My guest today is Jay Hoag. Jay is the co-founder of Technology Crossover Ventures, known as TCV, which pioneered the growth investing category and has backed legendary companies like Netflix, Spotify, and Expedia over three decades. Jay explains how macro factors like regulation have become unexpectedly central to technology investing. He offers his contrarian take on today's market, arguing that consumer internet represents significant opportunity while most investors chase SaaS and AI deals. We discuss investing in new technology versus commercialization, TCV’s evolution from cold-calling to AI-powered sourcing of 11 million companies, and their three-person unanimous investment committee structure. Please enjoy my conversation with Jay Hoag.

For the full show notes, transcript, and links to mentioned content, check out the episode page⁠ ⁠⁠⁠⁠here.⁠⁠⁠⁠⁠

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Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:05:18) Market Conditions and Investment Opportunities

(00:06:57) Consumer Internet Businesses and AI

(00:09:04) Technology Commercialization Challenges

(00:11:30) Public vs. Private Market Dynamics

(00:15:32) Growth Investing and Competitive Dynamics

(00:22:34) History and Resilience of TCV

(00:26:32) Understanding the Firm's Investment Lifecycle

(00:27:06) Evolution of Sourcing Strategies

(00:28:33) The Role of Data Intelligence in Sourcing

(00:29:41) Internal Investment Process at TCV

(00:34:31) Challenges and Strategies in Long-term Investments

(00:41:15) Reflections on the Investment World

(00:43:48) Personal Insights and Final Thoughts

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