Jay Hoag - Keys to Successful Growth Investing - [Invest Like the Best, EP.429]

In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews Jay Hoag, co-founder of Technology Crossover Ventures (TCV), about the current state of technology investing. Hoag discusses the increasing importance of macro factors like regulation, opportunities in consumer internet businesses, and the difference between investing in new technology versus its commercialization. He reflects on TCV's 30-year history, key moments, and the firm's investment process, including its unanimous three-person investment committee. Hoag also shares insights on holding companies like Netflix and Spotify for extended periods and offers advice to young investors, emphasizing the importance of passion, exceptional talent, and contrarian thinking.