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Steve Klinsky, New Mountain Capital – Private Equity Titan | #489

The Meb Faber Show - Better Investing

CHAPTER

The Importance of Industry Selection in Investing

We put a big emphasis on industry selection as the first key thing to think about because what I've seen in my 40 plus years is that the biggest mistakes are when the industry melts underneath you. We spend a lot of time on what sectors do we want to be in, you know, for the net? So where do you want to be for the next 10 years? And you can always go where the world is going or the puck is going. There are some venture capital ideas that are much more successful if you take the venture capital idea and apply it to a safe private equity base with cash flow and customers.

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