Tiger Cub Funds Style

Hey guys, obviously the Tiger Cubs are pretty famous for their success at long/short equity. But what is distinctive about their style? Anyone have any insights into their investing style or work culture? Do they look for any specific qualities/personalities when hiring? Thanks!

 
Best Response

I think you post too many topics about a variety of things that aren't the same and it tells me you have no idea what you're talking about. It also concerns me that you have posts related to using regular vs diluted s/o and free cash flow despite working in banking and think you'll be able to land at a Tiger Fund or Apollo.

Not trying to be a dick but as of now you don't seem like Tiger fund/MF PE/Top HF material...not that it couldn't change assuming you're in a top group. Also, headhunters know when you're playing them. If you want HF, you have to prep for it as they are very different from PE (i.e no DCF, LBO...). HFs also want people who have an interest in investing, not people who are trying to pad their resume and get a paycheck. It's a different culture.

Very few people can successfully recruit for both PE and HF. The advice most people on the buyside, and headhunters would give is to choose one and go for that.

As for Tiger fund specifics:

Obviously if people knew specifics about their investing style besides L/S equity they would be able to start their own HF and amass 20% returns annually. They are secretive for a reason.

Almost all of the Tiger funds run super lean. i.e most don't hire analysts yearly. It's more of an as needed hiring system and analysts at those funds don't leave...unless they're going to start their own fund or become a PM at another.

Hours vary among all as is the case with every HF.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 
Will Hunting:

I think you post too many topics about a variety of things that aren't the same and it tells me you have no idea what you're talking about. It also concerns me that you have posts related to using regular vs diluted s/o and free cash flow despite working in banking and think you'll be able to land at a Tiger Fund or Apollo.

Not trying to be a dick but as of now you don't seem like Tiger fund/MF PE/Top HF material...not that it couldn't change assuming you're in a top group. Also, headhunters know when you're playing them. If you want HF, you have to prep for it as they are very different from PE (i.e no DCF, LBO...). HFs also want people who have an interest in investing, not people who are trying to pad their resume and get a paycheck. It's a different culture.

Very few people can successfully recruit for both PE and HF. The advice most people on the buyside, and headhunters would give is to choose one and go for that.

As for Tiger fund specifics:

Obviously if people knew specifics about their investing style besides L/S equity they would be able to start their own HF and amass 20% returns annually. They are secretive for a reason.

Almost all of the Tiger funds run super lean. i.e most don't hire analysts yearly. It's more of an as needed hiring system and analysts at those funds don't leave...unless they're going to start their own fund or become a PM at another.

Hours vary among all as is the case with every HF.

Maverick has has 30+ investment professionals for $8bn, not sure if that would qualify as lean.

 
Gray Fox:
Will Hunting:

I think you post too many topics about a variety of things that aren't the same and it tells me you have no idea what you're talking about. It also concerns me that you have posts related to using regular vs diluted s/o and free cash flow despite working in banking and think you'll be able to land at a Tiger Fund or Apollo.

Not trying to be a dick but as of now you don't seem like Tiger fund/MF PE/Top HF material...not that it couldn't change assuming you're in a top group. Also, headhunters know when you're playing them. If you want HF, you have to prep for it as they are very different from PE (i.e no DCF, LBO...). HFs also want people who have an interest in investing, not people who are trying to pad their resume and get a paycheck. It's a different culture.

Very few people can successfully recruit for both PE and HF. The advice most people on the buyside, and headhunters would give is to choose one and go for that.

As for Tiger fund specifics:

Obviously if people knew specifics about their investing style besides L/S equity they would be able to start their own HF and amass 20% returns annually. They are secretive for a reason.

Almost all of the Tiger funds run super lean. i.e most don't hire analysts yearly. It's more of an as needed hiring system and analysts at those funds don't leave...unless they're going to start their own fund or become a PM at another.

Hours vary among all as is the case with every HF.

Maverick has has 30+ investment professionals for $8bn, not sure if that would qualify as lean.

