Balyasny Asset Management
also referred to as: bam
36 statements across 1 episodes · 6 bullish · 3 bearish · 1 people on the record · first statement Oct 2, 2023 by Dmitry Balyasny · said 10 times in 3 episodes since 2022 · across every show →
Mentions by year
brought up most by Ted Seides (5), Dmitry Balyasny (3), Tony Caruso (1), Marco De Morales (1)
tap a year for its mentions
2026 1 mention in 1 episode
2023 8 mentions in 1 episode
Everything said about Balyasny Asset Management, oldest first
Oct 2, 2023 neutral
BAM's fundamental equity risk dropped from 100% to roughly 50%
“So fundamental long short equity trading is still the largest strategy, but that's down from being a hundred percent of the risk in the early days. Even five years ago, it was probably 85% of the risk. Now it's about 45 to 50% of the risk.”
Oct 2, 2023 negative
Short-duration capital cripples quantitative hedge fund recruiting due to non-competes
“If you hire a quant PM today, a lot of them have two year sit outs, and then they take another year to build. So they have to believe that they're joining a place that's going to have plenty of capital and resources for them to deploy three years from now. So …”
Oct 2, 2023
Oct 2, 2023
Senior PMs distinguish themselves by predicting multiple changes, not just earnings
“A big difference between a more junior analyst and a more senior analyst and then a PM It's really an understanding the drivers, the story, the sentiment, which will lead to the multiple change. The frequent complaint you get from analysts when they're going t…”
Oct 2, 2023 positive
Oct 2, 2023
BAM runs IPO teach-ins for venture-backed founders preparing to go public
“So we do teach-ins between the private PMs, the public PMs, your equity capital markets desk, and a venture capital fund that'll bring a bunch of founders who are looking to go public in the next few years, and we'll do a teach-in for them.”
Oct 2, 2023 neutral
Oct 2, 2023 bullish
Oct 2, 2023 neutral
BAM is still building its quantitative trading business and infrastructure
“The quant businesses there, for example, are very developed, whereas we're in the process of building out a quant business. So they have the advantage of having that P&L stream where we don't yet, and they have the infrastructure for it where we're building.”
Oct 2, 2023 neutral
Oct 2, 2023 positive
Oct 2, 2023 bearish
Oct 2, 2023 neutral
Oct 2, 2023 positive
Thomas H. Lee's advice to asset managers: 'do it big'
“This business is a pain in the ass. If you're gonna do it, you might as well do it big. He's like, it's a pain either way. Cause you're always dealing with lots of different constituencies and lots of different people plus the markets. So if you're going to bo…”
Oct 2, 2023
Oct 2, 2023 neutral
Young hedge fund analysts take a couple of years to become additive
“So we see a lot of times you'll have a younger PM. And by definition, they'll then wind up almost always hiring really young analysts, and the expectation is this person's going to come in and help me make a lot of money. It's just not realistic. At the stage …”
Oct 2, 2023 negative
Specialist-only trading environments create low risk tolerance and cascading drawdowns
“Another side, the worst environment is when there is no generalist capital, and money's flowing out of the strategy, and the specialists in the strategy are all underwater. And so in that environment, you're trading against other specialists, and nobody has mu…”
Oct 2, 2023
Directional macro and growth equities justify momentum-based capital allocation scaling
“Other strategies that are, I would say, a little bit more momentumy, like the growthy sectors in equity investing, or directional macro trading, those tend to be a little bit more momentumy, where a good environment feeds a good environment for periods of time…”
Oct 2, 2023
Public hedge fund managers cannot effectively execute private investments directly
“But there's also a lot of particulars in the private space, so you have to build that capability separately. You can't just have public guys do it. You can leverage off of their skills and team with them, but it's different because first of all, you have to ha…”
Oct 2, 2023
Oct 2, 2023 neutral
Oct 2, 2023
Oct 2, 2023
Series D companies fundamentally resemble multi-billion-dollar publicly traded stocks
“So if you're looking at a private company, that's a growth company raising a series D round. Is that dissimilar from a publicly traded company with a couple billion dollar market cap that your public PMs are investing in? Most of the time, it's not that differ…”
Oct 2, 2023 neutral
Scaling multi-strategy verticals requires partnering with business builders, not just capital
“So it's much more than just hiring people and giving them capital, although that's obviously a significant and important part of it, but a lot of it is you're really trying to partner with business builders in these different areas that bring a lot of that Tho…”
Oct 2, 2023
Analysis paralysis destroys opportunities; investors must get involved to truly learn
“You could do analysis forever, and if by the time it becomes obvious, usually the opportunity is gone, and so a lot of times you're not really going to learn everything until you're involved. You just got to figure out how to get involved in a risk responsible…”
Oct 2, 2023
Early trading focused on short-term catalysts over long-term valuation models
“I was focused on the change in fundamentals and news flow, so I wasn't focused on fundamentals of trying to figure out what a company was going to earn next year, but we were focused on what is driving the stock for the next few days and few weeks. We weren't …”
Oct 2, 2023
Oct 2, 2023
Oct 2, 2023 bullish
Oct 2, 2023
Painful-to-build trading businesses create lasting competitive moats around hedge funds
“So we kind of like those areas where you can export some of your capabilities, but that are difficult and painful to build because it keeps competition up. It might take you a number of years, but if you can do it, you got to moat around the business.”
Oct 2, 2023
Oct 2, 2023 positive
The best trading environments happen when generalist capital inflows are high
“In general, the best environment is when there's a lot of generalist participation in a strategy, and there's a lot of money coming into a strategy. Because then your specialist participants, whether they're trading bonds, currencies, commodities, equities, li…”
Oct 2, 2023 neutral
Oct 2, 2023
Oct 2, 2023
BAM began as a prop fund with only Balyasny and Schoenfeld investing
“We became a hedge fund, but with proprietary capital where myself and Steve Schoenfeld were the only investors, and then we fully spun it out and started taking external capital and also piece by piece weaned ourselves off of the middle and back office and sta…”
Oct 2, 2023