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Career Resources
From what I've seen via linkedin stalking and reading the quarterly letters that get leaked, most of these value-oriented funds (Pershing, Greenlight, etc) run lean and largely hire MBAs with previous buyside experience.
One thing that was very interesting to me on a related note was that a number of new junior people at Glenview are former PE associates per their annual letter.
Pershing hires some guys out of Blackstone PE.
Ackman also once hired his fishing guide as an analyst.
^ really?
hey, can anybody please link me to some of david einhorn's letters to shareholders? i've read his book and i scour the net for videos..personally i'm going to love the showdown between him and berkowitz..
A great resource for investor letters is Dealbreaker.com
Bess Levin regularly posts Greenlight's quarterly letters (other funds as well, the Glenview one posted last week was great) and they can be found with a search.
lol i cant find the pdfs related to the posts.
fml.
http://cache.dealbreaker.com/uploads/2011/01/Greenlight-Q4_2010-Letter…
A lot of Dealbreaker tidbits are also available here: http://www.scribd.com/bess6159
Also see www.hedgefundletters.com/hedge-funds/
Pershing Square (Originally Posted: 05/11/2010)
Anyone know anything about getting in/what it's like working there pre-MBA, or just after? I'm looking for inside information that I wouldn't find using a basic google search.
There are no junior people working there; only a few partners.
you can do a linkedin search to get an idea. but i would imagine hiring is very rare, on an as-needed basis and that the people they hire already have hedge fund experience and are hired through networks, probably not headhunters
Not sure why people post stuff they have no idea about. There certainly are junior people there and they use headhunters just like anyone else. Not sure if they use more than one but I do know they use Dynamics for junior hiring.
As of last year there were 6 partners (4 started with Ackman, one came from BX) and no junior people.
I personally know a junior person there (he finished 2 years banking prior to moving over)... really don't understand the garbage some people spew on this forum. Like IB31 said, they use headhunters like many other funds. They hire on an as-needed basis... which means they take one person every 2-3 years or so.
Thanks. Any chance I could get into a fund like this out of BB ER?
Anything's possible... but for anyone to get into the fund is extremely difficult and your odds especially are very, very slim.
I know you're in ER, but as a comparison, it's easier to get into KKR than PS as a banker. There are several people from my group going to the former, but no one has yet to even interview at the latter this year.
Makes sense. But what about other activist funds with an ER background instead of banking?
The only generalization I can make about hedge funds is that each fund is unique. Yes, some of the larger ones may have structured recruiting practices, but those are few and far between. It's going to come down to what skills you bring to the table and if they see you as having value-added potential.
If a fund's partners/junior employees have an affinity for ER guys, then by all means you may have a leg up on other candidates. There are enough funds out there that you'd be able to find someone to whom your background is appealing.
Moral of the story: yes, you can get into a hedge fund given your background. I wouldn't hope too much for the super-elite ones though as they are going to be a stretch for you and nearly everyone else.
I know that my post doesn't entirely answer your question, but I hope it helps.
A lot of people seem to be interested in working at pershing square. some other "hot" hedge funds are paulson, greenlight, Third Point.
what's the typical profile for pre-mba people at a greenlight, Third Point. i think the paulson thing has been discussed before (i.e. very hard to break in as a young person)?
possible to get into a greenlight/Third Point/other from ER?
so interesting that greenlight and paulson were so highly regarded back in the day. how the times have changed.
as it has been answered many times, there is no "typical" profile at these places. there are people with previous backgrounds in banking, ER, PE, distressed debt, etc. again, try doing some searches on linkedin and see for yourself.
pershing square, greenlight, etc. don't really care if you get an MBA.
btw, pershing square definitely does hire junior level people. they just don't hire that many and don't hire every year. i know a few years ago they hired a couple of analysts from elite boutiques like BX. haven't heard about their hiring recently
what would you expect comp to be like after 2 years in banking/research/etc at pershing/greenlight/Third Point?
Coming from ER, it is going to be extremely difficult to get into top HFs. You are going to be competing for an extremely limited number of spots with people from top banking groups. It is possible, but be warned that you will have to be very proactive.
Pershing and greenlight probably pay more than Third Point. Those 2 probably pay 200-300 post banking/etc.
One good fund I've heard that does take guys out of research is Omega Advisors (though they are not activist - you will soon learn that you cannot be extremely selective if you want to move to HF from ER). Good luck.
@ CashCow
Thanks for all of the input. I don't necessarily doubt what you say, but it I wonder if it is less cut and dry than you propose. Others on here and AnalystForum seem to think it's very possible to go to a top HF after a few years in research. In fact, I hear that you'll even get serious calls from headhunters.
Also, I hear the PE transition is easier that it's made out to be on here.
I just read confidence game - really good book. 3 analysts Ackman has hired:
1- Fishing instructor he met while on a retreat on the southern tip of South America
2- By chance Ackman met guy who was going into Merrill's fig group. He took a cab Ackman had been waiting for in the rain. The guy got out of the cab to let Ackman in, but Bill suggested they share it and he was eventually hired (book didn't specify whether he ended up working at merrill)
3- Irish guy went to harvard, wrote for the lampoon and then worked at Blackstone (I assume m&a though he described it or himself as doing "quantitative")
So you have to be very exceptional and/or lucky. But don't try waiting outside 888 7th thinking you'll run into him because i'll already be there waiting ;)
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