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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: All Right, we're here in Miami for a massive episode.

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Speaker 3: Of The Deal. Josh Harris.

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Speaker 4: I mean, when you think about team owners, he is

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Speaker 4: the guy. He has a playbook for having multiple teams

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Speaker 4: in multiple cities. Think about the Commanders, the Sixers. I'm

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Speaker 4: going to be taking a.

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Speaker 2: Lot of notes. What a time to be talking to him.

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Speaker 2: He is just passed announcing a huge deal for a

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Speaker 2: new stadium in Washington, d C.

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Speaker 4: Three point eight billion dollars. I cannot wait to get

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Speaker 4: into the details.

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Speaker 2: Tons to talk about. Let's get after it. This is

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Speaker 2: an interview we have had circled for a long time.

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Speaker 2: Josh Harris. I could spend the entirety of the episode

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Speaker 2: talking about all the different things that you do. Welcome

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Speaker 2: to the deal.

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Speaker 3: Great to be here, Thank you for having me.

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Speaker 2: All Right, so sometimes it's better to be lucky than smart.

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Speaker 2: We're talking to you days removed from really one of

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Speaker 2: the biggest deals that's happened in sports in a long time,

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Speaker 2: the announcement of a new stadium in Washington, d C.

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Speaker 2: We've got a lot to talk about, but let's start there.

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Speaker 2: What do you make of it? Like, how substantial. How

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Speaker 2: seismic is this in your sports life?

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Speaker 1: Well, it's seismic, I think for the city, for the DMV,

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Speaker 1: for DC. DC's obviously incredibly important city and you know,

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Speaker 1: I grew up there.

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Speaker 3: I grew up in Chevy Chase, Maryland.

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Speaker 1: And to be able to bring football back to RFK Stadium,

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Speaker 1: the spiritual home of Washington football, of the Commanders, and

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Speaker 1: you know, build a next generation, world class venue, and

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Speaker 1: obviously venues are advancing, the technology is advancing, the fan

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Speaker 1: experience is advancing, and then you know, it's not just

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Speaker 1: a football venue. We're gonna put a dome on it.

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Speaker 1: We're gonna make it about football, but we still put

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Speaker 1: a dome on. It's very important the city that they

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Speaker 1: be able to host massive events like the Super Bowl.

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Speaker 1: Maybe we're now we gonna push Roger on that, but

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Speaker 1: you know, you know whatever, Beyonce, you know, pick an

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Speaker 1: event and d C obviously is a gateway city for

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Speaker 1: the United States.

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Speaker 3: So it'll make d C great and proud.

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Speaker 1: And then not only that, it's two point ten billion

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Speaker 1: doire stadium, but it's a three point eight billion dollar

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Speaker 1: including all the stuff that's gonna happen with the infrastructure

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Speaker 1: and everything. And then there's the stadium itself is about

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Speaker 1: fifteen percent of the overall ground.

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Speaker 3: You're I don't know if you ever been down there, but.

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Speaker 1: You got the capital and the monument you can see it.

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Speaker 1: You got the Anocostia River, and then it's a fifteen

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Speaker 1: minute bike ride to National's Park the Navy Yard. So

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Speaker 1: you're gonna redevelop a lot of neighborhoods with d C

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Speaker 1: affordable housing, you have a whole bunch of part and

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Speaker 1: then you know, retail mixed use, uh and so you're

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Speaker 1: going to really change those areas in a really positive way.

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Speaker 1: And DC's had an amazing they've done this in the past.

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Speaker 3: So yeah, you know.

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Speaker 1: It's incredible actually and really exciting to be able to

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Speaker 1: engage with a city and help a city.

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Speaker 2: It is a massive deal. It's on a scale that

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Speaker 2: you know, we we haven't seen in a long time.

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Speaker 2: I mean, take us inside if you can, and sort

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Speaker 2: of getting it done, Like what were the what were

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Speaker 2: the key issues that you had to overcome? I mean

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Speaker 2: you were looking at multiple sites. DC emerges, you know,

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Speaker 2: as the as the winner. Ultimately there's a lot going on,

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Speaker 2: as you said in Washington, what was the key decision

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Speaker 2: point for you and really getting this done.

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Speaker 3: Okay, So we play in Maryland today.

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Speaker 1: The team has played in Maryland since the nineties, like

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Speaker 1: the late nineties. And you know, obviously the DMV is

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Speaker 1: is DC Maryland Virginia. D c's in the middle, right,

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Speaker 1: so rfk's in the middle, so Maryland right for Virginia

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Speaker 1: fans a further.

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Speaker 3: But we play in Maryland.

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Speaker 1: And so the first thing we had to do is

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Speaker 1: sure all through the process Governor Moore, who really cares

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Speaker 1: about landover the government of Maryland, you know, he wanted

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Speaker 1: to make sure that you know, we said to him, look,

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Speaker 1: we have to consider d C because it's the spiritual

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Speaker 1: home of the commanders. And he said, look, I'm willing

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Speaker 1: to let you consider that and be generous about how

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Speaker 1: you allow you to have some options, but you need

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Speaker 1: to convince me that you're gonna, you know, build something

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Speaker 1: in Maryland if you decide to leave. And so we

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Speaker 1: concluded a deal with the governor and that allowed for

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Speaker 1: the project to be the land to be transferred to

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Speaker 1: d C. So I don't know if you remember, but

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Speaker 1: as the last Congress, with sunsetting, we got one hundred

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Speaker 1: zero vote.

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Speaker 3: In the Senate.

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Speaker 1: Yes, the land was under federal control until the land

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Speaker 1: was under DC control, and then it wasn't possible to

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Speaker 1: build a stadium from there. We had negotiations going with

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Speaker 1: a lot of different parties, and you know, we'll blessed

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Speaker 1: that everyone wants the commanders and ultimately concluded to deal

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Speaker 1: with the mayor that would be highly beneficial for d C.

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Speaker 1: And at two point seven billion, which is what we're

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Speaker 1: putting up, it's the largest investment in DC ever.

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Speaker 3: So it's the largest investment in DC's history.

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Speaker 1: And so once the mayor decided that it was okay,

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Speaker 1: we signed a term sheet with the mayor and now

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Speaker 1: we're working.

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Speaker 3: With the DC City Council.

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Speaker 1: Who I mean, the project has incredible ROI for DC.

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Speaker 1: Literally billions of tax revenues, thousands of homes, and thousands

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Speaker 1: of jobs, right and so.

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Speaker 3: In affordable homes. And of that thirty.

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Speaker 1: Percent are by agreement, going to be at least that

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Speaker 1: will be affordable homes. And so it's going to raise

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Speaker 1: the standard. And then you get an amazing entertainment district.

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Speaker 1: And I mean, who's not going to play in a

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Speaker 1: new stadium with the backdrop being literally the capital and

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Speaker 1: then you get the redevelopment on the Anacostia River.

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Speaker 3: So this is going to change DC.

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Speaker 1: And so I'm hopeful that the Council is doing its work.

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Speaker 1: A number of the of ours are already supporting that,

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Speaker 1: but we have some work to do. So now the

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Speaker 1: next step for us is to obviously get the council's vote.

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Speaker 1: You've got to tell the citizens and the politicians, you know,

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Speaker 1: why this is good for the city, why they should

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Speaker 1: invest their money in this. And the reality is DC

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Speaker 1: is going through a harder time right now, and we

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Speaker 1: were very sensitive that and made sure that this deal

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Speaker 1: was very good for DC.

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Speaker 3: But I'm also.

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Speaker 1: Focused on making it a place where our opponents fear

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Speaker 1: to come, which is how this I grew up, and

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Speaker 1: where our fans love to come. And you know, our

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Speaker 1: RFK right was you know, it was incredible. I mean

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Speaker 1: the stands would shake, and it was a smaller arena,

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Speaker 1: but it was loud and you know, people showed up.

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Speaker 2: Yeah, I want to talk even more broadly about you've

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Speaker 2: got multiple arena projects going on literally around the world.

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Speaker 2: But before we get there, how do you balance the

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Speaker 2: sort of private and public funds of it all. I mean,

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Speaker 2: this has been like one of the substantial questions around

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Speaker 2: developing stadiums. How did you come to sort of the

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Speaker 2: calculus there?

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Speaker 1: Yeah, so if you look at the calculus, we had

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Speaker 1: to make sure that it was very favorable to DC.

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Speaker 1: And so because that's definitely something that people consider. They

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Speaker 1: sometimes there's the ROI of a stadium, but they also

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Speaker 1: want to know, Okay, how much is the city contributing?

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Speaker 1: And the RFK site has been sitting there since they

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Speaker 1: closed RMK and it's like crumbling concrete. I mean, it's

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Speaker 1: it's it's not great, right, there's nothing there, nothing's been

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Speaker 1: done with it, you know, and generating zero for zerojenning

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Speaker 1: zero and actually costing money to make sure it's safe

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Speaker 1: because it's just an open air thing and you know

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Speaker 1: there are you know, pasts and everything else. So whatever

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Speaker 1: they do, whatever DC decides that they're gonna have to

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Speaker 1: put a bunch of money into that site, just you know,

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Speaker 1: creating sewage and infrastructure and other things. And then we

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Speaker 1: paid for everything else. And when you and when you

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Speaker 1: benchmarkt you know there's actually articles that say, wow, did

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Speaker 1: the commanders get a good enough deal? And you know,

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Speaker 1: we're getting criticized, which I guess if that's the criticism

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Speaker 1: people are leveling at me.

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Speaker 2: The criticism is that you didn't get into.

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Speaker 3: The criticism in certain NFL sports. I've heard that. I've

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Speaker 3: heard that.

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Speaker 1: Yeah, So like I'll take that criticism because on the

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Speaker 1: other side of that, we have to convince d C

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Speaker 1: and the public that it's fair, and we have to

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Speaker 1: convince the council that it's fair and that and the

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Speaker 1: mayor has to sell it, and the public is overwhelmingly supportive,

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Speaker 1: which I think should help us. I mean, I think

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Speaker 1: that usually these things are more controversial, but everyone who

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Speaker 1: grew up in d C or in the DMV knows

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Speaker 1: that they remember what a great place are was and

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Speaker 1: how unifying it was, and what it was like when

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Speaker 1: Washington football was dominant in the NFL.

