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.

Appearances

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Invest Like the Best with Patrick O'Shaughnessy · Henry Ellenbogen - Man Versus Machine - [Invest Like the Best, EP.452] · 16 Dec 2025 podcast

I love physical real estate.

I love Amazon or we're investors in Carvana.

I love their reconditioning centers because at the end of the day,

You can't spin those things up.

These things that are super messy, you got to acquire the land.

You got to put it in the right place.

You got to build the right network.

Then you got to go stand it up with the right CapEx and the right systems.

And then you have to have the right operating culture and

This is really, really hard.

If you put your real estate in the wrong place, then your cost of transport is more expensive.

And this culture you got to go build there is super hard.

So I deeply love these physical world moats that exist.

And really, our portfolio has a lot of them in one way or the other.

And that's why when you and I talked about robotics, my mind went to distribution.

It's like, where can robotics basically take already advantaged businesses and make them more advantaged?

The other thing I really believe is these soft things that are incredibly hard.

I think about the example of Dan or her so much because what Mitch and Steve have done is stunningly hard to imagine that for nearly 40 years, you've compounded wealth

at 20% in something that didn't have deep physical modes or didn't have data network effects, like MetaMite or Google have, or the people who believe deeply in open AI, those data network effects

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