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
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
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
I've got an offer to work at a small HF out of undergrad and I'm not sure if I should try to go that route or maybe to BB IB. I like the culture at said firm, but I'm worried about my career progression if I go there in terms of exit opps. I don't see much I could do after two-four year as a HF analyst, but I know from BB IB the opps are endless. I am leaning toward the firm because I loved the environment and work there, but what could I feasibly do after a few years there if it ends up not working out? Is it pretty much just B-school and pivot, or is it common to go from small HFs to PE, IB
20 Dec 2020
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
Hi all, I'm currently looking for a few students interested in completing some freelance writing work, mostly related to hedge funds (also seeking writers interested in growth equity). The work will be paid, can be done on a flexible schedule, and shouldn't demand too much time. The work should also be relatively straightforward and not overly intellectually onerous, but a good chance to think deeper about investing through writing. If you're interested, please shoot me a private message, and we can talk about it. Thank you! Mike
01 Oct 2020
I'm a late 20s analyst in systematic strategies (risk premia, alternative beta) at a fund in NYC. I'm considering moving to Chicago due to the increased affordability and viability of raising a family in the city proper. However, I'm concerned about the breadth of opportunities in Chicago and whether the city's hedge fund industry is growing or shrinking. Outside of Magnetar, Balyasny, and Citadel (whose NYC headcount keeps growing more than Chicago's), I don't know of any other non-prop shop firms in the city with quant funds. I understand that nowhere will have the number of opportunities as
20 Aug 2020
Anyone have any updated info on these funds? I'm thinking Redmile Group, BVF, Ecor1, Farallon's HC book, and any other SF Biotech fund I'm forgetting here. I'm very interested in learning more about these funds in general but specifically interested in more info about nuances in strategy, and interview processes. Also would be great to know what head hunters could put me in touch with any of these funds. I'm currently an analyst at a top five biopharma coverage group and would love to work at one of these funds eventually.
05 Sep 2020
Hi everyone, Currently, an Analyst a ~$5-6Bn fund that may start recruiting for other opportunities and was wondering if people would be willing to share what their firm's WFH / remote work policy is now post-COVID? Given that the Boomers have finally realized that you don't need to be in shitty Midtown Manhattan to work and do well as long as you have a good internet connection, and mgmt, conf, and sell-side meetings will likely now have some permanent virtual element to them, I was wondering if any notable funds have provided more flexible location policies for investment professionals
06 Sep 2020
Just want to gauge what is a reasonable base salary range and what is a competitive range for Hong Kong first year analyst? Would 100k be on the lower side?
27 Aug 2020
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
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
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
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
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
Curious about 2021 SA HF apps? Know that many are unofficial, but what are some firms that are known to recruit SA's and have reputable programs? Familiar with Point72, Two Sigma, etc., but am speaking more on less-quant oriented HF. Thanks in advance.
18 May 2020
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
Hi everyone, My cousin is a strategy consultant and he was made redundant due to Covid. As such, he is currently near the end of the interview process for a 'Junior Trader' role at Akuna Capital. He has developed a passion for the markets and wants to ultimately try and move into an L/S HF within their investment team. He hopes to grow overtime to become a PM. He believes that getting a foot in the HF world, considering how hard it is to break in, would help him grow and move around in the future. I offered to post this on WSO so that he can seek guidance from experienced HF guys who might be
22 Sep 2020
I have been reading through investor letters from many prominent HFs but feel there just isn't that much meat to them. I also saw some activist presentations at the time of starting a position, but don't think that HFs typically do powerpoints. I wanted to know how HFs structure an investment memo when they are initiating a position and if there is a good example?
03 Sep 2020
Hey, Just wondering how realistic it is to exit into a Hedge Fund from Credit Suisse's Private Fund Group. What steps would one need to take to increase the likelihood of a successful transition? Who should one work on impressing, what certifications should one obtain, etc. ? Thanks for any and all responses
07 Apr 2021
Why is SBC NOT considered a "real" operating expense in the land of tech??? I come from a tech PE background and where this is much less common, but in public markets, almost all street analysts exclude SBC from their models and valuation targets. Why is this? Specifically, if they are also using FCF multiples (which exclude SBC) to value these companies, it seems rather misleading...
22 Apr 2020
- Do you have ambitions of launching/buying a private business (apart from a fund) on the side or is your sole passion the public markets? 2. Do you have (or plan to have) real estate investments?
17 Jul 2020
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
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 started working at a small hedge fund($75M AUM) earlier this year. They had $200M AUM last year but lost 23% in 2018 so a bunch of clients left. I was hired to bring a new perspective to the entire operation. They used to be a Long/Short Equities Hedge Fund with the typical 70% long 30% Short structure which hasn't worked well for years. They gave little regard to market timing, risk management, backtesting strategies and etc... that's where I came in and with the implementation of some of my strategies we achieved a 24% return this year trading small-cap stocks while being 30% short. As a
16 Dec 2019
Apologies if this is a dumb question. When doing a case study given a ticker and no template/instructions, how do you forecast out CFO if there are like 20 line items? Should I just group them into general working capital inputs (AR, AP, accrued expenses, etc) and go from there?
