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.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Dec 2025 with 1.
Appearances
Russell 2000 Growth, or for your investors who don't know, Benchmark's small cap company over that 10-year period in the 2010s, well, actually it was Domino's Pizza, which was a modest growth company, didn't average 10% growth over the period of time.
Why was Domino's so good?
Well, it turned out, having gone back and studied Domino's from the beginning, but obviously owned the stock for some period of time, if you look at the pizza market in the United States,
When Domino's started its run, you basically had a third of the market that was local.
So probably like a lot of listeners, I have my favorite local pizza place, and I like it because the pizza's great.
And then the other third we know, there's the Nationals, Domino's, Papa John's, Little Caesars, others.
And then the middle third, there used to be in D.C.,
This place called Armand's that had about 30 places and they had local or geographic scale, but they didn't have the scale of Domino's and they didn't have great pizza.
And what happened was when Domino's started its run, well, first of all, it started by basically making the product a little bit better.
But if you talk to Patrick Doyle, who was CEO at the time, and you really study it, what they started doing was if there's three value equations in pizza, it's quality, value, and convenience.
And what they realized is if we really, really invest in technology, we can make convenience a lot better.
And so they really invested in their app and they built a direct relationship with their customer.
Very early on, they could then target that customer more efficiently with couponing, what have you, drive scale through that box.
And then when you do something well, you improve the product, probably was slightly above average.
You really iterate on convenience, and now you have a direct relationship with those customers.
All of a sudden, actually, the brand halo started getting a little bit better because people thought Domino's was with it, and it started to really help the brand.
And you put all that together against a wonderful business model, the franchise business model, which is ROI light, you end up with a great stock.
One of the things we think a lot about at Durable is which of the companies that are in distribution, trucking, healthcare, who are already good and maybe investing on a different curve, have the ability to use AI.
to either substantially lower their relative cost advantage versus their competition, gain more revenue scale, and then reinvest that in a way where you create something that's permanent over the companies that maybe get to this late if they ever get to it.
And often those are the best stocks when you go study the markets,
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