Jay Hoag

We did a restructuring financing in 2001 in order to get them through to the other side of profitability and free cash flow positive.

And then they went public in 2002, although traded down for a while and traded sideways for like six years.

But that was the tough part of the journey.

Like, why are you staying with this company?

Was part of the discussion at the time.

I think...

One of the benefits of experience is we invest in these 20, 25 companies in a fund.

And hopefully they're all the next Netflix or Spotify.

But after some period of time, you realize, well, they aren't.

But which ones have that decade or multi-decade growth really going to be a dominant player?

And we go through that sorting process.

So what's the challenge of holding?

When they go through periods of material revaluation in the public market, you get second guessed at the wazoo.

And sometimes you second guess yourself like, oh,

With the correction in 2022, people are like, why hadn't you sold everything and everything in 2021?

Well, if you could predict when the market's going to sell off, that'd be a productive discussion to have.

But I don't think one can predict that.

Public scrutiny and second guessing can make it hard.

But that's really kind of it.

And it's obviously proved to be really rewarding.