24 Mar 2021
Hey everyone, I work at a single manager fund that utilizes my trading systems in order to time our entries/exits, manage risk and find new trading opportunities. I also provide the PM with various market analyses that have helped our numbers. How can I build a trackrecord of my performance given that my system is such a big part of the returns of the fund? In case I want to work for a larger firm in the future, how can I "prove" my performance? Thank you
03 Feb 2020
Recently got to the final case round but got passed on at the final round. Is Citadel / its equities umbrellas open to re-interviewing, or is there a blacklist period? Does anyone have experience falling out with one PM but getting hired with another at the same MM, especially Citadel? Would be curious to hear experiences with Citadel specifically or any similar experiences.
16 Mar 2021
Hello, So I'm a junior and I have a summer offer from JPM in Sales&Trading. This academic year I've been interning at an AM firm and have realized I loved the buy-side of things. I know I want to work on the buy-side and am now worried the S&T internship is a bit of a mistake (however, too late to switch tracks). I was wondering if anyone has any advice as to what desk in JPM for the summer might be a best option for what I want to do later? There is a "relationship management" desk in Sales that works with all the high-end clients and their MD indicated that allows for great exit
02 Mar 2020
What do you think of working on the prop research team at a HF? Equity long / short ~3B in assets. It seems like it could be really interesting but also quite demanding in the sense that you are constantly fielding research requests from the PMs. Any thoughts on this role / path?
18 Sep 2020
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
I feel so sorry to bring topics like this to WSO, and usually would make do with already available threads but I couldn't find anything in detail on this topic. I am an International Student accepted into BMath/FARM at Waterloo. I just simply want to know if this program is worth it for getting into HFs or other Quant roles such as S&T and if not these roles then what sort of roles would be more realistic to aim for? I should have been done with 6 Co-op terms during my undergrad(which equates to 2 years worth of internships) and am dead set on taking the CFA route since my end goal would be to
08 Mar 2021
The title probably says it all. I was chatting with a buddy about S&T exit opportunities and we had a good debate about the possibility of moving from S&T ( credit sales and trading) to a distressed debt fund. So I thought I should throw the question here and hear what the experienced folks have to say about the possibility of such a move.
02 Dec 2019
Hey y'all, I'm about to finish my LLM (masters of laws) in Intellectual Property Law (top LLM school v my previous lower-regional JD) and have passed the patent bar. I'm about to finish my program but have slowly been getting less and less excited about getting locked into a law career, although IP (patents especially) is in high demand, since the only real routes are prosecution (writing patents) or litigation (work-life balance not ideal). I have a close contact at a big name (maybe not BB but not far off) Compliance Consulting Firm for HF/PE and he told me they regularly hire JDs
26 Feb 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
Hi guys, I have some knowledge to what an Execution trader does from a bulge bracket perspective (i.e. get the orders from buy side and try to execute it and try to achieve best price). Any insight as to what an Execution Trader does at quant/systematic fund or a hedge fund? Is it a good role?
18 Feb 2021
I tried searching for this and found that people have said HFs usually give anywhere from 2 days to 2 weeks to decide on an offer. Just wanted to see if people had anecdotes with things wildly different. Also I saw a thread on hiring a lawyer to review the employment contract, so depending on how much time you get to decide, how early do people find one in their process?
17 Feb 2021
Wondering if anyone has come across any interesting investor letters from recent quarters. Interested in those from L/S funds, but imagine there are plenty of good reads from other strategies that address topics with broad implications. Appreciate it.
15 Feb 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
Hey guys, I'm a second year analyst in IB coverage - interviewing with a few different MM's for TMT seats. Was hoping to get some color on others experience transitioning from banking to a MM fund. - What was the biggest challenge for you early on? - What were the first couple months like in terms of your ramp up? - Anything you wish you did before joining a fund out of banking? - What did your PM expect from you when you first started? How do these expectations / responsibilities change over time? - What does your day to day look like now vs. when you first started? - Any big mistakes you
08 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
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
How do you approach engaging with customers during the diligence on a specific name? I understand expert networks can be helpful in this regard but does anyone engage in direct outreach or other methods (specifically more cost effective approaches)? How do you incentivize them to speak with you in the case you are not engaging in exp. networks? What methods do you use for outreach - linkedin?
28 Jan 2021
I'm currently a third year student in college and will be participating in a summer analyst program at a BB investment bank this year. I'm pretty focused on doing as well as possible to get a full-time offer and hopefully jumping over to the buy-side at a long/short fundamentals-based fund at some point. Right now, my ultimate goal is to start my own fund (and save enough money to eventually buy an NFL team). Given that hedge funds seem to be waning in popularity (I think they are experiencing a surge in popularity right now - I'm a PWM intern and a lot of private clients seem to be interested
27 Jan 2021
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
I just found an alternative fund that claims they invest in an alternative asset class which is immune to recessions & market crashes. They put money in sport bets in Soccer, Basketball, Baseball, Football and Horse Racing. Is this even legal? How their returns may compare to more typical funds?
22 Jan 2021
There isn't much information out there on DK, even though it seems to be a very large and well performing HF. Do people never leave this place and hence no one can talk about it? How good is their reputation? (both in L/S and event-driven) What's the culture like? How competitive is compensation?
22 Jan 2021