2 January , 2010
This is the third edition of our series on hedge fund interviews.
For part 1 and part 2 of the series:
This post will discuss probably the most crucial part of the entire interview process: the final case study. This case study will either be “in-office” or prepared at home. This post we are going to focus in on the in-office case study, and for the final post of the series, we will discuss the take-home case study.
In-office case studies:
This is where the hedge fund or buy-side institution will tell you before hand that when you come to the office you will be given X number of hours and a certain amount of materials (10Ks, recent conference calls, sell-side reports), and then you will need to prepare an investment recommendation. You may be given Excel, or maybe a Bloomberg, or maybe just some paper to work your thoughts out on.
These case studies can last anywhere from 1 hour to 3 hours (I have heard of more, but never been subjected to them…thank the hedge fund gods). They are intense and stressful – especially when you consider how far you’ve come in the interview process – and that the whole outcome of the hiring may depend on where you come out on the case.
I am going to assume for the extent of the post that you have been given Excel but no Internet access – you are only given a stack of papers and a stock price. Here is how I would approach a similar situation:
- Read as much of the material as humanly possible. No, this does not mean you have to read every single clause of a credit agreement, or every single line of a 10K. You should have enough experience at this point to know what you can skip over and what you cannot skip over. I rarely skip over the 10K footnotes because that is where you can find information that is not being readily appreciated by the market (for the positive or the negative).
- Once you have the material read, you should have some kind of understanding what the market is anticipating via a sell-side report or a Q/A session from recent conference calls. You can use the estimates from the sell-side report to get a sense of where market consensus for top-line and bottom-line figures are and you can use the Q/A session to get a feel for what qualitative concerns market participants have for the company. For example, if someone on a recent conference call asks: “So, what is the timeline for the new casino opening and how confident are you that you will be able to open on time?” … That analyst and probably a bunch of buy-siders who called to ASK that analyst are worried that delays/cost-overruns might push back a project and hence the estimated earnings and cash flow in future quarter. Write the pertinent questions / concerns down.
- You then want to identify the main drivers of both business performance. Really it should only boil down to two or three extremely relevant line items. For example, for a wireless company it could be # of subscribers and ARPU.
- With concerns and drivers in hand, you will now set out to build your model / valuation sheet. If you can build a three statement model in an hour or so, well then by all means do it, but I suggest really focusing on those two or three drivers you identified above, and zeroing in on them and determining how they affect cash flows and earnings. This model should also include things like: capital structure, liquidity, and pertinent covenants. It should also break down the businesses if the company has two or three business lines….why? Because hedge funds love sum-of-parts analysis.
- With the model in hand, you now need to go about and value the business. If I were you, while I would definitely talk about things like P/E, I would spend much more time on business specific valuation metrics, such as value/subscriber or EV/room key. If you have them, use comps in this segment, and comp these business specific segments of your case company to its competitors. Finally, and as noted above, hedge funds love sum-of-parts analysis. When you value a business using sum of parts, you always want to create a company at some level. For example, if XYZ business has three business lines, what I would do is value business A, then value business B, and then figure out where the market is creating business C (it doesn’t have to be in that exact order, but you get the idea). If the market is creating business C at an absurdly low multiple relative to peers, well maybe you have an undervalued business.
- Ok. So you have a model, and a valuation…from here I would clean everything up so it can fit on two pages. Now you fill in with qualitative information: Quick overview of what company does, management’s record on capital allocation, description of business lines, any major corporate actions in the past (spin offs or bankruptcy filings for example). You then list your thesis … i.e. a 4 or 5 sentence paragraph of why the company’s stock is cheap or overvalued. This should take into affect the market expectations and drivers you narrowed down earlier in the exercise. For example (maybe a wireless company): At $15/share, the market is anticipating declining margins and top line growth at XYZ company. While top line growth may be slowing, cost per gross user addition [driver] and fixed costs in the form of salaries employees per subscriber is declining. This will enable XYZ company to boost operating margins to levels far above where the market is anticipating. Even if margins stay flat to where they are today, sales would have to drop 15% a year for the next three years to justify current trading multiples. With increasing margins, and a more reasonable decline in sales, combined with a market multiple, the stock of XYZ should trade to $25/share. Your Excel model, combined with valuation metrics, should be able to justify this valuation with a pretty strong margin of safety.
