Background - Attended a top non-ivy undergrad with a degree in mathematics and economics. Prior to leaving for a multi-strat hedge fund (think Bluecrest, Millennium, Balasny, etc.), I was a macro derivatives trader on the sellside. The vast majority of my daily work was focused on idea generation, backtesting and quantifying risk/reward on prop positions with the rest 20% market marking related. Given my current role on the buyside, my product scope includes futures, bonds, CDX index swaps, CDX index swaptions, IRS, Swaptions, ED$ options and more exotic derivatives as well. The objective is
06 May 2021
Hello fellow monkeys. Recently, I decided to give up on buyside recruiting and stay on as an Associate in IB. I realized I simply didn't want it enough and just ran out of energy to dedicate to the search. I've also frankly enjoyed my time in IB a lot and look forward to continuing my path here. A big shoutout and thank you to everyone on WSO that gave me advice and helped me throughout the process. Feel free to AMA. A few months ago, I said I would drop the technicals I got throughout my process, so I am keeping this promise. I've gathered a bunch from myself and fellow friendly analysts
11 Feb 2021
I'm in cal BC right now and I was wondering we all hear about how much top hedge fund managers make but we never hear about how much their rainmakers bring in. Saw a comment that said Grant wonders ( Viking ) brought in 30mn in a year and the Pershing square guy who thought of the CDS trade made 20mn. Jesse Cohn ( Elliot) is selling his NY penthouse for 39mn so that probably put his nw at maybe 100mn? I'm really curious plus I don't care if it's a SM or MM fund
12 May 2021
There's blood in the streets right now; obviously, we all know about Melvin and their >30% losses, but P72 just came out with their 10-15% loss, and Maplelane also down 30%. I expect to see the other funds coming out with their numbers, but based on these L/S spreads, I don't expect them to be great either. There's gotta be teams/funds that start to get cut soon. Does anyone hear any rumors? How's everyone doing?
27 Jan 2021
Mod Note (Andy): Q&A/Interview Tuesdays! Email me ([email protected]) if you'd like to do a Q&A or interview for WSO My background is working in a high yield/distressed trading desk as a research analyst and trader, before making the move to a credit hedge fund within one of the major PE firms. The guys on the public side of the wall are a different breed than the private-side banking guys, who I think have a pretty high level of representation on this board relative to fund guys. A little rougher on the edges, and probably a little more intense in general. Hopefully I can shed some
11 Sep 2020
Feel free to ask me anything. I will be on starting at 1pm to answer questions for a couple hours, then will check the post periodically over the next week for new questions. Thanks, -Keith. Bio: Keith R. Weiner is the President of Suvretta Capital Management, a $1bn global long short fund. Prior to joining Suvretta, Mr. Weiner was an Executive Director, Senior Investment Officer, and Investment Specialist at UBS Alternative Investment Solutions for ten years where he served on the Global Investment Committee. Alternative Investment Solutions is the primary fund of hedge funds provider within
14 Sep 2020
I'm a nontraditional student newly out of active duty military. I've been admitted to a few good schools. Though, my school choice will ultimately depend on the job opportunities post-undergrad. My school choices are Yale, UChicago, and Dartmouth. Dartmouth and UChicago have a large focus on the financial district more so than Yale. Though I cannot disregard Yale's network opportunity through name power alone. Chicago is a financial hub for hedge funds so it makes sense to attend UChicago. At the end of the day, if three students graduated with the same extracurricular activities, GPA, and
17 May 2021
Note: I don't want to hear that I made a mistake going to law school lol. I'm comfortable with my decision and I have no interest in working in high finance in a technical capacity, but I do have an interest in working in high finance in a legal capacity. Making this thread because I see a lot of lawyers working in Hedge Funds as Counsel and there seems to be a lack of information on how to break into these jobs. Questions for Hedge Fund Lawyer (Specifically those that work for hedge funds or are doing secondment at a hedge fund) Is there a pathway to work for a hedge fund without firm
11 Jan 2021
I am going to be a freshman in college next year studying Econ and I am currently looking for things to learn that will help me as I prepare for a career on Wall Street. With COVID I have a good amount of free time, and I'm wondering what are good areas to gain knowledge in. I know it may seem early but I would like to expand my horizons so I can be a better investor in the future. Any Ideas?
