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HF Reflections @hfreflection

L/S PM at Fund redacted by Compliance.

Joined October 2011
  • Tweets 2,806
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  • Followers 24,463
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HF Reflections
@hfreflection
31 Dec 2025
An old collection of threads. I’m running out of new things to say and this platform is very ephemeral, so figured I’d post / pin this as a somewhat dated but probably pretty good guide to my historical threads around time of fund launch.
Liger Cub
@realLigerCub
16 Jan 2024
FINTWIT THREADS 🧵| @hfreflection (ERRATA CORRIGE) Kudos to those accts generously sharing their wisdom. Let's spread that knowledge with all the threads from a L/S PM who just started out solo. • Part 2: KNOW THYSELF: x.com/hfreflection/status/15… • PART 3: ESCAPE VELOCITY: x.com/hfreflection/status/15… • Part 4: BUILDING GOOD CULTURE: x.com/hfreflection/status/15… • PART 5: LUCK: x.com/hfreflection/status/15… • PART 6: EDGE: x.com/hfreflection/status/15… • Part 8: RETURN COMPONENTS: x.com/hfreflection/status/15… • PERSONAL FINANCE TIP: x.com/hfreflection/status/15… • IDEA GENERATION - PART 7: x.com/hfreflection/status/15… • PART 9: RETURN ON TIME: x.com/hfreflection/status/15… • PART 10: INVESTING FRAMEWORKS: x.com/hfreflection/status/15… • WHY 13Fs ARE WRONG: x.com/hfreflection/status/15… • PART 11: CALL DILIGENCE: x.com/hfreflection/status/15… • CONTROLLING SHAREHOLDERS: x.com/hfreflection/status/15… • PART 12: POSITION SIZING: x.com/hfreflection/status/15… • PART 12: FALSE PRECISION: x.com/hfreflection/status/15… • PART 13: DEALING WITH LOSSES: x.com/hfreflection/status/15… • INTERVIEW QUESTIONS: x.com/hfreflection/status/15… • WHY GOOD FUNDS FAIL: x.com/hfreflection/status/15… • PART 13: MENTORSHIP: x.com/hfreflection/status/15… • HF COMPENSATION: x.com/hfreflection/status/15… • PART 14: SELLING: x.com/hfreflection/status/16… • ALLOCATORS: PART 1: x.com/hfreflection/status/16… • ALLOCATOR: PART 2 - ASSESSING SKILL: x.com/hfreflection/status/16… • ALLOCATORS: INTANGIBLES - PART 3: x.com/hfreflection/status/16… • ALLOCATOR PART 4: AVOIDING BLOW-UPS: x.com/hfreflection/status/16… • PART 15 - HF NETWORKING: x.com/hfreflection/status/16… • WHY I TWEET: x.com/hfreflection/status/16… • PART 16: MAINTENANCE WORK: x.com/hfreflection/status/16… • WHY FUNDS FAIL PART 2 - ENVY: x.com/hfreflection/status/16… • PART 17: TIME HORIZON: threadreaderapp.com/thread/1… • PART 18: SHORTING: threadreaderapp.com/thread/1… • PART 19: THE PM JOB: x.com/hfreflection/status/16… • PART 20: FACTOR AWARE INVESTING: x.com/hfreflection/status/16… • PART 20: FACTOR AWARE INVESTING 2/2: x.com/hfreflection/status/16… • PART 21: THE NO-CATALYST CATALYST: x.com/hfreflection/status/16… • START UP DIARIES: x.com/hfreflection/status/16… • POSITION SIZING / ALPHA THEORY: x.com/hfreflection/status/16… • L/S HF LAUNCH COSTS: threadreaderapp.com/thread/1… and x.com/hfreflection/status/16… (slightly broken) • HF COMP - PART 2: x.com/hfreflection/status/16… • VENDOR SPOTLIGHT: LIGHTKEEPER: threadreaderapp.com/thread/1… • HEDGE FUND GP ECONOMICS: x.com/hfreflection/status/16… • THE POWER OF NARRATIVE IN INVESTING: x.com/hfreflection/status/16… • HF EMPLOYER/EMPLOYEE RELATIONSHIP: x.com/hfreflection/status/17…
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Thinking about this more recently. Interesting element this time is that a lot of the momo has actually come from historically deep value names, less speculative / new issues. Reminds me a bit of covid in that way, except harder to see end state & when that happens.
