Sunday, May 16, 2010

Summer Internship

Dear Readers,

I hate to do this, but given the wonderful state of affairs in the market for jobs in investment management, I am running out of options. For those of you who do not know me, I am currently a first year MBA at the Anderson School of Management at UCLA. I went to the Wharton School of Business at the University of Pennsylvania for undergrad. After that I spent about four years working for my family in commercial real estate before my inoculation into the value investing world. From there I was fortunate enough to work at two small, long/short hedge funds in the New York City area, focusing mainly on financials. I think I understand the banking and P&C insurance sectors the best, but I have had plenty of exposure to other sectors. Specifically, the time I spent focusing on financials was mostly based on the market environment that included very attractive short opportunities (October 2007 to early 2009) and then compelling long opportunities (March-April 2009).

Right now I happen to be looking for hidden value among financial companies that have been left behind by this improbable and seemingly bulletproof market rally. I have been pitching both Synovus (SNV) and PMA Capital Corp. (PMACA) to just about anyone who will listen. They have both had very nice runs since I started recommending them but I still believe that they both offer long term, patient investors significant upside potential. If anyone would like to see my research on either company feel free to check out this post on SNV but stay tuned for my updated research on both companies.

I am looking for an internship position this summer that will help me become a better analyst and a better investor. To be honest, I am not focused on working for a "big name" fund. What I care about is working for a smart manager who can help me improve my research skills and for whom I can add a lot of value. I now am going to say something that people are never supposed to say: I don't care about being paid this summer. I am much more interested in finding an opportunity to learn and to potentially secure a full time position for when I graduate in June 2011. Clearly, I would rather not work for free because I know my research has the potential to help boost returns, both on the long and short sides. But, in the grand scheme of things, 10 weeks of salary will be just about meaningless if I can get one step closer to living my dream of being a portfolio manager.

So, I am looking for help from readers and from those in the value investing space. Anyone who has seen my recent notes from the Berkshire meeting, the Wesco meeting or the Value Investing Congress can see that I have a passion for investing. I am dedicated to making securities analysis a part of my life for the long run. Accordingly, if you know of anyone who could use a diligent and disciplined value-biased analyst for the summer, I would appreciate your willingness to keep me in mind. I am happy to email out copies of my resume and even sample research to anyone who might be interested.

Thank you for your time and for anything you can do to help.


Ben Claremon
The Inoculated Investor