Silver BananaTopicReplies
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JR. Operations Analyst Interview TomorrowHey all, new WSO member here... I have a Junior Operations Analyst interview tomorrow at a relative value/emerging markets hedge fund in Midtown NYC. What types of questions should I be expecting (this is a first round interview that I landed through a high school alumni group) , they are nearing ...
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Bloomberg - Interview - Global MarketsWhy do you want to work in Hong Kong? This was a bit unexpected as I usually never get asked questions about why I wanted to work in a particular city; employers usually assume that you would be able to deal with it. I guess they asked because I was from another country and they suspected that I ma...
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Capital Call: Launched Anti-Phony Innocence Fund IV - Min $5m - No Ivy League bastards; PM me for NDAIf you really want to hear about it, the first thing you'll probably want to know is Caulfield Capital's strategy, and how much we launched with, and how much I got from the friends and family round, and all that David Rubenstein kind of crap, but I don't feel like going into it if you want to know ...
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Value-based US equity funds with strong track recordAm based in London, so less familiar with the U.S. market apart from the large guys a la Baupost, Pzena etc. What other shops are strong performing (across the cycle) funds with a value-based strategy in equities? ...
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Should I get a JDBackground: I'm currently at a multi-strat shop (coming up on 3 years here after 4 in banking) and have been looking at a lot more distressed debt situations. It feels like a space I want to continue to grow my skills in. Education: I have a dual degree in Computer Science and Business Administrati...
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HF Interview hear back timelineI had a hf final round interview with the fund owner. I was sick, super tired and nervous, therefore just did a ok interview (maybe worse than that). However, I provided my research portfolio (not very related, pure equity alpha and systematic portfolio strategies research). I can tell he was kind o...
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Equity vs. Credit funds?How average, who usually makes more? Analyst at L/S credit or equity funds? Thoughts?...
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CFA level 2 materialAnyone on WSO have CFA L2 material (exams, outlines, summaries, LOS overviews, online flashcards, etc.) that I could use for the exam? I am sitting for the exam in NYC - done with one read-through and plan to start practicing questions now until exam day....
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DE Shaw vs Two Sigma vs Citadel Offer AdviceJunior undergraduate at top school (think HYP) studying quantitative field. I've been fortunate enough to land summer offers with DE Shaw (trading), Two Sigma (quant research), and Citadel (itap - investment and trading associate program). I'm hoping to make a decision in the next two weeks. Could a...
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11Honoré and Precious Lee Are Here to Disrupt the High-End Fashion WorldThe fashion industry has always been exclusive—but even more so if you happened to be above a size 10 or 12. If you've ever eyed a runway look for next season’s wardrobe, chances are the brand wouldn’t make it in your size, unless you went straight to the designer for a custom-made dress. But...
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comp at point72?anyone know what comp is like for junior level for research analysts in their first few years? or vs the industry standard?...
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The Vulture InvestorsAnyone have a pdf of the book, or know where I can get one cheaply ? the ebook is ~ $30 on Amazon......
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IMC Financial Markets - Interview - N/AGiven a market on the populations of two countries, how would I transact (buy/sell)? Lots of coin flipping questions. Some mental math. Various brain teasers. If I go to a casino and I have $1000 to spend, and I get an extra $200 if I participate in at least $2000 of bets (think roulette without the...
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Patriot Power Greens two easy sugars**Patriot Power Greens** two easy sugars referred to as glucose and fructose. Sweeteners like desk sugar and high fructose corn syrup are a mixture of each types. culmination comprise a aggregate of fructose glucose and sucrose. while eaten in big...
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Star-up HF over a large HF from an MBA perspective?I am currently working as a 1st year analyst for a Hedge Fund in Asia that currently manages an AUM of $500Mn, exclusively investing into Asia (prior experience in IB). I am thinking of joining a small shop which is just about to launch (hedge fund) that will raise anywhere between $50Mn to $100mn. ...
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Prestige of P72How prestigious is point72 in the HF community? Just curious, as I've been reading about them a lot more in the news in the past few months....
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CAIA Level I Study MaterialI recently took the CAIA exam and have a lot of leftover material/study guides/powerpoints that I paid good money for. I am wondering if I bundled all my files if people would be interested in purchasing them. Thinking $40 for it all, compared to the hundreds and sometime thousand dollar study guide...
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Where's a good place to find ranked performance of hedge funds over time?I'm thinking of something like IB league tables, but I can't find it. Does something like that exist?...
