Invest Like The Best
Episode 244 Calibrating Market Adoption
Invest Like The Best

Episode 244: Calibrating Market Adoption

Invest Like The Best

Episode 244

Calibrating Market Adoption

Jay Hoag is the co-founder of TCV. We cover his own journey founding TCV, what advice he has for visionaries, and why he sees advantages for private to public crossover investors.

This episode is brought to you by:

Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Robinhood, Marqeta, Grab, and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick.

Hall Capital Partners. Hall Capital is always looking for exceptional investment talent at any stage and size, so if you are raising capital or looking for a career change in the San Francisco or New York areas, you should check them out at hallcapital.com or e-mail at invest@hallcapital.com

[00:03:13] - [First question] - Some of his early key formative experiences that shaped his worldview as an investor

[00:06:29] - How much software businesses have changed since he started investing in them

[00:08:28] - The key insight that led him to create TCV

[00:11:36] - Generating returns by swinging less and raising your average

[00:15:06] - Understanding and evaluating a value proposition in its early stages

[00:22:08] - What slightly crazy founders look like and why it’s important for a company

[00:25:47] - Whether or not we’re in the golden age of content already 

[00:28:27] - Why Peloton was rejected so many times before TCV invested in them

[00:32:32] - Things founders often need from him and how he helps them succeed

[00:36:15] - Lessons learned from investing in public markets versus private ones

[00:41:35] - Advice for founders when it comes to conveying their ideas to investors

[00:44:55] - The social dimension of interactive and network building content

[00:46:18] - How important maintaining a focus in the early days is for a new company

[00:48:07] - The most challenging aspect of executing his strategy today

[00:50:48] - One of the most emotionally stressful episodes while launching TCV

[00:53:44] - Supporting your founders during the good and tough times

[00:55:16] - New potential headwinds and tailwinds in the tech space writ large

[00:59:14] - Things people might be overlooking today that could be great opportunities later

[01:02:58] - Whether or not internet companies are threatened by the crypto boom

[01:04:32] - What most has him most excited about the world today

[01:06:20] - Advice for company building in the investing world in general 

[01:09:48] - The kindest thing anyone has ever done for him

Calibrating Market Adoption

Introduction

Patrick
My guest today is Jay Hoag, co-founder of TCV. If you look at Jay's investment track record, it's a who's who of tech giants with Airbnb, Netflix, Peloton, Zillow, and the list that does not stop there. Needless to say, Jay has a hall of fame career. During our conversation, we talk about his own journey founding TCV, what advice he has visionaries and why he sees advantages for private to public crossover investors. Jay has such a wealth of experience that is on display throughout this episode. Please enjoy this fantastic conversation with Jay Hoag.

Early Experiences as an Investor

Patrick
So Jay, I've been so excited to do this with you. I think the kinds of companies that you have invested in very actively sort of define this era of business, and so we'll dive all over the place. I thought an interesting place to begin though, would be with a couple of formative experiences for you in your investing life. And I'll let you guide me how far back we want to go here, but I'm always fascinated by the couple of key formative experiences that push the path for somebody going forward. What does that call to mind? What is sort of the earliest of those experiences that really shaped how you view the world as an investor?

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