Offer on the table to run my own book with a real allocation. It's the dream and also the exact thing that ends careers when the first drawdown hits. For anyone who's made the analyst-to-PM jump: what did you wish you'd negotiated, and how long was the leash really?
Negotiate the drawdown threshold and the time-to-prove harder than the comp. The leash length is the only term that actually decides if you survive year one.
This is the answer I needed and feared. The comp is the easy part to focus on and exactly the wrong thing to optimize. thank you.
Get your data and your analysts locked before you sign. Building the infra from scratch under a P&L clock is how good PMs flame out early.
Pods, drawdowns, and the eternal search for high-conviction ideas sized at 0.5%. Risk is always listening.
＋ New threadMarkets, deals, and the group chat — for people who read the footnotes.