I will do what I want
This Convo is now over...
This Convo is now over...
+186 | Ideal College/Recruiting Timeline | 38 | 2d | |
+126 | Military Officer vs. IB analyst | 47 | 4s | |
+75 | Lied on CV? | 60 | 46m | |
Got fired after 1.5 years as an Analyst, want to stay in Banking but I am confused | 10 | 1d | ||
+26 | Amazing offer but I’m drowning in debt | 13 | 2d | |
+25 | Is there a point to networking if you have (nepo)? | 7 | 1d | |
+23 | Are Single Managers Just Not Hiring? | 10 | 4d | |
+23 | How do I go about explaining huge gaps in a CV for Spring & Summers? | 11 | 2d | |
+21 | Job Switch Advice | 6 | 19h | |
+21 | IB > PE, except burned out. What now? | 8 | 10h |
Career Resources
P.S. these people are not jokes, billion dollar fund of funds, Harvard Dartmouth Columbia educated, ex goldman, Credit Suisse, soloman brothers employees
Additionally - assuming you pursued this through legal channels, the cost of compliance / audit / accounting is a heavy burden and would be a major drag on any earnings.
BB, no question. As stated many times throughout this message board - my dentist has more money to invest in his personal account. Also, you dont learn enough when you're on your own at that age.
i also run a $567,000 book but won't post that as it contains my positions and did 37% last year, which was my first year of running the book. So you must have a rich dentist.
Whoops - didn't see that
hey congrats.
but, risk matters. i can get the same return buying a 3x ultra health care ETF. have you invested in a year that wasn't a one-directional stock market with massive quantitative easing?
Take the BB. Good for you not losing all your $$$, but the mindset and risk with trading a few grand vs a few mil is a lot different. Scalability isn't as easy as buying 10,000 shares instead of 10
Assuming the Fund of Funds are legit, you should see if they can put you in touch with long/short equity hedge funds where you can learn from a mentor and perhaps trade a small book. If they think you're a good potential, they should be able to hook you up with a HF they have good relationships with, or are a large client of.
So...these guys pledged $3.5mm based on your $10k personal account's trading record during a bull market... Makes sense.
What you didn't know kemosabe, was that his pa was net short!
OP, why are you interviewing with FoFs and corp banking when you go to an 'elite' school and are obviously an investing genius?
Off topic question; but I am starting a L/S penny-stock HF, does anyone have any advice? My current returns are approx 5,000% on an annualized basis
because I am a B student, enjoy my college life, and don't want to be some I Banking slave when I don't need the money to be totally honest. Thus I want to pursue a career I am actually interested in, which is is money management. Sorry FoF's are below you. my families investment in Third Point in '96 and and Silver Point(if you know what that is) through a FoF's haven't worked out TOO bad. but enjoy whatever you do.
Have you ever invested with rising rates?
I hear Owen Li is in the market for an apprentice
Not sure why there's so much hate. If this is real, I'd do the HF over the BB in a heartbeat.
People on here jerk off to BBs, even when its practically back office.
I would do the HF as well. Hell of a better story coming out of an Ivy if you need an MBA to switch careers.
I also run a 567,000$ book just or your info but I run that far more conservatively and did 37% last year. This was money I raised from family and friends so its not like I haven't traded some size.
I won't name names of the fund of funds but one of them is one of the largest in the business 4 billion + in AUM the other is around one billion AUM. and yes they have full access to both of my books. I will not post my bigger book as it contains all my positions on it, but all I can say is I only started running it last year and did 37%, I have far more more holding in the bigger book and it is far more conservative in nature. Its kind of funny I interviewed at two prop shops and got rejected at both because I didn't pass the math test.... In response to ThinkMacro we are considering this option, and I see it as a good alternative.
lol
Trading on $11k as opposed to $3mm + is like using experience driving a small speed boat in order to learn how to drive an oil tanker. Join a respected institution, gain experience, credibility, and contacts - then pursue your goals of starting your own buyside firm.
Im confused how you went to an "elite" university and posted annualized gains of 62% but ended up with a corporate banking stint. Nothing against corporate banking, but it just doesnt add up.
I don't go to an ivy, think of the sub ivy range of schools, UVA, BC, GTown, etc. Reason probably is that I have a 3.2, did one summer as an IB analyst and hated it, and no Bulge Brackets are like hey what are your investment returns. I have a few offer from decent prop shops.
Aw.. daddy couldnt buy you into Ivy? Some hot shot he is..
What caused these FoFs to want to invest in you? What did they tell you, and how did they approach you?
I'd take the money and see what you can do. 2% would be $70k/year, which is about what your base would be in banking anyways...you are at a time in your life to take some risk, and it sounds like a great opportunity has dropped into your lap. I'm assuming the FoF did some due diligence on you before making the offer? There must be something about your strategy that they like.
