If there was one thing I learnt in all of my time in private equity that I think could help newcomers, it’s that conventional wisdom is about 90% convention and 10% wisdom. And that’s being especially generous.
In my first few months at my first PE firm, I heard all sorts of hyperbole, such as:
But you soon come to realise that this conventional wisdom isn’t wisdom at all; it’s all convention. If you stick to the fundamentals, stick to creating lasting value for great businesses, and stick to your personal ethics, you’ll go much much further.