- After the thesis is in tow, you should add some qualitative strengths and weaknesses for the company. You should know these by now, but if not, look back on the concerns / comments the sell-side had during the Q/A
Ok. Case study completed. Three hours is up. Time to present your case study to your interviewers / investment committee. Now, I’ve had situation where it is just me and a few other analysts / PM or in other cases where it is the entire front-office – founder of fund all the way down to the execution traders. I think this really depends on the culture of the firm: I personally would like to see everyone there which shows me that the team is a cohesive entity without a few people call every single shot.
While you want to take your time in the presentation of the case, you do not want to go into every gory detail. You give a quick overview of the company, and its business lines. You talk about what the market is concerned about. You give a valuation. And then you give them your thesis. You back up your thesis with the Excel file that all of the interviewers should have in their hand at this point. Talk about where you are creating the company, talk about WHY you think the market is wrong in anticipating margin declines, talk about HOW the market is missing XYZ factor. Even if you only have a 10K to work with, you should bring to light things that even those that have read the same annual report may have missed.
Why? They want to see your attention to detail. To be honest, given a 10K and a few conference calls, I could reasonably argue for the bull or bear case of any situation you could throw at me. In my experience, the opinion really does not matter all that much (unless of course its the funds largest position). What matters is the process and how you think about the situation.
Something I have not mentioned above, but you should have a reasonable understanding how the fund you are interviewing looks at companies. Do research. Read Value Investor Insight, or other interviews with the principals of the hedge fund to see how they think about situations – are they a GARP shop or a deep value, hidden catalyst shop. You may want to think about at least tossing in this methodology when you do your case study. But I caution: Do not become a clone…these people want to bring on analysts that are smart, can think on their feet, and can bring diverse experience and opinions to the mix.
After you have presented your hedge fund case study, you will be barraged with questions. You will not know the answer to every single question, but you should the majority. If you do not know the answer to the question, do not make up an answer. Say: “To be honest with you, I’ll have to get back to you on that – I would like to read a few more 10Qs or conference calls to get a better sense of the issue you are asking about” When you answer, always draw examples from previous situations you have encountered in the past where you might have substantially more experience and hence are bringing the case study back on “home court.” But most importantly, be confident in your work and your self. You made it this far, now all you have to do is bring it home.
Stay tuned next time for our final series on hedge fund interviews. This will finish what I had initially set out to accomplish for the how to get a hedge fund job blog. After that post, I will be announcing a new offer to readers to help them in the hedge fund job search process. Stay tuned for that as well.
23 November , 2009
In our last post, we talked about the first round of a hedge fund interview. This post assumes you have made it to the second or third round of the interview processes (i.e. your hedge fund resume has already been finely scrutinized). I have heard of funds that go five or six rounds and others that go three rounds (first round = intro, second round = more intense, third round = case study). Nonetheless, the rounds following the first “meet and greet” round will be much more intensive challenging both your intellect and your ability to get along with others (along with your ability to think on your feet). It will also be the time where the possible hedge fund ranks you in relation to the other candidates in which you are competing. This is where the fund begins in the quest to secure a hedge fund job.
Generally speaking, in the second round you will meet more people you did in the first round. If the fund is small, you may meet the entire front-office investment team. Each of these people may even be allocated some time to grill/quiz/feel you out. The interesting thing about hedge fund careers is that many people have taken different routes to get to their position. And that will influence how they interact with interviewees. Some may pose highly technical finance interview questions (“Calculate the economic pension expense and relevant adjustments to the cash flow statement”) and some may pose truly “softball” questions that you should, if you have read anything I have written, be able to knock out of the park.
