Transitioning from Market-neutral strategy funds

For those who have worked at Millenium-type shops running tight market-neutral strategies and moved onto funds that have longer holding periods and take more concentrated positions, or vice versa:

1) How transferable is the skillset of covering / pair trading 40 names? 2) How important is quarterly trading? 3) How do you ramp up on new industries now versus before? 4) Do you have more or less autonomy/discretion? 5) Is the lifestyle more or less stressful, given looser risk constraints and longer holding periods, versus more concentrated positions? 6) How difficult is it to move between these two styles / is one more advantageous to start your career?

I know it’s hard to generalize but would appreciate any thoughts from folks who have been in and moved around in the industry.

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