Uncapped with Jack Altman Uncapped #27 | Vince Hankes from Thrive Capital
277 snips
Oct 8, 2025 
Vince Hankes, a Partner at Thrive Capital, shares insights from his vast investment experience with brands like OpenAI and SpaceX. He discusses the art of non-consensus investing and how Thrive's strategy revolves around writing billion-dollar checks during downturns. Vince reveals how they managed to buy Carvana at its lowest point and the importance of compounding in investment success. He also explores AI's transformative impact on industries, the future of robotics, and why backing large platform companies often yields better returns.
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Bet On Compounding Over Decades
- Appreciate the power of compounding: most enterprise value is created in a company's second and third decades.
- Invest with decade-scale horizons, not short-term timing bets, to capture scale benefits.
The Risky Middle Of Growth Investing
- There's a crowded middle market where many growth funds make mid-sized checks into risky, unproven companies.
- Thrive prefers either early concentrated ownership or later platform investments to avoid that competitive, failure-prone middle.
Buying Carvana At The Bottom
- Thrive discovered Carvana through long familiarity and bought deep during its public-market collapse.
- They doubled down as the company restructured and ultimately realized outsized returns.