Henry Ellenbogen
speaker
1,069 appearances
1 recordings
1 series
first heard Dec 2025
last heard 16 Dec
Henry Ellenbogen’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Dec 2025 with 1.
Appearances
In general, at any point in time, we probably have 10, 15% of our capital in the private markets and the rest in the public markets.
But we have to be willing to spend the appropriate time on new ideas.
So when...
We look at Duolingo and the right decision for Duolingo and maybe the right decision for us is only to invest $20 million.
We don't look at it as a $20 million investment on a $15 billion vehicle.
We don't look at it as 10 basis points or 12 basis points.
We actually look at it as our future compounder.
Our investment memos are just fundamentally written different than other investment firms.
When we look at an early stage growth company that is not already competitively advantaged, we write the memo that says is Duolingo does what we think it can do over the next three years.
Not only do we make a fair return,
for the risk of the company.
But at that point in time, we would want to buy more at these higher prices.
And if we can't write the memo that we want to buy more at higher prices, we can't buy the shares and our thesis can't be, it gets bought.
Or our thesis can't be, it'd be a great talent acquisition by someone.
So that has to be aligned.
And then the investors were in business.
We have incredible investors.
We have to be transparent with them that in order to pursue this philosophy, we're going to have what people would say is monthly or quarterly volatility in our performance when they look at our performance.
And that sounds so obvious, but increasingly the market has changed dramatically.
where capital is short cycle.
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