Ron Baron turned $100M into $70B. His own math: $30B of that is Elon Musk. Read that again. One founder is worth $30 billion to a single fund. Without Elon, Baron is still a legend. 19% a year for 34 years. Almost double the market. With Elon, it’s 21%. Two points a year. Over three decades, that’s the difference between $40B and $70B. That’s what compounding on the right person looks like. Most fund managers spend their careers diversifying away from exactly this kind of bet. Baron did the opposite. He kept buying, kept holding, and never sold the first chance he got. His frame: “He’s probably the only person in this country who is able to build things at scale at attractive prices. Only one.” Wall Street calls it concentration risk. Baron calls him “a once in a lifetime person.” $30 billion says Baron was right.