Variant perception

The difference between what the market believes about a security and what you believe. It is the core of any investable idea: a view identical to consensus, however well-argued, gives a portfolio manager no reason to act.

Go deeper

This term comes up constantly in hedge fund interviews and on the desk.

Hedge Fund interview prep

Related Hedge Fund terms

Go further than reading

The written material is free. These are the ways to get it applied to your own work.

Browse the full glossary — 150+ finance recruiting and technical terms, in plain English.