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+7
Struggling to provide a 'valid' reference

Piigs fly

I've received a verbal offer a week ago from a tech startup. I'm now in the reference check stage. HR initially asked me for two references, but has then been constantly following-up with me and has asked me for a total of five references. The problem that they're facing is...

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+5
ROE tracking the market

PacioliBoss

Here’s a simple question for all of you investing hotshots: Why don’t market returns track ROE? In other words, if ROE represents the return on the common shareholders’ equity in a particular company, then shouldn’t the market (over time) compound at the weighted average of all...

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+3
Hedge Funds requiring IB experience... why?

datakid97

Please, I just can't wrap my head around it. I'm sure there is some semi-rational reason why a hedge fund would hire an investment banker but I just don't see it. I would say that if you're in the business of attracting actual talent you might as well go as far away as...

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+1
SA 2019 Timeline for HF's

John-Jacobs1

Any timeline for smaller funds? I know BW is all done with recruiting but was wondering if smaller shops were recruiting or if it is more of a networking game. ...

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Mangrove Partners?

r9logic

Anyone have a view on these guys? Performance / reputation / culture? They seem to do a bit of everything (per the firm website) and the founder has presented at the recent Sohn conferences, but not much public information. Thanks. ...

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+2
Working at a Distressed / Credit HF - What next?

BuyFixAndSell

Hi there, for those of you working at distressed & credit funds or have worked there, could you shed some light on what people do after (if) they leave their jobs? I know that most people just stay in the industry or even at their current firm, but I was wondering what other opportunities arise for...

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IB Necessary?

moncheetah10

All of the following is assuming that I want to take the HF route long term. Is it helpful to take the IB analyst at a BB route to become a HF analyst? I hear that this is the most popular path because it is seen as "paying your dues" and there is useful knowledge gained, but is there any knowledge ...

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Advice for HF Group Placement

monkey-wannabe

In the process of choosing a group for an internship this summer. Trying to decide between Credit and L/S and am curious which is better for long term outlook, exit opps., etc. Any input is much appreciated. ...

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Point72 Superday 2019

hedgefundguy97

Decided it would be a good idea to make a thread for the Point72 2019 Superday. If anyone has any experience or insight to what the superday is like please share below. Good luck to everyone!...

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Bonus - 2019

Abe001

Hi folks, I work as a private banker and end of year bonus payouts (for my clients & would-be clients - who are mostly hedge fund & PE folks) is a bonanza period for me. Whoever can chip in with names of HF/PE firms and months they payout their bonuses will be appreciated. While JPM isn't one o...

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From Renewable Energy to Investment Banking

lalamu112

Hi all, Been a long time user here and need your inputs, I am currently working as an investment analyst for a mid-sized fund based in Canada that invests primarily in renewable energy assets (solar, wind, biomass, various different forms of flexible capacity). My main responsibilities are runnin...

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G-Research vs. top NY hedge funds?

FlyYouFools

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+14
AMA: Multi-strat HF Analyst

satellite

Multi-strat HF analyst focused on public equities. All opinions are my own, any views on specific funds are purely anecdotal, will not answer anything too detailed on my background or specific funds, but happy to speak to broad industry generalizations....

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+1
Bridge Loan On Commercial Land?

sinasabeti

Hey there, I'm a mortgage broker and real estate broker. I landed a borrower looking for $8M refinance loan on his commercial land and completed a full due diligence to underwrite the deal. My lender though backed off the last day and I'm lacking the fund now. Which hedge fund or private equity do ...

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What portion of junior hedge fund employees are compensated primarily as a function of PnL instead of as a function of age?

BobbybananamA

My general impression is that many large hedge funds (employees > 5) actually compensate junior employees on the basis of age and not really on performance. My impression is that this applies to hedge fund employees with less than 3-5 years of hedge fund experience, unless the team is small (e.g., <...

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Duped Thread Deletion

Bogdanoff

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First Major Career Move, Ops to Front Office - Need Advice

Bogdanoff

Hi All, Long-time lurker, wanted to share what I'm going through right now and see if I can get some feedback on how I'm thinking this through. I have spent the last year and a half as an Middle Office Analyst at a BB bank, my first job out of school. I find my job mind-numbingly boring and am ups...

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Switching From Equity AM To Credit Shop?

Big_Muffin

I've been working at a big long-only fundamental shop (like a Wellington) for a few years and before that I was at a BB bank in an industry group. I'm thinking of moving to the credit market because I think large-cap. equities is too crowded. How hard would it be to move to a credit HF or special s...

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Uncertain

htmar

Hi, I am a year away from Uni graduation , and I am looking for opportunities. I was lucky to get an internship in a HF (good size, think 2-3 Bn) and I like the team and the strategy. They focus on distressed and corporate credit. I also ''happened'' to get a BB S&T SA offer. My long term goal is ...

