Hi, I'm starting to work on an industry thesis and am oscillating between a top down approach (looking at macro growth trends, industry market landscape, value chains, etc.) and bottom up i.e., reading IBIS and other reports for inspiration of things I may not have heard of. Now, I find myself gravitating back towards a specific industry to keep exploring in more depth.

Would love to hear from other searchers who are in the search/post acquisition phase: where have you found more success? Staying within one industry and becoming really good at it, or spreading your chances across 2 to 3 industries? Would love to hear about how you made that choice and what you did to improve your chances at a successful transaction.