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A Newsletter for Deal Pros
"The best thing a human being can do is to help another human being know more."
- Charlie Munger, Former Vice Chairman of Berkshire Hathaway
The Crux
Value in Deeply Understanding Unit Economics
This is a story of how rigorous diligence of the unit economics reshaped a deal thesis, reframed capital allocation decisions, and ultimately changed the outcome of a transaction. Read more
Origin Stories
How a Robbed Guard Dog Yard Sparked a Recurring Revenue Powerhouse
Mullis founded Sentry in 1973 in Columbia, South Carolina, not as an electric-fence company, but as a guard dog business. Read more
Risk & Return
What the Billionaire’s Brawl Can Remind Us About Risk & Return
Risk and return are two sides of the same coin. Here we seek to examine perspectives on risk and opportunity to enhance our understanding and become better investors. Read more
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The Art of Asking Good Questions
Double-Barreled Questions
Asking clear, focused questions is essential in M&A. A common pitfall is the double-barreled question—one that asks about multiple topics but allows only a single answer. These questions create ambiguity, distort data, and mask real risks and insights. Read more
Recommendations & Reviews
Putting Extreme Ownership to Work
To be valuable on a deal team, you must own your individual sphere of influence and execute. That is why we have new hires read Extreme Ownership. Read more
The Fundamentals
Breaking It Down: Net Working Capital’s Impact on Valuation & Purchase Price
Net Working Capital (“NWC”) can influence valuation and purchase price in two fundamental ways. Many deal teams fixate on the second, more visible way (the closing adjustment), while under-appreciating the first (its impact on free cash flow). Read more
Habits That Create Value
Get Clear on Your Job
The greatest contribution you can provide to your team is to carry your own weight: that is, to get clear on your job, do your job, and do it well. Read more
I Wish I Had Known
The Value of Giving Direct Feedback
Read an excerpt from an interview Private Equity Primer conducted with Dena Frith Moore, Chief Operating Officer and Chief Compliance Officer at CAP91 Partners and former investment banker and COO at Harris Williams. Read more
