Silver BananaTopicReplies
+1
Howard Marks' Latest Memo - Investing without People

Berlin

Hello everyone, just wanted to share this interesting piece - Howard Marks' latest memo, you can find it [here](https://www.oaktreecapital.com/docs/default-source/memos/investing-without-people.pdf) Cheers...

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Canadian Student (undergraduate) UC Berkeley vs Richard Ivey (Canada)

[email protected]

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Starting a hedge fund type of service

nvsazonov

Hello all! I live in US and have been trading my own money with success for a while. Recently my business partner and I decided to apply this to other people's money as well while keeping a percentage of gains. So how do we go from here to there? We are considering a fiduciary account approach: wh...

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Bridgewater IE interview advice?

throwaway_bridge_w

I have first real phone screen (technical/analytic) coming up with bridgewater and I'm wondering if anyone has any advice. This is for their engineering (which I guess is software/data science-y) role. I've read through the other 75 comment advice thread (can't post link because of forums rules) and...

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DE Shaw Prospective Intern Summer Event

zl239

Last week I received an email from DE Shaw inviting me to their "Coast to Coast Celebration" where it's a two hour party/networking event in NYC and SF for prospective interns to meet employees and get to know the firm. I was very suprised to recieve this email, considering I've never directly conta...

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Select Equity Group

sabres13

Anyone know anything about the Select Equity Group in NYC? All I can find is that they are a hedge fund sponsor, but their website is actually just one page with logo and address. Anything would be helpful....

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AMA, I'm the head trader for a Multi-strat HF

jasonastor1

Went to a top 25 undergrad program, been at HF trading for past 10+ years, ask me anything. been at same HF the whole time so my experience may not be typical...

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What do you do when you make a bad investment in your HF job?

Pizz

Currently at a L/S equity fund, and one of my investments blew up, as in the investment thesis didn't play out since an unforeseen event happened. So I lost my fund money. Literally just hid under my desk all day while my PM was busy with other stuff. Literally worst feeling ever. How do you cope ...

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Event-Driven Fund Resume Contents

Gobryas

hi guys. I will be starting an internship at an event driven arbitrage fund soon. I want to include it on my resume so that I can submit some applications for SA. I know what events the fund has been dealing with recently and what kind of research they have done. However, I have no idea what bullet ...

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EnTrustPermal - Hedge Fund Associate

FH_Chi

Does anyone have any thoughts or opinions on EnTrustPermal? I'll be speaking with them in regards to a hedge fund manager research role. When I was my previous role with an investment consultant we didn't favor them because after the merger there was some turnover. I wasn't involved in the initial m...

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Alternative career path: Math PhD?

amzdh

Hi folks, I am a sophomore at UNC majoring in math. I worked as an intern at the Investment Banking division at Industrial Bank Co.(China). During this internship, I found that I really hate office work. I enjoy intellectual freedom and wouldn't want to do boring and basic works. Moreover, I found m...

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How crazy would it be to start an investment partnership right after graduation?

michael_1012

Trust me: I know this sounds like a bad idea; I'm here to gauge the extent to which it's a bad idea. Bottom line: Professors and career center have been encouraging regarding starting a *small* investment partnership and/or SMA business post grad (BBA finance/MS Accounting from mid/low-tier private...

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Periodic Confusion

charlesuuuu

Hey guys, I need some advices from you experienced players. Background: I am currently interning at a boutique investment banks with ops, but a consulting role. I am rising seniors with com sci and finance background and my school has good presence on the street. I have 2 plans 1. take the re...

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Moving To Buyside Trader Role After Hedge Fund Trader Support Role ?

5am In Manhattan

Have an offer to work as an operations analyst at a hedge fund administration firm. "The position will expose the Junior Operations Analyst to all financial markets and products traded globally, including highly complex derivative instruments." During the interview the directors said I will be lea...

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Typical path to becoming a quant?

Bankerstreet

Hey guys, there isn't a lot of talk about this subject compared to other careers but can someone explain to me how people become quants at a bank or HF? Is the general path: CS or Math undergrad from good school -> Work experience -> MFE or Ph.D. in quantitative subject at top school -> Quant. Ge...

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Investors Bet Against the Georgian Chicken Market

famejranc

[From this NPR article](https://www.npr.org/sections/thesalt/2018/05/17/611869606/a-story-about-wall-street-hedge-funds-and-the-chicken-business ), I learned that a Hedge Fund thought chicken companies (Tyson, Pilgrim’s Pride, Sanderson Farms) had grown too fast and decided to short their stock. T...

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Current sponsorship situation by HF/AM after an MBA

Mr.Wizard

Hi, I'm an analyst in an HF in an emerging market and I'm considering to apply for an MBA. The plan is to try and get an HF/AM job after graduation. I prefer the HF path, but since I understand it's very competitive I'll try to get into an AM as well. I heard some horror stories about the current ...

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HF/AM resumes

Tnasty

There's a lot of content out there regarding IB/PE resumes, but was wondering if anybody had some good tips for HF/AM resumes - specifically, would you list specific "deal experiences" or investments? Currently mine has the following format: -[Description] - Conducted bottoms up research....... -Se...

