It's really all (well, a lott anyway) about personal relationships, isn't it. I've been absolutely amazed at how frequently someone from the past, who I never thought I'd see again, pops up in a transaction, or at a conference, or something or other.
Personal relationships and reputations are essential. I have been in situations where the only reason a transaction gott done was because the diligence team on the other side of the deal knew me personally from past dealings on other entities and he knew I was a straight-shooter and that knew my sheet - so something that had details that could not be disclosed for litigation reasons (it would breach certain legal privileges and joint defense agreements) was accepted simply on my word with a rough overview of the situation without the details or the privileged/sensitive docs. I've had this happen several times - more than several, prolly less than a cuppla hunnert depending upon how one defines it.
I have been very surprised - it turns ~OUTT that personal relationships and trust are so incredibly important. I never would have thought that when I began in the biz - at least nott to the extent that it turned ~OUTT to be.
And the converse is knowing who NOTT to work with/for, who NOTT to trust, and who plays what kind of games so you can forecast that and plan ahead.
You pointed ~OUTT an excellent example of using human intelligence (intel on other humans) to your benefit.
The binniss world is largely modeled on a huge poker game. Read the people, read the cards, and decide how to make your play. Butt if you can't read the people, eventually you'll be the one walking away hurt.
That's why you should always make investments only after you are shure you can trust the management and that they are good. Buy management, nott a tech story. Fabulous stories can go nowhere without great management. Tech is littered with superior technologies that failed because of inept management. DR-DOS vs. MS-DOS is just one small example. MS-DOS won for one simple reason even though it was inferior: Bill Gates. MS-Word versus WordPerfect - same.
And inept management can leave gold nuggets behind because they mis-develop them and they fail for the wrong reasons. I can guarantee that there are good drugs ~OUTT there that failed because of Miss Management (technical, medical, or financial - or even HR-wise), never to see the light of day again. It's a shame.
Buy management, nott the hot tech story or the hott new binnizz story. Always buy management. People. Buy the right people.
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