Adam Valkin

Partner at Vine Ventures. Ex. GC, Accel. Investor in Rapyd, Monzo, Melio, Ro Health, ClassPass, Superplay, Shift, Fiverr, Flywire, GoCardless.

[Adam Valkin @adamvalkin]

@illscience wise man

[Adam Valkin @adamvalkin]

@AdamSteinle impressive @AdamSteinle

[wayne nelms @wayne_nelmz]

More compute insights from Ornn Data

[Adam Valkin @adamvalkin]

@OrnnExchange is building the financial infrastructure for compute. @VineVenturesLP from the beginning…@alexrmoskowitz @bavaria_kush @waynenelms

[Ali Yahya @alive_]

https://t.co/1vCMMOXwFd

[Brett Harrison @BrettHarrison]

Architect AX continues to roll out more equity perpetual products – now live with AMD, Micron, SanDisk, and Intel.

AX is the only exchange where you can trade perpetuals on AI compute as well as the companies critical to the AI supply chain.

[Brett Harrison @BrettHarrison]

Now trading on AX: UST10Y-PERP, our 10-year U.S. Treasury perpetual powered by @MarketVector.

Clean, perpetual exposure to the on-the-run 10-year bond — without expiry rolls, cheapest-to-deliver complexity, or basis risk. Additional tenors launching soon.

[Brett Harrison @BrettHarrison]

The financialization of compute is here. Architect has launched 24/7 perpetuals on Nvidia H100 GPU prices — the first regulated futures contracts on compute, built with @OrnnExchange’s live market indices. The AI economy has its first exchange-traded futures market.

[Israel ישראל @Israel]

One year after launching, 🇮🇱 AI startup Wonderful reaches a $2B valuation after raising over $280M.

Its enterprise AI agents help companies automate complex workflows and cut handling times by up to 60%.

Israel continues to power the global AI revolution. 🇮🇱
https://t.co/iWlMzadFr3

[Adam Valkin @adamvalkin]

@wolfejosh 🔥

[Adam Valkin @adamvalkin]

@JoshuaKushner unstoppable. mazeltov.

[Z Reitano @ZReitano]

https://t.co/bnxvBTWk45

[Adam Valkin @adamvalkin]

@bhalligan Thank you @bhalligan for pushing this. There are so many talented young people in Boston, but much to do to keep them here.

[Adam Valkin @adamvalkin]

@bonatsos @generalcatalyst Niko, you are a star and your best days are ahead of you too. Look forward to collaborating.

[Adam Valkin @adamvalkin]

@cpaik 👏🏽

[Adam Valkin @adamvalkin]

Epic interview with a generational talent…

[Patrick OShaughnessy @patrick_oshag]

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

[Adam Valkin @adamvalkin]

@omerbartal 👏🏽

[Adam Valkin @adamvalkin]

@henrythe9ths Fundraise

[Adam Valkin @adamvalkin]

@vincentzhuu @cursor_ai congrats vincent! lucky them

[Adam Valkin @adamvalkin]

Thank you @ericmreiner. It’s a privilege to partner with you.

[Eric Reiner @ericmreiner]

Welcoming my dear friend and long-time mentor @adamvalkin as a Partner at @VineVenturesLP

The best is yet to come!

@forbes https://t.co/kLoSaQ3sW8

[Adam Valkin @adamvalkin]

@aaditsh 🙏