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 in many ways, I feel like we're just getting started on processes that are done by humans.
The second example that I'll talk about, and I'm talking about things that haven't been talked about as much on this show.
When I first really understood what was going on the internet, I ran a global TMT fund and my largest investment was Amazon.
We invested in that one.
It was a $10 billion company.
So I used to go to Seattle twice a year.
So interesting, the things you remember, because it was far from Baltimore.
No one would come with me.
And it was a small company, and people thought I understood it.
And I used to go have lunch twice a year with Jeff Bezos.
At the time, I worked for the firm that was his largest outside shareholder, and it was obviously my research position for the firm.
I learned so many things from those meetings, but one of the things I learned is the very best businesses that leverage technology, leverage it in a way where they use it to lower costs and drive revenue that result in them gaining 30% or more incremental market share in their end market.
And then they take that unit economic advantage and
And they reinvest it in something that is persistent, even if their competition were to wake up tomorrow and do the exact same thing with people just as good as they are.
And to me, that's one of the definitions, a durable of a competitive advantage is if your competitor does a competitive mode attack, doing the exact same thing with people as well, or- It doesn't matter because you're too far ahead.
And as we all have come to understand with Amazon, they took that three to 5% cost advantage of getting that box to you and their ability to put more than one item in the box.
And they use that economic advantage to then go build
fulfillment centers that are physical to reinvest into capital and infrastructure that allowed them to go down that three to 5% cost curve for 20 years.
As I said earlier in the show, they woke up and the only people who could play their game when eventually everyone realized what they were doing were the people who still had the scale and the customer relationships and the trust of Walmart and Costco.
And then eventually when they figured it out, all three of them were great.
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