Industry Thesis Development

July 13, 2019
by an intermediary from The University of North Carolina at Chapel Hill - Kenan-Flagler Business School in Nashville, TN, USA
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?
from Temple University in King of Prussia, PA, USA
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.
from The University of North Carolina at Chapel Hill in Nashville, TN, USA