In this episode, Joel Palathinkal talks with Billy Libby about the formation and evolution of Upper90, delving into its unique approach to investment strategies and deal structures. Billy shares valuable advice for emerging managers, emphasizing the importance of identifying market gaps. The discussion explores Upper90's focus on specific companies and industries, particularly in light of AI's impact on investment sectors. Billy explains the key financial metrics used to evaluate investment opportunities and highlights the significance of in-person networking in the investment landscape. (0:00) Introduction to the episode and guest Billy Libby (3:21) Formation and evolution of Upper90 (5:27) Advice for emerging managers and identifying market gaps (8:53) Investment strategies and deal structures at Upper90 (11:11) Investment focus: Companies and industries (14:24) The impact of AI on investment sectors (17:10) Evaluating investment opportunities: Key financial metrics (19:10) The significance of in-person networking