10 Feb 2021
How long does it usually take for a credit fund (AUM ~ 50bn, 500 employees) to get back after interviews. I've done 12 interviews with a credit fund in 3 stages the last stage being nearly a fortnight ago. The partner replied to my thank you email saying we'll be in touch 'in due course'. Should I send an email asking for an update after the weekend (24th May)?
22 May 2021
I started my career at a small quant firm, and have spent a couple years in a PE-ish role. I'm looking to move to a public market buy-side role. 5 - 10 years down the road I'd love to start my own shop, or at the very least be running my own book somewhere. I just started actively recruiting and am talking to a couple smaller managers, as well as a couple larger name shops. By single PM shops, I generally mean places I'd be the first analyst, all with good performance, all assets in the 200 - 500 range, and PMs with really impressive backgrounds. By larger shops I generally mean operationally
04 May 2021
A career in the hedge fund industry is one of the most desirable careers in finance. Money is undoubtedly the greatest attraction to careers with hedge funds, with analysts making $150k and then some. Portfolio managers often make north of seven figures, which is why eventually running a fund is considered the optimal career trajectory for so many. Hedge Fund Lifestyle and Wages The job rests significantly on individual performance, a simultaneously appealing and frightening facet of hedge funds. Hedge fund employees work an average of 50-70 hours a week, far less than their investment banking
05 Apr 2018
Lets say you are at the beginning of your career, just out of college and have an offer from a VC firm (Investment Analyst position) from which you would go on to do more VC later on an Asset Management firm (Equity Analyst position) from which you would aim to move on to a boutique L/S hedgefund. Which one would you choose and why?
16 Apr 2021
Hey guys, I'm pretty new to all the finance stuff but I wanted to know if any hedge funds recruit directly out of undergrad for nyu. Also I know these questions come across as like bruh this kid thinks he can go straight to buyside what an egotistical idiot. My bad if I'm coming across like that I just really do wanna know if there is hedgefund or PE recruiting out of stern because it is a t5 school for business but I didn't know if this type of recruitment only happens at HYPSM.
19 Apr 2021
I spent ~5 yrs on the sell side getting my own coverage in a financial services niche. Moved over to the buyside over 5 years ago to help build out an equity platform in a primarily credit shop (with a nuts and bolts operating business). The idea being to leverage our operational and business expertise to invest in businesses that are tangential to what we do. Because equities aren't the primary product we invest in, my experience is likely a bit different than a lot of other hedge fund professionals. We are opportunistic with investments with no defined portfolio size. We have a more
17 Sep 2019
I'm an engineer trading prop using algorithms I built. I'm currently the top trader using these algorithms, and looking to sell them to a hedge fund to move on to my real life passions. But, I do not know where to start. Has anyone sold algorithms to a HF here or purchased algorithms for a HF? Should I just knock on HF doors? Do HFs search for outside algorithms? Any advice would be appreciated. The algos: +57% YTD, Max DD 6% FX based, built on 14yrs of data WF on 6 yrs, live performance 2yrs. Fully automated. I know versions of this questions have been asked before I'm ready for negative
15 May 2021
So hedge fund "genius" David Einhorn is down 18 percent this year, even though the S&P is up 5 percent. Last year, his fund gained 2 percent while the S&P gained 22 percent. He slightly underperformed the market in 2016, while getting crushed in 2015 when he LOST 20 percent while the S&P gained 1 percent. Same thing with Ackman. Through June 5, his Pershing Square hedge fund had returned 7.5 percent for 2018, handily beating the S&P 500's 3 percent gain. But this is the same guy who: o Lost 20.5% in 2015 when the S&P gained 1 percent. o Lost 13.5% in 2016 when the S&P gained 12 percent o Lost
16 Aug 2018
Fellow monkeys: do you know the compensation at Hedge Funds in London? If you could provide info you know with certainty about: - fund name - level (analyst, PM, ... - with years of previous experience) - compensation (fixed + average bonus) that would be helpful - specifically for LONDON/EU! I met one guy from distressed HF in London (3.5B AUM) which recruits from undergrad, whose 1st year compensation is about £150,000/160,000 (including bonus). Share your info, I guess many are interested!