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Switching from credit HF to equity HF

Value892

Hi all, I have been working at a credit HF for just over a year, focusing on leveraged loans (private lending, stressed credit and par loans). Before that I was at a BB bank in leveraged finance for 3 years. After working in leveraged products for 4 years, I've come to the realization that I want ...

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Should I take the CFA Level 1 as a college senior to help for HF recruiting?

FutureBankerMonkey

I'm a current senior who will be starting at a BB/EB this summer. I'm less interested in PE more interested in LS equity (and perhaps other strategies), so I wanted to ask if it would be worth it for me to sign up for the June CFA Level 1 exam. Would taking it help for HF recruiting / is it worth it...

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DE Shaw, Citadel, other buy-side internships

Trojan1999

Hi, sophomore at West Coast target here. Are any big buy-side shops still recruiting for SA 2019 fundamental research positions? I've seen the DE Shaw positions and have already applied for P72's sophomore summit, but I'm not sure about the timeline. I'd greatly appreciate a response--thanks!...

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Strongest path to Distressed Debt HFs

12468086

What is the strongest path to get into Distressed Debt investing? I've heard restructuring, Lev Finance and High-yield credit analysis are some of the go to's. Any other strong pathways into Distressed Debt orientated Hedge Funds?...

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Where would you rather work: D.E. Shaw or Point72 for Junior Summer?

taulamep

Between the Point 72 Academy Internship Program and D. E. Shaw's fundamental analysis teams where would you rather spend your junior year summer with the intent of working at a HF after graduation....

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My Quant Hedge Fund (Crypto and Digital Assets) Finally Launches in 2 Weeks

justinmantra66

After over 8 months of preparation, formation, operations construction and meeting with prospective team members, my quant hedge fund is finally launching. It's being led by myself as well as a former 15 year Goldman alum. Been a pretty longtime lurker on WSO from a different account (Don't have acc...

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Distressed Debt Pitch

Fcbhawk

Hi all, I am a student looking to get an internship in a distressed fund. I have done a short writeup on Noble Group's bonds to demonstrate my interest, and was hoping someone could comment on it. Unfortunately due to my lack of prior experience, the writeup is not in depth and merely a high level o...

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what should i invest in if i can't invest in stocks?

BobbybananamA

let's assume you can't time the market but you believe the specific asset selection is a core capability you have. let's also say your fund doesn't let you pick stocks for your own portfolio. what other ways can i exercise my investing ability to pick specific analyzable assets without doing it in t...

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Credit HF - Credit Agreement Case Study (6-8 Hours with 150 Questions)

cjfreeman114

Hey All, So I got selected to go in for an in person interview with a lean and quite new High Yield Credit HF. The first round consisted of a 60 min online survey that was about 25% behavioral and 75% technical. I was the only candidate selected, based on the survey, to come in or the in person. ...

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Hedge Fund Intern Pay

twinshk2

Currently talking with a small $200-300M L/S fund about an internship and the fund wasn't looking for an intern until I reached out. Fund manager basically asked me what I was expecting in terms of compensation, and I'm not super sure what market rate would be. $20-25 an hour? Or would this be too m...

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Distressed Funds in Boston

CashFlowz

Starting from a fresh account to keep some additional anonymity. Does anyone have a list of distressed/special sits funds (or groups) in Boston? Targeting secondary markets only, no direct lending. Obvious ones are: Baupost Bain Capital Credit (Sankaty) DDJ ...

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Leaving BO Ops - Need Insight

fdafda

Hi all, Long time lurker on this forum and I've finally come around to register as I want to seek some insight regarding my current situation. About 5 months ago I took an ops analyst position (compliance/legal) at a large (and ever-growing) HF in MA right outside of Boston, I jumped on the ops t...

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Retired PM wants to get back in the game

ozgood-zbeard

I had had a long and successful career as a hedge fund PM. Retired five years ago. I have continued to trade my PM, and I am current on my specialties. My problem is that my Rolodex is stale. Does anyone have ideas of where I should start? ...

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Career Advice: How do I exit to HF?

ModalQuant

I've been a lurker on WSO for a while, but this is my first post. A little background first, I suppose. I am currently finishing up my last year of undergraduate in Honors Philosophy and Applied Math at a target (large State School). Coming into college from an immigrant family I didn't know the fir...

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US recession in 2-3 yrs: Which HF strategy / type most likely to outperform / survive?

kath123

Hi fellow monkeys! I am not experienced in the HF industry. Ray Dalio commented & there has been talks about US coming into recession in 2-3 years or earlier. https://www.bloomberg.com/news/articles/2018-09-12/dalio-says-u-s-in-seventh-inning-as-unfunded-obligations-loom **Strategy & investing ...