HF Reflections
@hfreflection
29 Aug 2023
THE POWER OF NARRATIVE IN INVESTING Before I fell in love with investing, I fell in love with stories. I am an avid film buff in college and briefly flirted with a career in it. I think investors - especially value ones - underestimate the power of narrative in stocks. A 🧵
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HF Reflections retweeted
Wolfpack Research
@WolfpackReports
May 11
We are short $YSS because our research shows the Pentagon is replacing $YSS’s primary customer (96% of 2025 revenue) with a program where SpaceX's Starshield is the currently named—sole-sourced—provider. $YSS was banking on funding from the Tranche 3 Transport Layer for its future growth—and now it appears to be completely gone. We expect $YSS to miss its FY 2026 revenue guide by ~30% and face a dilution spiral in 2027 as its backlog withers. Former employees described a chaotic picture where the company cut corners and delivered “poor quality” satellites that were figuratively held together by “zip ties” and mission software that wasn’t capable of fully operating at launch. We believe $YSS’s systemic problems were partly to blame for the Pentagon’s move to completely scrap the Tranche 3 funding and will also make it extremely difficult for it to win any sizable government or commercial contracts sufficient to replace its lost revenue stream.
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Pretty amazing what Eminence achieved over 27 years - that kind of longevity, at their scale, for a single manager is impressive. There also are some really talented folks over there who will land just fine when the dust settles. Best of luck to all finding good homes.
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It’s easy to forget these larger firms are made up of groups of people with varying levels of talent and different personalities. There were / are some amazing folks there who are both good people and good investors - it’s rare these days for a firm of that size to have one let alone several.
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More and more I’ve thought of investing as a team sport. When I was younger, even as an analyst, I felt it was all up to me. Having a group of likeminded, passionate people who are aligned in philosophy, process, and incentives is a magical thing.
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Trying to institute some more process around idea gen again as team grows and matures. Resurfacing, will probably update with some new thoughts when I have time. Still agree with most of this.
HF Reflections
@hfreflection
23 Sep 2022
PART 7: IDEA GENERATION One of our strengths is generating a high volume of “off the beaten path” ideas resulting in a portfolio that looks unique relative to other funds. This is how we do it. Focus here on longs. A 🧵
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Kudos to irenic for trying here. Will be interesting to see what happens given how terrible governance apepars from the surface, but if there is one firm that can do this it's probably Irenic.
Irenic Capital
@IrenicCap
Mar 31
Some thoughts on Snap: savesnapnow.com/
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Investing is a job where you can do a lot of busy work, but get little of value done. What are the biggest time wasters you’ve observed ppl do? Curious analyst vs PMs, keeping in mind some things that are wastes of time to some may not be to others. Some thoughts below:
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more replies
7)For analysts / PMs, checking specific stock quotes or indices quotes multiple times a day. This is another version of P&L watching once removed.
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What do you think?
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Took my first real vacation in 3 years - only worked for fun, no trading, no Twitter despite my earlier intentions. Hard to gain perspective when you are always working / thinking about work. Feeling refreshed for first time in awhile.
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Read a short story collection for the first time since college, it’s nice to lose yourself in someone else’s story and realize how our problems always seem so much bigger than they actually are.
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I underestimated the benefit I derive from using this platform to think through problems - writing helps me process challenges and work through them in ways I didn’t appreciate. Will likely try a new thread this weekend on something I’ve been thinking through.
HF Reflections
@hfreflection
2 Jan 2023
WHY I TWEET Most good investors don’t tweet. Having a twitter account is generally frowned upon by allocators. It’s a potentially (big) distraction. It doesn’t generate P&L. So why would anyone who isn’t an insecure egomaniac without better things to do, do it? A 🧵:
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What are the best sources / substacks / other news sources you’ve found to track developments in ai and the associated disruptions, more from a leading edge perspective? Would appreciate both bullish and bearish viewpoints on ai adoption / disruption.
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