Wanted to pose this question for the more senior folks who have spent some time in PE. What does it fundamentally mean to be “good” at PE at an individual (not firm) level?
We can look at a talented musician and say - that’s a really talented violinist. A surgeon who operates on hundreds or thousands of patients has a track record over time. An appellate lawyer argues hundreds of cases and has a win / loss track record.
PE feels fundamentally different. Over a career, an individual PE investor has maybe but a handful of deals they led - it’s just not statistically relevant and the full story of how those deals turn out wont be known for years. There’s also the argument that most of PE is just levered beta with the benefit of private markets vs. truly alpha generating.
All of this leads me to a somewhat existential question - is PE an industry where luck and posturing is basically indistinguishable from skill? At the end of the day - beyond execution - what value are we really adding as individuals to the pie?
throwawaybadabing, way too quiet in here. What about these resources:
More suggestions...
Hope that helps.
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