During the second round, you will probably again sit down and talk with your main “contact” at the fund. This should be a friendly meeting and you should call back some of the things you talked about in the first conversation. For example, if the interviewer had told you he/she was working on a particular investment idea, ask for an update. You need to show these people that you live/die/breathe/eat/sleep investing. You want to show that you are curious and like to solve the puzzles that the world of finance in its asymmetric information pose to us on a daily basis.
From here, you then will begin to meet other members of the team. Approach these interviews exactly like you did in the first round – try to get a conversation instead of an interview. Showcase your knowledge of certain investments with logical and clear arguments. They will pose questions, most likely ones that threaten your underlying thesis. They do this because this is how investment committees function – an analyst presents an idea, and the other people try to rip it apart. As they say in sales: “Know how to handle objections” – in this case the counterarguments to your thesis.
Sometimes interviewers will ask technical questions. These should be easy if you have read my other blog or have any practical experience in the field of investing. I have always suspected that these questions were more used to filter people with high levels of educational clout on their resume but little real world experience. That being said, be prepared for them. These questions could be anything from “Calculate Free Cash Flow to the Firm” to “How can you determine a companies’ maintenance capex in a deflationary world?” You should know the answers to these questions – especially as they relate to your case study that you presented with your hedge fund resume. If you were a hedge fund analyst in your past, these are the kind of questions you had to ask on the job and the senior analysts rolled their eyes at and reluctantly answered.
Hedge fund recruiting, especially from an interviewer’s standpoint, is difficult. Think about it: A hedge fund analyst’s salary can range anywhere from $100,000 to $300,000 depending on the years of experience. That is a pretty big nut. And you are expected to make a choice on this person in 3-5 meetings which maybe span 10 hours.
So how do you improve your chances you do not pick a hedge fund analyst failure? You call contacts that you may have at the interviewees past experiences. Let’s say a junior banker at DB wants to jump to the buy-side. He makes it past the first round hedge fund interview (using techniques described in the last post). At the second round the stakes are raised – so the hedge fund starts calling people that they know working in banking at DB to get a sense for their potential new star. The comments they get about you will form the basis for the questions they will ask you in subsequent rounds. If someone tells me this junior DB banker has problems with detail, I will pose questions that will zero in on this, because the last person I want to hire is someone who forgets to carry the 1 in a DCF or comp sheet. Banking careers, or any finance career for that matter, really hinges on networks of people and your value to those people. A hedge fund cover letter or hedge fund case study is not going to benefit you in this stage of investment management recruitment – your network will though.
So, you have met with three or four of the other front office people at this point. As noted above you want to make these more like conversations and not interviews. Definitely talk about the job role that each of them perform at the fund – whether that be industry coverage, or certain products a trader may trade. Exploit what you know.
Remember, after the interview, they will talk about you – they will comment on any little flaw they can if you are not “their #1 choice.” Everyone has a favorite, and at the end of the day, the leader of the pack will make the decision – but the subordinates’ opinion weighs heavily on whoever is making the hiring decision – and thus you want to be every one’s #1 choice. Things I have heard my own coworkers say these complaints about for interviewees:
- “He was nervous”
- “She had a little bit of weirdness to her”
- “I do not think he will get along with XYZ person at the fund”
- “Maybe a little too cocky”
- “He had no idea what he was talking about”
- “She talked in generalities and just would not focus in on the specifics”
Etc, Etc, Etc. The point is – you will not be perfect in every one’s eyes – but you should be pretty darn close.
Nail the technical questions, keep it a two way conversation (instead of a real interview), exploit what you know, and you should get the callback for the next round, which is the dreaded hedge fund case study. That will be the subject of our next post
19 October , 2009
This is going to be the first part in a series of posts on the in’s and out’s of interviewing at a hedge fund – more specifically, what actually goes on during a hedge fund interview. Oftentimes, I get emails asking what sort of hedge fund interview questions to expect or if I have any hedge fund interview tips.
A hedge fund interview is really a series of interviews. This post assumes that you have made it past the resume filtering stage and that you have an interview scheduled and ready to go. If you remember if a previous post, Hedge Fund Case Studies, I suggested you prepare a comprehensive case study and attach that to your resume when you send it off.
