What is this?
Different firms with different focuses will have wildly different approaches to writing investment memos. The core idea is the same: a deal team will do work on an investment opportunity and then summarize their learning for the broader team to get up to speed. The output can range from a few slides with mostly visuals to 100+ page memorandums drilling into every aspect of a company and market.
Learning to Synthesize Your Learning
Immerse Yourself
The purpose of
Related
Build a Latticework Around The Category
In reference to gaining knowledge,
As you build this latticework through reading, having conversations, and testing things out you'll start to feel a level of competency with any subject. The goal is to start to consciously map this latticework.
Your latticework will start to feel complete when you hear new things about the market or company and immediately understand right where it should go in the framework you have for yourself.9
Simplify & Intensify
It's important for you to have a broad collection of resources and notes from all the things you've watched/read and people you've talked to. But in order to effectively communicate what you've learned in a coherent investment thesis you need to start to synthesize your idea down to the most important and impactful pieces.
People like to think that if they just take a lot of notes and have a massive collection of links and screenshots then they know something. The critical part is understanding what all that information means. Once you've collected all that information you need to turn it into meaningful takeaways and ask yourself: "Therefore, what?"
Learning in Public
One final piece of really summarizing your learning is to put it out into the world and get reactions. This can be sharing your ideas with others at your firm and getting their reactions. Or if you don't have that type of setup you can share your investment themes publicly online. Creating a personal website and a presence on social media gives you an outlet to share your ideas and have people react to them both positively and negatively. Doing that pushes your learning to deeper levels. Not to mention the fact that building that personal brand online is becoming more and more critical in setting yourself apart in an ocean of people who may seem similar to you.
Related
How to Write A Memo
Telling a Story
[Under Construction]
Resources
Templates
Memo Collection
Public Equity
Other
- Kerrisdale Capital is a hedge fund that discloses every investment memo
Private Equity
Venture Capital
Micro Private Equity
Real Estate
- https://nic.nebraska.gov/sites/nic.nebraska.gov/files/doc/9.d. Rockwood XI - Rockwood.pdf
- https://seekingalpha.com/article/4228393-starwood-property-trust-stwd-investor-presentation-slideshow
- https://twitter.com/brentbeshore/status/1289531914118807553?s=21
Other Examples To Evaluate
- "Bootstrapped" Capital