URGENT: Have call with Hedge Fund BSD

I am current first year analyst at a middle market bank. I have an upcoming call to discuss potential investment banking exit opportunities to hedge funds with someone created his own billion dollar plus fund. The fund is a long-short equity fund, so it ties in well with banking skill sets and exit opportunities.

I was hoping to get some input from fellow monkeys who have made the jump to the hedge fund world what some insightful questions would be to ask . I generally want to get a sense of what it is like to work at a hedge fund at a junior level coming from banking.

Maybe some of you guy could give me some insight into your own experience and transition into HF, too.

Thanks a lot in advance.

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Comments (28)

Apr 6, 2011 - 4:26pm

Analyzing stocks and generating investment ideas for PMs - that's pretty much every analyst position at every HF or AM shop in a nutshell. At first you'll be told what to do (research this company, check out that industry, etc.) but over time you'll be expected to generate ideas.

Some topics to discuss:
1) Ask about their investment style and process. Try to get a sense of how they pick stocks - from how the ideas are generated to how they actually make it into the portfolio.
2) Ask what some of their best ideas are right now (get him to talk his own book, not usually hard to get that started).

Apr 6, 2011 - 5:46pm

is this a place you would potentially be working/want to work at? or is this purely an informational phone call? As jqbuyside said, youre going to want to talk to him a lot about his style and/or process--its just like info interviews where people generally like talking about themselves a lot, so i would try to steer the conversation towards him, how he broke into the industry (especially if he came from IB), what he did to break in, advice he would give to someone looking to make the jump etc...

Apr 7, 2011 - 5:53am

1) ask about what role are you going to be cornered in. sector specialist or generalist.
2) find out their investment style and process. especially important is learn about the PM you going to be work with if possible. that will be the single guy you need to learn how to persuade/understand.

Apr 7, 2011 - 5:54am

HF phonecall (Originally Posted: 02/01/2018)

Hey guys,

so after a lot of networking efforts and cold mailing in the search for a summer internship,
I've finally got a phonecall setup with a partner at a fund after a few days of mailing with him.

I know it's a vague situation but what should I be expecting from this call?
A general get to know each other or an interrogation about my valuation skills?

Thanks!

Apr 7, 2011 - 5:55am

Hey InterestRateMonkey, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:

If we're lucky, the following pros may have something to say: suyash111 guntas.rice FireFighterCPA

If those topics were completely useless, don't blame me, blame my programmers...

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Apr 7, 2011 - 5:56am

Hedge fund phone call (Originally Posted: 04/30/2007)

Hey guys, I am supposed to call someone at a hedge fund about possibly working at the fund for the summer. The fund doesn't have any formal intern program, so i was referred by a contact. I'm a little nervous...do you guys think it will be a formal interview (even though it doesn't seem like it)? should I do anything special to prepare beforehand? anny other tips? thanks alot

Apr 7, 2011 - 5:59am

Doubtful it will be a formal interview. It sounds like in your situation, they will focus on whether or not you really want to learn and will be able to learn quickly- but especially on if they feel you are really driven to learn and are interested in the business.

Depending on what other options you have, you might consider offering to work unpaid if necessary to land the internship. I think it is worth it, and often when you work unpaid, they won't ask you to make copies and do stuff like that.

Apr 7, 2011 - 6:01am
jbc2436:
I think it is worth it, and often when you work unpaid, they won't ask you to make copies and do stuff like that.

In my experience exactly the opposite is true. If they aren't willing to pay someone to do the job how important could it be? And if your time is free to them why not use it making copies? I know so many bright kids from ivies who spent summers doing garbage like that and not getting paid (one girl's boss liked to have her make giant rubber band balls out of all the rubber bands in his office. why not? he wasn't paying her anything). My feeling is the more they're paying for your time the less likely they are to waste it.

Thats my 2 cents.

Apr 7, 2011 - 6:02am

nrd6, that does make sense if they pay you because you have skills they want to use. But in the case of when the applicant lacks any relevant experience at all, the hiring party knows that it will be a major inconvenience to them to completely train you, just for the summer.

I worked unpaid at a HF one summer, and learned a ton. Never made a single copy for anybody but myself.

I am not saying your wrong- this is one of those things that varies a great deal depending on many factors. There are definitely situations where we would both be right and wrong.

Apr 7, 2011 - 6:03am

If you get the chance to intern (paid or unpaid) - then go for it.

I interned a small fund in NYC for two summers, and learned an ridiculous amount. I was paid, but i would have done it unpaid anyway. Don't worry about making copies... i made some copies... everyone makes copies during internships... that is hopefully a small part of your overall job.

The experience is worthwhile, just to see how the fund operates and how the traders/PMs make their decisions. Plus it looks great on your resume.

Apr 7, 2011 - 6:04am

Time to Call a HF Guy, tryna keep it gucci? (Originally Posted: 05/17/2012)

A PM at big-time HF told me to call him Friday afternoon. Do I call around 4:10pm ET (he's on ET) so the markets aren't open? Or is that too late in the afternoon? When is best? He's in fundamental/value equities. This may be a paranoid question, but I happen to know this guy is a real hardass so I don't wanna fuck up, and I know he helps place kids all over WS if you really impress him. Thanks.

Btw, I told him I want to break into IB, he knows I don't want HF.

Apr 7, 2011 - 6:09am
whatwhatwhat:
4:20 pm bro, come on

Eh, but 4:20 seems way too late so I don't feel comfortable calling then unless you explain why it's ok to call near the end of the work week...he just might even be out of the office then I donno. Also, I'm afraid it shows poor form to call so close to the end of the work day when he could be wrapping things up trying to get out of the office.

Should I just call around 2:30 and ask if now's a good time? Then he's free to say 'call back at xyz time.' or 'let me call you back.'

Apr 7, 2011 - 6:13am

Markets are generally quiet during lunch hours and hence you'll notice that people's moods are usually more stable during that time. Pre-open and post-close tend to be fairly busy times of the day, which shouldn't be surprising as the open and close are the busiest times of the day. Not only does this apply to HFs, but also to folks in S&T for the aforementioned reasons. I'd call between 1-3pm, ask if it's a good time to talk, thank them for their time and proceed from there. Turn your swag on and remember that no matter how accomplished he is, he too was once in your shoes.

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