Portfolio Manager

The problem.

Individually defensible strategies can combine into an indefensible book. Correlation appears when it costs most. Capacity is finite and uneven. The allocation decision carries more uncertainty than any single strategy decision. That decision is yours, over the firm's own capital only.

What you would do.

• Set allocation across strategies with an explicit view on how much of the estimate you believe and how much you are willing to size to.
• Work in fractional Kelly terms rather than intuition. Say plainly where the fraction came from.
• Own aggregate exposure limits and the leverage constraint. Defend them when a strategy is doing well.
• Decide what gets capital withdrawn, on evidence, before it becomes obvious.
• Reconcile intent with outcome at a cadence short enough to act on.

What we would want evidence of.

• You have allocated real capital and can describe an allocation you were wrong about.
• You size from an estimate with an error bar attached, and you have opinions about the error bar.
• You have said no to a strategy that was working, for a reason you can still defend.
• You understand capacity as a property of the market rather than of the model.
• You can explain your allocation to the person whose strategy you cut.

What would make this a bad fit.

There is no outside capital here, no mandate to satisfy, and nobody to report to but the firm. This role is a poor fit if external accountability is what made the job legible to you.

This role is a poor fit if you have not been the person who reduced size into a good month. It is harder than it sounds.