Jargon like seed/A/B, ‘liquidation preference’, ‘convertible debt’, ‘pari passu’ etc is structural knowledge. It doesn’t decay but is useless without SA. SA: Knowing what they map to in a given year: ranges, which parts are flush versus starved, which firms are leading etc.
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This thread motivated by interactions with a worrying new class of “OODA bureaucrats” who are sort of literate in the vocabulary and structural/pipe knowledge of this stuff but don’t seem to get that it’s worthless without strong SA, which requires work to keep up to date.
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In fact if you had to pick only one, you’d go for SA without K. At least you can fake it 80% of the time and maybe get lucky.
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End of conversation
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