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A Day in Our Life
- 6 AM – 7 AM: Wake up, get ready, check email, and head into the office while reading the news or listening to a podcast.
- 7 AM – 9:30 AM: Arrive at the office, read news about your current positions, and call your prime broker to sell one of your positions that’s vulnerable to a big overnight move in the GBP/EUR exchange rate.
- Then, you meet the team, listen to everyone pitch new ideas, and decide to look at some declining companies with underfunded pensions as potential Short candidates.
- 9:30 AM – 11 AM: U.S. markets open, things are stable, and you spend a few hours reading through a merger agreement for a newly announced M&A deal involving one of your Longs.
- 11 AM – 12 PM: A trader stops in to tell you that one of your companies has been penalized by the EPA and is awaiting news of the exact fine. You scramble to figure out how bad it might be, but the company has more than enough cash to pay the highest possible fine.
- 12 PM – 1 PM: Go back to reading the merger agreement while eating at your desk.
- 1 PM – 2 PM: Do a call with a potential investor and answer questions about your fund’s strategy, risk management, and ability to take in new money.
- 2 PM – 4 PM: The stock of the company penalized by the EPA is down 15%, and now it’s also under investigation by the Department of Justice.
- You pull the team together to start looking through old EPA cases to get a sense of expected vs. actual fines, and the stock falls another 5% while you’re doing this.
- But you decide the market has overreacted, and you decide to buy more shares.
- 4 PM – 7 PM: U.S. markets close, so you round up everyone and go over research and work tasks for the day and decide which names you’ll focus on for tomorrow.
- Then, you go back to your desk and do some uninterrupted research for two hours, focusing on SEC filings, court documents, and bankruptcy proceedings for a potential distressed idea.
- 7 PM – 9 PM: Go to a dinner party for new funds, hosted by a hedge fund service provider.
- Everyone seems to be doing poorly this quarter, and you wonder what percentage of funds will die within the next 2-3 years (50%? 75%?).
- 9 PM – 11 PM: Go home, pay the bills for service providers, update the books, and start outlining your quarterly investor letter.
- 11 PM – 12 PM: You take 5 minutes to respond to non-work emails from friends and then go to sleep.