Yea I usually don't lump Maverick in with the other because it is larger and based in Dallas. Maverick is a top shop though. I was talking more along the line of the shops with "Tiger" in the name or Viking (slightly bigger), Blue Ridge, Lone Pine etc.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 
xqtrack:

The Tiger Cubs are not secretive. They will tell you about their investments and how they're thinking about them all the time. Steve Mandel did a breakfast earlier this year for some other buysiders hosted by one of the brokers where he talked about his philosophy on investing.

Talking about investment philosophy such as long/short with a long bias, bottom up kick the tires or top down approach, is not the same as discussing their methodologies for selecting shorts or competitive advantage in certain long positions.

There is also a difference between sharing investment ideas among Tiger funds/seeds/cubs and sharing with the outside world.

They are pretty secretive, I can tell you that for a fact. Yes, there are exceptions but even the anecdotes on Julian are basic and don't show much.

"Looking for undervalued and overvalued securities" is usually the b.s that is spewed. Everyone knows that and if that were easy, everyone would do it.

Take Tiger Management's investment in the asian automaker in which they actually went out and purchased the car and hired a mechanic to inspect every detail of the car before creating the position. That's an outside the box strategy that most funds would never do.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 
Will Hunting:
xqtrack:

The Tiger Cubs are not secretive. They will tell you about their investments and how they're thinking about them all the time. Steve Mandel did a breakfast earlier this year for some other buysiders hosted by one of the brokers where he talked about his philosophy on investing.

Talking about investment philosophy such as long/short with a long bias, bottom up kick the tires or top down approach, is not the same as discussing their methodologies for selecting shorts or competitive advantage in certain long positions.

There is also a difference between sharing investment ideas among Tiger funds/seeds/cubs and sharing with the outside world.

They are pretty secretive, I can tell you that for a fact. Yes, there are exceptions but even the anecdotes on Julian are basic and don't show much.

"Looking for undervalued and overvalued securities" is usually the b.s that is spewed. Everyone knows that and if that were easy, everyone would do it.

Take Tiger Management's investment in the asian automaker in which they actually went out and purchased the car and hired a mechanic to inspect every detail of the car before creating the position. That's an outside the box strategy that most funds would never do.

yeah, agree to disagree

 

Sorry guys. Knew they had a small office in NY but was under the impression they had larger teams in Dallas. Friends brother is an investment analyst there and has run 2 teams in Dallas.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 

Classic GARP with a hint of "I'll kill myself if we miss this one" anti-mandate growth investing. They piggyback off each other quite often. I wouldn't say they're THAT secretive, but they definitely have an aura about them for some reason, and their hiring practices are hard to describe. Some have probably gotten too big for their own good. If I could only invest in one I'd probably be with Mandel.

I hate victims who respect their executioners
 
BlackHat:

Classic GARP with a hint of "I'll kill myself if we miss this one" anti-mandate growth investing. They piggyback off each other quite often. I wouldn't say they're THAT secretive, but they definitely have an aura about them for some reason, and their hiring practices are hard to describe. Some have probably gotten too big for their own good. If I could only invest in one I'd probably be with Mandel.

ha, agreed. Although I'd probably go with Halvy or Griffin.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 
Will Hunting:
BlackHat:

Classic GARP with a hint of "I'll kill myself if we miss this one" anti-mandate growth investing. They piggyback off each other quite often. I wouldn't say they're THAT secretive, but they definitely have an aura about them for some reason, and their hiring practices are hard to describe. Some have probably gotten too big for their own good. If I could only invest in one I'd probably be with Mandel.

ha, agreed. Although I'd probably go with Halvy or Griffin.

Halvy? Not sure its what I would go with to describe a former Norwegian Navy Seal who runs a $20bn fund.

I'll drop a plug for Auerbach or Greenspan. Still small enough to run more concentrated operations. I think we'll see a lot of their top positions show up in the big places a few quarters later.

 

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