Company let me go at 4:00pm today (Its currently 4:03p as of this writing). People get fired all the time, but man… is this bad timing or what! I recently bought a house; decided to sell my condo at the same time. Offer was accepted on the new place. Moving in soon, but can’t sell my old condo as seller backed away. Ouch. Two mortgages (and one HELOC). Ouch. Baby coming in the summer. Ouch. No savings (blew it on the wedding). Ouch. Ouch = the f word. I am typically an upbeat person but man is this harsh. I need a job soon. Can someone paste me the job listing on the BSAS site? (That was very useful the last time someone did it for me). Email is owsnews AT yahoo Thanks for your help.
Sorry to hear about your situation. I am getting my charter in 10-12 weeks (according to the nice people at the BSAS), if you can wait that long, i could forward it to you. Best of luck.
Darn. You now have to the ground running.
oops
man…that’s rough…what field were you working in? how senior are you? did they ask you to leave immediately or do you have somewhat of a grace period?
Senior Analyst there. Buyside. Cover Tech and Medtech. Grace period = standard two week. Started looking at some jobs on recruiter sites…not exactly what I am looking for. Thats why I asked for help from BSAS members, jobs on the site is more senior.
Is it because of performance related issues or just client withdrawals? I thought buyside was supposedly less sensitive to volatility
here is one from Bloomberg, which is usually a pretty good source. 2397924 Posting Date: 3/ 2/08 Expiration Date: 5/ 2/08 Page 1/ 1 Title: HEALTHCARE EQUITY ANALYST Location: U.S. - New York City Salary: over 100,000 USD Description: Bulge Bracket US Investment Bank, located in New York City is currently searching for an Equity Analyst that covers the healthcare sector. Ideal candidate will have 3-5yrs in the business, experience with large cap and mid cap growth funds, exposure to regional and national banks and perform all aspects of primary research. Preferred educational skill set will include an Economics or Finance BA with a Masters and CFA certification a plus. This is a desk analyst position. Contact Information: Ken Bonham/David Diamond Global Derivatives Search Email: cmes@gds-usa.com gds-usa@bloomberg.net Phone: (1) 480-706-8735 (1) 800-361-4668 www.gds-usa.com
thanks FIAnalyst, but our house is currently in Boston, not to mention friends and families. I would love to move to NYC but with a baby, it could be difficult. I was fired because of withdrawal and (to a lesser extent) some performance related issues. Recommended a lot of tech names in January 2008. January and February were brutal months for tech. Beat the Nasdaq but in this market, “relative” performance means squat.
what is meant by “withdrawal”? if you’re interested in continuing to cover healthcare, drop me an email, i can send you the name of a healthcare recruiter that handles ER/HF
That sucks. I hope everything works out for you.
withdrawal probably means the capital was withdrawn from their fund? keep your head up, rent out the condo, and kids aren’t expensive the first couple of years.
owsnews Wrote: ------------------------------------------------------- > thanks FIAnalyst, but our house is currently in > Boston, not to mention friends and families. I > would love to move to NYC but with a baby, it > could be difficult. > > I was fired because of withdrawal and (to a lesser > extent) some performance related issues. > Recommended a lot of tech names in January 2008. > January and February were brutal months for tech. > Beat the Nasdaq but in this market, “relative” > performance means squat. Hang on! You got fired (even partly) for reccos you made in Jan 2008??? No wonder the fund is heading into the gutter if management make decisions predicated on 6-week movements.
Yeah, Redemption = withdrawal. Anyone from the BSAS? I would really appreciate it. owsnews AT yahoo
Good luck! This always sucks but being a senior you’ll be fine in the end.
virginCFAhooker Wrote: ------------------------------------------------------- > withdrawal probably means the capital was > withdrawn from their fund? > > keep your head up, rent out the condo, and kids > aren’t expensive the first couple of years. sucks for the nine months before the kid if you don’t have insurance…
ahahah Wrote: ------------------------------------------------------- > virginCFAhooker Wrote: > -------------------------------------------------- > ----- > > withdrawal probably means the capital was > > withdrawn from their fund? > > > > keep your head up, rent out the condo, and kids > > aren’t expensive the first couple of years. > > > sucks for the nine months before the kid if you > don’t have insurance… Exactly, thats why I have begun to look for a new job. Don’t have time to think and ponder about the situation. I have a family to feed. Hate to sound like a broken record but… anyone from the BSAS? Thanks.
Etienne Wrote: ------------------------------------------------------- > owsnews Wrote: > -------------------------------------------------- > ----- > > thanks FIAnalyst, but our house is currently in > > Boston, not to mention friends and families. I > > would love to move to NYC but with a baby, it > > could be difficult. > > > > I was fired because of withdrawal and (to a > lesser > > extent) some performance related issues. > > Recommended a lot of tech names in January > 2008. > > January and February were brutal months for > tech. > > Beat the Nasdaq but in this market, “relative” > > performance means squat. > > > Hang on! You got fired (even partly) for reccos > you made in Jan 2008??? No wonder the fund is > heading into the gutter if management make > decisions predicated on 6-week movements. amen…tough situation but the original poster may actually be better off for the long haul now
I think it’s a disgrace when companies fire people with such little warning, particularly when your family circumstances are what they are. How long ago did they know this? Couldn’t they have sat you down a few weeks ago and said you are basically on the bubble, so polish up your resume? I’ve seen it handled that way before and everyone was able to walk away withOUT bad tastes in their mouths. Like numi said, you are probably better off in the long run. Oh, and being judged on 6 weeks of performance… shakes head.
I dont think it just our fund that’s suffering. Over the last 24 months, very few long-short hedge fund have beaten the the market enough to justify the performance structure. Over that time span, the market has been roughly flat. If you factor out oil and oil-related stocks, the return is even worse. Even if you beat the market by 500 bp on a gross basis, because you’re charging 1.5% and 20%, your clients did not really see much of a return, net of fee. This doesn’t factor in the due diligence cost and process. It’s easy to see why people are beginning to get worry about the hedge fund industry. If you work for a fund of fund, I would be even more concerned. Just my honest opinion.