Motivation/behaviour questions Flashcards
Walkthrough resume
- Medicine: quickly discovered that I preferred the more analytical parts of Medicine. I enjoyed having the opportunity to test ideas out and take calculated intellectual risks (not rewarding in Medicine) This informed master’s choice and also choose of equity research
- Bioengineering: unrestricted in how you approach questions within the department, taught me the value of resilience/anti-fragility -> having to switch project during lockdown
- Media: chance to work on a relatively new franchise see a number of theses get built out, varied core businesses within coverage
- Utilities: heavy focus on industry models/policy, figuring out implications, lots of reading, lots of new information. Especially interesting during Russia crisis
- Pharma: high intensity, we did lots of deep work, balancing longer term work with unexpected news, very event driven
Why this fund
- Having researched the company phrase that stuck out - idea velocity
- From inception culture been a large focus - collaboration, humility (self-honesty).
- Opportunities for learning from other investment professionals
Why move
- Lucky to work at Bernstein surrounded by intelligent driven professionals, and work across different sectors
- During this time always seen the buyside as my ultimate goal. Key factor for me staying was working with previous analyst who ran his team with the intensity, focus, urgency which I really thrived working in
- Key difference is the idea turnover, ownership, intitiative, accountability. Even higher level of skepticism
Why hedge fund
- More analytical and less client facing
- With hedge funds, timing, market feel, and risk management much more important to integrate at the level of fundamental research
- More accountability for quality of ideas, more actionable
- Billions/passion for investing
Motivation
- Fast paced contexts, with urgency but task still requires focus (e.g. Zantac)
- Coming up with creative ideas to cut through data (e.g. Novo cost-effectiveness) - feeling that you have an edge on the market in terms of insights
- Learning, being challenged
- Completing difficult task seeing it towards the end (e.g. master’s project)
How I became interested in hedge funds
- Oxford Alpha Fund analysing companies, we did McDonald’s
- Influenced by media such as Big Short, and Billions
- Seemed a match with what I wanted in my career in terms of intensity and competition, intellectually stimulating
Proudest achievements
- Master’s project
- ICER note
- UMG initiation
Group dynamic behaviour
- Quite keen to dissect ideas collaboratively
- Try to leverage skills/expertise of everyone. I tend to be quite flexible in terms of the type of analysis/area I enjoy, advantage in collaborating with others
- Initially was not natural to proactively seek out help from teammembers this has been something i have focused on quite a lot
Strengths
- Curious/skeptical (healthy)
- Adaptability
- Abstract thinking
Weaknesses
- Leadership experience (more during pharma)
- Asking people for help not always natural
- Work-life balance
Investment books
- Irrational exuberance
- Boom and bust (interesting seeing how complex narrative underlies financial markets, with various stakeholders having different interests and goals when participating)
One word
Skeptical (do not always accept things at face value without sufficient evidence)
Long-term career
Portfolio manager - at the heart of investment decisions, wide view of market, key node in internal/external debates around company, industry and wider market
Quant accomplishments
- Cost-effectiveness
- Master’s project
- CD Projekt work for downgrade
Track record
- Global power model
- Key role in UMG & Adevinta launch. Helping to understand the economics. Finding alternative datasets.Thought leadership on
- Coding
- During internship found alternative data (LYFT)
Being split
- Balancing expectations, with scarce time
- More focus on organisation, hitting ground running, orientation, prep before moving etc
Underdog
- I had just started with utilities did not know anything about the power industry and
- was told to revamp and update our global power model (which encompasses around 30 countries)
- Three things I focused on finding good data sets and cleaning them up, rapidly learning VBA to automate the boring parts and in off time/homework read essential elements of each technology and country policy
- Successfully upgraded the model, integrated new countries, so successful we pushed on with doing a US model
BAM philosophy
- Culture of collaboration
- Risk management, robust tools measure crowding and factor risks, while minimum risk bands drive consistent risk taking
- Monetization of data and technology - leading tools to evaluate data and maximize return potential
BAM culture
At BAM, we are united in our objective of delivering consistent returns for our investors. We hold ourselves and each other accountable for the long-term success of our clients and our firm. Our culture rewards collaboration, curiosity, initiative, and smart risk-taking, and we provide endless opportunities for growth and development through our many training and mentorship programs.
BAM Principles
Perseverance & Adaptability: adapting to changing markets and aim to generate returns in all environments
Innovative risk-taking: embrace new ideas, allocate capital to new approaches responsibly and scale what works
Constant learning and development
Initiative: have a real sense of urgency
Humility: approach markets with a deep sense of humility and seek toalways maintain a learning mindset
BAM Points
- Only one down year
- Risk as the backbone of alpha generation
- Idea velocity is key
- Detail of feedback, working on weaknesses etc.
- Focus on misunderstood situations
Q’s for interviewer 1
What are your expectations, for first year
Q’s for interviewer 2
What’s the most important thing to accomplish in the first 90 days
Q’s for interviewer 3
Who will I work most closely with
Q’s for interviewer 4
What skills are most valuable for an analyst
Q’s for interviewer 5
Biggest differences between working on sell-side and buyside
Q’s for interviewer 6
What part of your job are you most excited about over the next few months?