28 Oct 2020
I've been accepted to the above schools. Some of the discussions have a consensus that Yale through connection opportunities outweigh the other schools for HF/VC opportunities out of undergrad even though UChicago and Dartmouth have a large finance placement. Brown has a large consulting placement but not in HF as UChicago or Dartmouth. I've even heard Dartmouth is heavy in IB(which is not what I want to do even if it's the conventional route to HF). I'm having difficulty deciding which school to attend. More consideration: Yale did not offer very good financial aid. Dartmouth 100% aid
20 May 2021
I've just been taken off the Princeton undergrad waitlist, I've already committed to UChicago but it is not too late to switch. Out of Princeton and UChicago, which school is stronger for HF out of undergrad? Considering many things such as education, network, alumni connection, job placement, and more.
01 Jun 2021
Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 10/17/12. To see all of our top content from the past, click here. Deciding to Recruit For the Buy Side Most of my friends are going into banking. Not because pitch books and road shows are their thing, of course, but it opens a lot of doors. 100 hour work weeks, camaraderie in the form of all-nighters editing PowerPoint slides and sharing Seamless meals, and having no skin in the game never really sounded appealing to me, but I guess to each his own, right? Needless to say, it turns out I'm not the only one who's not
17 Dec 2015
GS/MS/JPM Investment Banking SA to MM PE Buyout Analyst (~$2Bn Fund) Been a lurker on WSO for a while now so thought I'd give back to the community and answer any questions about starting in PE as an analyst, hours, nature of work etc
04 Oct 2019
Hello everyone, Just trying to get a feel for Point 72's Academy 2019 recruitment process. I submitted my resume and got Hirevue a day later. After completing the Hirevue I was then invited to an "exclusive summer networking night" at Point 72's office in NYC. The invitation said the event will allow you to network with professionals inside in the firm as well as current Academy members. I am just curious if receiving this invitation is going to lead to another interview or what. If anyone has gone through this similar experience before I would love to hear your insights. Thanks!
15 Jun 2018
Mod Note (Andy): Best posts of 2014, this originally went up April 2014 ***To wrap up our conversations on life at a hedge fund (as an associate) we reiterate that this what you should expect if you have an IB background and move to the buy-side at a hedge fund. Again does not include Quant funds**** Intro We've previously outlined a day in the life of someone working in high finance (and someone not), however… we have received requests for similar overviews that provide more depth for specific roles within Wall Street as a whole. This will detail such a "day in the life" for someone working
19 Dec 2014
Mod Note (Andy): Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 2/23/14 and ranks #26 for the year by total silver banana count. You can see all our top ranked content here. So everything comes full circle. I've been coming on this website for 7 years now. It was a huge source of information when I was first learning about the industry. I was super eager and literally read every single post from a few of the contributors that I respected (big shout out to Bondarb). Over time, I became more of a contributor, under a few different screen names, and
12 Dec 2014
Mod Note: Each day we'll be posting the top WSO forum posts of 2014. This one was originally posted on 5/29/14 and ranks #36 for the year by total silver banana count. You can see all our top ranked content here. I've been reading WSO for a while but never really posted so I figured I may as well start now. I am a freshman at a liberal arts non-target. For a while I've been interested in the markets and economics and have been absorbing and using as much knowledge as I can. My fascination with business goes back farther, I started a product review website when I was 16 that gave me a crash
01 Jan 2015
Hedge funds get all the glory... and now they're even going to get all the press, courtesy of the JOBS Act, and I'm more than excited to see who thinks they actually need to advertise to bring in the flows. However, while a hedge fund is structured to make one man insanely rich and a few others relatively wealthy, the Asset Management business has a much wider set of financial outcomes for its employees, and even more for its owners. The purpose of this article is to give you guys an idea of what the business itself really is when we say an Asset Manager or a Hedge Fund. I'll try to go over
08 Jan 2014
Can a small business have an internal fund? My aunt is thinking of pooling funds for a portfolio by allocating a portion of capital from her small business to buy stocks and bonds. She's thinking of hiring my son as the general partner/fund manager.
