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Most desks will not involve much/any fundamental analysis as an SA. That isn't what most trading is about (esp as a desk that is trading flow like you will likely be on).
At DB, FX would be a desk you'd want to get on if possible.
Dude he Just told you he is interested in fundamentals/corporates. Db rocks at fx but way to completely guide him away from his goals.
OP - hy and distrssed are 100% fundamentals oriented. May be tough to trade on distr desk right away May have to be a desk analyst first. Only caveat is you will completely give up your chinese aspiration, most if not all hy/distr inventory is us companies, some canadian, some mexican but no china (if we are talking about a us basef sa prog)
Thanks for the comments, sounds like I was on the right track. Do you happen to know more about the HY and distressed desk @ DB? Heard some of the top guys left for Hedggies a year ago.
DB does excel at FX I heard, and I agree on your point of S&T not being fundamental for the most part--as far I as I know, it feels more like a huge restaurant with waiters suggesting dishes (sales), Cooks making dishes (Trader), and Chef coming up with the menu (Structuring & quant)--not much room for agency trading, especially in a time like this, and fundamentals even less so. I would definitely talk to the FX desk. Perhaps it is time to learn something I didn't know. Sounds like an opportunity that I shouldn't miss.
I would say you would fit in well with Equity Research by the sounds of it.
Just go for those two desks. Have a prestigious desk, e.g. FX, as your third choice. Distressed is more fundamental and more prop than HY, which will be more flow.
DB rocks at FX because a big part of the business is electronic.
Dude you honestly think China is in an economic boom. They steal technology from us, and they steal growth from the rest of the world by subsidizing inefficient manufacturing. The world would be growing faster if China just sold its coal on the open market and that coal was used to fuel efficient manufacturing in other countries. At some point the American's will no longer give away technology to Chinese companies, and the subsidies to their manufacturers will become to expensive as commodity prices rise. China isn't building real economic growth, it is stealing it from the rest of the world and the charade can only last so long.
China has its own set of problems--and I agree that the growth we are seeing is unhealthy in many regards. I always get this tangling sense that the next financial crisis will be centered in China, whether its based on political, real estate, or what-have-you reasons. But I'd like to remain optimistic that China will get the system right eventually, we have enough smart people, it's just that our political structure was not set out so well. I will live long enough to see the change happen, and if there is a time of crisis, it is the best time to buy.
agreed with one of the earlier posts, you sound like you'd be a better fit for a equity research type position. or economic or credit research.
HY is a good place for now, i'm not sure about DB but special sit is a good desk to be on too for what you'd like to do
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If he is interested in fundamentals he shouldn't be on a trading desk in the first place as that isn't what a trading desk as a bank is doing. A research position would be much more appropriate. My advice was based on getting him to the best desk possible at the bank and one that will gain the most exposure to a wide variety of areas because of their place in the market.
Well the Head of Special Situations at MS teaches a value investing course at Columbia Business School...I think certain desks are pretty damn appropriate.
Then you're redefining trading desks and putting them into a broader category of prop groups. You wouldn't call an IB desk a trading desk and you wouldn't categorize a desk that focuses on PE as a trading desk either. Completely different things unless you just want to broaden the definition to include anything that is investing in securities of some kind.
ridicolous statement. Makes abs no sense. Otc desks have no choice put to prop some positions given lack of liquidity in some issues. Every consideration of bidding on smthng in distrs is a prop decision dude. Stop throwing shit comments on the wall to see which stick, wasting time
OP for the record Jerome is half right in that you are sadly mistaken if you think market makin at a bank will satisfy your thirst for company fndamental investng. Might need to mKe 20 k less and join a buyside firm/program in buyside investmeny research (oh no!)
Last year when I interned @ equity research, it gave me the feeling that the best we could do is to become a good salesperson, and since no money is placed behind our calls, validity has been watered down. I'm not saying ER is bad, by no means, I've gain great fluency grinding through financial statements, but there's not enough kick behind it (i.e. nothing's gained or lost behind what we say). I get a feeling that in a trading desk every bit of research matters and can translate into profits and losses; and some great figures emerge from the desk, like David Tepper. Another reason I tend to pick HY and Distressed is that perhaps no machine can ever replace human intelligence in that regards, and there is great money to be made every 8-10 years or so during a crisis.
However, I might also be a bit unsatisfied if I don't explore other options in DB, especially FX and rates that others view with so much glamor. Guess it will be a fun info session talking to those guys during in info session.
Yes but it will be better to do equity research only if you're able to land at a decent buy-side shop. I think the exit ops into a fundamental hedge fund are better from high-yield/distressed than sell-side research. And you would have the opportunity to take risk. This will be a big plus since many people get stuck as HF analysts for 5+ years without getting a book, esp. at fundamental places. Also the credit training is very useful, I feel that it's easier to understand equity investing with a debt foundation than the opposite.
Do you come from a debt background?
I think buyside ER at a Fido or a T Rowe should be something that you should shoot for come FT. It will satisfy your desire for fundamental analysis/investing idea generation and it is much less of a sales job than sell-side research. You actually research for a purpose as opposed to volume and popularity.
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