At Star Magnolia Capital, we try to identify 0-4 new managers a year through a multi-year process. If we assume we meet 400 new managers a year, we select less than 1%. This is far below Yale University’s 5.3% acceptance rate in 2021. Now, you may wonder how we actually select the top 1%. In order to answer your question, we will start a new monthly series called “Finding Experts”. Please make sure that you subscribe to our Substack to receive updates.