Gefeliciteerd aan @srikanthatcache en het @usecache team met het overschrijden van $1B aan activa! Waarschijnlijk een van de snelsten die deze mijlpaal hebben bereikt onder digitale investeringsplatforms.

Vandaag gaat meer dan 90% van de uitgaven aan gezondheidszorg (alle $4,5T ervan) naar de behandeling van chronische aandoeningen nadat iemand ziek is. Minder dan 3% van die uitgaven gaat naar preventie. @Truemed bestaat om meer mensen te laten investeren in True Medicine. Beweging, voeding, supplementen, beweging, slaap, het verwijderen van toxines… levensstijlinterventies die mensen helpen om ziekten te behandelen en te voorkomen, niet alleen de symptomen van onderliggende ziekten te behandelen. We bouwen tools die gekwalificeerde individuen in staat stellen om de $160B aan belastingvrije HSA/FSA-fondsen te ontsluiten en deze te gebruiken voor deze oorzaakinvloed. Sinds de lancering, slechts 2,5 jaar geleden, hebben we bijna een miljoen individuen geholpen om voor deze interventies te betalen, en we zijn pas begonnen. Als we de gezondheidszorg in Amerika willen verbeteren, moeten we Amerikanen fundamenteel helpen gezonder te worden. Ik ben extreem trots om onze $34M Series A aan te kondigen, geleid door a16z, en ben enthousiast om ons werk voort te zetten om de crisis van chronische ziekten te beëindigen.

Henry Ellenbogen has one of the best track records in growth investing, yet he has kept a notably low profile. He built his reputation at T. Rowe Price, where he ran the New Horizons Fund and turned it into one of the best-performing small-cap growth portfolios in the country. He backed more than 50 companies through IPO before leaving in 2019 to found Durable Capital. Henry believes great investing is about understanding people and change. He spent his career studying the 1% of companies that drive nearly all long-term returns, which led him to a simple philosophy: invest in small companies that can become large ones. He built Durable to uniquely support a company through its full compounding journey. A single team can invest early in private markets and continue owning businesses as they scale into durable public companies. He talks about investing in and learning directly from founders like Jeff Bezos, Reed Hastings, @tobi, @mlevchin, and @LuisvonAhn, and watching how they adapt and rebuild as their businesses scale. He is especially drawn to "Act II" entrepreneurs, founders who have already built one company and return with sharper judgment and execution the second time. We also discuss Durable itself, which is Henry's own Act II. He explains how he has built the firm around developing talent, measuring people by how much they make others better, and his discipline of writing memos and doing multi-year lookbacks on every investment. What comes through most clearly is how much Henry loves the craft of investing, and how seriously he takes building something meant to last. Enjoy! Timestamps: 00:00 Intro 03:02 Origin of an Investment Philosophy 07:02 The "One Percent" of Stocks 13:17 Domino's 19:10 Betting on "Act Two" Teams 24:31 Building Durable Capital 34:46 Market Structure and Time Arbitrage 52:49 Adapting to Discontinuous Change 1:03:19 Physical Moats vs. Soft Moats 1:11:52 The End of Free Money 1:37:35 The Argument for Going Public 1:46:43 The "Warriors" Mindset 1:51:17 Kindest Thing