I got a job offer!

[PistolPt]

@brain\_wash\_your\_face

This is painting with a very broad brush. You have no idea what firm this is. Also, “meat (and big money)” is absolutely not in actually picking securities exclusively. That is a very narrow view of the industry and is irresponsible and likely bad advice for someone just starting out.

No, I don’t know what the firm is, but I’ve seen enough FoHF to realize odds are it may be some run of the mill shop cobbling strategies together and comparing returns to the Barclays HF Index (which sucks) to lure in clients.

So you know BSDs that allocate client capital to index funds for a living?

Sure there are other BSD jobs out there, IB, etc. but IMO the majority of them do some kind of security analysis (quant or fundamental), unless you are a solid trader, or in derivatives or something like that. Please point out others if I may have missed them, but please don’t mention salesmen.

[infinitybenzo]

well there is more to it than what you wrote in the fund of fund world but i’m not too familiar so i’ll pass however I will chime in on your third paragraph.

First off, IB are not BSDs anymore…have not been for a few years now. Top students from top MBA and MS programs go to tech firms, PE or HF or REPE or mgmt consulting.

Secondly, traders whether they’re “solid” or not are nothing more than salesman if you’re on the sellside. The days of prop traders are gone so the guy who says I’m a derivatives or equity trader at JPM is sell side trader aka salesman. Buyside trader calls in and says I need to buy X amount of Y at Z price. What do you have? The trader at JPM brokers the deal…Gets commission from his/her bank. No research No discretion No money to trade/play with.

The buyside trader is nothing more than just a trader…I’ve been with couple equity hedge funds (now at PE) and when our trader was out, the director of operations took over trading…The trader at buyside firms just buys and sells at whatever the PM tells him/her to do. Hence you see in the link below that not surprisingly, trading jobs are first to go before research/portfolio mgmt jobs

https://www.bloomberg.com/graphics/2017-wall-street-robots/

[brain_wash_your_face]

Gotta be quick, as I’m busy today:

1. Deals are done all the time in PE/VC where you are not “analyzing securities” and more focused on sourcing, relationships and operating efficiently. Maybe you are including this under analyzing securities.

2. There are FoF shops that allocate to secondaries as well as co-invest and/or create other bespoke options for their funds. I’m not going to list them but I would term them PE FoF.

3. I didn’t see that OP specified Fo H F. This could still mean many things though and I do know some that are great places to work. It totally depends on the business model. Do they have 1000 clients or 8? Very different experience.

4. There are absolutely discretionary traders that make very high incomes, either on their own or as a sleeve in a multi-strat fund. Good years are very good.

[PistolPt]

@infinitybenzo

Secondly, traders whether they’re “solid” or not are nothing more than salesman if you’re on the sellside. The days of prop traders are gone so the guy who says I’m a derivatives or equity trader at JPM is sell side trader aka salesman.

Yeah I was referring to prop traders, not buyside. Our buyside guys (& girl) are nice but can’t say they add too much value. Just execution.

[infinitybenzo]

@PistolPt

@infinitybenzo

Secondly, traders whether they’re “solid” or not are nothing more than salesman if you’re on the sellside. The days of prop traders are gone so the guy who says I’m a derivatives or equity trader at JPM is sell side trader aka salesman.

Yeah I was referring to prop traders, not buyside. Our buyside guys (& girl) are nice but can’t say they add too much value. Just execution.

yeah…exactly right…they are in year 2018 a glorified Operations aka traders.