Any one else doing badly this year?

I know the markets are up generally this year, but seems like funds seem to be doing poorly this year relative to last year (after a banner year last year). This year has been a struggle to say the least. 

I know when we're doing bad when all I hear is yelling from my PM, including a lot directed at me. Kind of sucks to be honest, because every mistake seems to be magnified right now 

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Comments (26)

Sep 28, 2021 - 10:59pm

Well, can't yell at people who already got canned. 

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Oct 1, 2021 - 6:18pm

Past month / two weeks were tough for most stat-arb shops.

"one for the money two for the better green 3 4-methylenedioxymethamphetamine" - M.F. Doom

Oct 1, 2021 - 10:46am

Woah where do you work? I've worked at a bunch of funds now and have only ever seen people yell at advisors / external parties so what you're describing is outside the norm. Heated debate is one thing, but yelling at coworkers is not ok.

Oct 1, 2021 - 12:17pm

trading desk dynamics can quickly break down under stress/bad performance, causing a lot of resentment. Gotta power through it and if your PM still is an ass, then feel free to leave

on the macro side, lots of funds have been hurt by the reflation trade and coming from 2020 where they had stellar performances leading to capital inflows, yeah it's a struggle

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  • Partner in HF - EquityHedge
Oct 13, 2021 - 8:11pm

That fee likely has a hurdle rate pegged to an investor chosen small-cap index, if not, that is a great deal and the founder must have had some magical years to be able to retain it.  Please correct me if I have been mistaken.  If you guys are guys are moderately hedged (30-50% net exposure), there should still be some outperformance on the relative level.  

Hope for all the best and in tough times usually, there are also great lessons to pick up.  Keep your head up and next year will be better.  

Oct 3, 2021 - 12:53pm

Just make sure to move those alpha $$$ back into FAANG, two days before year-end reporting. 

Instagram: @dickthesellsider | Substack:

  • Intern in IB-M&A
Oct 3, 2021 - 1:10pm

Nah bro the real deal is wiring the money to a crypto exchange, buying a proof of stake coin with daily payment like XTZ, buying a derivative to hedge against downward price fluctuations, staking the coin at 5.5% APR, then converting it back to fiat just before reporting

  • Research Analyst in HF - Other
Oct 13, 2021 - 11:43am

What is the context? Are you at a L/S or quant or macro or etc. MM or SM?

I hear lot of l/s desk have negative alpha this year although that gets offset by positive returns from beta. Hopefully it's going to be fine

Oct 13, 2021 - 1:02pm

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  • PM in HF - Other
Oct 13, 2021 - 10:48pm

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