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 months

Recordings per month over the last 12 months — 1 in all, peaking in Dec 2025 with 1.

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It's actually a really good real estate asset manager emerging really strong consulting firm.

So last year,

When people were worried about the weak commercial real estate market and interest rates, we bought a lot more of that company.

It sold off based on short-term macro concerns.

So in that part of the portfolio, probably we're buying more of the companies when they go down.

I started thinking a lot about it two years ago.

And in hindsight, I probably should have started thinking hard about it three years ago.

You don't get everything right.

There was a period in my career where the quant funds really started to do great.

The two sigmas of the world.

One of the things we really stress at Durable is humility.

So we never look at a problem

and assume we're right and the other person's wrong.

And we never assume we're good and the other person's bad.

We actually look at things and assume the other person's really smart and what we can go learn from them.

And so this relates back before I found it durable, but I went and I studied the quants.

And what I concluded was,

The short-term alpha game is probably going to be won by the machines paired with the humans.

At the time, it was when, for the first time, computers paired with machines could beat the best human chess player.

And this is obviously when I went to spend time with the principal at Two Sigma, I learned he was doing exceptionally well.

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