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Speaker 3: And I think we can bring it there again.

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Speaker 2: So you've been a dealmaker for a long time. A

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Speaker 2: lot of the deals you seem to be doing right

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Speaker 2: now are for stadiums and arenas. You have a deal

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Speaker 2: that we'd love to talk about to build a new

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Speaker 2: arena in South Philly. Then you've got a big project

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Speaker 2: in South London with Crystal Palace, the football club that

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Speaker 2: you're an owner of as well, what's the common thread there?

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Speaker 1: Well, so the common thread is building amazing fan experience,

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Speaker 1: player experience, and something that helps the cities. Right, So

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Speaker 1: you're ultimately in finance, you're a steward of people's capital.

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Speaker 1: In sports, you're steward of people's memories and how they feel,

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Speaker 1: how the commanders do, how the teams play, makes the

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Speaker 1: city happy or the area happy, and then you have

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Speaker 1: to treat everyone incredibly well. And so if you start

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Speaker 1: with that as a premise and you say I'm going

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Speaker 1: to be guided, my north start is going to be

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Speaker 1: how do we create amazing memories? I had amazing memories

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Speaker 1: at RFK. I remember some of my earliest memories. I

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Speaker 1: remember being four years old, I mean literally four years

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Speaker 1: old and walking in there with my dad and you know,

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Speaker 1: just hearing it all, and I don't.

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Speaker 3: Remember a lot about it.

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Speaker 1: But then I remember being eight and Washington football losing

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Speaker 1: to the Dolphins fourteen to seven in the Super Bowl

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Speaker 1: and garyl you Premian black kick was the one touchdown.

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Speaker 1: We Washington ran all the way back and we lost

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Speaker 1: fourteen seven. Dolphins were seventeen.

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Speaker 3: Oh don Joy and Greasy.

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Speaker 1: On Sundays, DC would shut down and DC's obviously, if

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Speaker 1: not the most important amongst the most important cities in

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Speaker 1: the world, and everyone would be.

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Speaker 3: Glued to their TVs or at the stadium.

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Speaker 1: I remember riding my bike to the story Ones and

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Speaker 1: no one's out, They're all watching football.

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Speaker 3: So I think that I.

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Speaker 1: Want to bring those days back and I want to

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Speaker 1: make a DC prout And it's the same would go

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Speaker 1: for Philly in London. Whatever you do, it has to

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Speaker 1: be about the fans and about the experience, and about

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Speaker 1: the players and enhancing their experience and.

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Speaker 3: Their ability to win, because winning really matters.

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Speaker 2: Yeah, let's talk about Philly for a second, because that

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Speaker 2: arena is a really interesting case study. Some twist and

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Speaker 2: turns there, twist and turns to say the least looked

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Speaker 2: for a while like you were going to go into

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Speaker 2: into a different site. You ultimately come together with an

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Speaker 2: announcement with your friends at Comcast to you know, redevelop

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Speaker 2: you know, very close to where you currently play there

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Speaker 2: in South Philly. What were the key moments there at

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Speaker 2: the end that got you to where you needed to be.

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Speaker 1: So the key moments were that, you know, we wanted

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Speaker 1: to build a City arena. Comcasts wanted to build an

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Speaker 1: arena out by them and do it.

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Speaker 3: A little bit later than we did. And what we when.

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Speaker 1: We came together that we said, again with the North

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Speaker 1: Star being what's great for Philly, what's the right thing

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Speaker 1: for Philly, we decided that we would build sooner, so

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Speaker 1: give the fan, create the fan experience sooner, and do

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Speaker 1: it in their site and do it together and then

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Speaker 1: but also redevelop the site that we had created in

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Speaker 1: in the Fashion Mall district right downtown and do something

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Speaker 1: great there as well. And so the city would get

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Speaker 1: you know, two for the price of one, and that

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Speaker 1: allowed for the deal to move forward, and you know,

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Speaker 1: us doing it together with basketball and hockey in the

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Speaker 1: same arena and the combined you know kind of comcasts

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Speaker 1: and HBOC that all allows us to build a better

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Speaker 1: arena that makes that's even greater a city, but also

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Speaker 1: develop you know, downtown and help that area as well.

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Speaker 3: You know.

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Speaker 1: One of the awkward things was, you know, we had

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Speaker 1: we had had different perspectives and it had caused you

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Speaker 1: know a lot of i'd say debate in Philly on

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Speaker 1: both sides. And at the end, you know, Brian and

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Speaker 1: I just came together and said, look, let's just put

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Speaker 1: this behind us and and create a win win and

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Speaker 1: Roberts yes, and and that you know that, like like

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Speaker 1: Philly had. That took a little adjusting for the city,

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Speaker 1: but at the end of the day, the strength of

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Speaker 1: the project garnered the support of the mayor and uh

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Speaker 1: support of the city, and so we're moving forward really

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Speaker 1: quickly in a positive way.

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Speaker 4: So, going back to your kind of Harvard business school days,

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Speaker 4: then you found an Apollo with two other partners, and

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Speaker 4: then on eleven you get into the world of sports

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Speaker 4: once you go public and Apollo you took one of

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Speaker 4: your old play from your old playbooks, Corporate Carbon from Comcast, right,

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Speaker 4: you're talking about Brian Roberts, and s Nier was probably

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Speaker 4: involved somewhere in the world there. You bought that team

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Speaker 4: for two hundred and eighty million dollars or so, Yes,

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Speaker 4: what was your vision? You've always had a tendency to

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Speaker 4: look around corners. Did you ever dream that the world

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Speaker 4: of sports would balloon to where it is today? And

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Speaker 4: how what has that experience kind of shaped now? The

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Speaker 4: Commander's Devil's at three twenty. How do you go from

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Speaker 4: those numbers to six and justify it.

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Speaker 1: Yeah, So I would say that it would be hard

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Speaker 1: for anyone to say that they dreamed that the valuations

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Speaker 1: in sports would be where they are today. But I

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Speaker 1: felt that, you know, when we looked at the Sixers,

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Speaker 1: it started off as an emotional thing. I Apollo had

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Speaker 1: gone public. I found myself, you know, financially successful, more

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Speaker 1: than I had ever dreamed. And I had gone to Pen.

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Speaker 1: My dad had gone to Pen. I knew a fellow,

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Speaker 1: David Blitzer from Penn, and the Sixers were part of

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Speaker 1: a big entity that had the Flyers and the Arena

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Speaker 1: and a series of other and EDG. Schneider was managing it,

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Speaker 1: and his passion was the Flyers. He had started the Flyers,

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Speaker 1: and the Flyers were doing great and the Sixers were

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Speaker 1: not doing as well for many many years, and I

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Speaker 1: had been I lived through this thing, and it must

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Speaker 1: have been indeubibly in my memory. In nineteen eighty two,

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Speaker 1: the Washington football won the Super Bowl. Washington was very

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Speaker 1: divided city, both racially and as socioeconomically. Everyone came out

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Speaker 1: in the streets one ticket tape rate at senior in

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Speaker 1: high school, go up to Penn as a freshman I'm seventeen.

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Speaker 1: I see doctor J Moses Melamori's cheeks Andrew Tony win

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Speaker 1: the NBA title and they dominate the playoffs. And then Philly,

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Speaker 1: which was also a very challenged city. You know, tough

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Speaker 1: economics comes out in the streets, and for a moment

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Speaker 1: in time, sports brought everyone together. And I noted that

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Speaker 1: I never thought in my wild streams I'd be an

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Speaker 1: owner of both these teams. So I to have the

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Speaker 1: opportunity to own both these teams, it's an amazing thing.

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Speaker 1: But coming back to your question, when we bought the Sixers,

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Speaker 1: they had they had less connection with the city, and

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Speaker 1: that in teams, if you're connected with the city, if

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Speaker 1: they think you're trying to win, if you think if

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Speaker 1: they think you're on their side, if you're.

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Speaker 3: Doing things for the right reasons.

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Speaker 1: Generally the revenues follow, right. So at this point, the

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Speaker 1: revenues were lagging. They were near the bottom in revenues.

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Speaker 1: They were losing fifty million a year, and the NBA

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Speaker 1: was in a lockout and so they weren't even playing.

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Speaker 1: And so we put together a group and I and

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Speaker 1: we sort of decided to zig when others were zagging.

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Speaker 1: You know, it was a little contrarian, and we said, look,

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Speaker 1: we think that this team really matters.

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Speaker 3: It's got a storied history.

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Speaker 1: We think we can reconnect with Philly if we do

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Speaker 1: the right things.

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Speaker 3: And we you know, brought in a whole need.

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Speaker 1: We bought it at two hundred and eighty million to

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Speaker 1: eighteen months, a lot of negotiations with camp guests who

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Speaker 1: were very good at their job, and took eighteen months.

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Speaker 1: And I remember the Comcast team saying, well, we're going

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Speaker 1: to schedule the arena. We do that and you'll just

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Speaker 1: get whatever. And we're like, why don't we have input

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Speaker 1: into that. So there's a million issues like that, just

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Speaker 1: like little nuanced issues that really matter, because the days

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Speaker 1: you get really matter.

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Speaker 3: And then we reconnected with the city.

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Speaker 1: You know, we started to win basketball games, We started

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Speaker 1: to improve the fan experience, the food, the driveway to

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Speaker 1: driveway experience. And then now you fast forward today we're

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Speaker 1: top quartile, top five and every major revenue category and

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Speaker 1: teams profitable. And then along the way, as are more

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Speaker 1: importantly global. The evolution of sports, right, we used to

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Speaker 1: be that you watch sports on cable, with cable become extreaming.

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Speaker 3: People can watch sports all over the world.

