M&A Canon | Letters of Intent
Dealmaking is a craft best learned through apprenticeship, honed by experience, and mastered by studying those who've done it best. Stan Druckenmiller said the best way to understand an industry is to look at every company in it. The same applies to people—read everything they’ve written, listen to every talk they’ve given. As Ogilvy put it: “The good ones just know more.” Many of these books and articles are decades old, and that’s the point—most investors don’t study history deeply enough to grasp the cycles that built and broke those before them. Too many careers were shaped in a market that only moved up and to the right. History says that won’t always be the case. Levered beta gets mistaken for alpha. That’s why we study cycles obsessively. That’s why we keep reading. Capital flows, valuation, liquidity, structure—these aren’t details; they’re the foundation. The other reason to study history? Perspective. The people in these books built empires—often with fe
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