First Round Entry. 2-page summary memo.
What asset or instrument is being invested in or traded?
How will you identify specific assets or instruments to invest in?
What is the expected range of hold periods for this strategy?
What is the range of expected investment returns, with what (approximate) probabilities?
What is the range of expected risk for this strategy?
Have you invested or traded in this strategy before?
Is this idea being pursued presently and by whom?
What will your "edge" be in implementing this strategy? How will you be different from (and similar to) others pursuing this strategy?
How much capital can be deployed into your strategy, over what time period?
How many people are needed to implement this strategy?
How will you source transactions?
What other resources are needed to implement your strategy?
How much capital can you deploy into the strategy and over what time frame?
Final Round Entry. Approximately 5-page memo + exhibits.
Expand on your first round entry with more details, data, or examples.
Describe a representative transaction or trade(s) in detail.
The more data and research included, the more convincing your entry can be.
Include exhibits, charts, or return sensitivity matrices to summarize the investment strategy.