Ilan Weiss joined Balyasny in 2022 as an Equities L/S portfolio manager focusing on Technology, Media, and Telecommunications (TMT). He is also on Equity Investment Committee and Co-Head of Anthem, BAM's development program for emerging portfolio managers, having previously graduated from the program himself. We sat down with Ilan to hear about his career path, the principles that shape how he thinks about markets, and what it means to help the next generation of PMs.

Ilan, you didn't come from a traditional finance background. How did you find your way into investing?

I grew up in Berkeley, CA and my parents were in the jewelry business, so I really had no finance exposure whatsoever. What pulled me in was the idea that you could spend your career learning about the most innovative companies in the world and figure out things no one else understood. The vastness of learning and curiosity is awesome.

What was a lesson you learned early in your career that you still think about today?

I started out at a prop trading shop. It gave me a respect for how stocks actually trade. It taught me how hard it is to make money, and the discipline and introspection required to understand what moves stocks in the short term as well as the scalable long-term. There is so much noise in this business – you need to have high conviction thoughtful mental models for everything.

What do you love most about your work?

It feels like you’re waking up every day to go hunt for treasure. When you finally find it, when you've figured out something no one else understands, that eureka moment never gets old.

What advice do you have for analysts earlier in their careers?

Be patient and master your craft. Don’t be someone who just sounds like they know everything, even though it’s tempting to feel “in the flow” of consensus opinions. Be someone who thinks for yourself and builds the best research process in the world using first principles. Sushi chefs can take three years just to learn to make a perfect egg. Have the patience and drive to truly become exceptional, that is where all the value accrues.

You recently became Co-Head of the Equities Anthem program. As an Anthem graduate, what does that role mean to you and what do you hope to share with the PMs in the program?

Sometimes I have to pinch myself a bit. Four years ago it was a dream come true to be accepted into the program, and then last year I was asked to help run it! Running a book and building a team are two completely different jobs – and they are both remarkably tough. I went through all those challenges recently enough that they're still fresh, and I want to use that to make the path clearer for the people coming up behind me.

Last one — what do you love to do away from the desk?

Being outdoors, being around nature, on a long bike ride with my wife, Jessica.