...excerpt from Mo Lidsky's latest book, Partners in Preservation There is an old anecdote about several blind men in a room with an elephant. One man holds the elephant’s tail and thinks it is a snake. Another man touches the elephant’s leg and thinks it is a tree trunk. All the men hold one part of the elephant and think it is something else because they cannot put the big picture together. The elephant problem is one of the most pervasive issues that face private investors

...excerpt from Mo Lidsky's latest book, Partners in Preservation Choosing best-in-class investments is difficult for many reasons. One, knowing the full range of options is very hard (perhaps even impossible). Two, the hardest part of this process is that these options must be considered simultaneously. For example, having seen twenty-five land development projects over a thirty-year career will be useful, but it is not quite as helpful as having compared those same twenty-f

...excerpt from Mo Lidsky's latest book, Partners in Preservation Proper due diligence may seem like an obvious need, but the unfortunate reality is that the critical task of due diligence rarely gets the time and attention it deserves. Yet, this step is truly what separates top-tier advisors and investors from the rest. Many professions must follow structured, repeatable processes that define their ability to excel. Pilots, for example, are required to go through a set of de