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Speaker 1: More people watch the Sixers in many cases in China

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Speaker 1: or overseas and watch them in Philly. And so the

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Speaker 1: value creation that's occurring at these leagues is obviously massive

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Speaker 1: uplift and revenue, and that's creating of growth in revenue,

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Speaker 1: which is creating some profitability. I mean, each league is different,

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Speaker 1: and obviously certain leagues are more profitable than others. But

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Speaker 1: over time it's allowing for the teams to invest and

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Speaker 1: enhance their experiences. And what's happening in sports is garnering

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Speaker 1: more and more attention and more and more consumer focused,

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Speaker 1: like every live events. And so the big five sports

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Speaker 1: are now global media businesses. So that all that stuff

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Speaker 1: has contributed. And we could talk a lot about valuation

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Speaker 1: if you want.

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Speaker 4: It's so intriguing, Like you talked about this evolution of

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Speaker 4: growth in sports mostly driven by media and other things

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Speaker 4: gaming and real estate and holding companies and all that.

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Speaker 4: How does private equity play in this situation? Obviously, anytime

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Speaker 4: you have institution of money coming into a space, usually

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Speaker 4: their you know, evaluations rise. What's your thought on that?

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Speaker 4: And if you're on the private equity side, would you

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Speaker 4: get into sports?

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Speaker 3: Yeah?

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Speaker 1: So what's happened is sports values have rocketed up pretty

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Speaker 1: much for the big sports, and it's all different, but

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Speaker 1: certainly the NFL and the NBA leading the way, but

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Speaker 1: also the NHL and you know, certainly global soccer.

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Speaker 3: Right.

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Speaker 1: So I think that what's happening is that the companies

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Speaker 1: the teams are getting so big that the amount of

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Speaker 1: equity and you know, the amount of leverage that the

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Speaker 1: leaves leagues allow is limited. And so for example, when

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Speaker 1: we I'll use the Commanders example, I'll give you round numbers,

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Speaker 1: and we paid obviously six billion for the Commanders, which

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Speaker 1: at the time everyone said was the highest price of

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Speaker 1: my I would say my credentials as a value investor

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Speaker 1: were shattered because I paid the highest price in sports.

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Speaker 3: Right, and now that price looks pretty good.

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Speaker 1: But I think that we put up five billion of

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Speaker 1: equity right now, and I was not allowed to talk

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Speaker 1: to private equity. I had to go raise three billion

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Speaker 1: dollars and one family at a time. So I think

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Speaker 1: what the NFL would other sports, certainly the NBA and

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Speaker 1: the NHL leading the way, have done is say, okay,

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Speaker 1: in some form, we're gonna allow us to do show

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Speaker 1: capital in here, because if we don't, the evaluations are

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Speaker 1: going to be constrained. And we want people to still

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Speaker 1: be able to build stadiums, to enhance fan experience, to

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Speaker 1: enhance streaming, and so allowing capital in for these now

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Speaker 1: much bigger media companies to continue to improve and innovate

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Speaker 1: is very important. And so that's why private equity is

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Speaker 1: coming in. And obviously private equity coming in is creating

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Speaker 1: demand for investment.

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Speaker 3: So that's lifting the sports team values well.

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Speaker 2: And to that point, I mean that we can talk

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Speaker 2: real numbers here. You know, you buy it for six

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Speaker 2: billion in change, and you know within a year or so,

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Speaker 2: year two, you've got NFL teams Dolphins and Eagles selling

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Speaker 2: stakes valuing them upwards of eight billion dollars. So where

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Speaker 2: does that go? I mean, so you know, put on

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Speaker 2: your you know, your Apollo trained hat, your Drexel trained hat,

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Speaker 2: your hbs like six North, twenty six north, all of

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Speaker 2: the things that you do. What does it do to

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Speaker 2: valuations going forward? Like look around the corner, As Alex said,

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Speaker 2: you're very good at looking around the corner. Look around

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Speaker 2: the corner in evaluations for us.

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Speaker 1: So I think the way I think about is this,

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Speaker 1: there's a scarcity value that is associated with these teams. Right,

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Speaker 1: So you know, there's a small number of people in

404
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Speaker 1: the world that can lead these deals, and there's only

405
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Speaker 1: you know, thirty there's only thirty two.

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Speaker 3: It depends on the league.

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Speaker 1: And so one of the things that's happening is that

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Speaker 1: people want to own the teams.

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Speaker 3: They want to be involved in it.

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Speaker 1: They want to be part of building, creating memories for

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Speaker 1: cities and winning and competing. And so I thought when

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Speaker 1: I bought the Commanders that I was going to be

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Speaker 1: outbid by Jeff Bezos. Just to be very direct about it,

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Speaker 1: it was rumored that he was interested, and obviously he doesn't.

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Speaker 1: You know, for me to put together a five million

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Speaker 1: dire equity count is much harder than for someone of

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Speaker 1: his wealth to put together. He can just stroke a

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Speaker 1: check and do it. Right, So I thought I would lose,

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Speaker 1: but it was a labor of love. I really felt

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Speaker 1: it needed to happen, and you know, God smiled, I

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Speaker 1: guess on me.

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Speaker 3: But my point being that that part of the valuation

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Speaker 3: uplift is just the scarcy value.

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Speaker 1: But I would say the second thing is that as

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Speaker 1: revenues grow, cashital will grow, right, So I think a

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Speaker 1: good analogy is, you know, beach front real estate, where

427
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Speaker 1: if teams are losing money, it'll limit the number of

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Speaker 1: people that are willing to lose money consistently. If teams

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Speaker 1: start to make money or make increasing amounts of money, then.

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Speaker 3: It draws in people.

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Speaker 1: And you know, I look at it as in the

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Speaker 1: case of the NFL, which is the most profitable league

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Speaker 1: right now, we think that you know, we're buying at

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Speaker 1: a real cap rate of three to four going to

435
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Speaker 1: five to six. So even though that sounds like a

436
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Speaker 1: very high ebit domultiple, I look at it as like

437
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Speaker 1: cash flow yield, and the NFL and the NBA and

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Speaker 1: the NHL and all these leagues are incredible businesses. They're dominant,

439
00:23:09,800 --> 00:23:14,400
Speaker 1: and in our culture it's live entertainment. They're growing, there's

440
00:23:14,440 --> 00:23:16,760
Speaker 1: lots of innovation. So I look at as growth equity,

441
00:23:17,240 --> 00:23:20,160
Speaker 1: and then most of the cash flow is guaranteed by

442
00:23:21,080 --> 00:23:24,640
Speaker 1: massive media and technology companies, so that you know, it's

443
00:23:24,640 --> 00:23:27,400
Speaker 1: almost like you get this yield and then you participate

444
00:23:27,480 --> 00:23:29,800
Speaker 1: in the growth and the scarcity value of evaluation. So

445
00:23:30,320 --> 00:23:32,600
Speaker 1: and if you look at it, the only thing that's

446
00:23:32,640 --> 00:23:35,040
Speaker 1: done better than private equity.

447
00:23:35,080 --> 00:23:38,520
Speaker 3: Honestly, if you go back is sports valuation.

448
00:23:38,640 --> 00:23:42,080
Speaker 1: So I'll just throw out the NFL numbers, the bills,

449
00:23:42,240 --> 00:23:45,879
Speaker 1: you know, a billion, three, a billion four, the Panthers

450
00:23:46,000 --> 00:23:50,280
Speaker 1: two two two three, Broncos in twenty twenty two four

451
00:23:50,320 --> 00:23:53,880
Speaker 1: to six US at six and now, so that's four

452
00:23:54,080 --> 00:23:56,920
Speaker 1: x and ten years. And now you start to hear

453
00:23:56,960 --> 00:23:58,359
Speaker 1: about some of the things, and I think they'll be

454
00:23:58,480 --> 00:24:00,000
Speaker 1: trades even higher than what you're saying.

455
00:24:00,280 --> 00:24:02,000
Speaker 3: Those are coming at.

456
00:24:02,000 --> 00:24:07,280
Speaker 2: Ten billion, you think, you know, I don't know.

457
00:24:07,359 --> 00:24:09,399
Speaker 1: I think there could be stuff in the nine to

458
00:24:09,400 --> 00:24:12,280
Speaker 1: ten range. I mean, it's all coming together, I think

459
00:24:12,320 --> 00:24:15,919
Speaker 1: eventually for sure. And so I think that, but I'm

460
00:24:15,960 --> 00:24:19,240
Speaker 1: saying near term literally, and that's only been I mean

461
00:24:19,280 --> 00:24:22,680
Speaker 1: we bought the club coming up on two years ago, right,

462
00:24:22,760 --> 00:24:23,520
Speaker 1: So I think that.

463
00:24:23,680 --> 00:24:25,399
Speaker 2: So maybe you are a value investor here.

464
00:24:25,920 --> 00:24:28,600
Speaker 1: I'm a value investor in the in terms of the

465
00:24:28,800 --> 00:24:31,200
Speaker 1: growth equity R yeah, and so I think there's.

466
00:24:31,000 --> 00:24:31,720
Speaker 3: A growth equity.

467
00:24:31,840 --> 00:24:36,600
Speaker 1: I think it's also unique and it's backstop by media

468
00:24:36,680 --> 00:24:38,440
Speaker 1: and as long as you think people are gonna want

469
00:24:38,440 --> 00:24:41,359
Speaker 1: the content and we have long term media deals. And

470
00:24:41,400 --> 00:24:46,080
Speaker 1: also it's very resilient economically, right, So certainly if there's

471
00:24:46,280 --> 00:24:49,359
Speaker 1: harder times not as many people will come to the

472
00:24:49,400 --> 00:24:51,840
Speaker 1: games or whatever, but the media payments are locked in.

473
00:24:51,960 --> 00:24:54,000
Speaker 3: That's you know, the majority of the revenue.

474
00:24:54,080 --> 00:24:57,480
Speaker 1: And even in harder times, people want something to celebrate.

