Multi-manager hedge funds (Citadel, Millennium, Balyasny) are often grouped under the “fast money” umbrella.

The common perception is that they focus on short-term trading around quarters, sentiment and positioning. While there is some truth to this, the characterization is also misleading.

So what does the classic multi-manager investment process actually look like? How are analysts taught to think about stocks and what kind of work do they do day-to-day to generate ideas?

We cover it below: