyst role. After all 4 rounds which include meeting with local office, regional office, global head, partners of the firm and a 10-page research report, with the entire interview process lasted for 1 months, I still haven't heard back fro...
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Interviewing Guide for fund PM/trader rolesI've gone thru a couple interviews for portfolio manager seats, and i was not prepared for a few questions they asked, so i thought i'd list them here for future reference. The people who interview you for a PM seat are very smart, and they are risk averse...so they focus more on losses than gains....
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Algebris Investments opinion / CareerHi, New to this thread. Just wanted to hear your thoughts about Algebris Investments. They are hiring in the BD, IR,positions and just want to know how it might progress in the future. Tnx in advance ...
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GS Special situations group (SSG)Wonder if anyone knows GS SSG strategy in more detail, ie do they invest across asset classes / industries / regions, is it trading or buy-and-hold orientated, what is the culture and comp like vs large cap HFs - thanks...
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Hedge Fund Internship vs. Full-Time Equity ResearchOk, so I have a full time offer from a investment research company or a short-term internship at a hedge fund (with no definite full-time afterwards). If my ultimate aim is to get into a HF, which one should I take? Would it be easier to to jump when doing a short-term internship with low pay, or a...
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Turned my live $4000 account to $44,000+ in 4 weeks...What is next? hi guys, the boy is back in market after a long period of saving capital doing 9-5. It' feels good to be back. O the subject, yes. I turned my live $4000 account into $44K with over 5500 trades (ROI - 1000%). Yes all within 1 month. You think goldman boys can produce this "without algos" i think n...
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Point 72 Asset Management - Interview - InvestmentsThe two questions asked are not difficult. The first question is to talk about a disruption in a industry, sufficient time to do research and write script. You can also read from your script. For me it is quite ambiguous what they want so I spent the whole afternoon preparing my script but it was wo...
Ellington Management Group - Review - N/AOrdered really nice (and free) lunches every day, work is really interesting and quite mathematical, lots of food in the kitchen. Location isn't great as an intern (want to be in NYC), and pay isn't competitive with similar internships, no housing...
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Interview question: "How does this business generate cash?"As the title suggests. I have heard of similar questions being asked in different ways for many investment position interviews. Never really sure how to answer it head-on. Any opinions?...
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Starting small futures trading shopHello. New user is here. Quick background: two friends (one is a CEO of a large telco Company and the other is a Ph.D. in Physics) are about to start a small trading shop. Have algorithms (developed/ tested/ deployed) that are currently running on TS (plan to move to NInja) utilizing 1 sec data for ...
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Best Programming Language for the Buy Side? Hi WSO! I am a student who has the summer off, and I was thinking of learning a programming language or two. Any suggestions on which programming language I should learn? I hope to end up in HF LS equity one day, maybe credit HF, and I am curious if programming is useful, and, if so, which one? T...
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Books on analyzing upstream/downstream competitive dynamicsHi guys, I'm looking at a sector where upstream (retail) is going through consolidation, and applying pricing pressure to suppliers (manufacturers). Could you recommend any books that's good on analyzing this kind of competitive dynamics please? I already have competition demystified - any recommend...
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Company_Value_FormulaCompany Value = Cash Flow / (Discount rate - Growth rate) Question: Why is the discount rate subtracting growth rate? For example, a growing company has the following cf: Year 1: 100 Year 2: 103 Year 3: etc. Growth rate: 3% Discount rate: 10% So the company value = 100 / (10% - 3%) = 1,429, meani...
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Pursuing hedge fund: what to do in collegeI’m a high school senior who’s going to be attending UMass Amherst Isenberg SM-Honors college. What should I do in college that will benefit me later when looking for a job in ibanking or hedge fund?...
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Offer on Table from Non-HF while on Path to HFHey all, I'm passionate about investing and would like to work at a fund. I've had my own successful PA for ~2 years (don't worry - in touch with reality, understand I'm not a wunderkund for short-term success) and passed L1 of the CFA in Dec 17. Just graduated Economics from a "target"/well-respec...
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Citadel vs Google offer adviceHi Everyone, I got an offer from Citadel FTAP and Google (for Software Developer position) Citadel's base salary is much higher than google and the live expense in Chicago is much less than Bay Area so Citadel really attracts me. But Citadel seems to have very competitive environment and I'm a litt...
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List of value based/high concentration Hedge Funds in Bos/NYC/CHI/SF?Was curious to figure out what equity long/short hedge funds are value based with relatively high concentration positions in Boston, New York, Chicago, and San Fran? Also, was wondering what recruiting agencies/headhunters have ties to those specific firms?...
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Citadel Investment Group - Review - IndustrialsTop technological resources, active support from software teams as well as IT. Smart people, interesting problems and data. Cost is very rarely a factor in acquiring resources.. Very volatile and political. Even if you make money, depending on the way the political winds are blowing your group could...
