Distressed Debt Hedge Fund out of College - Prep Advice
I'm in the midst chatting with a distressed debt hedge fund along the lines of York/Cerberus/Davidson Kempner/Anchorage etc. to join as an analyst.I have no banking experience and would be joining straight out of undergrad and would work on a bunch of things like secured/unsecured NPL portfolios (consumer, real estate backed etc.) securitisation, think maybe CMBS stuff too.
I'm wondering what sort of advice you could offer to prepare for starting the job
I plan on reading - Moyer I got a pdf the other day (can share if anyone wants it)
Is there any good books to read for NPLs/securitisations?
I thought I would learn the following for each of the coverage countries:
-General Macro/micro business trends
-Political structure/environment
-Bankruptcy proceedings
-Brush up on my accountancy/valuation - re-read rausembaum & pearl ect.
-Banking system
Moyer is a good start - if you can get through that, and actually understand it, you'll be ahead of your peers. LCD also has some good, free primer stuff online (search "LCD Primer") - sorry if that's too basic, not sure how much you already know given straight out of UG, but lays a good foundation.
Know technicals cold. Hope this helps.
Thanks man!! Will check it out.
Wait if you can share the moyer pdf that'd actually be a godsend, I have something upcoming at Alix and was about to buy it
Sure just DM me your email, I can't send messages as account is new.
Curious how you ended up getting that opp-in a similar boat, love hearing stories. PM me
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Would also be curious to hear how the opportunity materialized, if you'd be willing to share it here, especially since you haven't read Moyer in preparation
For those asking for Moyer book a few haven't put your email in the message and I I have limit so send me your email and I'll shoot it over to you. Btw you can get all of these books for free in library genesis!
Reading Moyer and learning about bankruptcy proceedings is fine and would show an interest, but I don't really think it'd be the best use of your time. Distressed/bankruptcy is really something that is best learned in practice and there are so many twists and turns my feeling is you're better off waiting to learn that stuff on the job. They're hiring you out of college, they know you have limited experience and I hardly think they're going to ask you to run a Ch.11 solo on your first day.
What I think the best use of your time would be is to polish up your credit analysis skillset and really try to understand the differences between equity and credit investing before you show up. Having the right mentality and a framework for looking at credit will serve you a lot better when you show up than having read Moyer, etc.
What's the best way for one to polish one's credit analysis skillset?
I've heard it's helpful to go through the Distressed Debt Investors Club pitches and try to reverse engineer them or to also try and pitch HY securities yourself. However, I'm having a hard time finding opportunities for the latter.
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