Thanks for participating in, and sharing the study, Erick. I enjoyed meeting at the Booth/Kellogg Search Fund Conference in Chicago. As I recall the answers to a question posed here recently about how best to "sell" the idea of investing in a Search Fund, I wonder where the divergence in the distribution of outcomes comes from, relative to the Stanford GSB Study distribution of outcomes? The 2016 GSB Search Fund Update identified 54% of (the 73% of Search Fund) acquisitions as having gains, as against only 21% resulting in losses.. Granted that 25% had either insufficient data or were less than 1 year post-acquisition, but the study you guys have done is the first I've seen where less than 50% of acquisitions showed gains. Good luck in your search!

Me too, Ronald! I've sniffed around and scratched the surface, but I find one huge barrier to be the public nature of the crowdfunded process. It's still ripe for disruption in my opinion though!