The month closes, and the long/short book is down 4.4%. Analysts point to their stock picks, and the picks did beat their factor-implied returns on both sides. The loss came from somewhere else: market beta, a momentum tilt, and a net exposure figure that understated both. Gross and net exposure …
The investment committee approved 20 names this year, and every thesis held up under questioning. The book still trails its benchmark by a wide margin. The post-mortem finds that half the positions were the same bet on falling interest rates. A portfolio of 20 strong ideas can underperform because the …
Your superday is Thursday, and one question is almost certain: is AI capex a bubble? Three sources give you three different spending numbers, and Nvidia just reported a 75.0% gross margin. Without your own math, you can only repeat headlines. Today, suppliers capture most of the measurable profit from AI …
“Pitch me a stock.” You name a company everyone admires: dominant products, high margins, years of growth. The interviewer nods and asks one question: “Fine, but what’s priced in?” Many candidates have no number to answer with. A crowded trade is a position that many investors hold in the same …
You have a buy-side case study due Friday, and the three-statement model already balances. The harder question comes in the interview: why is the market wrong about this stock, and what would make you sell it? A fundamental investment process answers both questions in a fixed order, from the first …
Your DCF is done. The stock trades at $50, and your fair value is $70. Then the interviewer asks one question: what gets it there in the next twelve months? That question is about your stock pitch catalyst, and it decides more pitches than the valuation itself. A catalyst in …
“Pitch me a short” is a standard request in buy-side interviews. Interview guides treat pitching longs and shorts as the core skill a hedge fund screens for (Street of Walls). A short pitch built only on valuation is easy to challenge. A stronger answer starts with accounting red flags you …
Your case is due in 72 hours. The DCF returns a negative equity value, and the comps show “NM” because EBITDA is negative. The terminal value carries nearly the whole valuation. This is when DCF doesn’t work the way the textbook suggested, and the reflex is to switch methods. A …
“Pitch me a long and a short.” Most candidates in a hedge fund interview have a valuation ready for that request. Fewer can say why the stock moves now, what they lose if they are wrong, and how large the short should be. A long/short trade idea combines four parts. …
A hedge fund sends you a take-home case. You typically get about a week, sometimes only three days, and the instructions ask four questions: What is the consensus opinion? What is your variant perception? How do we get paid? How much do you make if you are right? Variant perception …
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