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
The second derivative is actually there's a lot of businesses that are spread businesses.
You look at a lot of distribution businesses as an example.
If you distribute, I'm going to talk about a great business like HVAC, the industry tends to put a spread on the raw material.
If your HVAC unit basically inflates at 3% to 5%, that's good.
If your HVAC deflates at 3% to 5%, that's bad.
And so if you were a spread business on top of it, that was problematic.
every company that was product-based or derivative product-based had to understand China costs.
And I think the same thing applies to AI, but I think it's not product-based this time.
It's IP-based.
So let's go back to Macs as an example.
A firm most people would think about
and correctly so, as a fintech company that empowers people to get access to credit in a safe way and actually a pretty compliant, friendly way with no tricks.
And he's doing even more than that now.
But at the end of the day, because he is regulated, he has a lot of legal costs in the company.
He's got hundreds of thousands of contracts with merchants.
He's got to monitor his partners on how they communicate credit.
And that just requires a lot of people.
If you talk to him, and he's talked publicly about this, he's got great belief that a firm can grow at the rates it's growing at for a reasonable period of time.
In addition, they can do it without adding headcount.
And the reason for that, obviously, he's gonna go lean out a lot of processes that were not possible to go do before AI.
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