Couple of weeks ago the 1st year passed since I joined this L/S equity hedge fund, c.a. $100m in assets with global mandate. We're based in Europe. I joined here upon graduation, with some prior experience in private equity/consulting.
Day 1, the PM I work with literally told me to find a stock that will double in value and to get to work. Couple of weeks later I pitch him a US mining company in a restructuring. He has some questions about the cost structure, I work on it, come back to him and he says that we'll pass on that, since this kind of situation (restructuring) is tough to have a competitive advantage in. Couple of weeks later I pitch him a retail stock. The feedback I get is that it's not a super-duper great equity story, but we can take a small stake for one of our aggressive funds. Couple of weeks later I recommended we close the position at a slight lose, as the thesis did not seem to play out as expected.
Around September last year I started pitching some short ideas among tech names and got green light for all of them (4), but I think that it was mostly due to my PM leaning towards being a permabear, so he was just happy to have some short exposure in the lofty priced tech names in the US. We made some money at the beginning, but after the V-shaped rebound in the US commenced at the beginning of the 2019, I did not manage to cover the positions quickly enough and most of the profit evaporated. After that happened, the PM was quite pissed and started to ask, practically daily, when will I find that stock that will double.
I pitched some some more names, most of which got rejected, others were liquidated after 2-3 months of not bringing in profit.
Recently, the PM invited me to a conference room, because 'we need to talk'. He told me he hopes I know that my track record has been less than stellar so far and that he is willing to try and 'rehabilitate' me, by giving me a sector to cover, so that when I focus on that sector I can get some expertise and maybe gain some competitive advantage. He told me to 'look for some good stocks in the consumer discretionary sector'.
This was like a month ago. What I was doing last month was basically doing Bloomberg screen, combing through all stocks tagged as consumer discretionary. I got a few names that I intend to pitch to him, when he's back from holidays.
Here's what bothers me. As I mentioned I do not have any prior experience in public markets. I know that being an analyst at a hedge fund requires to be a self-starter and so on. An I believe I am one. But nonetheless I feel pretty lost due to lack of any guidance and learning opportunity at my current shop. What I am afraid of is that after 1 or 2 more years of this kind of trial and error I will be stuck in the same place and will not be able to jump to some other shop due to little progress I made here.
Is the kind of situation I described typical for a junior analyst joining straight from the undergrad? Should I start looking for some other place where I'll get some guidance and mentorship? Or should I just self-educate and try not to get fired in the process.