How did you figure out what asset class and strategy you wanted to work in HF?
Perhaps for the more experienced members in the community. How/why did you decide to stick with the strategy/asset class/sector that you end up making your career?
Curious as this industry seems to pigeon hole people pretty quickly - esp for those who are on the IB to PE/HF route. Would also love to hear how capital allocators chose their path/specialization?
This is more general, not specific to IB. To some degree you 'pick'- when you have competing offers from different firms or desks. But to some degree these firms or desks will also 'pick' you based on your skillset if they feel you'd be good for their role. There's also a large element of randomness. I started out in rates, then at my next job I signed to do equities, and then the rates analyst quit. At some point, you become too expensive and you have to (not choose to) stick with what path you're on to some degree- even if you want to switch fields it would make less sense than taking someone much younger/cheaper and just training them. Not saying it can't happen, but its harder and takes definite effort.
Agree. I did not have the privilege to pick, and at some point you have developed expertise wherevee you landed and it is too costly to move to something different.
Kinda cute seeing some kids here sweat what group they're assigned to for their summer internship.. in retrospect, it really doesnt matter 95% of the time.
from sounds of it, you also do distressed / special sits type-stuff. I'd also agree cute but to a degree, the kids who wanted to go into RX pretty definitely land in distressed roles so the "how did you figure out" was really as simple as "i was interested in RX and the path from there is obvious".
Now - "how did you end up in Vista/Bravo SaaS PE vs. KKR industrials PE?" is a bit more bullshitty...you got placed into your banking group but don't try to tell me you were passionate about industrials more than saas, and vice versa, as a junior in college.
I started in one area, hated it and coincidentally got drafted to help build a new vertical. 14-15 years later and I’m still doing the same thing and love it.
HFPM, been seeing you active on here past couple weeks. Would be great if you did a post on your story and background that leads to where you are now. I'm sure it'd gain traction!
What does that entail?
Evoluationary Process.
It picks you. If you're asking where to focus on, then you don't know where your own edge/interest is, but in the end it doesn't really matter. Because the through the progress of your career you'll be sorted to where you are meant to be.
Where is your experience/expertise/interest?
Let's start looking there first.
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Regarding your comment on Quant, I think a lot of people are starting to see that a lot in this space is heavily commoditised or pure curve fitting. From what I see "real" quant alpha, I.e. combining market insights with statistical methods is still pretty much en vogue
Undergrad: hated accounting and equities w/ wannabe Buffets. fixed income was more mathematically intensive (add swaptions/mortgages and I loved it)
Internship: disliked the culture in equities. Loved working with people in FICC and talking macro.
Career: Just like math/programming in general and followed some quants to a different area.
Curious -- what was the culture in equities that made you dislike it? And from what you've heard, is this somewhat common throughout different firms?
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