[davedx]

That doesn't surprise me at all, I've heard it's the same in private credit. I think a lot of the initial ground work that's done in due diligence and modelling is more to flush out any red flags than to inform the investment decision itself, and a model is only as good as its assumptions anyway...

[fakedang]

Spot on. We used a bunch of screening processes to mine opportunities, then use models to weed out the duds, or to buttress our investment thesis before presentation to the MDs.