Henry Ellenbogen - Man Versus Machine - [Invest Like the Best, EP.452]

Introduction

PatrickMy guest today is Henry Ellenbogen, founder and managing partner of Durable Capital Partners. Henry built his reputation at T. Rowe Price, where he led the New Horizons Fund and turned it into one of the best performing small cap growth portfolios in the country, compounding 19% annually and consistently beating benchmarks for nearly a decade.

In 2019, he left to start Durable. His philosophy is grounded in a simple belief that great investing is about understanding people and change. Henry has spent his career studying the rare 1% of companies that drive nearly all long-term returns—businesses led by exceptional operators who turn moments of uncertainty into compounding advantage. Durable's edge comes from that human judgment, from spending time with founders and executives, and learning to tell the difference between a company that is failing and one that is transforming. Henry often talks about Act 2 teams: founders who take the lessons from their first company and apply them to a new frontier. Durable itself is his Act 2.