The benefits are numerous to this approach. But one stands out when preparing for the hedge fund interview: You have just given yourself an advantage in terms of questions the interviewers will ask. Upon reading the case study, the interviewer will generally try to outfox you with questions related to the subject companies industry, or management, or historical trends etc. You should know all this cold and furthermore enlighten them with new, fresh information that cannot be found in sell-side reports.
So what to expect at your hedge fund interview. Depending on the shop, as I have interviewed at a fund with many billions of assets and at a fund with less than $50M of assets, you will probably meet with a few senior analysts, a portfolio managers, and if the fund is really big, an HR person.
In my opinion, the HR person has effectively very little say on the hiring process. They will ask you layup questions like “What are you hoping to get out of this opportunity” and provide you with basic information about the job / specifics etc. These ‘fluff’ interview questions, which sometime appear in interview guides, are in my opinion, worthless. If an HR person asked me what my goals were, and I said, “To fly to Mars in a hot air baloon“, I do not think that would derail my hiring chances if I blew the analyst / PM away. Only slightly kidding.
That is a long-winded way to say, don’t worry about the qualitative nonsensical questions. Just don’t come off as a nut-job and you should be ok.
So the real test comes when you start to sit down with some analysts or a portfolio manager. This post really relates to the first interview and as mentioned above, who you meed with on the first day will change with asset size / availability of the PM. If you think you will walk into Harbinger at Round 1 of the interview process, and chat it up with Phil Falcone, I believe you are mistaken.
The first thing you want to do is to get into a rapport with the person you are interviewing with. No one just likes sitting around and asking a person he / she just met a series of questions. You should get into a DIALOGUE with the person sitting across from you. Talk about what industries he/she is covering. If you feel you are reasonably well acquainted with the industry, talk about some metric or trends currently showing up in the earnings of the companies in the industry. Talk about buy-side or sell-side contacts you might know that also cover the industry. If you have no idea about anything related to the industry, change topics to an industry that you do know a lot about, using phrasing such as… “The health care industry? Interesting. The CEO of ‘XYZ Company I know a lot about’ used to work at ‘ABC Company in the Health Care Industry’…and then just start plowing about a topic you know a lot about.
Too many times, someone will come into the office and interview and talk about something that he/she should not be simply because of lack of knowledge. Don’t try to impress me with your rudimentary knowledge of LCDX or CDX relative recovery value that you read off a sell side report a few weeks ago. Put the ball in your court on something that you can add value to.
For example, as discussed in my main blog, I used to be the Enron analyst at a previous fund. I spent so much time on Enron, while it was in bankruptcy, it makes me cry. When I started looking for a new job at a larger fund, I always dovetailed the conversation back to Enron. I would not bog the interview down with disturbing details on double dip claims or the relative attractiveness of the Class 4 with S vs the Class 4 w/o S but I would talk generally about the topic to showcase that understood the situation very well and if called into question, I could defend my position handily.
So you are establishing rapport with this person, talking about thing that you have knowledge of. From here, you should try establishing if the two of you have any acquaintance / friend in common. This doesn’t have to mean you two are Linked In buddies … it more means that you are finding a common ground with this person. For example, let’s go back to the Enron example. Many times the Enron analysts at the distressed desks of major investment banks also covered a few other situations. Maybe it was Worldcom/MCI or something like Conseco or Finova. By establishing a similar network, this person interviewing you can call up this contact in question to check you out. You, in the meanwhile, will also call this connection, and will say “Oh. I met XYZ person at ABC fund yesterday. Said you two worked on Conseco together. Etc Etc.” This is also another check for the interviewer that you are a decent person that will work well on the team.
Now, at some point, this person will ask you questions. In my past experiences, these questions will fall into one of five broad categories. Here are the categories and examples, in decreasing order or frequency…i.e. #1 = you will always see:
- Personal Experience Questions: Give me a 5 minute run down of your education and past experiences? What was it like working on a trading floor? Did you enjoy investment banking? How were portfolio decisions made at your old shop? What industries have you worked in? Etc.