04 Jan 2021
Hey all, Before diving into this I think it makes sense to at least give some context and background on me personally just so we're all on the same page. The general gist of what I am curious about from anyone with experience is the goal of getting seeded to start a small fund. The goal would be $2mm-$50mm. I'll get into why in a second. As way of background, I am 34, C-suite exec (think VP of Corp Dev/Treasurer/CFO) at a mid-cap public company on the east coast. I have an MBA and CFA and have done pretty well for myself being outside of the 'high' comp / 'high end' NYC finance world. I
16 Jun 2018
I am making this thread because I am so passionate about trading and I'm doing everything in my power to network to finally get an internship in the hedge fund industry. I even built a LinkedIn bot to send out my cv to Portfolio Managers. Would also appreciate if someone wanted to be my investment mentor who gives me advice and leads me in the right direction. I've been trading for two years now and I feel comfortable my portfolio is up 40% YTD (2019-03-21). My goal is to get into an ivy league and later get a CFA. I am already trying to study for the CFA even tough my dad won't let me buy
21 Mar 2019
Well... this market is fun! Worst week since the crisis followed by the biggest single day price gain in history... Question I have here, is the bounce back driven by: a) A waning of the fears over the Coronavirus? b) A bounce back because the market was oversold last week? c) Biden's win in South Carolina and backing by Klobuchar and Buttigieg? d) Something else? From what I am seeing, the options market is still pricing in a pullback, to somewhere around the 2900 level on the S&P, so will be interested to see how the week goes. What does everyone think and what are we buying? Do we think E&P
02 Mar 2020
Do any of you have impressions of Bracebridge Capital? Seems to be a great fund, albeit slightly under the radar. How would you say an internship opportunity or a fresh graduate opportunity with them compares to that of some of the other firms in the industry. I know the likes of Citadel and DE Shaw may have great training programs as well. But how important would hedge fund reputation vs quality training be at this early stage in my career? Any insights would be invaluable!
27 Jun 2020
It was a standard Sunday for JRMM – Woke up entirely too early, ate breakfast, watched SportCenter, then had to kill time before the start of day 4 of the tourney. I had just gotten home from hitting golf balls and was about to firmly plant my ass on the couch for the remainder of the day when I caught the following tweet "in NYC with a few hours until takeoff, any blog readers want to get coffee?" The tweet belonged to a fund manager I respect greatly and whose blog I follow closely. First thing through my mind is, "wow that's cool, I should respond." Second thing is, "wait, why would XYZ
29 Mar 2014
Hi all, Having a bit of an identity crisis and hoping the good people of the forum can help me out. I'm a 2nd year analyst at a multi-manager L/S equity HF that I joined out of undergrad. For background, I went to a target school, had a solid GPA/major, and took the job because I thought it would be the most interesting path into finance. I do like my current role quite a bit, and so maybe this is "grass is always greener" thinking, but my main worry is that by doing MM HF so early I've closed off other pathways for my career. I've found myself a bit more frustrated by some of the short
11 Mar 2021
Hi all, freshman at Semi-Target. Studying Econ, sports team (Swim, all american), finance clubs, 3.8 GPA ,etc. Got a small HF internship lined up for this summer via a connection/networking. More importantly, looking to find a significant internship for next summer and am wondering where I should be looking. I'm always one to plan ahead, looking/hoping/working towards a career in Elite Boutique or BB IB. Looking to start thinking about soph. internships. No diversity appeal to firms here. Straight white guy. What are the best sophomore internships I can get to set myself up for success a year
10 Feb 2021
I just started working for a top hedge fund (think Point 72, Citadel, Millennium, Balyasny) in London. This is with little experience (c1 years in Equity Research / IBD) I am currently making a financial plan and I was hoping that some of the more experienced HF people could provide their thoughts on the compensation numbers I am assuming in my calculations. Please note that I am aware that bonus depends on performance, PMs etc - these are just average / rough estimates as I have to use some sort of numbers to plan. Do these numbers (in £) look reasonable? Should they be adjusted up / down?
08 Feb 2021
Have an upcoming case study with a MM this month and was wondering if anyone has any updated views on approaching the case study. Likely will be 4 hours in length and similar to ones discussed on prior topics with ~2 years of transcripts, 10-q/k's, etc. Is fine-tuning the model essential? I can confidently build a model within the 4 hours but plugging in the historical cash flows for the year is definitely a time killer. For instance, would skipping the quarters and just filling in the annuals for the CF up until the last few quarters make sense if I could spend more time thinking about
02 Mar 2021
Hi All, I graduated from a non-target school on the west coast but I networked my ass off and was able to get an offer from MM IB in NYC (I would say mid-tier, well known bank). I'm in a P&U coverage group and I really enjoy the sector (reading about it, learning about the industry drivers etc). The deals that we do are extremely asset heavy and very repetitive (in the end it's just about generating power and basically revenue and expense lines are always the same). Due to the repetitive nature of the deals I know that at some point the work will become boring even if I switch to the buy side
02 Jul 2020
Do I join Global capital markets, S&T or IB, if my goal is to end up in a hedge fund. *Specifically Global macro hedge funds
20 Jul 2020
Does anyone know what the typical passing scores are for the Wonderlic for the big multi manager hedge funds? I know online it says 29 is average for an investment analyst but I would have to think the big funds would have high strict cut offs. For example, would somewhere around a 40 be considered a good score?
