What does a Private Equity Firm sees for Deal to a Great Businesses ? 1. Large and Ideally Growing Target Addressable Markets (TAMs): Even a great business can be a bad investment if its TAM is rapidly shrinking. Conversely, a growing TAM allows a great company to grow exponentially, like an electric battery company benefiting from the expanding electric vehicle market. Investors also assess how well a company can serve this market, considering product distribution abilities and go-to-market strategies. 2. Strong Competitive Moat: A competitive moat is a non-negotiable feature for PE investments. It refers to a company's unique advantages, such as brand strength, proprietary technology, or cost efficiency, that protect it from competitors and ensure long-term profitability. Without a strong moat, a business risks being overtaken, as exemplified by Blackberry's decline despite initial market share, due to its inability to protect itself from iPhone and Android competitors. 3. St...