- Case Study Questions: How did you go about your research? Did you talk to management and if so, what did they say? Who are the competitors and what is the margin structure of the industry? What do the covenants look like?
- Views on the Market/Individual Stocks: What do you think about the market? Have you looked at XYZ Situation? What do you think about it? Where are interest rates going? Any sectors you currently bearish/bullish on? Any stocks you like here? (as an aside, above all single questions, that is the most frequent one of the whole list)
- Technical Knowledge: How do you calculate FCF? How do you calculate the cash conversion cycle? Do unsecured note holder want a high or low valuation in a bankruptcy? What is fraudulent conveyance? Etc.
- How you think Questions: Why are manhole covers round? How many Christmas Trees are sold in the United States? If you had two companies with identical capital structures, how would you decide which one to invest in? What is the most important thing you look for on the balance sheet?
Rapport has been established. Questions asked. You should have impressed him/her by now and they probably should already think you deserve a round #2. They will then ask if you have any questions for them. Yes. You always have questions for them. The questions I always ask:
- How does an analyst get ideas in the book? Is there a give and take with the PM, group discussions? How is the idea generation process performed? Etc.
- If they have not already delved into it, the history of the fund and its founders and the background of the interviewer.
- Historically, what has distinguished the people succeed in the culture of the firm and moved up their responsibility?
In the next two parts of this series, we will discuss the more in-depth, and usually technically second round, and finally what to expect for the at-home or in-office case study.
17 September , 2009
Now that you have your hedge fund resume in hand and prepared your hedge fund case study, it is time to work on getting a hedge fund interview (or buyside interview for that matter). Unfortunately, this is where a lot of the guessing games come in to play. As noted before, if your resume and case study get in front of a certain portfolio manager, and that portfolio manager is having a bad day your shot for getting an interview has just got down. It has nothing to do with you and importantly, throughout this process, you should not take things personally or get yourself down if you do not get a call back or you feel like your resume has been launched into the nether void.
In the following paragraphs, I am going to list out some ways that I have garnered hedge fund interviews, along with methods friends have as well. I believe these techniques work for most buyside organizations as well as sell-side in certain circumstances. Most people though want to get to the buyside and therefore I will tailor my remarks to that.
In my mind getting the hedge fund interview first requires finding where the jobs are. Compounding this problem is that fact that some funds are constantly interviewing people waiting to find the perfect gem. And if they do not find that one person that fits them perfectly, they will have gained a lot of diverse investment opinions. Why? Most of the first questions I get on hedge fund interviews (or buyside interviews): “What do you like in the market?”
If I were to narrow the techniques / methods for getting a hedge fund interview, here is what it would boil down to:
- Utilizing the Bloomberg JOBS function. If you have access to a Bloomberg (or if you do not, ask a friend), type in JOBS
. This is a fantastic tool that in my opinion is underutilized because many people wanting the jobs do not have access to Bloomberg. I promise you: One of your friends will let you come into their office after hours and use his/her Bloomberg. You realistically only have to check it once a week for the type of job you are actively seeking. If you are looking for a distressed job make sure you are searching for the right things: high yield analyst, credit analyst, bankruptcy experience etc. - After searching through the JOBS function, you write down the contact name / information for each possible job. Somethings these jobs are actually written up by the particular organization hiring and sometimes they are written up by headhunters. If they are written up by the fund / company hiring, what you want to do is survey ALL your contacts to see if they know someone at that fund. This is why Linked In is such a powerful tool (if you search hunter [at] distressed-debt-investing.com, you can find a Linked In profile I just start in order to help link readers). So let’s say your find a job posting that was put up by someone at Glenview Capital. From there you would search far and wide until you had a reasonable “in” at Glenview Capital. Maybe your best friend is a lawyer and he has done some work for the fund and knows a few people there. Maybe your neighbor’s nephew is in the IT department there. It doesn’t matter. The key is connecting with this contact and bringing up that you heard Glenview was hiring and asking, quite frankly really, how you can get your resume and case study in the door.