475
00:24:57,880 --> 00:25:00,920
Speaker 1: So I think these are fundamentally great businesses. They're also

476
00:25:00,960 --> 00:25:03,960
Speaker 1: inflation resistant, right, like if inflation goes up, So when

477
00:25:04,000 --> 00:25:05,840
Speaker 1: you talk about cap rate, it's a you know, three

478
00:25:05,880 --> 00:25:09,399
Speaker 1: to six real cap rate, that's a reasonable that'll be

479
00:25:09,640 --> 00:25:12,840
Speaker 1: go up and down and be inflation resistant. So I

480
00:25:12,880 --> 00:25:15,000
Speaker 1: think they are really good businesses, and I think they

481
00:25:15,080 --> 00:25:17,960
Speaker 1: are actually interesting investments, and I think it will keep

482
00:25:17,960 --> 00:25:18,240
Speaker 1: going on.

483
00:25:18,280 --> 00:25:20,440
Speaker 4: Should June, we can arguably say nobody reads a piano

484
00:25:20,520 --> 00:25:23,359
Speaker 4: better than you. You're a piano savant. My question is

485
00:25:23,400 --> 00:25:26,480
Speaker 4: very specific, do you value more ebadah or free cash flow?

486
00:25:26,680 --> 00:25:29,760
Speaker 3: And why it's all free cash flow? I mean ebadah.

487
00:25:29,920 --> 00:25:33,280
Speaker 1: Even in private equity, everyone talks about ibada. Generally they're

488
00:25:33,280 --> 00:25:35,720
Speaker 1: looking at free cash flow. It's just a proxy for

489
00:25:35,760 --> 00:25:39,720
Speaker 1: free cash flow. And since many businesses have different capitals spending,

490
00:25:40,400 --> 00:25:42,040
Speaker 1: you know, ebada is just a way to say, hey,

491
00:25:42,080 --> 00:25:44,800
Speaker 1: six times eba da. But ultimately everyone who I guess,

492
00:25:44,840 --> 00:25:47,080
Speaker 1: who knows what they're doing, is looking at free cash flow.

493
00:25:47,119 --> 00:25:48,120
Speaker 3: In terms of the Commanders.

494
00:25:48,200 --> 00:25:51,000
Speaker 1: Yeah, we we felt that the Commanders used to be

495
00:25:51,440 --> 00:25:54,520
Speaker 1: the number one franchise in the NFL for many many years.

496
00:25:54,840 --> 00:25:57,600
Speaker 1: So everyone says, Dallas is that I'm franchise number one

497
00:25:57,600 --> 00:25:58,800
Speaker 1: in terms of revenue?

498
00:25:58,840 --> 00:25:59,879
Speaker 3: Revenue? Is that right?

499
00:26:00,160 --> 00:26:03,320
Speaker 1: While yeah, and for many years and then you know,

500
00:26:03,359 --> 00:26:06,639
Speaker 1: obviously they didn't do as well. So when you looked

501
00:26:06,640 --> 00:26:09,040
Speaker 1: at we when we bought the Commanders, they were in

502
00:26:09,119 --> 00:26:13,440
Speaker 1: the twenties out of thirty two. And so if we

503
00:26:14,440 --> 00:26:18,640
Speaker 1: get them to league average, we'll double the EBA dah

504
00:26:18,760 --> 00:26:22,200
Speaker 1: and you're not comment on your numbers. And then if

505
00:26:22,240 --> 00:26:26,400
Speaker 1: we with the new media deal will triple it. And

506
00:26:26,760 --> 00:26:29,520
Speaker 1: if we build a new stadium, we'll cut you know,

507
00:26:29,560 --> 00:26:32,760
Speaker 1: it'll we have to invest, but we'll get some push

508
00:26:32,760 --> 00:26:34,680
Speaker 1: off and excute and execute.

509
00:26:34,720 --> 00:26:38,120
Speaker 3: So I think that, you know, we think we are.

510
00:26:37,840 --> 00:26:40,880
Speaker 1: In the process of enhancing the Commanders. But again it's

511
00:26:40,920 --> 00:26:45,000
Speaker 1: all about doing it for the city and not worrying

512
00:26:45,000 --> 00:26:47,640
Speaker 1: about it. But when you do that, and a lot

513
00:26:47,680 --> 00:26:50,160
Speaker 1: of it is just driven by the media uplift, right,

514
00:26:50,240 --> 00:26:50,680
Speaker 1: that just.

515
00:26:50,760 --> 00:26:54,119
Speaker 3: Comes from the upward trend in media.

516
00:26:54,280 --> 00:26:59,240
Speaker 1: Certainly the NBA deal which was two point seven x

517
00:26:59,280 --> 00:27:02,920
Speaker 1: over eleven years. It makes it look like NFL content

518
00:27:03,000 --> 00:27:06,040
Speaker 1: is severely undervalue and there's uplift there, right, So you

519
00:27:06,119 --> 00:27:09,159
Speaker 1: can now without even factoring that in, we feel like

520
00:27:09,200 --> 00:27:11,000
Speaker 1: we're going to get increased cash.

521
00:27:11,040 --> 00:27:12,399
Speaker 3: So many Molti and you guys have an out that

522
00:27:12,480 --> 00:27:13,800
Speaker 3: which is going to be good time.

523
00:27:14,040 --> 00:27:17,320
Speaker 1: Yeah, I'll leave that one to the league, but yeah, no,

524
00:27:17,560 --> 00:27:19,120
Speaker 1: and then you have to make your case like you're

525
00:27:19,160 --> 00:27:22,280
Speaker 1: making your case. If you think about the Commander's ownership

526
00:27:22,320 --> 00:27:26,600
Speaker 1: group Mittrails, who build arguably one of the best companies

527
00:27:26,600 --> 00:27:30,959
Speaker 1: in America, Donner you know, obviously Magic Johnson, and then

528
00:27:31,000 --> 00:27:34,280
Speaker 1: a whole bunch of other people that are very shrewd investors,

529
00:27:34,320 --> 00:27:37,159
Speaker 1: including some people on Wall Street. They want to be

530
00:27:37,200 --> 00:27:38,720
Speaker 1: part of it, right, but at the same time they

531
00:27:38,760 --> 00:27:42,639
Speaker 1: want to understand, Okay, what's the return here, Why should

532
00:27:42,680 --> 00:27:47,040
Speaker 1: I you know, write a check? And again the you know,

533
00:27:47,040 --> 00:27:49,439
Speaker 1: obviously it's being part of an NFL franchise, there's a

534
00:27:49,480 --> 00:27:52,040
Speaker 1: limit to how many people you can accept, and so

535
00:27:52,119 --> 00:27:56,159
Speaker 1: we had to ask people for really significant investments. So

536
00:27:56,200 --> 00:27:59,760
Speaker 1: they certainly wanted to know how it was going to work, right,

537
00:27:59,800 --> 00:28:02,560
Speaker 1: and we were able to say we're going to win

538
00:28:02,600 --> 00:28:04,640
Speaker 1: for the city we're going to spend, We're going to invest.

539
00:28:05,280 --> 00:28:09,240
Speaker 1: But here's why we think that the value of the

540
00:28:09,280 --> 00:28:10,199
Speaker 1: equity will go up.

541
00:28:10,240 --> 00:28:11,320
Speaker 3: And a lot of it has to do.

542
00:28:11,280 --> 00:28:13,879
Speaker 1: With all the things we've talked about here, the upward

543
00:28:13,880 --> 00:28:19,160
Speaker 1: trend in sports values, the scarcy value, but also our

544
00:28:19,200 --> 00:28:22,600
Speaker 1: ability to move the Commanders back to being relevant for

545
00:28:22,720 --> 00:28:25,840
Speaker 1: the DMV again and therefore fill up the stadium which

546
00:28:25,880 --> 00:28:30,399
Speaker 1: was empty, get sponsors back, and make feel great about

547
00:28:30,440 --> 00:28:31,800
Speaker 1: being part of the Commanders again.

548
00:28:32,040 --> 00:28:34,520
Speaker 2: Yeah. So I'm glad you went there because I wanted

549
00:28:34,560 --> 00:28:37,119
Speaker 2: to talk about some of the some of the ways

550
00:28:37,160 --> 00:28:40,920
Speaker 2: you've changed running the actual business. So this report card,

551
00:28:40,920 --> 00:28:43,280
Speaker 2: everybody looks at the report card now from the NFL

552
00:28:43,320 --> 00:28:46,640
Speaker 2: Players Association and you know that all too well, this

553
00:28:46,720 --> 00:28:49,920
Speaker 2: franchise was dead last Wow, now moved up to eleventh.

554
00:28:50,440 --> 00:28:53,560
Speaker 2: That's a huge, huge move, and that you know, just

555
00:28:53,560 --> 00:28:56,520
Speaker 2: for people out there, this is you know, based on

556
00:28:56,600 --> 00:28:58,840
Speaker 2: player feedback. You know, this is what the players say

557
00:28:58,840 --> 00:29:02,000
Speaker 2: about about their team. Were there one or two things

558
00:29:02,080 --> 00:29:05,800
Speaker 2: that you set out to do or that you, looking back,

559
00:29:05,960 --> 00:29:10,240
Speaker 2: did that made that number jump and that rank jump

560
00:29:10,280 --> 00:29:11,040
Speaker 2: as much as it did.

561
00:29:11,880 --> 00:29:15,440
Speaker 1: So, first of all, when you run a sports team

562
00:29:15,520 --> 00:29:19,360
Speaker 1: and you're an owner. Your three most important jobs hiring

563
00:29:19,400 --> 00:29:23,840
Speaker 1: a GM, hiring a coach, hiring a president to run

564
00:29:23,880 --> 00:29:28,160
Speaker 1: the business operations, and making them incredibly talented and like

565
00:29:28,240 --> 00:29:29,480
Speaker 1: mind in terms of values.

566
00:29:29,800 --> 00:29:33,040
Speaker 2: By the way, this owner is nodding, right, let's taking

567
00:29:33,160 --> 00:29:34,280
Speaker 2: note exactly.

