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
Here's what I think.
First of all, I don't think it's for everyone, but I believe the path to building a compounder or even what some people would say a generational company through the public markets
is proven.
If you understand how to do it, actually very clear what you do.
Let's go back to the compounder studies and then I'll give you an example or two.
When you look at these compounders that were 6X companies in 10 years, the 40 of them,
The average one of them has a period of time where the stock goes down 50%.
And it doesn't go down 50% only when the market is down 20.
They go down 50% when they go through transition.
So I'll give you an example from my career.
Netflix started as a DVD mail business.
To Reed's credit, he realized that streaming was the future, and he wanted to tackle this offensively.
Like any transition, it's a little messy.
First of all, he tried to split the company.
He announced that he was going to have Netflix and Flickster.
He had to go back because he violated customer trust and churn spiked.
And then the other thing that happened was in that period of time, he was buying back stock at $280 and the stock went to $70.
And I remember this really well.
When I was at T. Rowe, I lit a pipe to recapitalize Netflix.
And Reid's a great entrepreneur for a lot of reasons.
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