An analyst simulation built to test how you investigate evidence, form a thesis, revise it, and allocate capital when the record is incomplete.
Meridian is raising Fund IV. Research has handed you a portfolio history of 500 companies the firm backed. Your job is to determine what distinguishes a company worth backing.
The visible portfolio is only part of the population.
Research gives you access to the 500 visible winners, company profiles, board minutes, founder interviews, and cross-plots.
After the thesis is locked, the missing records arrive. The archive contains 2,000 failures — but 20% of failures never filed dissolution paperwork, so even the recovered archive is incomplete.
The lesson repeats: missingness is part of the evidence.
500 winners. Every pattern you find at first, you find in here.
Enter the simulation. Form a thesis, face the missing evidence, revise your model, and allocate the fund.