Jay Hoag

I tend to think firms generally have a center of gravity.

You can think about collecting assets across lots of different vehicles, but you have to make sure each of...

The disciplines you're exercising are great.

Otherwise, you won't continue to get capital.

I suspect that a number of folks have retrenched based upon having deployed a lot of capital in 2021, but not necessarily having a great return associated with that.

It's interesting to reflect on it.

We are active participants in our industry.

But to me, all of the credit and blood, sweat and tears, so to speak, goes to the founders who are, as we've spoken about before, they have to be a little crazy to become a founder.

And I think it requires unbelievable sacrifice on their part.

You can't be a founder of what will be a great technology franchise and do it part-time and have a great work-life balance, as often gets bantied about.

It's impossible.

As I reflect back on when Rick Campbell and myself started TCB, we quit our jobs in 94.

We are on that founder journey as well.

I'm not going to what it's worked out great, but I was thinking about, first of all, it's a little bit of a shock to be sitting here celebrating 30 years.

We did a few more good things than mistakes we made.

So we're able to do that.

People backed our first fund and continue to invest as we built the firm, which is awesome.

But it requires a lot of resilience because in my investing career, I've been through so many crises.

Like a company founder, you have to be ready to deal with adversity, to deal with people

thinking you don't know what you're doing.