TCI Fund Management
How TCI pivoted into a wide moat investor that made $19 billion in a single year
Latest
Will AI kill buy-side junior roles? A bull/bear debate
It's your first day on the buy-side, you get your Bloomberg and sell-side equity research portal logins, sit through compliance training, and then a PM walks by your desk. "My buddy who runs a fund mentioned this conglomerate stock. Seems interesting. Take a look and let me
Ziff Brothers Investments (ZBI)
Ziff Brothers Investments: How a Publishing Fortune Built a Hedge Fund Powerhouse
The hidden reasons hedge funds reject you
It has been two weeks since the final round interview for a hedge fund job you really wanted. You start to get anxious and debate whether you should follow up. Then you say fuck it, and you do. Your contact at the fund tells you that you didn't
Investor Profiles
Richard Toad — Investor Profiles 240 investors tracked Updated regularly
Atticus Capital
Atticus Capital: The Hockey Player Who Built a $20 Billion Hedge Fund
2026 Q1 Fund Database Refresh Findings
I want to share with you findings of the 54 new funds added to my fund database compared to March 2025 data, when it was launched. Here's what stood out. Lineage The Tiger lineage remains the largest group, accounting for 12 of the 54 additions. For context, my
Q1 2026 Hedge Fund Roundup
Launches, Shutdowns, and Pivots In this issue, we discuss the reversal of a major hedge fund industry trend, news around a few Tiger Grand-cub hedge funds and a few high-profile billion AUM+ hedge fund launches, and more. If you missed the last two editions: 2025 Q4 | 2025 Q3 This article
Fund Database Master Table
All 1,000+ hedge funds and long-onlys in one place, sortable and searchable The search works for your keyword in all fields: from name of the fund, all the way to the text inside the details column. Example use cases: * If you want to find all Wharton / Penn alumni in
2025 sell-side equity research comp survey findings
Note: * All figures are averages using pivot table * There weren’t enough international data points to even have analysis, so I excluded them * excluded a few outliers (because might be prank submissions) and macro (because it can skew the fundamental research info) * Firms considered “BB” in my grouping (I have
Fund database methodology
Updated: 3/14/2026 Subject to change because I cannot make up my damn mind. Hedge funds AUM: because hedge funds only report regulatory AUM, which includes leverage, it's not disclosed in our fund database. Style I classify funds into value, growth, event-driven, activist, healthcare (biotech/biopharma), low-net/
Your First Year in Equity Research (Part 2)
Estimated reading tie: ~10 minutes Continuing from last week's article, let's talk more tips on how you can become more effective as a junior sell-sider. Topics: * You don't get better as an investor on the sell-side, unless you want to * You need to own
Your First Year in Equity Research
If you’re a junior in sell-side equity research today, you’re entering at a strange time. The pay isn't what they used to be. Budgets are tighter, headcount is leaner, and senior analysts are being asked to do more with less. That tension shows up everywhere. And
Eminence Capital
Most hedge fund stories start with the wins. This one starts with a drawdown. Before Ricky Sandler built Eminence Capital into one of the most respected long/short hedge funds in the market, he went through a near career-ending lesson in 1998. His first investment firm returned 36% CAGR in
Why Moving From Value Investing to Growth Is So Hard (And How to Do It Anyway)
Moving from a value investing seat to a growth investing seat is not straightforward. Let me explain why, and what you can do to improve your odds. By value, I am referring to two kinds: 1) deep value, the likes of Pzena, Donald Smith & Co., and Third Avenue — firms
Harris Associates - U.S. Equity
In 1976, a small group of investors working inside the family office of Chicago entrepreneur Irving Harris set out to build something different. They founded Harris Associates L.P. to learn how to think about businesses the slow, owner-oriented way—patient, independent, and grounded in fundamentals. In 1991, the firm
What I Learned Going From Creator to Founder (Part 2)
Continuing last week's discussion, I will share 5 more creator-founder lessons. Persistence Isn’t Enough Just because you don’t give up doesn’t mean you’ll succeed. This is where too much motivational content can actually hurt you. A successful entrepreneur tells you to start companies. A
What I Learned Going From Creator to Founder
Reading time: ~15 mins I often get questions about lessons I’ve learned as a public equity investor-turned creator-turned founder. This series shares those lessons. Whether you’re a corporate employee, an investor, or a founder (especially a creator-turned-founder), I hope you find value in ideas that have reshaped how
ValueAct Capital
Jeff Ubben didn’t leave Fidelity because he was bad at the job. He left because he was too good at it—and the money wouldn’t stop coming in. He kept trying to shrink the number of names in his portfolio, but the fund kept getting bigger and positions
Fund Intelligence
Q4 2025 Hedge Fund Roundup
Launches, Shutdowns, and Pivots
Career
My 2025 Year-End Review
2025 was the year everything finally clicked. Audience grew in ways I didn’t expect, I learned more about building on the internet than any other year of my life, and three products have product-market fit. I am grateful for your support. Here’s what worked, what didn’t, and
"Going corporate" from public equity jobs? Not the straightforward move you think
If you have spent your whole career in public equity, whether on the sell side, at a hedge fund, a mutual fund or a family office, it feels natural to think going corporate should be easy. You know business models. You have built countless forecasts. You have talked to management
Fund Intelligence
Pequot Capital
Before Citadel and Millennium: How Art Samberg’s Pequot Capital Invented the Modern Hedge Fund Platform
Investor Profiles