- First Round Entry. 2-page summary memo.
- Describe investment strategy
- What asset or instrument is being invested in or traded?
- How will you identify specific assets or instruments to invest in?
- What is the expected range of hold periods for this strategy?
- What is the range of expected investment returns, with what (approximate) probabilities?
- What is the range of expected risk for this strategy?
- How did you come up with this idea?
- Have you invested or traded in this strategy before?

- Competitiveness of your strategy
- Is this idea being pursued presently and by whom?
- What will your “edge” be in implementing this strategy? How will you be different from (and similar to) others pursuing this strategy?
- How much capital can be deployed into your strategy, over what time period?

- Real-world implementation
- How many people are needed to implement this strategy?
- How will you source transactions?
- What other resources are needed to implement your strategy?
- How much capital can you deploy into the strategy and over what time frame?

- Describe investment strategy
- Final Round Entry. Approximately 5-page memo + exhibits.
- Expand on your first round entry with more details, data, or examples.
- Describe a representative transaction or trade(s) in detail.
- The more data and research included, the more convincing your entry can be.
- Include exhibits, charts, or return sensitivity matrices to summarize the investment strategy.

Submit all entries to Eliza Lewis (elewis@hbs.edu)