- If the JOBS posting was written up by a headhunter, your goal is to befriend / impress that headhunter like it is no tomorrow. Headhunter’s generally only send their best resumes / job seeker to the best funds. You have to convince these guys you are the smartest man/woman on earth. Further, you have to provide something of value to the headhunter: Other clients, i.e other funds / organizations that are looking to hire. Most people will have a contact here or there that is of value to these guys. Give a little / take a little. As you move up the short list on the headhunters radar, you will hopefully see a nice flow of jobs.
- So now lets say you have extinguished the Bloomberg JOBS function, and gotten no where with possible contact at funds or through a headhunter…what do you do? The easiest method is to go to one of your friends that has used a headhunter in the past, ask for an introduction, and see what he/she has cooking. Again, you need to give these people some sort of value and you need to impress them. If you have laid out your resume like I suggested, and worked and tightened up your case study, you should not have a problem. Build a rapport with this person so that when a particular job comes up (make sure you define exactly what you want), you will be the first name to come into their head.
- Let’s now go a little bit more extreme and say: You have no Bloomberg Access and know no one that has used a headhunter: Now you use your network by asking everyone you know who is hiring. And then you do as suggested above. You get a mutual contact to make an introduction to get your foot in the door. Just finding out Glenview is hiring and sending your resume to hr [at] glenview.com or whatever the email address may be will not work. It just won’t. I know it is easy but it will not work. Make sure when you have your resume forwarded, you also have your case study forwarded – this is essential.
- Finally, let’s say you have no access to Bloomberg, or no social network at all that might clue you in on who is hiring. This is where the bold “Cold Emailing” comes into play. A week or so ago I posted a number of hedge funds / buy side shops that would be particularly interesting places to work. Using the power of the Interweb, you should be able to back into 1) Who is in charge of said hedge fund / buy side shop and 2) How their email address are structured….i.e. First Name.Last Name @ XYZ fund or FirstLetterofFirstName + LastName @ ABC Fund etc. You then write mini-cover letters, attaching your resume and case study and send these babies out. If you are particularly interested in impressing, you could instead send handwritten letters to each of these people (with resume / idea printed out inside). These mini cover letters need to essentially say that you heard that the fund was possibly hiring (even if you had no clue if they were hiring), introduce yourself and the skills / competitive aspects your bring to the table, introduce your case study and close with saying you can contact me in the case they are indeed hiring. I know this is bold and possibly boisterous – but three of my friends work at some of the best hedge funds in the world via this technique.
So your job – right now – is to figure out 1) What specific job you want in the hedge fund world and at what kind of shop 2) Go out and seek those jobs via Bloomberg or your network of contacts 3) And pound the pavement. Even if you do not get an interview, if your case study is good, people will remember you. Write down a goal to reach out to 10 different funds via the method described above. Got to start somewhere.
Now, why not use something like Career Builder? Generally speaking, so many people are on those sites that your odds are much better in the techniques described above. I have always found that the easy way out with limited upside and generally little success. Getting a hedge fund job or breaking into the hedge fund industry is not easy – but with a little tenacity, a solid network of contacts, a great resume and case study, you can at least get the hedge fund interview. From there it is smooth sailing.
