Why PE before HF?

At least for those that do want to go down the IB to PE to HF path, it seems backwards to me: you learn operations first, THEN how to identify mispriced businesses. Shouldn't it be the other way around, i.e. learn how to identify undervalued businesses first, then how to take advantage by optimizing operations? If you progress to a HF where you're not taking on an operational role, is the whole PE skillset you develop rendered useless?

(Likely a dumb question. After all, there must be a reason certain norms exist)

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