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The debate about the front office, middle office, and back office in the finance industry is one of the sillier and more exhausting ones. If you look online, you’ll find many threads, articles, and blog posts saying that back office (BO) and middle office (MO) jobs are “the worst” and that if you end up there, your career is over.
It seems like a simple strategy: buy a stock if you think it’s going up and sell or short a stock if you think it’s going down. The basic idea is simpler than other hedge fund strategies , but it gets more complex when you think about the entire portfolio and risk management: What is Long/Short Equity?
But before delving into the best candidates for these roles, typical trades, careers, and more, let’s start with the basic definitions: What is a Convertible Arbitrage Hedge Fund? If the stock price goes up or down by 10%, but the volatility stays the same, you might not earn or lose anything on the trade.
In particular, there are wide variations in how risk is measured, and once measured, across companies and countries, and those variations can lead to differences in expected returns and hurdle rates, central to both corporatefinance and investing judgments. Analysts often try to bring company-specific components, i.e,
In the first five posts, I have looked at the macro numbers that drive global markets, from interest rates to risk premiums, but it is not my preferred habitat. A few years ago, I wrote a paper for practitioners on the cost of capital , where I described the cost of capital as the Swiss Army knife of finance, because of its many uses.
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