Dissecting a pitch (hedge fund)

I was in a conversation with someone that had managed a large hedge fund (>$1 billion) in the past, probably top 5 in Asia that emerged after the Lehmann crash. We were dissecting great investment teams, or what makes a credible team.

There are three parts: technical expertise, financial resources, and track record. Technical expertise is defined as the expertise associated with your investment strategy, financial resources is deep enough pockets, and track record is the fact that you have invested before.

Of the three, the track record is the least necessary, as long as you're pursuing a field where no one has a track record. In that case you just need two variables, and technical expertise is the more powerful of the two.