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HF Guide Prep on WSO

HungryMonkeyMan

Hey guys, has anyone bought and used the most recent HF guide on this website? Just curious as to what you're feedback is on it? Also, I'm heading into a top ~15 MBA program so is it even worth buying? Obviously some of the material covered I can learn through classes and/or the investment/finance c...

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Valuing company using multiples

lordsaladass123

hi, some analyst at a hedge fund told me that they don't use DCF and only value companies using multiples. my question is how do you project the multiples for the next 3-5 years and how do you get upside/downside% and target price? the only thing I can think of is comparable company analysis from us...

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Syndicate Calendar Accounts.

mikeangelo

please message me to discuss. I have an active calendar and could help a couple more accounts that want to participate....

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Syndicate Trading - Building a book

SyndicateBroker

I am a younger, hard working, thirsty broker that has been in the business since 2003 with a MAJOR wire house and I currently focus the majority of my time in Syndicate offerings. My group takes part in Equity Syndicate (IPO’s & Secondary’s) as well as the Fixed Income Syndicate calendar. I am...

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Bridgewater Non-Finance Exit Opps

BridgeOverTroubledWater

Undergrad with the opportunity to work at Bridgewater and no idea what I want to do long-term. I know that if you go into consulting (MBB) you can come out with exit opps far beyond consulting/corporate dev (think government, NGO, research, think tank positions, masters degrees, start-up opportuniti...

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London - Best Recruiters for Hedge Funds

George Clutney

Hi, Would be great to get a post going with all the best recruiters for the hedge fund industry in London. Who do you think are the strongest? Kind regards, Aksel Levi...

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FCF consensus on BB

sa-jue

Bloomi keeps getting worse over the years... How do you guys derive consensus UFCF / EFCF? Cannot be bothered to go into analyst models and do it manually. FCF consensus on BB seems to mix UFCF and EFCF. Any suggestions?...

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Investment Idea: Shorting DIN

Ed Chambers

Ihop recently became Ihob because they're unbelievably dumb. I say short the parent company DIN because Ihop is going down the drain!...

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How to best prep for internship at top fund?

episeph

in about a month I’m going to be beginning a Private Investment Valuation internship at a top value-oriented hedge fund. What are some good exercises/readings to consider in preparation for the position? Thanks in advance....

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S&T vs IBD

hujo14

Hi, Currently trying to apply for summer internship in BB but wondering which is better IBD vs Sales Trading summer analyst both at BBs ultimate goal Risk Arb, Special Situation Sales or Analyst in a HF. Thanks ...

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Hedge Fund Interview - Technical Questions

leveragedblackout

What are common technical questions for hedge fund interviews? I have one coming up and don't really know what to expect....

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How screwed am I? No internship

ffffml

I’m a rising junior at NYU. I had an internship at a HF lined up; however, because of a huge delay in processing work authorisation (I’m an international student) I can’t do the internship anymore - OPT takes a lot of time to process and now it’s too late because I still haven’t completed ...

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Hedge fund traders/decision makers here?

RealityCheck2201

Trading has been my life for over 10 years now. I’ve got my masters in finance from a top college. I know several programming languages. I know machine learning and statistical analysis. I’ve worked at one of the “big 4 top banks” (non trading roles but semi mid-level roles). Eventually I le...

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Prepaid_Expenses: Accounting

kate5

I understand that if a company (Let's call it Rover) pays 3 months of rent for an office space in advance, it's called a prepaid expense. In this case, the income statement doesn't change since Rover hasn't started using the office space yet (it's not expensed until Rover starts using the rental spa...

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Thoughts on Matrix Capital Management and Scopia Capital Management

fallingaway

Any information about firm reputation, culture, employees, strategies, idiosyncrasies, etc. would be greatly appreciated!...

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Career switch, advice needed

Derrrek

Some 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

coffeebreak

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?

Anon1254

Hi all, I hope you're well. By way of background, I recently (...

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MM IB to HF

Yorickye

I’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?

Sputnik2.0

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 Interview

chelra626

Hi 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, nightmare

ValueJedi

I'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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Women in Finance Scholarship 2018

FINCAD's Women in Finance Scholarship

FINCAD 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?

hedgefundguy97

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?

Mostly Random Dude

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 timeline

ffffml

I 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?

craig.wilson795

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

ankushkohli

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 offer

VolArbGuy1

Hi 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)

George Clutney

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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thoughts on a firm

Goldenfamily

Did 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?

Joseph-Gaffney

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 firm

sunny407

Hey 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

ffffml

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 Undergrad

fallingaway

I 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?

Accrual Dictator

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 Examples

b.mahoney

Most 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 NYC

zapato

Does 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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Macro Economic Indicators

George Clutney

Hi, 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 months

ef_

I 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 roles

faceslappingcompilation

I'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 / Career

mochachan

Hi, 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)

sa-jue

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 Research

George Clutney

Ok, 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?

GoodBoyFX

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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Interview question: "How does this business generate cash?"

TheZhanMan

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 shop

TheorPhysicist

Hello. 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?

Ivan Boesky

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 dynamics

Chimp_and_jeez

Hi 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_Formula

kate5

Company 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 college

A kid with big dreams

I’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 HF

NYU-Trader

Hey 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 advice

Steve-Lee1234

Hi 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?

JMatthew1

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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Valuation multiple time frame, which year to use?

carter1588

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 funds

Earnings Szn

Hey 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 ability

Miller-Jassica

I'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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