Direct experience with the operating dynamics that drive value in this sector, including net revenue margin, contract versus spot mix, customer and lane concentration, tractor and trailer utilization, cost per mile, driver and owner operator turnover, carrier procurement and capacity sourcing, advance rates, reserves, dilution, days sales outstanding and credit loss experience, and where a business sits in the freight cycle. Working command of the regulatory environment your subsector operates in, including FMCSA operating authority and safety ratings, CSA scores, hours of service and ELD requirements, hazmat and specialized commodity rules, worker classification for owner operators and agents, cargo liability under the Carmack Amendment, and where relevant FMC and ocean transportation intermediary licensing, customs and CBP compliance, and Surface Transportation Board oversight.