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Generally from a lot of research on the firm and their positions and history I usually have more specific and tailored questions about stuff that I am curious about already, but for some basic stuff I like to ask:

-What do you believe your edge is in the markets? What do you think differentiates your process from others? (these two here can drive a significant portion of the convo back and forth imo)

-How do you like to build your financial models and why do you do it that way - ex: how many years forward, do you do DCF sanity checks, incorporation of alt. data/ leading KPIs, etc. (better understanding of their process). One time for an industrials PM I asked - for your models on multi-industry / conglomerates how do you feel that you build a good sense of unit economics? How do you try to balance the granular from the more critical drivers? and it was a great convo. 

-What characteristics do you believe would make for the perfect analyst for this position (not a huge fan of this question honestly, but basically trying to get a better understanding for what they are looking for - find out another way to ask this that sounds better idk)

More general stuff if you've covered a lot of ground already:

-What investors and/or books had the biggest impact on you as an investor? (they usually ask you this anyways a lot of the time)

Also if the firms is under $1.5-$2bn or newer you can ask about the LP base. I like to ask: What is the LP base like, do they seem to align well with the founder's mission and approach? (usually if talking to COO). I mean you can always ask that at some point later in the process, just have to feel it out though. 

 

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