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Invest Like the Best with Patrick O'Shaughnessy cover image

Jeremy Giffon - Special Situations in Private Markets - [Invest Like the Best, EP.336]

Invest Like the Best with Patrick O'Shaughnessy

NOTE

The Perfect Investment

The ideal investment is characterized by autonomy, where the investor does not need personal connections or detailed knowledge about the business. Instead, understanding the circumstances and incentives around the opportunity is crucial to capitalizing on it. Many investment opportunities, particularly in private markets, can be viewed as coordination problems, where the investor helps to resolve conflicts or inefficiencies within the market. When it comes to acquiring software businesses, the focus on technical due diligence may be overstated; if the business is generating significant revenue, the product's functionality and market presence speak for themselves. Investors should assess external factors, such as personal circumstances of the seller or changing regulations, as these can provide crucial insights into the investment opportunity. The mindset of seeking unique opportunities is vital; if an investment opportunity is easily accessible, it's essential to question why it hasn't attracted more interest. The prevailing thought is that if a deal has reached you without significant competition, there may be valid concerns worth considering, unless there is a compelling, logical rationale for why it has presented itself as an opportunity.

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