Life decisions...buy-side equity analyst
I spent two years at a large IB. I then joined a small, long only value fund (~350M when I joined) afterwards. Low turnover, concentrated book (high conviction, 2-3 ideas are invested in per year). Structure is 1 PM with 25 years experience, Senior Analyst with 10 years of experience, and me, with now 1+ year of buy-side exp. I have been trying to take as much responsibility as possible here as I learn how to be a better investor / add more value overall. Returns have been good (15-20% avg since I joined). Effectively it is me competing against the senior analyst and the PM to get ideas in the book (we all look at the same information, senior analyst usually has the drop / edge on me given his experience). My PM is somewhat happy with my performance (general research insights, adding conviction to move positions up in size) and I am glad to be part of a winning team.
He paid me decently (~$400K all in - but low as a % of what the fund earned). He also gave me a raise but mentioned that there was no path for me to advance long-term here. I struggle given the lack of career growth + feeling that the longer I stay here, the less marketable I will be. I think I like value investing, I like doing deep research into companies, business models, etc , but I hate the fact that my contributions are capped given the massive experience gap. That being said, I did want to get my feet wet and I basically got a direct line into how a value-oriented PM thinks / what he reads, etc. That being said, I am humble about how much I have left to learn...
Where should I look next? / What should my next moves be? I worry about the stability of a traditional multi-manager L/S (+ I prefer value investing...) , but also don't want to want to cap my career growth or go to business school. I am thinking about exiting the industry given the massive ego blow I experienced with my feedback / lack of a long-term path. Also debating whether to double down on my interests or exit. Also, wondering whether my skillset is marketable - should I be thinking about alternative paths?