Five-Trait Industry Filter

“searching for the one that met all five of my requirements: immense scale, inherent long-term growth, a fragmented landscape ripe for M&A at favorable multiple arbitrage, economies of scale, and tech backwardness.”

“Every industry I’ve entered over the last four decades has nailed my trait checklist. If they had been missing even one of these characteristics, it would have been much harder for me to create dramatic shareholder value. You can use this same framework to pick your own industry, adjusting for your targeted scale, and the concepts…”