568
00:29:34,360 --> 00:29:36,680
Speaker 1: Yeah, you don't want to be I mean, ultimately right,

569
00:29:36,800 --> 00:29:40,560
Speaker 1: there's just a thousand things that decisions that are made,

570
00:29:40,800 --> 00:29:44,080
Speaker 1: and you should not want I do not have the inclination.

571
00:29:44,200 --> 00:29:46,760
Speaker 1: I don't want to be involved in all thousand. I

572
00:29:46,800 --> 00:29:49,680
Speaker 1: want to be involved in the most important decisions. And

573
00:29:49,720 --> 00:29:52,360
Speaker 1: then I want people who have the same vision that

574
00:29:52,400 --> 00:29:56,600
Speaker 1: I do, which is too it's really a servant leader mindset,

575
00:29:56,640 --> 00:29:58,080
Speaker 1: like do this on behalf of the city or on

576
00:29:58,120 --> 00:30:02,560
Speaker 1: behalf of the players. So, Peter as dan Quinn, you know,

577
00:30:02,600 --> 00:30:05,480
Speaker 1: obviously Mark Claus from Campos is an amazing gut for us.

578
00:30:06,120 --> 00:30:09,720
Speaker 1: But then as starts specifically answering your question, you know

579
00:30:09,840 --> 00:30:14,600
Speaker 1: the facilities that the players were showering and playing in

580
00:30:15,640 --> 00:30:19,040
Speaker 1: weight training in when we showed up, there wasn't even

581
00:30:19,120 --> 00:30:24,000
Speaker 1: a game clock. Our bubble was deflating, and so we

582
00:30:24,160 --> 00:30:27,320
Speaker 1: just literally said that you know, what you want to

583
00:30:27,320 --> 00:30:31,800
Speaker 1: do is become a destination for players. Look, there's a

584
00:30:31,920 --> 00:30:34,360
Speaker 1: relatively small amount of people who can play, or coach

585
00:30:34,920 --> 00:30:38,040
Speaker 1: or be in the front office of major sports, and

586
00:30:38,120 --> 00:30:40,720
Speaker 1: so your job is to become a destination where they

587
00:30:40,800 --> 00:30:43,880
Speaker 1: feel like they matter, you care about them. And the

588
00:30:43,880 --> 00:30:48,160
Speaker 1: way that you articulate that is to create amazing facilities

589
00:30:48,200 --> 00:30:51,800
Speaker 1: to make their lives easier. And so we've rebuilt everything

590
00:30:52,040 --> 00:30:58,920
Speaker 1: from showers to locker rooms, to weight facilities to food,

591
00:30:59,840 --> 00:31:02,920
Speaker 1: and we really showed them that we cared about them.

592
00:31:02,920 --> 00:31:04,719
Speaker 1: To how they travel. I mean, think about it. If

593
00:31:04,760 --> 00:31:06,920
Speaker 1: you have to travel all over the place and you're

594
00:31:06,960 --> 00:31:10,640
Speaker 1: not being staying in a nice hotel or you're not

595
00:31:10,800 --> 00:31:12,720
Speaker 1: traveling on a great plan, that's gonna make a huge

596
00:31:12,720 --> 00:31:13,760
Speaker 1: difference in your life.

597
00:31:14,080 --> 00:31:16,240
Speaker 3: And so people think that the players, I mean ou

598
00:31:16,240 --> 00:31:17,040
Speaker 3: because you were a player.

599
00:31:17,440 --> 00:31:19,040
Speaker 4: Everything you're saying is spot on it. Yeah, these are

600
00:31:19,080 --> 00:31:21,000
Speaker 4: the things I'm really mad to us right.

601
00:31:20,960 --> 00:31:21,520
Speaker 3: Think about it.

602
00:31:21,520 --> 00:31:25,600
Speaker 1: There were probably some owners where you know, you felt like, came,

603
00:31:25,600 --> 00:31:29,120
Speaker 1: my life is harder, and some owners where you felt like, Hey,

604
00:31:29,160 --> 00:31:30,600
Speaker 1: this guy really.

605
00:31:30,400 --> 00:31:32,400
Speaker 3: Or this person really cares about me.

606
00:31:32,640 --> 00:31:35,400
Speaker 1: In addition to I mean, obviously, you know, each player

607
00:31:35,440 --> 00:31:38,800
Speaker 1: wants to get compensated fairly and that's all part of it.

608
00:31:38,840 --> 00:31:41,120
Speaker 1: But a lot of great players, I mean great players

609
00:31:41,160 --> 00:31:43,600
Speaker 1: taken play wherever they want, right, So your job is

610
00:31:43,640 --> 00:31:45,640
Speaker 1: to attract them and make them feel welcome. And that

611
00:31:45,760 --> 00:31:47,640
Speaker 1: starts with the front office and the coaches, but it

612
00:31:47,640 --> 00:31:50,280
Speaker 1: also goes to their facilities. And so what we've spent

613
00:31:50,400 --> 00:31:53,240
Speaker 1: one hundred and twenty five million dollars across the stadium

614
00:31:53,720 --> 00:31:56,720
Speaker 1: and the player of facilities. And again, I think that

615
00:31:57,040 --> 00:31:59,960
Speaker 1: you win in sports by I don't think this is

616
00:32:00,480 --> 00:32:03,840
Speaker 1: like it's a growth as I said, I analogize it

617
00:32:03,880 --> 00:32:08,480
Speaker 1: to growth equity, cutting back stuff, skimping. I don't think

618
00:32:08,560 --> 00:32:12,440
Speaker 1: that's right. In sports, you're entertaining and you're attracting talent,

619
00:32:12,960 --> 00:32:15,440
Speaker 1: so you've got to be like first classed every step

620
00:32:15,440 --> 00:32:17,360
Speaker 1: of the way. And that's why it improved.

621
00:32:17,400 --> 00:32:18,560
Speaker 3: I think that the players.

622
00:32:19,600 --> 00:32:22,680
Speaker 1: I engage enough with the players and the coaches that

623
00:32:22,920 --> 00:32:27,200
Speaker 1: they know that I'm there for them. And when they notice, hey,

624
00:32:27,440 --> 00:32:31,920
Speaker 1: you know, the food's not great or something else. If

625
00:32:32,000 --> 00:32:37,280
Speaker 1: you saw, like, for example, there's only like one cold plunge, right,

626
00:32:37,320 --> 00:32:38,920
Speaker 1: so it's a are you kidding me?

627
00:32:39,280 --> 00:32:39,400
Speaker 3: Right?

628
00:32:39,800 --> 00:32:42,040
Speaker 1: It turns out, by the way that you know a

629
00:32:42,080 --> 00:32:46,320
Speaker 1: cause that cold plunge the normal cold plunge costs about

630
00:32:46,600 --> 00:32:47,360
Speaker 1: six thousand hours.

631
00:32:47,640 --> 00:32:48,920
Speaker 3: You have to get a special.

632
00:32:48,600 --> 00:32:51,840
Speaker 1: Coal punch and then one's a big yeah. Yeah, so

633
00:32:52,400 --> 00:32:55,160
Speaker 1: it's a it's more excelessive. But I said, go get it, get.

634
00:32:55,000 --> 00:32:57,000
Speaker 3: It, like, are you kidding me? I love the cold bunch.

635
00:32:57,080 --> 00:32:58,520
Speaker 3: I did it every day, I do it. But I

636
00:32:58,560 --> 00:32:59,080
Speaker 3: did it before.

637
00:33:00,120 --> 00:33:15,360
Speaker 5: You're okay, So, Josh, you said you don't want to

638
00:33:15,400 --> 00:33:16,120
Speaker 5: make a minute decision.

639
00:33:16,160 --> 00:33:17,800
Speaker 4: That obviously makes all the sense in the world. You're

640
00:33:17,880 --> 00:33:20,960
Speaker 4: hiring the best people, you're paying them, well, they're aligned

641
00:33:21,000 --> 00:33:23,400
Speaker 4: with your vision. How often do you kind of sit

642
00:33:23,440 --> 00:33:25,520
Speaker 4: down on a zoom? Is it once a week, twice

643
00:33:25,520 --> 00:33:26,760
Speaker 4: a week to get a report on what's going on

644
00:33:26,800 --> 00:33:27,840
Speaker 4: with the numbers X Y Z.

645
00:33:28,360 --> 00:33:30,320
Speaker 3: Yeah, so it's it's as needed.

646
00:33:30,440 --> 00:33:32,840
Speaker 1: And then you know the great thing about sports is

647
00:33:32,840 --> 00:33:33,920
Speaker 1: that you do a lot of games.

648
00:33:33,960 --> 00:33:36,320
Speaker 3: So you got a lot of games, so we're I'm.

649
00:33:36,160 --> 00:33:39,120
Speaker 1: There a lot and you know, obviously when you're building

650
00:33:39,120 --> 00:33:41,000
Speaker 1: a stadium, when you're around the draft, when you're a

651
00:33:41,160 --> 00:33:44,080
Speaker 1: free agency, when there's things going on, you're there a

652
00:33:44,080 --> 00:33:45,560
Speaker 1: lot more. And what we do is we have a

653
00:33:45,600 --> 00:33:49,600
Speaker 1: standing call and stuff happens right like there can be

654
00:33:49,680 --> 00:33:52,520
Speaker 1: stuff that happens your arena that requires immediate attention.

655
00:33:52,640 --> 00:33:55,880
Speaker 3: You can't ignore. And you know, stuff happens in.

656
00:33:55,880 --> 00:34:00,480
Speaker 1: The world, right, George Floyd, like we you know, immediately

657
00:34:00,480 --> 00:34:02,479
Speaker 1: we're on the phone, like we need to put out

658
00:34:02,480 --> 00:34:02,840
Speaker 1: a statement.

659
00:34:02,920 --> 00:34:03,520
Speaker 3: This is wrong.

