I'm generally curious if there is any poll or data here to show they can? An I Banking analyst with a top degree from a t10 school gets an economics degree and is taught by GS MS etc a few months of accounting and reading financial statements
How do these guys fair a few years out on bearing the SPX?
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If Top PMs struggle I highly doubt a freshly minted analyst can outperform
I think the only difference here is that PM's will typically have millions if not billions of AUM, making it harder to beat the market. If some analyst has 50k to throw around I don't think it would be very difficult to put your money into some things you researched well and watch it go up 7%+.
The only people who return 7% per day or week are TikTok investors and I guarantee you they will not sustain those returns for 10 let alone 5 years
Institutional constraint IMO should not be an issue. There’s enough large cap stocks out there that a HF should be able to get in and out (of course they’ll be transaction costs).
Counterbalancing your point, is the fact they have access to sell side research, management teams, data, and a team of hungry mid 20 year olds who can model in their sleep. I think the pros (elite investment team) outweigh any con of size of AUM (and HF turnover positions quickly)
I highly doubt a freshly minted IB analyst will outperform an investment team given the time constraint, lack of resources, lack of training, etc.
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