Tell you who the major players are and how they differ. Estimate a value function for the equity of firms in that industry. Find out how large the market is, how it has changed over time, and how it differs across countries. Research the regulations that effect the industry and give a concise explanation of which rules are normally constraining and which rules can be worked around. Find out what companies have been bought or sold in the sector, who has been doing the buying, and who has the balance sheet to do more deals in the near future.