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

They obviously ended up winning.

We did that pipe.

at $4.5 billion.

Look at the market cap of Netflix today.

Yeah, it was a little messy, but it worked out well.

So what does the public market do?

I think, first of all, it sent a signal to Netflix that actually you're under a real transition here.

And maybe your assumptions on your financial model are you need to have a wider fan of scenarios.

Two, if you work at Netflix, you could say, well, you had the pain of seeing your stock go from 280 to $70.

By the way, people think that was a great investment.

I always point out to people a year later, it was in the 50s, right?

So a year later, did it look like a great investment, right?

But I think what it does, you have to do this properly, you have to be resilient, you have to have a culture, but it allowed Reed to basically align external and internal investments and actually get his entire senior team aligned on what they needed to do, but also realigned on incentives.

So I point out to people, I believe to build a great company, you have to balance growth, profitability, and innovation.

I talked earlier about if you're a growth company, you don't have to trade on a PE, but you have to show that path.

Back to the conversation with Duolingo and Toast and Affirm and that transition.

And you're better off doing it sooner rather than later.

And two, if you've got to go realign your internal team, well, actually realigning people to the right mark is actually really helpful.

And the people who want to re-up, re-up, and the people who do it get handsomely rewarded, and the people who don't obviously can move on.

And I think that's really, really good culturally.

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