We’ve had a seat at the table: 16 years total experience in equity research and corporate treasury, including roles at a Fortune 1000 companies and multi-billion-dollar asset managers. As an equity analyst covering many different sectors (consumer, healthcare, technology, basic materials, industrials), we picked up some ugly battle scars, dealt with various styles of management teams, and survived multiple blow-ups. These scars, over time, yielded the know-how to identify mispriced securities across multiple industries and points in the economic cycle. Consequently, pattern recognition ("we've seen situations like this before") and recurring idea types (analogue case sleeve) are critical to our investment process today. In addition, experience working closely with CFOs, IROs, and buy-side PMs (both long-only and multi-manager “pods”) furnished the toolkit to efficiently identify alpha buckets and distill the nuances of management messaging. Because most of our research experience was gained working at boutiques (instead of investment-banking-centered bulge brackets), we were able to assess the prospects of companies more objectively. Lastly, our corporate treasury experience these last couple of years provided cycle-tested knowledge of capital structure idiosyncrasies across the high-yield, leveraged loan, and distressed debt markets