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
But if we understand what's unique about that culture, how they allocate capital, we understand deeply how the quality of that Harrison Street is because we've studied it for 20 years and we know the people who run it.
Well, that's a reason why we're willing to lean into that stress.
The same thing when I look at our early stage growth portfolio.
I spoke about Duolingo earlier.
They came public the last time the capital markets were really open to companies, which was 2021.
And there's been a lot written about the 2021 IPO class, how they came public in a zero interest rate environment.
And so many of these companies actually...
We're going to have a tough time getting to profitability.
And as interest rates went up in 22, I think correctly, a lot of people said, actually, just throw them all out.
The average loss making company in 2022 in the Russell 2000 growth went down over 70%.
Our view was, makes sense.
The market's probably right.
But not all of these can't adapt.
Not all of these don't have businesses that are good enough to make real economic returns.
Our view is not all of these companies didn't have the discipline and the organizational fortitude to transition and become successful.
successful companies in a world that actually required profitability based on the change of interest rates.
Duolingo is an example of a company that we actually bought more of in 22.
And that was an example of an early stage growth company that we dollar cost averaged down.
I think we're advantaged in.
Because if you're rule-based in what you do, or you have a one or three month timeframe, you just can't own Duolingo.
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