660
00:34:03,960 --> 00:34:06,440
Speaker 1: But that requires you as an owner, right, that's the

661
00:34:06,520 --> 00:34:09,319
Speaker 1: values of the org and you have to like see

662
00:34:09,320 --> 00:34:11,600
Speaker 1: what I mean. I went on YouTube right and said, okay,

663
00:34:11,680 --> 00:34:13,480
Speaker 1: let me what really happened here? Right, if I'm going

664
00:34:13,560 --> 00:34:18,080
Speaker 1: to stand or you know, when October seventh happened, you

665
00:34:18,120 --> 00:34:20,239
Speaker 1: know kind of you know, getting the leagues and the

666
00:34:20,280 --> 00:34:24,359
Speaker 1: teams to support, you know, and empathize with the people.

667
00:34:24,040 --> 00:34:24,720
Speaker 3: That were killed.

668
00:34:25,160 --> 00:34:27,960
Speaker 1: So I think that all these things happen, and you

669
00:34:28,000 --> 00:34:29,920
Speaker 1: just have to be on call twenty four to seven

670
00:34:30,600 --> 00:34:33,799
Speaker 1: and be, you know, in essence on call for the

671
00:34:33,840 --> 00:34:37,080
Speaker 1: public and do your job. And you know it's as

672
00:34:37,160 --> 00:34:39,720
Speaker 1: needed and so it you know, in the off season

673
00:34:39,719 --> 00:34:41,640
Speaker 1: when nothing's going on, it is once a week, but

674
00:34:41,680 --> 00:34:43,080
Speaker 1: then it's a lot more than that.

675
00:34:43,360 --> 00:34:46,480
Speaker 2: And so that talk about that public facing piece, because

676
00:34:46,880 --> 00:34:49,000
Speaker 2: you know, you're sitting across from a guy who was

677
00:34:49,080 --> 00:34:52,120
Speaker 2: like you know, on the cover of magazines. He was

678
00:34:51,880 --> 00:34:55,040
Speaker 2: he was he was in the public right public, sometimes

679
00:34:55,040 --> 00:34:58,920
Speaker 2: for better, sometimes for worse. Since the age of you know, fifteen, sixteen,

680
00:34:58,960 --> 00:35:02,640
Speaker 2: seventeen years old, you were able to go through much.

681
00:35:02,440 --> 00:35:03,200
Speaker 3: Of your career.

682
00:35:03,480 --> 00:35:05,839
Speaker 2: I know who you were, but it was my job.

683
00:35:05,960 --> 00:35:08,239
Speaker 2: You know, I was at Bloomberg, so you were a

684
00:35:08,280 --> 00:35:10,960
Speaker 2: star athlete and in my mind and in that regard,

685
00:35:11,640 --> 00:35:14,600
Speaker 2: but owning a team where everybody knows your name, where

686
00:35:14,600 --> 00:35:17,160
Speaker 2: you're sitting courtside or you're sitting in the box, what

687
00:35:17,320 --> 00:35:19,319
Speaker 2: is that transition? Like? How do you cope with that?

688
00:35:19,480 --> 00:35:22,879
Speaker 2: Especially I'll say it out loud. Owning a football team

689
00:35:22,920 --> 00:35:25,319
Speaker 2: in Washington and a basketball team in Philadelphia. These are

690
00:35:25,360 --> 00:35:26,520
Speaker 2: not cities that love each other.

691
00:35:27,120 --> 00:35:30,399
Speaker 1: I think that you have to embrace if you want

692
00:35:30,440 --> 00:35:33,960
Speaker 1: to do this as a managing owner, as the control owner,

693
00:35:34,080 --> 00:35:36,160
Speaker 1: you need to embrace the fact that you're now a

694
00:35:36,160 --> 00:35:41,120
Speaker 1: public figure, and that comes with all of the issues

695
00:35:41,160 --> 00:35:43,160
Speaker 1: that you might think that Alex has lived with. But

696
00:35:44,000 --> 00:35:47,919
Speaker 1: people come up to you, people interrupt you and want

697
00:35:47,920 --> 00:35:51,960
Speaker 1: to talk about the team, good and bad. Obviously pretty

698
00:35:51,960 --> 00:35:54,840
Speaker 1: happy people in Washington and you know we you know,

699
00:35:55,160 --> 00:35:59,319
Speaker 1: less happy in other locations this particular year, and you

700
00:35:59,440 --> 00:36:03,399
Speaker 1: have to be you know, even signing autographs, and then

701
00:36:03,440 --> 00:36:05,120
Speaker 1: you know there's you know, you all of a sudden,

702
00:36:05,200 --> 00:36:08,000
Speaker 1: you know, you in some cases need security when you

703
00:36:08,040 --> 00:36:10,280
Speaker 1: go into enemy territory maybe.

704
00:36:10,440 --> 00:36:10,560
Speaker 5: Uh.

705
00:36:10,960 --> 00:36:14,759
Speaker 1: And and then you know, everything you do plays out

706
00:36:14,840 --> 00:36:16,920
Speaker 1: on the front page, you know, in the paper, right,

707
00:36:16,960 --> 00:36:19,200
Speaker 1: So you have to be righteous in your behavior. So

708
00:36:19,440 --> 00:36:21,440
Speaker 1: if you're not prepared to be righteous in your behavior

709
00:36:21,600 --> 00:36:24,920
Speaker 1: and do things that the people can relate to on

710
00:36:25,000 --> 00:36:26,960
Speaker 1: the front page of the paper, then you probably shouldn't

711
00:36:27,000 --> 00:36:29,080
Speaker 1: do it. And there's no way around it. And I

712
00:36:29,120 --> 00:36:31,520
Speaker 1: didn't really realize what I was signing up for, Honestly,

713
00:36:31,600 --> 00:36:35,640
Speaker 1: I had never been through it like Alex and you know, certainly,

714
00:36:35,840 --> 00:36:38,240
Speaker 1: you know, could probably write three books on the subject.

715
00:36:38,640 --> 00:36:39,279
Speaker 3: Unfortunately.

716
00:36:40,560 --> 00:36:42,560
Speaker 1: Yeah, and then it starts to you know, your family

717
00:36:42,600 --> 00:36:44,400
Speaker 1: starts to get known. I mean, all that stuff. But

718
00:36:44,880 --> 00:36:47,880
Speaker 1: I'd say that that just comes with it, and for

719
00:36:47,960 --> 00:36:51,600
Speaker 1: good it for bad. And we own clubs, own teams

720
00:36:51,600 --> 00:36:56,440
Speaker 1: in really tough cities like Philly. Fans are amazing, they care,

721
00:36:56,680 --> 00:36:59,319
Speaker 1: but they're you know, they they take no prisoners, right,

722
00:36:59,360 --> 00:37:00,879
Speaker 1: and they hold up accountable.

723
00:37:01,040 --> 00:37:02,239
Speaker 3: Yeah.

724
00:37:01,680 --> 00:37:01,799
Speaker 5: Uh.

725
00:37:02,280 --> 00:37:06,160
Speaker 1: And certainly when the Commanders played the Eagles in the

726
00:37:06,400 --> 00:37:11,120
Speaker 1: NFC Championship, I tried to explain to everyone that if

727
00:37:11,120 --> 00:37:13,120
Speaker 1: you just grew up in South Philly, I understand why

728
00:37:13,120 --> 00:37:14,200
Speaker 1: you're all about Philly sports.

729
00:37:14,200 --> 00:37:15,960
Speaker 3: But I grew up in Washington and Philly.

730
00:37:15,960 --> 00:37:18,759
Speaker 1: My mom was from Philly, my grandmother's from Philly, but

731
00:37:18,800 --> 00:37:20,160
Speaker 1: I grew up in Washington. Then I went to pen

732
00:37:20,200 --> 00:37:22,120
Speaker 1: when I was seventeen, and I saw these two teams,

733
00:37:22,200 --> 00:37:24,800
Speaker 1: and I love these two teams, and so I tried

734
00:37:24,840 --> 00:37:27,640
Speaker 1: to explain myself, and I'd.

735
00:37:27,520 --> 00:37:30,520
Speaker 3: Say ninety seven percent of the fans got up.

736
00:37:30,520 --> 00:37:34,400
Speaker 1: But there's there's gonna be some fans that are just

737
00:37:34,520 --> 00:37:38,080
Speaker 1: because of that, you know, And I understand that, right,

738
00:37:38,200 --> 00:37:40,879
Speaker 1: and that's just something that I have to live with.

739
00:37:40,960 --> 00:37:42,880
Speaker 3: But today, like there are a lot.

740
00:37:42,719 --> 00:37:45,960
Speaker 1: Of people increasingly these are big businesses, and more and

741
00:37:45,960 --> 00:37:49,040
Speaker 1: more you're gonna see people owning whether it's the cron

742
00:37:49,160 --> 00:37:53,200
Speaker 1: Keys or Fenway Sports or you know, you're gonna see

743
00:37:53,239 --> 00:37:59,479
Speaker 1: people owning teams in different cities, certainly the Glazers. So

744
00:37:59,640 --> 00:38:02,160
Speaker 1: this is isn't a unique thing, but certainly in a

745
00:38:02,239 --> 00:38:05,200
Speaker 1: city like phil which really cares about sports and I respect,

746
00:38:05,520 --> 00:38:06,800
Speaker 1: it definitely is something you have to manage.

747
00:38:06,800 --> 00:38:08,960
Speaker 2: You weren't surprised at the vitriol.

748
00:38:08,880 --> 00:38:11,040
Speaker 3: I mean, honestly, I don't believe there was that much.

749
00:38:11,080 --> 00:38:16,319
Speaker 1: I think there are any situation the loud there'll be

750
00:38:16,360 --> 00:38:19,840
Speaker 1: a few loud voices and then buy and large. Like

751
00:38:19,960 --> 00:38:25,399
Speaker 1: I think that we have invested in the sixers we had.

752
00:38:25,480 --> 00:38:26,319
Speaker 3: The sixers have won.

753
00:38:26,440 --> 00:38:29,000
Speaker 1: They have not won the NBA Championship, which we needed

754
00:38:29,000 --> 00:38:31,880
Speaker 1: to liver for the city. We're, you know, trying to

755
00:38:31,880 --> 00:38:34,120
Speaker 1: do the right things by the city. And you know,

756
00:38:34,280 --> 00:38:36,520
Speaker 1: if the loud voice is on Twitter, you just can't.