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Valuation multiple time frame, which year to use?What's the right framework to use when thinking about applying a forward multiple (eg. 1-yr forward EV/Sales, EV/EBITDA) during different times of the year? For example, assuming we're in 2018, when you're looking at investing in a stock and you're in Q1 2018 (Jan, Feb, March), do you apply the fo...
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Sector-specific fundsHey all, Been putting some thought into this one and wanted to hear your opinions on this: As it pertains to equities, what are your thoughts on funds that specialize in a sector vs. the sector sleeve of a larger fund? Do you believe that there is an inherent advantage, either from a returns stan...
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Problems of gender discrimination and English abilityI'm a Taiwanese lady banker who knows the financial communities of China, Hong Kong, Taiwan and Singapore very very well. I have the ability to speak and write Japanese, Malay, Mandarin Chinese and many dialects of China fluently and gracefully. Last year, I won the first place in the performance ap...
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AQR Capital Management - Review - TradingGreat company, culture, and surroundings. I really liked everyone I worked with. Just brilliant people. . - Hours could be tough - Work was very difficult (made you think really hard) - Not much else, I really liked it ...
Archegos Capital Management - Interview - InvestmentsIf Apple is taking out $100 of debt to finance the purchase of anew factory, walk me through how this affects the 3 statements. Now it is Year 2 and there is a 10% depreciation of the factory and there is a 10% interest rate on the debt, walk me through how this affects the 3 statements. Now it is t...
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IQ and FinanceDoes anyone know their IQ or the average IQ of those in the finance industry. Specifically those in quant heavy roles. I kno it's not about iq but how hard u work blah blah blah but for certain roles a high iq is a prerequisite I just want to know what that iq is. Is 120 with good work ethic good or...
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How does one become a portfoilio manager like Bill Ackman?Everyone hears about the big hedge fund tycoons like Bill Ackman and Ray Dalio, but how does one actually get to a level like that? Please share your ideas/comments if you aspire to be like them. ...
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How can Maximum Male function? Every one of these fixings cooperate on enhancing or expanding your sexual exhibitions normally and without influencing your general wellbeing....
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Hustling into Algo/HF (Quant)Short of it is that I bombed into a non-target almost 2 years ago and I'll be getting a Computer Science Bachelors and a Masters in Data Analytics come a year or two. GPA is not an issue. Masters in Financial Engineering (MFE) from a target down the road, is on the table. But for now, I'm not stack...
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Video Interview with BridgewaterHas anyone had a video interview with Bridgewater (Investment)? If so, what types of questions do they ask? Is it all personality/fit at this stage? (If so, any prep suggestions) Or do they also ask a case question during the video interview? Any advice more broadly? Thanks!...
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Equity Options in Hedge FundsHello, I am Senior undergraduate studying finance. I trade equity options primarily though short premium strategies. I don't have much knowledge about hedge fund activities. Do hedge funds use exchange-traded (not OTC) equity options for any purpose other than hedging? If so, how frequently? F...
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Finance at a big tech firm>Buyside?I know this is not a traditional path by any means, but is moving from finance at a big tech firm (Amazon/Apple/Google/Facebook/Microsoft) to the buy-side (PE or HF) a possible move? Or would one be stuck in tech indefinitely?...
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Trader + Career Advice = Next JobHello WSO, I'm hoping for career advice/input on how to get to the next position. Any advice on my work experience, or advice on where to reach out to/who, would be greatly appreciated. My background: - institutional sales trading (equities) 3 years - buy-side trading (derivatives) 3 years - progr...
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Full time Offer vs. Potential Hedge Fund InternshipHey guys - I've been hard on the job hunt the last few months and have landed myself in a somewhat unique predicament. I'm very interested in trading and was able to land a full-time offer from a quantitative trading shop, but on the day of this offer I've received a very attractive opportunity for ...
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Oaktree Capital Management - Interview - Advisorygiven a subject and then asked how I would present it in 5 powerpoint slides. Also was asked my thought process for delivering data, I asked questions and was given no actual answers, then after I did my best the interviewer stated the most important thing to do is to ask "why?" even though I had be...
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FoF to HF? Success Stories?How likely is it for a junior analyst with a year or two of HF FoF experience to move into direct investing? I have been hearing a lot lately that much of the skill set doesn't transfer and that it's a difficult transition. Curious what the rest of the forum think and if there are any success storie...
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Avenue Capital group There isn't a lot of information on here about Avenue so I thought i'd ask here. Does anyone have a opinion on the firm it's self, founders, culture and anything people should know? Thanks...
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Athena Capital Management - Interview - Equity ResearchThere wasn't any particularly difficult question. Mostly asked based on your resume and behavioral. With that being said, he did ask some very random questions based on your experiences. Such as if you have done some deals in the past, he might ask you what do you think if company X cooperates with ...
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Any space for the "regular" guys?Since hedge funds and a lot of trading jobs today are dominated by quants do the people with an econ/finance deree without or little programming knowledge have any potential in the HF/Trading industry? A lot of long/short equity funds are also hiring quants from what i have been reading. Are the da...
