Jay Hoag

What were the keys?

I'm going to mix my sporting metaphors.

Batting average business, you can't hit 1,000, but you have to be a decent hitter.

Or using basketball example, Steph Curry, in the news after the game, said last night, greatest three-point shooter of all time, greatest scorer of all time, only makes 42.5% of his three-point shots.

Now, as an investor, you have to be over 50%, but it's still not, you're not gonna be perfect.

So part of it is you have to be willing to take some level of risk, no matter how much diligence you do.

And then from a managing the firm standpoint, we try not to repeat our mistakes, either as a managing the firm or investing, but probably made every mistake in the books.

Cause we talk a lot about obviously Netflix and Spotify and others, but it's also, we had plenty of bad investments.

Investments that didn't work out well,

And then also in hindsight, ones where we sit around and say, well, I'm not sure what we were thinking on that one, particularly in the internet bubble days.

But it comes down to internal talent.

And I think last time we talked about Reed Hastings and the concept of stunning colleagues and the fact that a great investor is not 30 or 40%.

better than a typical investor.

Similar, a great engineer is not 30 to 40% better than an average engineer.

It's order of magnitude.

That's been the focus on the internal side, people side.

We've had an enormous number of people over that 30-year period of time contribute to TCV.

Some have gone on to greatness at other firms as well.

So that's one area where there's been many iterations, I think, for the industry.

And then for us, see if I can walk through it.