
13 segments available
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/ ****** 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
Explores the necessity of commitment and the challenges faced by founders in the tech industry.
"You can't be a founder of what will be a great technology franchise and do it part-time. It's impossible. Every great company goes through a desert of disillusionment. It will not be up and to the rig..."
Discusses how today’s market conditions differ from those in the past, with a focus on macroeconomic factors affecting technology investments.
"That was a strange world and a strange market. We're in another kind of interesting time today. I'm curious to start how today's market conditions feel the most different to you than the market of the..."
Examines the evolving investment landscape and potential opportunities for investors in new technology sectors, particularly AI and consumer markets.
"What feels most opportune about this market? Where where do you think that there's the most opportunity to earn strong returns making new investments starting today? the um world has shifted so strong..."
Delves into consumer market opportunities and the challenges startups face in attracting venture capital, particularly in AI-enhanced consumer ventures.
"I was talking to a founder actually building something new in consumer today. There's a heavy AI angle to it but nonetheless consumer and he made an interesting observation which was how hard it was f..."
Explores the distinction between investing in emerging technologies versus established commercialization, and highlights the risks associated with new innovations.
"I'd love to hear you talk about the difference between investing in new technology versus investing in commercialization. Something you already mentioned a little a little bit. As a growth investor, o..."
Identifies recurring patterns in investment decisions that lead to failure and emphasizes the importance of long-term vision in tech investing.
"If you think across all 30 years of TCV, is there a most common type of what I'll call fool's gold investment that you've encountered? Something that a pattern that you see over and over again that yo..."
Examines the shifting dynamics between public and private markets, exploring the implications for venture capital and growth investing.
"I'd love to hear you opine on the public versus private market dynamics today, which are very, very different from most of your TCV's history. And it seems really important. You're a crossover investo..."
A nostalgic look at the evolution of the firm and industry over three decades; highlights key learnings and pivotal moments.
"I'd love to talk about the history of the business. You mentioned 30-year anniversary is coming up. The life expectancy of new investment firms is definitely less than 30 years. It's hard to build an ..."
Discuses the critical factors contributing to TCV's enduring success and growth in the face of industry challenges and market changes.
"Well, it's it's interesting to reflect on I think when we um you know we're we are you know active participants in our industry but to to me all of the um credit and um blood, sweat and tears so to sp..."
Explores the internal operations of TCV, focusing on the sourcing, selection, and committee process for new investments.
"I’d love to do a little bit of how the firm works type questions and try to categorize them in the normal life cycle of an investing firm of this type, which I would say is see the company, you know, ..."
Details the internal investment decision-making process at TCV, from sector meetings to committee approval steps.
"So if we have a list, you're you're aware of all these companies and then you start engaging the ones that seem the most interesting. What are the what is the process like like the actual internal inv..."
Explores the implications and reflections of holding successful investments like Spotify and Netflix over the long run, including challenges faced.
"What's it like holding a company like Spotify or Netflix for a very long period of time? I mean, those are two it's like easy to talk about those two because they're unbelievable companies CEOs like w..."
Discussing experiences playing basketball at Notre Dame and the Denver Nuggets, including a humorous anecdote about competition on the court.
"game. Uh, went on to play for um Notre Dame, which I think where you went, and then the Denver uh Nuggets. And I like to joke that I held I I was trying so hard uh because I was always, you know, work..."