Molson Hart

How do you know if the deal in front of you is the proverbial "fat pitch" you've been waiting for? Impossible, unless you have already: - Underwritten many similar deals, and - Deeply understood your prospective LPs' return requirements If you have, the fat pitch is obvious.

Imho, this is truer for real estate than for equities unless you specialize in a single industry that is closed off to technological change.

In my experience, the best investment theses are a 50/50 split between why the deal/opportunity works and why you (and your capital source) are the best to execute on it. I think that’s true across industries.

Makes sense. If you think the thesis is killer but you’re not the guy to do it then your thesis is probably wrong.

See this a lot late in the cycle when groups start to try things off-center from their core competencies, both in product type and geography. If something looks good to you out of your market, often you’re wrong (and the entrenched players in that space have passed for a reason).