Jay Hoag, co-founder of Technology Crossover Ventures (TCV), joins Patrick O'Shaughnessy to discuss 30 years of growth investing. Hoag shares insights on TCV's contrarian focus on consumer internet businesses while others chase AI and SaaS, the anatomy of fantastic consumer companies, and lessons from holding Netflix and Spotify through challenging periods. He explores the evolution of venture capital, the importance of rigorous diligence, and building an enduring investment franchise.

TIMESTAMPS:

00:00 Intro

5:18 Market Conditions and Investment Opportunities

6:57 Consumer Internet Businesses and AI

9:04 Technology Commercialization Challenges

11:30 Public vs. Private Market Dynamics

15:32 Growth Investing and Competitive Dynamics

22:34 History and Resilience of TCV

26:32 Understanding the Firm's Investment Lifecycle

27:06 Evolution of Sourcing Strategies

28:33 The Role of Data Intelligence in Sourcing

29:41 Internal Investment Process at TCV

34:31 Challenges and Strategies in Long-term Investments

41:15 Reflections on the Investment World

43:48 Personal Insights and Final Thoughts

#VentureCapital #GrowthInvesting #TCV #Netflix #Spotify #ConsumerInternet #Technology #Investing #StartupFunding #Entrepreneurship

Presented by Ramp:
https://ramp.com/business-cards?utm_s

Sponsored by AlphaSense and Ridgeline:
https://www.alpha-sense.com/invest/
https://www.ridgelineapps.com/

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Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc