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

And if you go back to the conversation we had when we eventually studied compounding,

We went back and we ran that study in periods.

We looked at the public markets and we asked ourselves a simple question.

In the world of positive real rates, which is the entire history of the U.S.

equity market except for that short period of time, which I don't know if we'll ever see again, there's on average about 40 compounders.

And during the period of time of free money, there was 120 compounders.

So it was three times easier to do it.

And then we asked ourselves a simple question, what patterns only exist when money's free?

So not surprisingly, everyone would imagine the pattern of driving growth and profitability is perennial and actually works regardless whether money is free or not.

The other thing that was really interesting, which was really important to us and gave us confidence to go buy more of the Duolingos in 22 when we did this work, is that if you're a small company, you don't have to be gap profitable.

And you don't even have to have an ROI that is above your cost of capital.

But you do have to show progress in your path towards it.

And then what doesn't work?

Well, a company that doesn't earn financial returns and is showing no progress.

And the other one that doesn't work, which we don't do a lot of, was go buy a low quality return business at a high price, but leverage really cheap debt.

So I felt strongly because we had seen cycles before and because we truly had expertise and also because we're really are companies that we invest in a long-term partner.

We want to invest in companies that are private and still own them with their public.

We want to help them with transition.

I thought we had expertise and a perspective that many people had not gotten before.

And so to reference what this meant was we had these conversations

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