TCV

“Every area and every great company goes through a desert of disillusionment in investors' minds where, where it was great. And then all of a sudden there's people casting dispersions on the sustainability of it.”

“Particularly as technology has gotten so big over, you know, now the 30 years of TCV and the 43 years of my career the focus on macro, which is not something I spent a lot of time focusing on really is different. So regulation of tech how do tariffs impact, yo…”

“And so we have a data intelligence group that and I'll stumble on some of the metrics that is the front end of our sourcing effort. And there's actually, you know, AI applied here where we have massive number of data sources tracking Employee growth app downlo…”

“At the time the IPO, TCB owned 43%.”

“We will hold, you know, our private investments as they go public, the best ones for a long period of time. That's an economically driven decision. You know, we may take one times our money out, but the best companies over time, like Netflix, Spotify, et ceter…”

“And then we actually have a three per, three person sort of final investment committee that has to be unanimous on investment.”

“Think about technology investors, huge focus on SAS, huge focus on all things AI. And huge de-emphasis of consumer based internet businesses. And so I think that's actually a pretty interesting opportunity where one can be contrarian and we continue to see int…”

“We have a European waterfall structure. So once we return all the limited partner capital, then we start getting our carried interest. And once we do that, we're, you know, and we're distributing stock, we can choose to obtain the Spotify or Netflix shares you…”

“So I have a firm believer in the best quality technology companies. One may at different points in time have to be aggressive on valuation and pay more. But it will be a long-term win. So that's where the aggressiveness comes in. As opposed to thinking, well, …”

“He went and canvassed the marketplace to see what the price of Netflix was, and there was no bid. No, no equity provider. Zero. So I know we did a kind of a restructuring financing in 2001 in order to get them through to the other side of profitability and fre…”

“Ends up about half our businesses were profitable at the time we invest, half are not, but, you know comp the compound effect of top line growth and you know, very high incremental operating margins means, you know, ultimately earnings are growing a lot faster…”

“We put, when I was at T. Rowe, in half of it, and I did that, and then TCV, Jay Hogue, you know, did the other half. So this to me is like the classic example of a market-leading company embracing a transition They obviously ended up winning, right? We did tha…”