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2018 Point72 SummitHas anyone participated in/is anyone going to be participating in P72's one-day academy summit this year? I'm curious about what the interviews for the summer 2019 intern position will be like once we're there, since the interview process to get into the summit wasn't super technical. Do you guys th...
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Wellington Management - Review - GeneralistGreat culture there is a lot of room for internal promotion they like to keep people on rather than send them after 2 years.. Long hours, the work can get repetitive, there is a decent amount of bureaucracy, but the firm is working on it....
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Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and BeyondA career in the hedge fund industry is one of the most desirable careers in finance. Money is undoubtedly the greatest attraction to careers with hedge funds, with analysts making $150k and then some. Portfolio managers often make north of seven figures, which is why eventually running a fund is c...
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L/S funds: Alpha long/short vs pair trade pitches Hi! Wanted to get an idea from those who have gone through the process of applying to L/S funds. My background is in PE and thought the best fit (most transferable skills) is to apply to funds that take longer term investment holding period & fundamental analysis approach (similar to tiger cub styl...
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Modern measures of riskWhat is everyone using nowadays? For example, stuff like VAR is considered pretty "quaint", market Beta has been often derided as being questionable as a measure and whatnot, so I was wondering what the guys on the ground actually care about. Hazarding a guess: We've had massive expansion in comput...
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How to get into the HF industry? #Confused UndergraduateHi guys, I am an undergraduate economics and mathematics student. I am really confused about my post graduate study, and I would like some advice. 1. I am really interested in Mathematics, and I wonder if pursuing a PhD in math would do any good on getting into a HF? (or PhD in economics) 2. Is MBA ...
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Corporate Banking to Hedge Fund?Is it hard to break into a hedge fund from a corporate banking background? People outside of finance often view corporate banking very similarly to investment banking, however, those that are in investment banking often look down at corporate banking folks. Coming from a corporate banking backgr...
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Point72 - Interview - N/AThere were no difficult questions as of yet, however, the questions asked had multiple parts. This combined with the short time constraints allowed for an uneasy experience. The most difficult question asked was, to paraphrase, "What are your strengths and what would your groupmates say are your wea...
The Tudor Group - Interview - Hedge FundNothing was difficult or unexpected. There were just questions regarding my resume and questions regarding my knowledge of programming topics. For example, they walked through all of my extracurricular activities, my classes, and questioned me on my projects and such. I interviewed for a quant devel...
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AMA: Non-finance major --> BB IB --> Director at $5B+ Multi-strat HF (in 6 years)It's been a slow week and I'm not going away for Christmas so AMA time. Some background: Engineering major at an engineering-focused school in the Midwest during the crisis (graduated 2011) IBs only recruited for back and middle office positions Got a gig in capital markets at BB bank in NY (2 year...
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Hedge Funds vs Quant FundsAre hedge funds being replaced by quant funds? I'm looking to go into finance after college but I'm worried that the age of hedge funds will be over. ...
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distressed debt analysis (moyer) and then?hello, I work in a boutique that invest in npl, claims vs public sector and direct lending I just read "distressed debt analysis" , it is useful but very general Other book more technical for the distressed/ special situation sector...
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Who are the best hedge fund managers?Message pretty much sums it up. Who are the best hedge fund managers? And if I want to start doing my own research, how do you recommend figuring out who the best hedge fund managers are? Seems a bit opaque. Thank you....
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Explain to me like I'm a 12 year old the benefit of a hedge fund My dad is consistently trying to show me articles how hedgefunds are BS and how they "can't even beat the market". Then proceeds to show countless articles comparing hedge fund performance in the last 8 years compared to the s&p and index funds. I don't know enough about the subject to even respond ...
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How do you diligence the strength of a brand?Hi guys: I've been looking at a specialty apparel company whose brand has fallen out of favor for the past few months. I'm curious on how you guys would go about diligencing the strength of the brand and turnaround potential please? What I've done so far is 1) read through this company's past 20 ye...
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Due diligence questions booksHi guys: Can someone recommend a good book on due diligence please? I'm especially curious on experienced professionals' thinking on the important questions to ask for different industries - almost like how one would do in PE. Thank you for all your recommendations!...
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Fixed Income AM to Distressed DebtI am currently wrapping up my first year in institutional AM. I got a brief taste of distressed debt and have been reading up on it for a few years now. I feel confident that this is where my interests lie and wanted to begin setting my sights on this field as I complete a rotational program. I'm in...
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Volatility arbitrage, capital structure arbitrageI am interested in the two strategies and would like some readings/sources on them. My understanding of vol arb is that you are buying options + short underlyings to create a delta neutral position to extract only the volatility returns from the options. As for Capital structure arbitrage, I rea...