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Job market, is the winter coming?

lookingahead

Hey guys, I am new graduate looking for job. It looks like not many funds were doing well recently, despite the main street is still in good shape. Q4 would be the worst I guess. ER folks are already talking about lay-offs. How many head-counts would be cut in the coming Jan? Are there still oppor...

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2018 Hedge Fund Report: 8 Key Takeaways

WallStreetOasis.com

The 2018 Hedge Fund Industry Report compiled by Wall Street Oasis (WSO) provides insight on compensation, the interview process, employee satisfaction and more. All statistics featured in the reports are based on 2,260+ user submissions from the hedge fund industry. The report includes data fro...

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+8
Strategies that will continue to flourish?

bananashit

Hi all, Curious on your thoughts.. what type of strategies do you envision to be sustainable and successful over the next couple of years? People have talked about how the quant strategies have started to degrade a lot of the alpha from the L/S shops. But what about other discretionary strategies ...

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New Global Economy

theworldsfirstglobaldemocracy_1

With the news of the recent Bear market in the US based global economy, isn't it time to start discussing the feasibility of a New Global Economy? ...

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What to Expect for P72 Superday?

stormy54

After making it through a few other rounds I was recently invited into the NYC office for a super day involving a few rounds of interviews w/ some investment professionals + members of senior management. Has anyone been through a P72 superday? Found surprisingly little on what to expect searching ar...

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Preparation for Externship at a Credit-Focused HF?

BuffaloLad

I'm a second-year undergraduate student, and this winter break I will be participating in an externship opportunity at a credit-focused hedge fund/asset manager. The issue is that I have a very limited amount of knowledge regarding the types of securities they are trading and their business in gener...

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+1
HELP: Breaking into HF

motstreet

Hey guys, I need your advice on breaking into HF. Any advice will be helpful. After graduating from a good biz school, I’ve have been trading on my own, and in the short time horizon of my 3 years of trading, I managed to increase my personal savings, $50K to $300K. I also paid for all of my li...

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Audited Sharpe Ratio of 3+

kumarraghu

Hi, I traded spot FX from 2006-2008 and US and International Equities from 2008-2016, during which time I built up an impressive track record with a Sharpe Ratio of above 3 the entire time with almost no losing months. I also co-founded a successful retail stock brokerage during that time. You m...

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+1
UK Quant degree: Imperial Mathematics and Finance vs Cambridge Mathematical Statistics

slumbering_programmer

Hi guys, I'm applying for MSc 'Mathematics and Finance' in Imperial college and also MAST 'Mathematical Statistics' in Cambridge. I already have 2-3 years experience as a developer in a quant hedge fund in London. My goal is to become a quantitative researcher in London. Would any of these 2 degrees...

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+3
R vs. Python in a fundamental equity HF?

therealgekko

Hey guys, so I'm stuck between learning R and Python, and I'm in a fundamental equity research role. Interested in learning 1 of the 2 (could learn both, but honestly I have way too much to learn outside of coding and don't have the time do learn 2 languages on top of that). For those of you who wo...

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Point72 London Reputation/Prestige

ShowMeDaWay

Just wanted to gauge what is the reputation of Point72 in London? Received an invite to an exclusive Insight Day at the firm and while I am definitely going, just wanted to know how respected/prestigious is it in the City at this stage?...

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Mercury Partners: anyone worked here? more info re: job?

PennTeller

Anyone worked with Mercury Partners before? I'm considering retaining them for a search but I don't know much about them. Has anyone worked with them before either as a candidate or a client?...

25
+1
Corporate Finance Institute?

Craigp123

Hello All, I am currently a Law student (based in the UK) that has since developed a deep interest in Finance. I was looking at the following course offered by the Corporate Finance Institute: corporatefinanceinstitute. (remove this space) com/certifications/financial-modeling-valuation-analyst-fmv...

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Advice/input would be greatly appreciated

SuperiorRiskAdjustedReturns

DeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDeleteDelete...

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Bridgewater and Point72 not good for long-term career?

TheBag

I'm an undergrad interested in breaking into HF. I've been receiving comments that Bridgewater and Point72, both of which have structured undergrad recruiting, aren't good for a long-term career. Does anyone have any insight on this and is it really better to start in IB rather than at either of the...

9
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Margin of safety and applicable measurements

Red banana Wagon

After re-reading Been Graham's thoughts on margin of safety, I naturally wanted to look at today's market. He mentions that one measure of that margin is a company's earnings yield over it's debt payment (ie, a 9% yield vs 4% rate would be comfortable). Would it be acceptable to use the CAPE multi...

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Dartmouth Undergrad HF? Should I transfer?

TheBag

I'm an incoming freshman at Dartmouth extremely interested in breaking into HF after undergrad. I know it's incredibly difficult and was wondering if it's worth trying to transfer to HYPS/Wharton after my freshman year. I've heard that the few HFs that do OCR are very selective and only do it at HYP...