757
00:38:36,560 --> 00:38:38,520
Speaker 3: You can't, you can't get try injuries.

758
00:38:38,680 --> 00:38:39,960
Speaker 4: You won't say it. I'll say it because I'm your

759
00:38:39,960 --> 00:38:42,680
Speaker 4: partner in the NBA. I think you've done an extraordinary

760
00:38:42,719 --> 00:38:44,520
Speaker 4: job with the NBA. But Josh, I want to kind

761
00:38:44,520 --> 00:38:46,680
Speaker 4: of rewind a little bit back to you know, I

762
00:38:46,680 --> 00:38:49,080
Speaker 4: don't know you much like Jason knows you on the

763
00:38:49,120 --> 00:38:52,239
Speaker 4: private equity world. I know you most friendly what you

764
00:38:52,280 --> 00:38:56,000
Speaker 4: do with philanthropy as much as anybody. I'm always fascinated

765
00:38:56,040 --> 00:38:57,840
Speaker 4: with how you balance your schedule because I know what

766
00:38:57,880 --> 00:39:01,680
Speaker 4: you're doing the world of business. But disclaimer, are kids

767
00:39:01,760 --> 00:39:04,040
Speaker 4: go to school together, and Peters and Ella are very

768
00:39:04,080 --> 00:39:07,120
Speaker 4: good friends, and they're both juniors in high school. And

769
00:39:07,560 --> 00:39:09,400
Speaker 4: I see how committed you are to your family. You

770
00:39:09,400 --> 00:39:11,560
Speaker 4: have five kids, how do you balance everything? And how

771
00:39:11,560 --> 00:39:14,000
Speaker 4: important is your family to what you're doing the business world?

772
00:39:14,400 --> 00:39:16,080
Speaker 3: So my found is incredibly important to me.

773
00:39:16,200 --> 00:39:18,799
Speaker 1: So I have five priorities and I try to cut

774
00:39:18,880 --> 00:39:21,160
Speaker 1: everything else out. And so first of all, your health.

775
00:39:21,640 --> 00:39:25,520
Speaker 1: So we talked about cold plunging. If you're not getting

776
00:39:25,640 --> 00:39:28,040
Speaker 1: if you're not getting enough sleep, if you're not eating well,

777
00:39:28,360 --> 00:39:30,440
Speaker 1: you're not going to be good. We all uys have

778
00:39:30,520 --> 00:39:33,000
Speaker 1: to be on so much and so you need to

779
00:39:33,000 --> 00:39:35,600
Speaker 1: bring it every day, and so making sure that you're

780
00:39:35,719 --> 00:39:39,600
Speaker 1: well and taking care of yourself spiritually and physically is good.

781
00:39:39,680 --> 00:39:42,920
Speaker 1: Then for me, it's my family, and I try to

782
00:39:42,960 --> 00:39:45,160
Speaker 1: spend as much time with my family as they'll spend

783
00:39:45,160 --> 00:39:45,920
Speaker 1: with me, which.

784
00:39:45,719 --> 00:39:48,319
Speaker 3: Is sometimes the kids like that.

785
00:39:48,400 --> 00:39:51,240
Speaker 2: Where thanks though.

786
00:39:51,400 --> 00:39:54,000
Speaker 1: And then it's business right, and business for me is

787
00:39:54,960 --> 00:39:57,040
Speaker 1: I look at business as how do you impact the

788
00:39:57,080 --> 00:39:59,759
Speaker 1: world in a positive way. I think that business is

789
00:39:59,800 --> 00:40:02,040
Speaker 1: a is a real force for good. I think that

790
00:40:02,840 --> 00:40:06,200
Speaker 1: in twenty six North we own a lot of companies

791
00:40:06,440 --> 00:40:09,480
Speaker 1: and finance a lot of companies, and we manage money

792
00:40:09,520 --> 00:40:13,160
Speaker 1: for retirees and pensioners right, and so our job is

793
00:40:13,200 --> 00:40:18,640
Speaker 1: to bring it and win and create returns for millions

794
00:40:18,640 --> 00:40:22,640
Speaker 1: of beneficiaries by creating alpha. Right, That's how I look

795
00:40:22,640 --> 00:40:25,200
Speaker 1: at it, and I sell it to our team as

796
00:40:25,239 --> 00:40:27,080
Speaker 1: bigger than ourselves.

797
00:40:27,160 --> 00:40:28,920
Speaker 3: But then also sports, and in.

798
00:40:29,000 --> 00:40:34,040
Speaker 1: Sports, look I own sports teams, I managed twenty six North.

799
00:40:34,120 --> 00:40:35,680
Speaker 3: I grew up in the finance business.

800
00:40:35,800 --> 00:40:37,920
Speaker 1: Just because you're good at private equity, and I think

801
00:40:37,960 --> 00:40:41,040
Speaker 1: some people get confused, doesn't mean you should be picking

802
00:40:41,040 --> 00:40:44,080
Speaker 1: the line up the starting lineup for the Washington Commanders

803
00:40:44,400 --> 00:40:47,240
Speaker 1: or the Philadelphia seventy six ers. But so I spend

804
00:40:47,440 --> 00:40:50,280
Speaker 1: you know, more of my time where I'm the CEO

805
00:40:51,120 --> 00:40:52,920
Speaker 1: of twenty six North, but I spent a lot of

806
00:40:52,960 --> 00:40:55,759
Speaker 1: time on sports to spend and I work all the time,

807
00:40:55,800 --> 00:40:59,680
Speaker 1: so I'm probably you know, twenty hours on sports sixty

808
00:40:59,719 --> 00:41:01,080
Speaker 1: hours on business right now.

809
00:41:01,239 --> 00:41:02,480
Speaker 3: I need to get that down.

810
00:41:02,640 --> 00:41:05,960
Speaker 4: And people don't understand how difficult and grueling businesses. Even

811
00:41:05,960 --> 00:41:09,320
Speaker 4: through my twenty five year career, sometimes it's more exhausting

812
00:41:09,440 --> 00:41:11,160
Speaker 4: to do the business and to travel and to like

813
00:41:11,480 --> 00:41:13,040
Speaker 4: keep up with hundreds of people that work for you.

814
00:41:13,080 --> 00:41:14,839
Speaker 3: It's just a lot. It's a lot.

815
00:41:14,920 --> 00:41:19,640
Speaker 1: And at this point I want people on my teams

816
00:41:19,640 --> 00:41:23,600
Speaker 1: that are aligned with me culturally where they want to

817
00:41:23,600 --> 00:41:26,160
Speaker 1: bring it right, Like, so I don't. In everything that

818
00:41:26,200 --> 00:41:29,640
Speaker 1: I do, it's about creating this culture of like we're

819
00:41:29,680 --> 00:41:34,319
Speaker 1: in this to win for the city, the pensioners, and

820
00:41:34,520 --> 00:41:38,640
Speaker 1: we're up against in the case of alternatives, it could

821
00:41:38,680 --> 00:41:41,759
Speaker 1: be you know, any any of the big firms, and

822
00:41:42,800 --> 00:41:45,359
Speaker 1: or in the case of sports, it could be the

823
00:41:45,480 --> 00:41:50,080
Speaker 1: Celtics or the Eagles or whoever it is. And so like,

824
00:41:50,120 --> 00:41:52,960
Speaker 1: you got to bring it. You got to take care

825
00:41:53,000 --> 00:41:54,680
Speaker 1: of yourself. But if you need to be on that

826
00:41:54,719 --> 00:41:57,719
Speaker 1: ten o'clock p reference call, unless you want to do that,

827
00:41:57,840 --> 00:41:58,759
Speaker 1: like you're probably not.

828
00:41:59,000 --> 00:42:00,719
Speaker 3: We're probably not going to be. And then you have

829
00:42:00,719 --> 00:42:03,560
Speaker 3: to be really good at your job. And so these

830
00:42:03,600 --> 00:42:05,560
Speaker 3: cultures actually can be quite similar.

831
00:42:05,640 --> 00:42:08,000
Speaker 1: And then our last thing is for all these I

832
00:42:08,120 --> 00:42:11,840
Speaker 1: find now later in life that people that are nice,

833
00:42:12,160 --> 00:42:15,360
Speaker 1: like you know, we have codes of conduct and morality

834
00:42:15,400 --> 00:42:18,080
Speaker 1: and on that, but people that are genuinely good, people

835
00:42:18,120 --> 00:42:21,200
Speaker 1: that care about other people are much better to have

836
00:42:21,239 --> 00:42:23,319
Speaker 1: around the ecosystem. So you can be really good at

837
00:42:23,320 --> 00:42:26,120
Speaker 1: your job, but you may not be the nicest person, right,

838
00:42:26,160 --> 00:42:29,440
Speaker 1: So as much as you can getting people that are

839
00:42:29,719 --> 00:42:32,960
Speaker 1: about other people, that's a big part of it. As well,

840
00:42:33,000 --> 00:42:36,120
Speaker 1: and so more of my time on twenty six North,

841
00:42:36,160 --> 00:42:39,040
Speaker 1: but as needed on sports, and I'll be there when

842
00:42:39,040 --> 00:42:39,560
Speaker 1: I'm needed.

843
00:42:39,920 --> 00:42:41,719
Speaker 2: But you know, one of the interesting things is, as

844
00:42:41,760 --> 00:42:45,160
Speaker 2: you think about this expanding sports portfolio that sort of

845
00:42:45,160 --> 00:42:48,960
Speaker 2: come to the four in Philly specifically, is an area

846
00:42:49,160 --> 00:42:50,960
Speaker 2: that you haven't been in it as much and I

847
00:42:50,960 --> 00:42:53,520
Speaker 2: think you want to be in, which is women's sports.

