Ep. 232: Alex (@aebridgeman) is joined by Sara Heston (@sara-heston). My guest today is Sara Heston. We discuss the latest findings from the 2024 Stanford Search Fund Study, which reviews trends from the past two years. Key topics include rapid growth in the Search Fund industry, changing searcher backgrounds such as 24% of searchers not having an MBA, return trends, drivers of outsized returns, and industry dynamics. Sara also shares her transition to a director role at Anacapa. The episode provides a primer on the Search Fund model, making it an excellent resource for those less familiar with Search Funds. Listen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn.  Learn more about Alex and Think Like an Owner at https://tlaopodcast.com/ Links: 2024 Search Fund Study Sara on LinkedIn Topics: (00:00:00) - Intro (00:03:13) - What are some high-level takeaways from the study? (00:04:26) - Why has the number of investors declined? (00:08:16) - Is there a formula for the ideal Searcher? (00:09:49) - How much more prepared are Searchers today than 10 years ago? (00:12:10) - What stood out to you regarding the number of LOIs and industries Searchers are looking at? (00:16:47) - What are you looking to track regarding long-term holds? (00:20:25) - How do you see entrepreneurs exiting holding companies? (00:26:24) - Discussing the 2017-2020 cohort (00:31:41) - Are there any changes in the questions you’re asked by students interested in Search? (00:33:28) - The increase in women and minorities in Search (00:35:00) - What do you hope to see in future studies?