09 Aug 2020
Dear WSO community, I have been looking but couldn't find anything on King Street Capital Management on this forum, although they are one of the biggest hedge funds in the world with ~$20B AUM. I understand they are a special situations / event-driven hedge fund and can invest across the capital structure. Also they have been recently involved in an activist fight with Toshiba but that's about all I know and can find about them. Does anyone have an insight in their culture, comp and work on a day-to-day basis? Also, how are they regarded vs other top-tier HFs?
27 Apr 2019
I want some understanding regarding ownership of IPs in a pod structure. If I bring "x" systematic strategies when I join an HF and develop "y" while working there would x be treated differently than y while leaving the fund? When a PM joins another MM how it works on the IP side? I want some general understanding and know it will depend a lot on how a contract is written. If someone is not a senior PM then is it easy to negotiate on IP before joining an HF?
20 Dec 2020
Hi guys, I'm a 1st year analyst at a L/s equity hedge fund based in NY metropolitan area with around $400mm AUM in a very small office. I got this gig straight out of undergrad (target school, not the best GPA) after 3-4 internships during school.
19 Jan 2019
David Tepper grew up in a middle class neighborhood in Pittsburgh, PA. He became interested in the stock market after observing his dad, an accountant, trade stocks during the day. Following high school, he enrolled in the University of Pittsburgh, where he excelled. After Tepper graduated with a degree in economics, he found a job with Equibank as a credit analyst. He quickly became bored with the role and enrolled in the MBA program at Carnegie Mellon's School of Business, now named after him. Tepper's experience at Carnegie Mellon helped him learn options theory at a time when there were no textbooks written on the subject. Kenn Dunn, the Dean of school of the school himself taught these option courses.
27 Dec 2010
Hey all, just wondering where associates/2nd year analysts typically exit to from shareholder activism type IB groups. I know activism defense advisory is offered by some BB and EB banks and was curious if most stay in IB or eventually try to land at an activist fund or in PE.
26 Jan 2018
Hi Everyone, Wanted to know what is the best way to position myself for breaking into an HF post MBA. A brief background on myself - I am currently a 1st-year student at M7 school but not H/S/W and before my MBA worked in Sales & Trading. Currently interning at a small long/short fund between 200MM to 500MM AUM during the school year. Would appreciate getting thoughts from people who are in the industry and/or managed to successfully transition in.
15 Jan 2021
I work as a long/short equity analyst at a large hedge fund. I've been lucky enough to be more than just a model monkey early on in my career, but have also been exposed to the stress of being measured on returns. I primarily cover consumer and TMT names. I went the typical path (target school --> IB --> HF), but have insight for those that have to follow more non-traditional paths. ps I did one of these last year that you can see here: "Finishing 1st Year as HF Analyst - Ask Anything"
01 Oct 2013
Hello, I was recently admitted to the Huntsman Program but it will probably result in my taking out around 200k in student loans. I was wondering if this amount of loans for undergrad worth it? I've heard opposing opinions, and want to see if I'm going to make the right choice. Currently I am interested in taking a concentration in finance, healthcare management, or business analytics at the Wharton school. I'm not sure if I should go to graduate school and get my MBA, but I'm interested in careers in investment baking and hedge funds as well. I'm not sure what I specifically want to go into
07 Jan 2021
I've been in a tech analyst role in a Tier 1 IB for over two years and have been recently looking at the option of transitioning on to a hedge fund (Citadel / JS), mainly due to the potential for higher comp and less cap on bonuses - curious to hear peoples opinions on tech roles in HF and how they differ from IB tech roles, in terms of work-life balance, the complexity of the work as well as the overall approach towards and view of tech roles in HF (hoping they're viewed as less of a cost-center compared to IB). Also welcome any other experience or viewpoints you'd like to share on the topic
24 Feb 2021