Help! How do you bankers get the confidence to talk about shit you don't understand?

1. I get a LOT of color just talking to clients/prospects, buyside, industry folks and peers. For example, during a catchup, partner at PE fund maybe mentions they are really looking into [ vertical], interesting for [reasons], and to keep them in mind, or no longer interested in a certain sector because its getting competitive and valuations don't make sense for them. This is all good intel if you learn how to use it. Maintain your networks kids

2. I read like a fucking maniac all the time, and not the fun stuff. Keeping up with markets, deals, key trends in my coverage, research, industry papers, whitepapers etc.. This is why for longevity, you have to enjoy your sector coverage IMO

Putting it all together, I find what works for me is a mix of obviously developing a good understanding of my coverage over time, connecting the dots with new information and being able to articulate it in a way that is tailored to my audience. The spiel to a founder is different than one to a PE partner. On a side note, there was a good post recently on how a good investor connects the dots on very disparate pieces of information to formulate ideas. I'll see if I can dig it up, was a great read.

You'll never be 100% prepared to talk about anything, let along something as complex as an entire industry, at least I'm not. Guess what? Most CEOs / founders won't either. As operators, they have their area of focus and as a banker, I have mine. If discussing say an acquisition by a competitor, CEO can better speak to the "why" (rationale, where it fits, what it addresses) and I can better speak to the "how" (deal terms, structure, valuation). You can goddamn bet your ass I am recycling that "why" in other discussions :)