I am now, have been and will be wrong

When a deal gets done, one where people know you were looking at it, but ended up not being part of the syndicate, the question is asked. Did I miss out on something, or did the other folks see something I didn't.

The answer is yes, someone saw something in the deal that the other folks did not.

Either I saw a hole, or flaw in the plan that I couldn't accept, whereas the investors were able to consider that gap an acceptable risk. Or they didn't see the gap, or I missed the opportunity the company was going after.

Unlike simple math, where 1+1 = 2. (for all those folks who have advanced math degrees, I understand it's not a simple proof, but today this is dogma). There is no right answer in investing. Each investment and investor has to judge the risk/reward of the own situation.

There is a quick post-mortem on deals you do due diligence with and ultimately decide not to pursue. Sometimes it is as simple as saying "they could accept X, and it was a deal breaker for us." Other times, someone was an idiot.