I have family ties with the FoF's industry, and had heard of the investing I had done for myself and for others(the larger account).
Listen kid - during your time on the street you'll learn one valuable lesson. Some learn it the hard way but I'll lay it out here plain and simple for ya. It's all about prestige you want to have a good name on your resume and GS TMT IBD looks a hell of a lot better then some janky $2million fund you found. Be smart.
You'll also learn that boasting your annualized gain on the street is frowned upon. You sound like a high schooler that ended up in the wrong forum. You went from posting your $11K personal account returns to suddenly running a $500K book? And you brought them up for discussion in that order?
Whale of Wall Street listen dick weed you have no clue who I am, my dad probably made more money in a day in his Wall Street hay day than you do in a year or 5 years. I will post my 567,000 account just to shut ur cocky arrogant mouth up. I am sure u r a real "whale of wall street" go spend an afternoon at PTJ's place in Gwich if you want to meet an actual class act. The guy doesn't put people down he actually congratulates them on their success, of which I am sure you have very little of. There is a reason the general public has a negative perception of wall street people and you do a good job encompassing it.
There is my uploaded bigger account hot shot, tell me what you were doing when you were 22.
Nope was not messig around with Penny Stocks, I don't trade. Buying Intermune at 8$ and holding it till 72$ will do the job, also shorting crude helps as well. You know if you do some research you can actually make a lot of money.
I think you should take a bet on yourself. Study relentlessly and be the best investor you possibly can. Reach out to industry professionals, learn from them and build your network. No matter your future performance, raising $4m is impressive. You're ~22 - take a chance to do what you love rather than pad your resume with a boring corporate banking job just because it's at a BB.
The whole idea of "keeping doors open" can be kind of bullshit, because you can only have one job. You don't need to go do BB M&A to have a headhunter pitch you 50 positions. If this doesn't work out for you, you just need one HF manager to give you a job and with that kind of story I'm sure you'll be fine.
This makes no sense.
Just so you know, a FoF's LPs would sue them if they invested with you. Why do you think the magic number for HF AUM is $100mm? Because FoFs have a min of $5 to $10mm check sizes and they aren't allowed (by their own statutes) to be more than 10% of 1 fund's assets. So a FoF is going to be 90% of your AUM?
Also, I went through dozens of fundraising meetings in the past 2-3 months. You do not get size commitment until after you've been fully diligenced. This includes:
There are some additional steps in there that I don't feel like typing.
TLDR you're full of shit.
Yupp... spot on. Funny that this kid actually thinks thats how it work. Thanks for sharing @SanityCheck
I'm not necessarily in disagreement, but one thing I have seen from some FoF's is that they have a small opportunistic allocation to new managers that is more flexible and doesn't have the same hurdles as other portfolio allocations.
This is 100% true, my dad ran a FoF for 5 years after DBL and yes obviously they invest in very well established managers but they are always on the lookout for new managers to develop relationships with. If you get in early and the manager becomes a success (i.e. my dad invested a few hundred grand with Jack Walton(look him up) and David Tepper when they started Appaloosa and had like 17 Million AUM.) They were not established although had worked on trading desks and been highly successful. The point is FoF's are always on the hunt for new talent and willing to make small investments with the hope that one of these managers will make it big and remember them down the road. If you ran a Fof's and only invested with guys who were out there for twenty years and never looked to establish new talent you would be out of business in a generation as you would never be able to get into the premiere funds. The doors are closed, at York Capital Man you need to put up 100$ million dollars in two days or you lose your spot... so better to invest 500 G's in a handful (10) of managers and establish a relationship with the successful ones. if not you are down 5 million and if you are a big fund that is nothing. If you don't cultivate talent you are a fool.
...
You 2.5x 'ed ~$3k in a period that has been among the fiercest bull markets of the last 3 decades. Congratulations. No one is lining up to give you money unless they're trying to get inside your dad's panties.
Take the GSAM offer.
And for the record, it annoys me that I had to read about six posts down to find the first facetious comment; and, it was from Flake.
He's always a cynical ass hole
@"NYBC02" that dick fuld thing is hilarious I seriously hope that is not actually him. I rarely use this site as I think its mostly just a bunch of people babbling but could you remove your comments with my first name and first letter of my last name on it. i rarely use this site and never post mostly just read it for amusement. Just was asking an honest question as my dad who worked on Wall street and mom have varying opinions on the subject. won't post again as you find too many want to be finance hardos(not saying you are in that category) who are basically fools or want to be's.
This kid is on some good shiet..
OP you're too insecure to run your own business.
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