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AQR Capital Management - Review - Engineering- Good environment - Challenging work - Good hours - Free lunch and dinner if you stay late - Good engineering culture. - Location is not so great, commute is 30 minutes minimum - Pay is lower than competing companies: Citadel, Two Sigma...
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What exactly is Baupost's investment mandate?Just finished reading Margins of Safety on a friend's recommendation and decided to do a quick research on Seth Klarman and The Baupost Group. I'm still quite unsure regarding what these guys can invest in. Their investment holdings include blue-chip names like Microsoft, distressed debt in Puerto R...
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University of Illinois Computer Science & Statistics Major. What are the chances that I can end up in IB or HF space ?Going to be attending UofI next year. How does UofI do with placement at funds or I Banks? Chicago area or New York preferably. Goal is transfer out to Cornell, Penn, NYU or UChicago, but in the case that doesn't work out, I would like to know what I am in for. Thanks!...
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Two Sigma Investments - Interview - Finance1. What properties does a matrix need to satisfy in order to be a correlation matrix? 2. We are given a package which implements Lasso regression with no intercept, how should we use the package to implement Lasso regression with nonzero intercept? Note that we do not the intercept coefficient to b...
Citadel Investment Group - Review - TreasuryGreat name on resume. Good compensation for an operations role. Good health insurance and catered breakfast and lunch.. Zero opportunity for growth or movement out of the back office. Treated like a janitor and second class citizen in the firm. Long hours for operations roles that are not rewarded. ...
Point72 - Interview - N/AI haven't got through the whole process yet, so far there is no super difficult or unexpected question. In the pre-recorded video interview, they asked questions like what is the most intellectually challenging case you've done so far and how did you prepare for this interview. The fit personality t...
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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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Citadel Options Market Making FT First Round Phone Interview I received an interview with Citadel's options market making desk next week. I am a finance major and have a couple experiences as an intern at another small prop trading shop. Was wondering if any else went through this and what to expect? Thanks...
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How to make the transition from a Mezz. / Direct Lending role to a large multi-strat credit fund?Hi fellows, Relatively simple question here, as laid out in the title: I spend ~3 years in banking at two firms, doing mostly financial sponsors but also some M&A and restructuring. Moved to the buy-side about 6 months ago in the credit arm of a PE fund (think AEA or Audax Private Debt). Enjoy the...
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BlackRock - Review - Investment BankingBlackrock APG is technology focus group. Many technology training and hackathons Senior management listens to your ideas and you can get time to implement the same. Goo transport and food.. Too many projects at one time.Sustaining here can be a challenge if management has favourtism. They will favou...
Akuna Capital LLC - Interview - GeneralistI'm not that familiar with Python before, especially for a limited time online test. There are many kinds or sets of questions as other interviewers have posted but mine seems nothing like them. I could remember the first question is to write a function to find the symmetric date. They are typical...
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j goldman (not GS)does anyone know anything about this hedge fund? Specifically what its fee structure is?...
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Distressed HF Internship Interview Preparation (Undergraduate)I'm an undergraduate student (sophomore) at a target, and I have an upcoming first round interview with a distressed HF (Anchorage/Silver Point/Centerbridge/etc.) for a junior summer internship and a potential full-time role afterward. I've browsed the forums and found the ones about "Credit Hedge F...
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JP Morgan Asset Management's HFsIn worlds largest hedge funds JP Morgan always come up. Does anyone know what their hedge fund group is called? See http://docs.preqin.com/quarterly/hf/Preqin-Quarterly-Hedge-Fund-Update-Q3-2017.pdf...
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Stock pitches coming from ERComing from sell-side equity research and interviewing for hedge funds, is it ok to pitch stocks that I already cover? More importantly, what about pitching a stock as a long or short when my lead analyst's published rating is a hold/market perform? Can obviously provide a disclaimer that it is my o...
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AQR phone interview for Global asset allocation group position: insights?I have a phone interview with AQR soon for a position in the Global asset allocation group. This is a junior-level position (~2-3 years of experience). Has anyone interviewed with AQR before? Any tips on what kind of questions I should expect? Thanks a lot!...
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Are Hedge Fund Employees Structurally F***edHappy 2018. Going to start it off a bit heavy here. I think in the last ~5 years things have been getting worse for your typical fund analyst/PM, and I think the trend is only accelerating. When I say getting worse I mean the growth path and (especially) the compensation for your moderately talente...
