My Williams talk was a fun time. There were 8 students in attendance. I kept my prepared comments to 9 minutes and then spent 30 minutes answering questions. I then let all those who had heard enough go, but spent another 45 minutes chatting with two students with very specific questions about their own plans.
Rahul Bahl ’09 took notes. See below. If anyone has questions, please ask them in the comments.
Thanks to the Purple Bull for the invitation. I hope to speak on campus again in January, during my annual recruitment trip.
Dave Kane Presentation: October 6, 2007
Cool job in finance
-knowledge abnormal returns
Cool job means one notch better than what we “could get”
-for people having trouble getting a finance job (no connections)
– skip two years of Hell
Do lots of networking
Meet as many people as possible
Useful in your finance career
Prove that you can do math and computer
They care that you won’t flip out with spread sheets…enough math and computer to prove it
Majors like math and computer science give you a “leg up”
Take every stat course that you can at Williams
Build your knowledge base
Abnormal returns (links to finance stories)…has perfect taste in choosing stories relating to fianancial world) – teach you to talk the talk
Prove that you want to do finance…you need to convey interest
Convince Morgan Stanley you want to do finance
Buying stocks…I can do this…show your employer that you can do it
Know your stocks and all about them
Great to talk about in an interview (they want to talk about this)
You need to know more about the stock than they do
This will set you apart from so many people at Williams
Dave started with the Marine Corp
Got a PHD
Works in quantitative equity
Market neutral (long and short)
Worked at Fidelity and another quant shop
Kane has been going for 3 ½ years
How is the best way to get into a hedge fund
Any way you can!!!
What is your added value??? You can predict future prices, or you are a salesman?
Raise money or make money
Accidental Investment Banker
When choosing a job
Take the job you can…it is a tough market
But if you have leverage…choose the job where you are closest to the boss making the shots…it will be the most exciting for you
Private Equity or Hedge Fund?
Private equity doesn’t get marked day to day…so it is more private
Whereas these guys are stuck with companies, can’t have the liquidity of a hedge fund
Hedge fund- you have to not care what other people think, you’re performance is always on your sleeve
Hedge Fund- you have faceless opponents, you don’t really screw any body
Private Equity – you have to be able to “screw people” …. You know the people you are affecting
Sales and Trading….very little trading, mostly sales
Brutal business….cutting people dramatically…hedge funds are taking over this corner of the market
Sales and Trading is the least desirable spot to go in a bank because you ARE NOT NEAR THE ONES MAKING THE DECISIONS
Not developing skills that hedge funds need…so less long term potential.
So where should you go?
THE MORE DIRTY UGLY FINANCE, THE BETTER OFF YOU WILL BE
Plans for Purple Bull:
We should talk with Dave about Purple Bull