Keep pulling the thread on Henry Ellenbogen.
If the T. Rowe Price New Horizon Fund had held its initial stake in Walmart, that single position would have been worth more than the fund's entire $8 billion AUM at a later date.
DoorDash, Affirm, and Toast, for which Durable Capital led the last private funding rounds, remain among the firm's largest public market positions.
An estimated 80% to 90% of institutional trading flow in public markets is driven by firms with one-to-three-month time horizons or by quantitative funds.
Henry Ellenbogen predicts that the impact of AI will be at least as powerful as the internet.
Affirm's CEO, Max Levchin, believes the company can maintain its current growth rates for a reasonable period without adding headcount by using AI to improve process efficiency.
Amazon created a durable competitive advantage by using a 3-5% logistics cost advantage to fund the construction of a physical fulfillment network, which in turn lowered costs by an additional 3-5% annually for 20 years.
Duolingo's CEO Luis von Ahn states that AI has made content generation 20 times faster, enabling the development of its new chess product in nine months with a small team.
Henry Ellenbogen predicts that the cost of robotics for existing use cases will likely decline by 15-20% annually due to the integration of general-purpose LLMs.
Danaher has compounded wealth at 20% annually for nearly 40 years.
Had the T. Rowe Price New Horizon Fund held its stake in Walmart, that single position would have eventually been worth more than the fund's entire $8 billion in assets under management at the time.
T. Rowe Price and TCV co-led a private investment in public equity (PIPE) to recapitalize Netflix at a valuation of approximately $4.5 billion during its transition to streaming.
The telecom infrastructure buildout during the TMT bubble, despite causing large investor losses, laid the foundation for broadband which enabled the rise of companies like YouTube and Netflix.