What is inside a good search fund’s industry thesis? I’ve seen PPMs with broad narratives as to why identified industries are strong areas for search but how granular should you go?
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I kept a relatively broad industry thesis within my PPM. After circulating my PPM, I wish that I spent a little more time diving into industries of interest. To make up for the personally perceived oversight, I have conducted additional industry memos with related investment thesis. It helps me in letting investors know how I can quickly size up an industry. You will also get to test your assumptions as you kick around industry theses. I would keep the thesis consistent with your overall investment philosophy.