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Gluskin Sheff - Interview - N/AThe most difficult questions were the ones that were most vague and open ended, there was no simple yes/no answer, but a matter of how well you could justify your opinion using logic and examples. 1) What's the most important aspect to consider before further escalating a company as a prospective i...
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Point72 Canvas FRGIs anyone familiar with the canvas fundamental research group within point 72? Nature of the work, comp, hours compared to front office, etc? ...
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Mathematics for hedge fundsWhat kind of mathematics/statistics Phds are hedge funds most interested about? Stochastic calculus, PDE, Machine learning, Stochastic control, Time series, financial econometrics etc?...
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Valuing Holding Companies with Intercompany TransactionsI am currently struggling with how to value a construction company, any help will be much appreciated! Details are as follows: There is a construction company, which has a ~41% stake in a renewable energy subsidiary. The construction company derives half of their construction revenue from construct...
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If I want to eventually work my way up to a position at a hedge fund...Right now I am a senior in high school who just got into Fordham and Baruch and I am waiting on more decisions. I know you guys probably get tired of hearing this, but I have dreamed about working in the world of finance since I was in 6th grade. I was just wondering if you could give me any advice ...
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Point72 - Review - ResearchAmazing learning experience for those with limited technical background. The brand name of Point72 goes a very long way when you're exiting. . Limited advancement opportunities, poor structure, limited access to the rest of the firm. In some parts of MI you're really pigeonholed into what you do, an...
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Specific Fund ?kHello, I was reading an article about funds that started very small and have really grown. I cant recall the name, I think the manager may have been from cornell, though I may be wrong. He has a heavy engineering background and staff uses a lot of data algorithms though the fund is more stock picki...
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Bridgewater Portfolio Associate Anyone have insight to this group? Seems like mostly MO some FO, but you can contribute to investment ideas if you are good? Info on role. comp, exit ops, rep, etc would be great...
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Silver Ring Value Partners - Interview - Equity Research1. Explain an investment thesis you have. Here the CIO asked me about a stock pick I had posted on my resume, which I had picked the year prior with the result being an 80% return. I explained how I found the stock, went about making sure it was a quality company, and predicting where the stock wou...
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Hedge fund net vs. gross exposuresI am having a hard time understanding the difference b/w net and gross exposures for long short equity funds. Mathematically, net exposure is Long Percentage - Short Precentage. Gross exposure is Long Percentage + Short Percentage. I read Investopedia and other sources and some sources say that b...
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Breaking Into a Hedge Fund with a Background in PharmaceuticalsHello all, I am in the process of completing a doctorate degree in pharmacy (PharmD) as I plan how best to leverage my non-conventional background in the hedge fund industry. As an active trader with a fairly diverse portfolio, I have always had a keen interest in the markets. Given my healthcare ...
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How Hard and Expensive Is it to Start 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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Which internship for landing HF gigs next year?Hey everyone, I am a penultimate year student in a top European uni interested in having a career in investment management. I am particularly interested in long/short hedge funds. I have completed an audit internship at a Big4 and I now have two different offers for the coming summer: - 10-men MM ...
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Breaking into HF From HealthcareI have a non-traditional background with a BSc pharmacuetics and have worked as a health economist a fortune 500 biotech for the past 4 years. I only have a BSc and certificates in economics in terms of my educational background. I would really like to get into HF or PE but I know that my age is ge...
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Need help building paths for a Quant jobHi guys, I am sophomore at a non target, majoring in Finance and MS in Financial Big Data (It's a integrated program). After graduation, I want to work at a hedge fund so considering my academic paths I think I want to end up in some Quant Fund. After a few days of Spring break reading this forum, ...
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Baupost Group - Interview - N/ALike I mentioned before, the interview was a phone interview, so the questions were fairly standard. We started by talking about the Portfolio Manager's experience, background, and what he worked on. We then made our way into my background, focus, and what I worked on. Talked through some bullet poi...
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Quant HF Final Round Response Had a final round 2-3 weeks ago with a big quant HF (think DE Shaw/2Sig/etc.) for a Quant Research internship. I thought it went extremely well at the time. Following the interview, I was told I'd hear back within a week but I didn't, so I emailed back and was told that I would hear back within **a...
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Phd in finance -> hedge fund?Hey, I have the possibility to do a phd in finance at LSE/LBS/Oxford, what would be my chances of landing a job at a hedge fund if I enrolled? Do you know what kind of compensations to expect, and which of these schools would be best? (I have a bachelor in maths and econ and an msc in mathematical ...