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Point72 - Interview - Hedge FundKnow everything on your resume and be able to talk about it, they focused on every single item that was on there. Also have a good story to tell regarding adversity–how did you overcome adversity, what did you learn, etc. I'm assuming they're looking for people who have gone through hardship and...
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Global Macro HF straight from Masters with prior BB S&T Summer Internship. Feasible?Hi all, First time poster here, I have been lurking on WSO for a few years now which I have found to be one of the best info sources on the indudstry. I would have liked to get the community's point of view on my recruiting goals. A bit of background : I have a bachelor in Maths from a University...
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HF analyst resumesAnyone know what junior HF analyst resumes typically look like? I did 2-3 years in banking then 2-3 years at a HF, and am having trouble making the HF portion of my resume take up as much room as the banking portion. I could easily do so if I just threw in a few bullets on specific investments -...
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World's dumbest 'smart guy'?I left a large family business that had close to $200 m in revenues. I got 2 Master's degrees (Financial Mathematics and an MBA from an Ivy). I am now 46 and own a semi-profitable restaurant, some real estate, and have a small severance package. All I ever wanted was to work in hedge funds. I di...
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"Alpha" equity research out of EuropeAre there any shops that produce stock-picking ideas across industries based on more in-depth work? Ie, not the classic set-up covering verticals. Curious if there are any places like that in London....
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Living Ray Dalio's PrinciplesSince I first read the pdf version of Principles, I’ve been fascinated by the way Ray Dalio thinks. It’s true that his billionaire success is what drew me into his thinking, but it’s the rigor of Ray’s ideas that really hooked me. Although I spend my life exploring ideas, I'm intensely pra...
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West Coast Exit OpsHey all, I will be attending universitty of southern california and hopefully will get a job which will porbably be in California. Are there still hedge funds i can go to in california or all they all in new york city?...
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Assessing business risks in an investmentWondering how you guys go about assessing risks for a long position, do you have some sort of framework? Specifically I am referring to the quality / GARP / fundamental bottom-up / value-ish type strategies here. A lot of time in literature seems to be dedicated to assessing the fundamentals and q...
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Weekend Vacation? As a new hedge fund analyst how difficult is it to plan a weekend vacation in advance? Is it difficult to get a Saturday and Sunday off? Have you had to work over the May long weekend? ...
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Current Credit Investment Analyst - thinking about moving to operating roles in companiesHey all - curious to see if anywhere here has moved from the buyside to a corporate strategy/operations role in a fulfilling, successful way. For context - I went to a target school and went straight to buyside out of school for a top-tier credit investment firm that is part of a larger PE shop. I...
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Bridgewater - Interview - GeneralistThe only asked one question and it was on what premise you thought subsets of a country could succeed form itself. They obviously also asked to talk about yourself but everything else was completely focused on the question of debate, not anything intellectually you could obtain. THey talked about it...
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Hedge Fund Compensation after IBJust wanted to check in and ask what the market rate for a 1st Analyst at a hedge fund would be. Approximately ~$1 - $2bn long short fund and after 1.5 years in banking. Obviously there will be a base and a bonus, but what do people usually make all in?...
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WSO Hedge Fund Prep GuideJust wondering if anyone here has purchased the HF prep guide from WSO and if they found it to be helpful. I recently graduated and will be starting full time and wanted to prep for interviews prior to starting my FT job. Would this be a good way to prep? Any insights are appreciated. Thanks...
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Brown Advisory - Interview - Equity ResearchVery basic questions about fit. Why brown advisory, why Equity research for asset management. Few questions about my CV as well. Why these experiences, how did you get them, what did you do during them. Specific questions about positions in clubs. What I do/have to do for these positions, why do I l...
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Financial services-focused hedge funds?Hey all - hoping the forum can help me put together a list of financials-focused hedge funds. Looking to move from another buy side role in the next year, would be great to have a list put together in advance. Thanks for your help....
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Two Sigma Investments - Review - Leveraged FinanceHours weren't crazy, I had opportunity to increase my earnings and change departments if I wanted to. . I hate New York a lot. The work isn't necessarily fun, a lot of the problems are just thoughtless programming. ...
Citadel Investment Group - Interview - GeneralistI was asked one question about sockets API (which I said I worked with on my resume) and also time series data (without use of packages like sklearn). I was also asked an LC medium data structures/algorithms question (like you'd find on Leetcode, about a medium difficulty) regarding dynamic programm...
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How do you prepare for a Finance/Operations internship at a Hedge FundHi I have an interview with a Hedge Fund's CFO and Director of Finance. There is no 'job description', I simply emailed the firms CEO and he referred me to the person who runs their internship program. At first she wanted me to have an interview with a Research Analyst, but then she realized that I ...
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Deciding between MM IB and BB ER to eventually break into L/S or Credit HFBasically I haven't been doing too hot in IB recruiting so far. I have decent previous ER experience, I'm going to be interning at a small value mutual fund this summer, and I have a very well developed pitch as well which I'd send out while networking. I feel like I'd be fairly competitive for BB E...
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