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$DASH · DoorDash among Durable's largest public positions; led last private round and continued buying post-IPO
now playing · $DASH
$FIG···bullish· high· poshenry ellenbogen
Figma: Durable underwrote 2020, led 2021 round; same partner tracks from $30M ARR private to public
Durable's model enables tracking companies from early private ($2B val, $30M ARR) through IPO and beyond with same analyst (Katherine). Figma demonstrates purpose-built org struct…
$DASH···bullish· high· poshenry ellenbogen
DoorDash among Durable's largest public positions; led last private round and continued buying post-IPO
Durable led DoorDash's final private round and has held through public markets, adding on volatility. Physical logistics network (fulfillment centers, reconditioning) creates hard…
$AFRM···bullish· high· poshenry ellenbogen
Affirm: Max Levchin (PayPal co-founder) as archetypal Act 2 entrepreneur; AI leaning out legal/compliance headcount
Max Levchin combines deep technical talent, recruiting magnetism, resilience, and leadership. Regulated fintech has high legal/compliance costs; AI enables growing revenue without…
$TOST···bullish· medium· poshenry ellenbogen
Toast: led final private round; 2022 engagement with CEO Aman on path to profitability amid rate shock
Durable led Toast's last private round. In 2022, Ellenbogen directly engaged CEO Aman Narang with data showing only companies showing progress toward profitability survive positiv…
$CIGI···bullish· high· poshenry ellenbogen
Colliers misunderstood as cyclical broker; actually strong asset manager (Harrison Street) and consulting platform
Jay Hennick (Act 2 entrepreneur, founded FirstService) builds durable businesses via decentralized incentives, sharp capital allocation, and partnership model. Harrison Street (re…
$DUOL···bullish· high· poshenry ellenbogen
Ellenbogen details Duolingo as largest holding: AI-native founder, 20x content velocity, chess product at 1M+ DAUs
Luis von Ahn (ex-CMU AI head) combines technical depth with business clarity; AI enables 20x faster product development (chess built in 9 months by 6 people vs 4-6x people/4x time…
$CVNA···bullish· medium· poshenry ellenbogen
Carvana reconditioning centers as physical moat: hard to replicate land, capex, network, operating culture
Physical reconditioning centers require land acquisition, strategic placement, capex, systems, and operating culture — 'super messy' to replicate. Wrong location increases transpo…
$FSV···bullish· high· poshenry ellenbogen
FirstService: Jay Hennick's human-capital culture and decentralized incentives compound across mundane verticals
No single sharp moat (data/network effects), but 40-year compounding at 20% via exceptional human capital culture: attracts/retains A-players, decentralizes incentives so operator…
$WDAY···bullish· highhenry ellenbogen
Workday: Act 2 team (PeopleSoft founders) leveraged cloud to rebuild HR system of record with exception management
Aneel Bhusri and Dave Duffield (PeopleSoft founders) brought deep domain knowledge of 'exception management' at scale to cloud architecture. Invested at ~$100M revenue ($2B val) i…
$SPCX···neutral· mediumhenry ellenbogen
SpaceX may never need to go public; indefinite private path viable for elite companies
Ellenbogen acknowledges SpaceX could stay private indefinitely given Elon Musk's control and capital access. Private markets now support $100B+ valuations for loss-making growth c…