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A few starter questions about HF stuffI have a second round interview doing HF investing for a blue chip foundation. I'm wondering a few things, as I'm coming from a consulting PE DD background. 1) Who are the best HF managers right now domestically? What's unique about their approach? 2) How do you evaluate a HF manager if you're thin...
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Top Skills Needed for an UG Hedge Fund Intern?Hey all, What would y'all say are the top skills needed from an UG hedge fund intern? Expertise in modeling, exposure to equity research, comprehensive understanding of markets, and due diligence? ...
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Diminutive Nature of Net ReturnsI began thinking about hedge fund returns. Since hedge funds need to maintain liquidity, let's assume a hedge fund only deploys about 85% of its AUM at once. Let's assume 0.2% for fund expenses, a 2% management fee and 20% carried interest: AUM: $100 Cash Liquidity: 15% Assets Invested: $85 Fees...
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Point72 SummitAnyone else apply to the Point72 Summit in their HQ office? I just did the Wonderlic test and waiting to hear back. I was wondering if anyone else is in the process. Also, any insights on point72 and the academy from the more senior monkeys on this board? Thanks! We hear back April 19th, good luck...
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Ag Desks at Funds/BanksReally just asking for anyone in the market...there aren't many guys trading ags at funds or banks these days. Anyone know anybody that is active? ...
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Hedge Fund RecruitersWho are some of the better recruiters for the global macro / quant trading hedge funds? The few that advertise on indeed never get back to me....
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Lateral movement within Bridgewater AssociatesHi Monkeys Does anyone have know about how easy is it to Lateral within Bridgewater Associates? i.e. Lateral from Finance Associate to Portfolio Associate or Technology Associate to Management Associate. I have an offer from them but it's not my ideal role, I would like to take up the role if I c...
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Any advice on my career path after a hedge fund internship?Hey guys I'm an ex-UCL undergrad student currently serving my country until June, 2019. After I finish my service, I will be returning to UCL to finish my bachelor's degree in physics. Since I have vague interest in working in the world of finance, I went around to get some advice from my father's...
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Hedge Fund Internship as a Freshmen Hey all, I want to ask what skills I should really focus on developing for an internship with a hedge fund this summer, as a freshman. Really I just want to know what skills the fund would be looking for if I asked for an internship (I'm talking to an MD at the fund and I'd like to actually know ...
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transition from prop shop to hedge fundWas curious to hear people's experiences with transitioning from quant at a top prop shop (ie Jane Street, Citadel Securities, SIG or DRW) to hedge funds. My intuition is that big HFs don't market make at all thus there shouldn't be too much correlation between your work at one or the other, so hedg...
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Starting a Hedge Fund Requires $100 Million?I'm not looking to start a hedge fund (right now) but I recently read somewhere that starting a hedge fund requires roughly $100 Million in capital. Is this true? I understand that if you can raise more capital, then go for it. I also understand that in the realm of hedge funds, $100 million isn't...
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Dimensional Fund Advisors - Review - InvestmentsReally nice office, really good pay, cafeteria is amazing and fairly cheap, and people are nice and smart. . Work at lower levels can be boring at times, lots of office politics, not in a major financial hub so hard to lateral if you start here full time. ...
Point72 - Review - Technology, Media and Telecom (TMT)The quality of life is great at the firm. You are given the freedom to work on whatever you think will add the most value.. I think the compensation can be better for this position. We add value to the pnl statement so this should lead to a higher cash bonus....
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AMA: London L/S + event-driven analystHey guys, haven't been on here for a while, but I'm currently waiting a few weeks to start my next gig and I'm bored. I figured I'd try to give back a little, especially because I know there are people from London on here, and the amount of info available on London HFs hasn't been great historically...
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Starting a Cypto Fund : looking for HFT's and Networking!Hey Guys , hope you're all doing Great ! I'm hoping to start a crypto hedge fund and I thought this might be the right community to post about it . Looking for algo traders / hft's and also to network here . Thank you . ...
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Sirios Capital Management - BostonAnyone know of or have any experience working with these folks in any capaciity? Any insight would be greatly appreciated....
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Hedge Fund CompensationQuick question on hedge fund comp - I’m sure it’s been discussed a lot but I couldn't really find specifics. I was reading some articles recently and it basically said some PMs at the HFs earn 15-25% of the profits they make. So hypothetically speaking if a PM makes $100mm of the group, he gets...
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Looking for a Plan Hello all, I am currently a sophmore at WVU. It is almost finalized that I will be at the University of Maryland Next fall though as I feel that WVU is just not gonna do it for me. My dream since I was in middle school has been to do something with the stockmarket. It has fascinated me to no end s...
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