***NOTE: I am willing to pay cash AND give you a free copy of the package if one of your cases or pitches ends up in the actual guide.*** Please send me an e-mail ([email protected]) explaining the case or pitch (long vs. short or type of case study) and I'll tell you more.
Now we are at the very preliminary stages of planning this out, but I'm asking for some feedback for a very rough outline below, as well as asking anyone who recently had to go through a hedge fund interview to reach out if you have any equity or credit investment ideas and/or longer form case studies that you have already put together for your interviews. If so, send me a quick e-mail and I'll give you more info :-)
As part of this guide as you can see below, I am looking to have a large collection of case studies and pitches from a variety of different asset classes / fund types so that anyone with any type of HF interview can find a case or pitch that they can model theirs after.
VERY ROUGH OUTLINE
Intro: why does this guide exist?
How to Use this guide
Common Traits of a Successful HF Candidate
I. Chapter 1: Industry Overview
Brief History
Early Stage
Boom & Bust
Recovery and future
Fundraising
Hedge Fund Strategy Types
Long / Short Equity
Credit Focused / Distressed
Event Driven / Merger Arbitrage
Macro Focused
Hedges and Derivatives
Others - Ascent of Quant Focused Funds, HFT and how they impact the above strategies
Fund Economics
Illustrative fund economics example how HFs make $ with 2/20
Titles & Roles
Analyst / Associate
Senior Analyst
PM / Portfolio Manager
Compensation
II. Chapter 2: Industry Operations
Investment Process
Research
Tools Used for Different Fund Types
Long / short equity Diligence
long / short credit diligence
Event Driven Diligence
Macro Trading diligence and trends
Investment Lifecycle
Hold periods
Catalysts
Reward potential and Risk mitigation techniques
Liquidity
Derivatives and/or other Hedges
Position sizing
Other position considerations?
III. Chapter 3: Recruiting Overview
Common Hedge Fund Career Paths
How to Build a HF Background
Recruiting Cycle
How to Work with Recruiters
How to Choose an Offer
How to Write Your Resume
IV. Chapter 4: Interview Preparation
Interview Process
Phone Screen
Investment Quick Pitch - not well known names but not thinly traded either
Longer Form Case Studies
Late / decision Rounds
10 Sample brainteasers Common in HF Interviews
20 Sample Fit Questions Common in HF Interviews
Sample Pitches and Case Studies
Long / Short Equity
3-5 long ideas. 2-page pitches? + template
3-4 short ideas. 2-page pitches? + template
4 long form case studies (2 long, 2 short) + VIDEO
include excel templates
include PPT templates
include research documents and step by step instructions on case prompts, steps taken to complete case in video form (walking through sources used, etc)
Credit Funds
2-3 long ideas. 2-page pitches? + template
2-3 short ideas. 2-page pitches? + template
4 long form case studies (2 long, 2 short) + VIDEO
include excel templates
include PPT templates
include research documents and step by step instructions on case prompts, steps taken to complete case in video form (walking through sources used, etc)
Event Driven / Merger Arb
2-3 investment ideas + template
2-3 long form case studies
Macro
3-4 investment ideas with write up based on macro trends + template...ideally across different asset classes
Derivative investment ideas or cases or as supplemental to any of the cases/ideas above?
Chapter 5: Conclusion
Thoughts??
Just please take my money Patrick
ha, well ideally you are taking MY $ and helping us with cases :-)
I don't expect this to be done until late this year, so not taking any pre-orders yet!
Pre-order. Put it on my tab!
Wow, I'm sure us IB Analysts could really use this now as recruiting is about to go under way in the next couple months.
Have you considered adding Activist investing under the investment strategies/guide?
I would definitely consider a section focused on how to "go about" interviewing for a hedge fund/networking/preparing for it while still at your current job. For those people working in IB but working 90+ hours a week and still having to prepare for a HF interview it may difficult to manage time/prepare in due time.
How recent should the case study be? I'm happy to send mine over if you want to take a look.
should add some relative value like yield curve arb, definitely need more on derivatives and vol, convertibles. Then there's the more quantitative mean reversion / correlation breaks / momentum stuff too. Not to mention you'll need some more portfolio based approaches like TAA, risk parity, black litterman styles.
Thanks! Have you interviewed for any of these types of funds? Do you or anyone you know have any cases related to these types of strategies?
Thanks, Patrick
Looks like I'm entering at the right time. This should be good. Thanks a lot.
Can't wait...
Should be good, can't wait for this.
woooo
PM sent.
nice id suggest expanding the interviews part
Something tells me we''ll see a collaboration with @"Simple As..." and @"BlackHat" on this one.
@WallStreetOasis.com
Please make sure this is useful to UK/EMEA users as well! (i.e. state where recruitment processes diverge, different headhunters used etc.)
can you offer some cases on private lending/special situation interviews and how the modelling might differ from a PE modelling test too? thanks!
Any ETA on this? Very excited to purchase it.
Agreed, first in line here.
hey patrick! am wondering how's this getting on
hey man, thanks for checking...we are still a LONG way away from publishing anything. I'm hopeful by the end of 2015 we have at least something in beta we can release. I'll keep this thread updated when we do have something!
Is there a status update on this? When will it be available?
bump
A lot of people are waiting for this one. Let's see how it comes up.
You should charge $1,000 for it... so only a select few can buy it... kidding.
Still in the works guys - it's coming along!
so when is this happening?
Any word on when we can expect the final product?
How long does it take to walk through using EBITDA multiples and parroting sell-side reports? I kid I kid.
ha, more about getting enough video webinars / cases / pitches put together to make it a solid product from the start...
beta version likely out in Feb...
i'm not sure how many 'structured' case studies you're going to find. in the 4+ case studies i've done now (either in office or out), anything take home was honestly just them giving me a ticker and telling me to submit a recommendation + model in 2 weeks.
agreed, but just trying to have enough cases from different types of funds (not just long/short) before launch...but probably not going to hold off much longer!
Voluptates rerum dolores voluptates tempora voluptatem illo modi. Dolores repellendus suscipit a ullam rerum necessitatibus.
Aut similique laborum illo qui est ipsam. Enim est quia aliquid saepe laudantium labore.
Qui earum blanditiis id laudantium distinctio in officiis. Non non sint sunt nobis consectetur est.
Nihil fugit a nam sequi. Et voluptas quisquam ut velit. Omnis impedit est labore adipisci est dolor. Qui quibusdam qui enim enim aut voluptate dolores.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Cupiditate officia excepturi ut occaecati optio veritatis. Totam dolores totam optio et laboriosam repellat est. Dignissimos nobis aut veniam sit.
Qui itaque nihil hic ut id. Aliquid qui labore unde velit. Consequatur est tempore neque et id. Aut qui voluptatem enim qui. Aspernatur quo ut qui facere et.
Sunt quo nam aut at dolores. Molestiae illum consequatur repellat qui natus quis. Cupiditate alias ut consequatur a autem. Eligendi aspernatur non vel ducimus veniam praesentium mollitia consequatur. Exercitationem doloremque et facilis quo. Quidem ea dolore harum quo. Blanditiis consequuntur asperiores ab ex amet ratione voluptate vero.
Ullam recusandae necessitatibus et molestiae aspernatur mollitia provident at. Reprehenderit veritatis dolores autem ex. Excepturi ut ab possimus sint est sit.