7 September , 2009
I get a number of emails a day asking: “What are the good buy-side shops?” I already detailed a number of them in the Julian Robertson’s Tiger Cubs. Now getting a hedge fund job or moving from banking to a hedge fund career or going to a value investing mutual fund … the thing that matters is you go work for someone you can learn from. I know pedigree matters. I do. I know it helps in fund raising. But working for a repected value manager always opens doors. Here is a list of funds I think a potential hedge fund or buy side analyst may want to look into as he / she begins his search (I got this list through talking to friends, knowing people in the business, reading industry publications, etc):
Tiger Asia
Goshen Investments
Green Eagle
Viking
Millgate Capital
Maverick Capital
Shumway Capital
Coatue Capital
Tiger Global
TigerShark
Intrepid Capital Management
Tiger Veda
Miura Global
Torrey Pines Capital Management
Touradji Capital Management
Discovery Capital Management
Lone Pine Capital
Toscafund
Fox Point Captial Management
Blue Ridge Capital
Second Curve Capital
Arganaut Capital Management
Bamboo Capital
Big Sky Capital
Bowman Capital
Deerfield Capital
Duff Capital Advisors
FrontPoint Partners
Healthcor
Hoplite Capital
Impala Fund
Joho Capital
Kylin Management
North Sound Capital
Oceanic Energy
Ospraie Management
Roundrock Capital Management
Steadfast
Whitney Japan Fund
Williamson Mcacree Investment Partners
Ziff Brothers (David Fear)
Asian Century Quest Capital
Conatus Capital Management
Highside Capital Management
Hunter Global Investors
JAT Capital
Reveille Capital
Trafelet Delta Funds
White Elm Capital
APOS Capital
Axial Capital
Cape Investments
Catalpa Capital
Centurion Global
DLH
Eastern Advisors
Emerging Sovreign Group
Firemark Advisors
Hound Partners
Kelusa Capital
Lanexa Global
Longhorn Capital Partners
Maple Leaf Partners
Pelagic Capital
Siebels
Sun Valley Gold
Teewinot
Tiger Consumer
Venesprie Capital
WRA Investments
Valinor Capital
Bridger Capital
Clarium Capital
Owl Creek
Third Point
King Street
Perry Capital
Baupost
Chilton
Pershing Square
SAC
Heartland Advisors
Bares Capital
Atlantic Investment Management
Passport Capital
First Pacific Advisors
Defiance Capital
m3 Funds
Cannell Capital
Eminence Capital
Diamond Hill Investments
Trapeze Asset Management
General American Investors
Lotus Partners
Omega Advisors
Greenlight Capital
First Eagle Funds
Metropolitan Capital
West Coast Asset Management
Harris Associates
VN Capital
GNI Capital
Eagle Capital Management
Bulldog investors
D3 Family Funds
Greenhaven Associates
Lakeway Capital
Reed, Conner & Birdwell
Sabre Value Management
Westhood Holdings
Markel Gayner Asset Management
RS Investments
Glenview Capital
Tweedy Browne
Wallace R Weitz Co
Khaner Capital
Horizon Asset Management
Presidio Fund
Burgundy Asset Management
Gisanti Brown & Partners
Esplanade Capital
Thesis Capital
TAMRO Capital
Third Avenue Management
Al Frank Asset Management
Centaur Capital
Fir Tree Partners
Shamrock Capital
Roxbury Capital
Gardner Russo & Gardner
Davis Advisors
Troy Capital
Auxier Asset Management
Giraffe Capital
Arklow Capital
Jana Partners
Cobalt Capital
ValueAct Capital
Pennant Capital
Osterweis Capital
Wellcap Partners
Evergreen Capital
Force Capital
Akre Capital
Tiger Management
Gotham Capital
Marathon Partners
Clarke Bennitt, LLC
Hawkshaw Capital
Kynikos Associates
Oakmark Funds
Springhouse Capital
Fairholme Capital
Canyon Capital
Highfields Capital
Spencer Capital
Joe Feshbach Partners
Post Road Capital
Mutual Series
Ariel Capital
Alsin capital
Olstein & Associates
Matador Capital
RGM Capital
Osmium Capital
Abingdon Capital
Legg Mason
MLF Investments
Oak Value Capital
Starvou Partners
Acacia Capital
Pzena Investment management
Heinsen Capital Management
Royce and Associates
International Value Advisers
Bestinver Asset Management
Thornburg Investment Management
Thunderstorm Capital
This list combines mutual funds, straight long managers, hedge funds, and other investment vehicles (insurance) that a potential buy side analyst should consider when looking to join an investment advisory. If you have others I may have missed, please shoot me an email, or leave a comment.
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