Potential late PMF

When the markets are in tranquility, we are looking for misfit companies in a promising market that took the scenic path to product market fit. They didn't volunteer for the scenic road but learned to appreciate and benefit from it. 

Those companies usually lose the faith of the initial investors and are struggling from a cash flow point. They could also find their end on the scenic road without anybody noticing. It is hard to distinguish which company is getting to the end of the scenic path and can unlock PMF to become a late bloomer and which is taking the last selfies. 

We are equipped with the knowledge, experience, and approach to tell the difference in high probability. We are not always right and maybe even more times wrong, but we are correct enough times to make it work.