Sr Discretionary Researcher

3 weeks ago

New York NY United States Hermeneutic Investments Full time

About Us / Why Join?

We are a discretionary, event-driven proprietary trading firm and hedge fund specialized in the digital asset space. Our edge comes from:

  • Deep research on market-moving events.
  • Speed in responding to events.
  • On-chain monitoring and analysis.

To provide an example from early 2024 which was dominated by BTC ETF approval and likelihood:

  • Identified the key events that would move markets up until the approval date.
  • Researched the magnitude, direction, and timing of each possible material event to prepare for.
  • Set up alerts for each identified scenario to react faster than other market participants.
  • Added on-chain air cover to monitor key market participants and their movements.

We have performed extraordinarily well since inception 1.5 years ago: 9 figure AUM with 1,200%+ return vs 87.5% for BTC and Sharpe of 3.5+ vs BTC at 1.0.

We've grown to a team of ~20 across Trading & Research, Tech, and Operations. Our current largest bottleneck is not enough experienced researchers (we only have 4). We have more exciting ideas and not enough researchers to pursue them.

We tend to be right more often than other market participants. We rarely lose on our trade ideas – and with each one netting us a few million on average, the ROI for each researcher we hire is extremely high.

This is an opportunity to:

  • Be compensated very well, as our profitability per researcher is very high. Think: retirement money after 5 years.
  • It's possible we have some of the top talent in the delta-taking, narrative/events-driven digital assets space. You get to learn and be part of an elite, highly intellectual team.
  • Get in on the ground floor of a rapidly growing team and industry that will balloon in the future.

Our Requirements

Most of our trading is heavily information and flows-based. We need someone who has already worked 1-2 years (3-5 years is even better) as a researcher or trader in a premier buy-side hedge fund or high-quality proprietary trading operation, ideally in a space with similar dynamics.

For example:

  • We believe Macro / EM / Forex / Commodities is similarly information and flows-based.
  • Similar to us, Short-Selling and Event-Based researchers dig heavily into special situations, deeply understanding the legal aspects as well as people involved. This may also be true for some Private Equity associates.

Poor fits would be if you come from a more delta-neutral or quantitative background. For example:

  • Quant researchers (i.e. systematic, HFT, or stat-arb) wouldn't be a good fit.
  • Equity researchers with long-only mandates or constructing long-short baskets are more concerned with fundamentals than events and people.

Additionally, we require a high degree of intellectual horsepower and passion/drive. Signals we look for include:

  • Graduating from a top university. Bonus points for intellectually rigorous programs like math and philosophy.
  • Working in demanding and selective jobs such as BB Investment Banking, top tier Private Equity, premier buy-side hedge funds.

Interview Process

After you apply, you can expect the following interview process:

  1. CV Screening - Against the criteria above.
  2. (Optional) Recruiter Call - If your CV needs additional screening.
  3. First Interview - To explain more about the role with case study.
  4. Colleague Presentation - See below.
  5. CIO Interview

To increase your chance of entering our interview process, please write to recruiting+NES@hermeneutic.investments with your CV and cover letter that includes the answers to the following questions:

  1. Why do you meet the requirement for 1-5 years of premier buy-side research experience in a space with similar dynamics? By "similar dynamics," please clearly explain your experience with events- or flow-based research.
  2. Can you describe (and ideally link to) a single piece of research you did in the past that is most similar to the work we do?

During the first interview, you'll be asked a case study: how would you cover the upcoming ETH ETF? You may optionally prepare ahead of time and include this in your cover letter, which will increase the chance you receive an interview.

During the colleague presentation, we'll ask you to present a piece of research you did in the past that is most similar to the work we do and you will be asked questions about it.

Throughout the process, you'll be assessed for cultural fit through our company values:

  1. Drive - We believe the best team members are passionate about what they do, and that propels them to greater heights in their career. It drives them to be part of the best teams where they are exposed to the best ideas.
  2. Ownership - We aim to give ownership interest to as many people in the firm as possible, but in return, we expect everyone to act like owners. "Not my responsibility" is a repugnant phrase to us.
  3. Judgement - We look for team members who consistently look at the big picture and spend their time on the activities that most drive PnL. They are pragmatic with their time; they don't stick to their narrow domain if it doesn't move the needle.
  4. Openness - We want a culture where we proactively share information with one another and challenge each other with constructive debate to reach the truth.
  5. Competence - We value people with high intellectual horsepower. They have already become an expert in one or more domains and learn extremely quickly when in unfamiliar territory.

FAQ

Is previous crypto experience necessary?

No, we prefer candidates who are coming from premier TradFi buy-side hedge funds.

However, we expect all candidates to have a strong interest in digital assets and ideally trade in their personal account.

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