Lefty I'm against working for other people. But I would work for you. The chinese midget comment was golden. ozzy
I would also keep in mind that since it seems they haven't outright requested a quant or seasoned pro, you have some room to move. A good mix of business, math, and technology knowledge, with a healthy amounts of ambition are usually good enough to get you in the door. If they like you, they'll hire you and teach you how they make money. I remember my first hedge fund job I got back in 1997 when I asked a trader on a cigarette break which books I should get to better understand pairs and arbitrage strategies and how to support their models when things went wrong. The response? "Who would put anything that works in a book? That's absurd. Watch, listen, and learn."
So which dude got the job ?!! Read "Ugly Americans" from Ben Mezrich... The main character, Malcolm, is the Founder of Evolution Cap Mgt (Mike Lerch). If you read the book you will understand why he does not give a shit if you know formulae or not. It doesn't mean that other employers do no adore them. It really depends on the guy. Just be yourself, if they like you they'll take you, don't learn four formulae for the interbiew, you won't impress anyone... I recomend this guy though, must be really intersting to work with him. So who got the job ?!?!?!
So how did it turn out Kam? Did you get the job? I just read this thread and found it pretty interesting. I was surprised by your initial pride toward Lefty's remarks(even if I disagree with some of them), but glad that you apologized to him nonetheless. Whether you agree or not, you are better served by really listening to his perspective. I don't know if you are still having interviews, but I'll give you my piece of advice. And just so you know, I work at a fund that is in the same arena as Evolution, in fact I know a guy who just moved over from a sellside desk in Tokyo to a buyside fund in Hawaii, who knows, maybe it is Evolution. From the first interview, you should try to feel out your prospective employers and determine what it is they really want in a candidate. Each hedge fund manager is different, and each will gravitate toward various aspects of people. While Lefty's point about an employer wanting a prospective hire to be able to add value is definitely true, for a recent college grad looking to join a hedge fund, this is difficult. The key to landing any job or just conjuring good relations is to find chemistry between you and the employer. Regardless of what you know about the biz, some traits that I think will help you getting in at a fund are determination, stamina, passion for financial markets, and amicability. These are not things that can be learned(though, to some extent, they can be embellished or faked - however I don't recommend this). Lastly and unrelated, I'd agree with Ozzy. Go off on your own. That's what I'm going to do now.A hedge fund isn't a good place for a new grad to learn IMO.
cia600, can you point us to any sources to confirm that? Ugly Americans was the first thing I thought of when I heard Hawaiian hedge fund. Can you believe that guy made what 50 million on an index addition deletion trade? That made me realize success in some part is taking traditional ideas, having balls, and going big. That book is intense and I highly recommend it.
The books say he made 500 mil. on a billion dollar position in 10 mintues or so. There is no way he made 50%.