We’ve passed on deals that later became some of the biggest stories in the market, and it’s tempting to see each one as a deal we should have taken. The more honest read: the outcome doesn’t grade the decision. What mattered was the process. Those passes came from real gaps, such as missing documentation, unclear ownership or terms that didn’t hold up. Grade a decision by what you knew when you made it, not by hindsight.
Key points
- A deal working out doesn’t mean passing on it was wrong.
- Passes based on missing documentation, unclear ownership or weak terms were sound at the time.
- Judge decisions by what you knew then, not by what happened later.
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