Earlier this year, we hosted our second annual Women in Public Markets event, focussed on
long/short equity investing. Launched last year, the Women in Public Markets series was
created to help close the knowledge gap around hedge funds for candidates who are
interested in working in the industry. The discussion featured candid insights and practical
advice from investors operating at leading long/short equity funds.
Attendees heard directly from an impressive panel representing Citadel, Marshall Wace,
Millennium, and Point72. The panellists offered rich insights with their diverse academic and
professional backgrounds, sharing honest perspectives on what it means to build a career in
hedge funds today, and what might help aspiring entrants to the industry.
Key Takeaways from the Event
- The defining traits of a successful hedge fund investor
Across the discussion, three qualities consistently emerged as fundamental to success in
hedge funds: curiosity, humility, and intellectual honesty.
· Curiosity fuels deeper thinking, encouraging investors to draw from multiple information
sources and challenge consensus views.
· Humility allows investors to acknowledge mistakes quickly and adapt, which is an essential
skill in markets that relentlessly test ideas.
· Intellectual honesty underpins a repeatable investment process, grounded in a clear
understanding of personal strengths, limitations, and edge.
Alongside these traits, panellists emphasised the importance of clear communication.
- Why investors choose long/short investing
The panellists arrived into their current roles from a range of backgrounds, including equity
research, investment banking, and private equity. While initial motivations varied, several
common themes stood out as to why they joined and have remained in the industry. These
included the appeal of real-time feedback, intellectual rigour required, and the ability to
continuously test and refine investment theses.
Autonomy was another powerful draw. Panellists highlighted how hedge funds often provide
early ownership, responsibility, and the opportunity to shape one’s career trajectory sooner
than in other areas of investing.
- Long-only versus long/short investing
The discussion also explored the practical differences between long-only and long/short
investing. Long-only strategies often allow for longer time horizons and less emphasis on
short-term performance fluctuations. In contrast, long/short investing typically involves a
faster feedback loop, with greater focus on catalysts, timing, and position sizing.
Importantly, analysing short ideas where one identifies structurally weak or deteriorating
businesses, was seen as a powerful way to sharpen investment judgement. Applying a more
critical lens enhances analytical discipline and broadens an investor’s skillset.
- Choosing the right people to work with
Panellists emphasised the importance of not just picking the right institution or sector, but
also the right individuals to work with.
Given the intensity and collaboration required in hedge fund environments, panellists
stressed that team dynamics and investment philosophy matter. Sector expertise, they
noted, can be learned. Strong working relationships, trust, and aligned thinking cannot.
For early career candidates, the advice was clear: remain open-minded and prioritise
learning environments, mentorship, and investment style over sector specialisation.
- Preparation separates good from great
When it comes to hedge fund recruitment, preparation is non-negotiable.
Panellists encouraged candidates to immerse themselves in investing well before entering
interview processes through reading investment books, listening to podcasts, and forming
independent views on companies and markets. Candidates were also encouraged to arrive
with well-developed long and short stock pitches and have a clear, structured approach to
case studies was seen as essential. Practising mock case studies, developing time-
management frameworks, and refining investment communication were all highlighted as
differentiators.
- Hedge funds allow you to chart your own path
Career progression in hedge funds is rarely linear, and that is precisely what makes it
compelling. Advancement often depends on team fit, credibility, and the speed at which
individuals demonstrate sound judgement. While the learning curve can be steep, panellists
noted that responsibility and autonomy are often granted early. Over time, investors can
shape their roles around their strengths, whether that means deeper analytical focus or
broader risk-taking responsibilities.
- Managing the personal side of investing
Finally, the panel addressed the emotional realities of investing. Resilience, perspective, and
the ability to compartmentalise tough outcomes were seen as critical for long-term success.
Panellists emphasised the importance of maintaining interests outside of work, learning from
setbacks without dwelling on them, and accepting failure as part of the process. Confidence
and judgement are built over time, through experience, reflection, and repetition.
Looking Ahead
We would like to thank our panellists for their generosity, openness, and insights, as well as
our attendees for their thoughtful questions and engagement.
Increasing female representation in Public Markets remains a core priority for the Equities
team. Our Women in Public Markets series focuses on education, meaningful connections,
and building lasting relationships across the industry.
If you want to stay informed about future events, explore opportunities in Equities, or discuss
your next career move in Public Markets, we would love to hear from you. Contact us at
equities@dartmouthpartners.com and let’s start a conversation about you.