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+11
What's the word on Citadel now?

Big_Muffin

How should I think about an opportunity with Citadel? Are people jumping ship? They cut a lot of headcount at Aptigon recently. ...

25
+59
It's getting ugly out there - Baly to cut 13 stock teams

sonibubu

Article just hit last night...Baly cutting 13 stock teams (~40 investment professionals) plus a bunch of back office to be cut by end of year. Oct was really bad for hedge funds, Nov has been an official **bloodbath**. MLP, Citadel, Baly all getting hit hard. Garden leaves vary by firm, but there wi...

149
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The road to becoming a quant

wolverine19x89

Is there a typical road to becoming one? Or are they usually people with Phds that decide to jump into this kind of stuff? Or are there any that start working in s&t or a hf and then go back to school to become more of a quant? Are most quants from the tip top of the best schools?...

116
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Moving to the U.S. and looking for advice

keodhd703

Hey there folks! Was browsing the Internet for forums and came across this particular site. Little bit of background: I’m a British citizen, and am now transferring over to the U.S. having requested to do so. Reason being, I’m planning to make the U.S. my permanent home - it’s always been ...

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GoldenTree Asset Management

pufaga

Does anyone know anything about GoldenTree Asset Management? They seem to be a hybrid firm split between more traditional opportunistic HF strategies and safer AM strategies. Is that correct? What has their performance been like in the last few years? Their assets seem to have steadily grown since ...

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Bridgewater vs. D.E. Shaw

tapuzina12

I'm a current business school student at an M7 (one of the perennially top ones, if that contributes) who intended to go through MBB recruiting, didn't take networking *sufficiently* seriously for my demographic, ended up with just one first round interview, got a final, but got dinged. Subsequentl...

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Point72 Salary

jacboesmith

I am going in for a summer internship but want to know what the ALL IN COMP is for first year analyst out of college...

4
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+18
Hedge Funds v/s Private Equity: Which industry will survive and thrive in the next two decades?

Verbose Corporation

**Loaded Naive Questions Alert:** *Apologies for the verbosity.* I recently read a thread on the hedge fund bloodbath. Coincidentally, I recently saw a video where Balysany spoke at Milken Institute's panel discussion and gave some profound advise on 'How to run a hedge fund?'; and just now I read ...

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PE -> VC -> Startup -> HF (TMT)

kath123

Hi fellow monkeys! I'm looking for advice. I have 5 years of experience in PE & VC. 4 years PE, 1 year VC (which shut down due to the partners breakup). Now, I am thinking of starting a small e-commerce business selling my own products using ads on social media platforms, SEO etc to drive traffic t...

1
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Retail access to bank macro research?

VolatilitySmile

I want to read i-bank research reports. But I am just a small retail trader. What can I do? Can I charm a salesperson? Or must I really be trading yards of euros to qualify? ...

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Dartmouth Tuck: HF Jobs. Possible?

technicolorbeast

I am in the process of applying to R2 for top MBA programs, specifically Chicago Booth, Columbia, Dartmouth Tuck, and Cornell Johnson. I am confident in my ability to get into Cornell, 50/50 on Tuck, but am 99% sure I will not get into Booth/Columbia. Combination of "weak" GPA and GMAT and non-URM (...

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JD CFA GC Role

mrb5520

Hi all I currently am a funds associate at a v20 firm in ny. I love my work but miss business side of things and am thinking in house at a hedge fund is where I’d like to end up. My thought process is study and take the cfa exams and coupled with work experience I should be able to get a decent in...

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Buy-side credit research to hedge fund?

argtexas

I'm a Senior at a semi-target. Large, public state school. I accepted an offer for a credit research associate analyst position covering high yield bonds. Firm is a top 20 asset manager, based on size / AUM, and I'm very excited. The team has told me there's potential for a promotion to analyst afte...

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How to make a quant internship as a sophomore

atezxelpmoc

I am a "freshman" math major with a 4.0 GPA (likely will stay this high for a while since I am taking similar classes next semester) at a lower tier ivy. I am on track to graduate in 2.5/3 years, so I cannot really intern as a junior. What should I be doing to help set myself up for a solid quant in...

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Management Support Associate Role at Bridgewater

AM-Inquirer

A recruiter recently reached out about the Management Support Associate role at Bridgewater. Before I apply, I want to know more about what the role entails given that I have found little online. Can anyone currently or previously working at BW in that role provide some guidance on what the role a...

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Are we in a recession?

traderlife

I looked at market prices today and everything is telling me we are about to enter a recession. Citi is the worst bank but still about earning $7 a year and 8 pe now....all banks doing poorly. Industrials crushed. Apple around 13 pe ex-cash. Rates implying cuts in 18 months. Utilities and healt...

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