848
00:42:53,640 --> 00:42:56,399
Speaker 2: A WNBA expansion team, I believe is sort of part

849
00:42:56,400 --> 00:43:00,399
Speaker 2: of the business case for the new arena. Talk to about,

850
00:43:00,440 --> 00:43:02,360
Speaker 2: you know, as a growth investor, you know what's the

851
00:43:02,440 --> 00:43:02,919
Speaker 2: case there.

852
00:43:03,320 --> 00:43:05,480
Speaker 1: So I think we're in an as extential moment in

853
00:43:05,560 --> 00:43:08,560
Speaker 1: women's sports. I think that women are half the people

854
00:43:08,600 --> 00:43:12,440
Speaker 1: on the planet and sports was really important to me personally,

855
00:43:12,560 --> 00:43:15,640
Speaker 1: and there's no reason why women shouldn't be doing that

856
00:43:15,680 --> 00:43:19,120
Speaker 1: as much as men. And now you've seen a breakout

857
00:43:19,320 --> 00:43:23,120
Speaker 1: in the NWSL, You've seen a breakout in global soccer.

858
00:43:23,600 --> 00:43:26,399
Speaker 1: You know Palace, we have a Palace women's team at

859
00:43:26,440 --> 00:43:30,719
Speaker 1: the highest level, and you know, obviously the NBA, the

860
00:43:30,840 --> 00:43:34,239
Speaker 1: WNBA is breaking out and I don't believe it's just

861
00:43:34,880 --> 00:43:38,000
Speaker 1: I mean, the NBA broke out obviously around you know,

862
00:43:38,000 --> 00:43:41,279
Speaker 1: Will Chimbin or Michael Jordan. But it was just it

863
00:43:41,320 --> 00:43:43,040
Speaker 1: was a tailwind, right. It wasn't just that it just

864
00:43:43,040 --> 00:43:44,839
Speaker 1: stair stepped it. And I think that's where we are

865
00:43:44,840 --> 00:43:47,440
Speaker 1: in women's sports. And I think if you're going to

866
00:43:47,520 --> 00:43:52,040
Speaker 1: be in a major sport that really matters to a city,

867
00:43:52,120 --> 00:43:55,680
Speaker 1: you should have an adjunct women's team in some of

868
00:43:55,680 --> 00:43:56,200
Speaker 1: these sports.

869
00:43:56,239 --> 00:43:58,240
Speaker 3: And so we're engaged with the NBA.

870
00:43:58,400 --> 00:44:01,920
Speaker 1: We hope that they will allow Philly to be, you know,

871
00:44:02,040 --> 00:44:05,480
Speaker 1: in the w NBA and having very productive dialogues. And

872
00:44:06,200 --> 00:44:09,799
Speaker 1: I think that we also are seeing it. We have

873
00:44:09,840 --> 00:44:14,719
Speaker 1: a platform called Unrivaled, which is something I started with

874
00:44:14,800 --> 00:44:19,120
Speaker 1: David Blitzer that Andy Campion now runs, and Unrivaled as

875
00:44:19,160 --> 00:44:22,920
Speaker 1: a U sports we run camps and leagues and clinics,

876
00:44:23,440 --> 00:44:26,560
Speaker 1: and we're seeing a lot across baseball, football, action sports,

877
00:44:26,640 --> 00:44:30,400
Speaker 1: and we're seeing a lot of girls wanting to play

878
00:44:30,560 --> 00:44:34,240
Speaker 1: flag football. And so I see that as another big

879
00:44:34,560 --> 00:44:37,080
Speaker 1: lift in on sports. And I think this is this

880
00:44:37,200 --> 00:44:38,600
Speaker 1: is going to be around for a long time.

881
00:44:38,480 --> 00:44:40,160
Speaker 3: And more and more it's going to grow.

882
00:44:51,880 --> 00:44:54,279
Speaker 2: All Right, now it's time for rapid fire. We're doing

883
00:44:54,280 --> 00:44:57,440
Speaker 2: ten questions are a tough question to playful, all right,

884
00:44:58,160 --> 00:45:01,880
Speaker 2: what's one word to describe your deal making style flexible?

885
00:45:02,719 --> 00:45:05,040
Speaker 4: What's more important to you in a deal your gut

886
00:45:05,120 --> 00:45:05,560
Speaker 4: or data?

887
00:45:06,160 --> 00:45:06,640
Speaker 3: Data?

888
00:45:07,160 --> 00:45:08,840
Speaker 2: Who's your dream deal making partner?

889
00:45:09,440 --> 00:45:10,200
Speaker 3: David Blitzer?

890
00:45:10,880 --> 00:45:13,000
Speaker 4: What's the best piece of advice you've received on deal

891
00:45:13,040 --> 00:45:13,920
Speaker 4: making or business?

892
00:45:14,680 --> 00:45:17,680
Speaker 3: You know you can't do a good deal with a

893
00:45:17,760 --> 00:45:18,400
Speaker 3: bad person.

894
00:45:19,280 --> 00:45:21,000
Speaker 2: What's the worst advice you've been given?

895
00:45:21,960 --> 00:45:24,040
Speaker 3: If you pay a low enough price, you can make

896
00:45:24,120 --> 00:45:24,520
Speaker 3: it work.

897
00:45:24,960 --> 00:45:28,920
Speaker 4: What's Josh Harris's hype song before you go into a

898
00:45:28,920 --> 00:45:30,160
Speaker 4: big meeting or negotiation?

899
00:45:32,160 --> 00:45:34,959
Speaker 3: Oh? Coldplay? Oh? I like that good.

900
00:45:35,360 --> 00:45:38,120
Speaker 2: What's one word to describe this past season for the

901
00:45:38,160 --> 00:45:40,239
Speaker 2: Commanders joyous?

902
00:45:40,680 --> 00:45:42,440
Speaker 4: There's a tough one, Josh. If you're going to be

903
00:45:42,440 --> 00:45:44,319
Speaker 4: watched one sport for the rest of your life, which

904
00:45:44,320 --> 00:45:44,759
Speaker 4: one is it?

905
00:45:48,920 --> 00:45:51,080
Speaker 3: I can't pick one, kid, I can't pick one sport.

906
00:45:51,080 --> 00:45:52,920
Speaker 2: All right, We'll give you a pass on that one

907
00:45:53,000 --> 00:45:55,319
Speaker 2: because you're involved in way too many, too many kids.

908
00:45:56,600 --> 00:45:59,080
Speaker 2: This one, this one is going to be similarly tough.

909
00:45:59,080 --> 00:46:01,480
Speaker 2: I feel another paths coming on. What team do you

910
00:46:01,480 --> 00:46:03,640
Speaker 2: want to see win a championship more than any.

911
00:46:03,960 --> 00:46:05,799
Speaker 3: I like all of our teams to win championships.

912
00:46:05,840 --> 00:46:07,919
Speaker 1: I mean, honestly, that's what we're supposed to be doing

913
00:46:08,200 --> 00:46:09,200
Speaker 1: all of them.

914
00:46:09,400 --> 00:46:12,160
Speaker 4: And last question, if someone wanted to have a career

915
00:46:12,200 --> 00:46:15,080
Speaker 4: like Josh Harris, what advice would you give them?

916
00:46:15,920 --> 00:46:18,480
Speaker 1: Just you know, bring it, Do something that you love

917
00:46:18,800 --> 00:46:21,160
Speaker 1: and you know it's not a straight line.

918
00:46:21,280 --> 00:46:21,840
Speaker 3: Keep going.

919
00:46:22,000 --> 00:46:24,879
Speaker 1: Life's gonna serve a lot of curve balls. You may

920
00:46:25,360 --> 00:46:28,719
Speaker 1: miss a few, but you know, have a vision in

921
00:46:28,760 --> 00:46:31,560
Speaker 1: your mind. Shoot high and if you miss a little bit,

922
00:46:31,600 --> 00:46:34,280
Speaker 1: you're still gonna be way better off than you were before.

923
00:46:36,840 --> 00:46:38,840
Speaker 2: All Right, this was really fun. Thank you for spending

924
00:46:38,840 --> 00:46:39,879
Speaker 2: this great with us, great fun.

925
00:46:39,920 --> 00:46:40,800
Speaker 4: Thanks.

926
00:46:49,040 --> 00:46:53,200
Speaker 6: The Deal is a production from Bloomberg Podcasts and Bloomberg Originals.

927
00:46:53,680 --> 00:46:56,840
Speaker 6: The Deal is hosted by Alex Rodriguez and Jason Kelly.

928
00:46:57,360 --> 00:47:01,800
Speaker 6: This show was produced by Anamazarakus Phillip and Stacy Wong.

929
00:47:02,320 --> 00:47:06,560
Speaker 6: Original music and engineering by Blake Maples. David E. Ravella

930
00:47:06,680 --> 00:47:10,560
Speaker 6: is our managing editor. Our executive producers are Jason Kelly,

931
00:47:10,800 --> 00:47:16,880
Speaker 6: Brendan Francis, Newnham, Jordan Opplinger, Trey Shallowhorn, Andrew Barden, Kelly Leferrier,

932
00:47:17,200 --> 00:47:21,160
Speaker 6: and Ashley Hoenig. Sage Bauman is our head of Podcasts.

933
00:47:21,880 --> 00:47:25,600
Speaker 6: Rubob Shakir is our creative director. Art direction is from

934
00:47:25,680 --> 00:47:30,440
Speaker 6: Jacqueline Kessler. Joshua Devaux is our director of photography. Camera

935
00:47:30,480 --> 00:47:35,640
Speaker 6: operation by Geronimo Galbussa, Angela Reyes Latta and gian carlos

936
00:47:35,719 --> 00:47:40,239
Speaker 6: Zevaios antel Steinback is our gaffer, and Lavelle Higgins is

937
00:47:40,280 --> 00:47:44,960
Speaker 6: our grip. Our sound operator is Ivan Alexandrov. Listen to

938
00:47:45,000 --> 00:47:48,799
Speaker 6: the Deal on Apple Podcasts, Spotify, or wherever you get

939
00:47:48,840 --> 00:47:52,120
Speaker 6: your podcasts. You can also tune into the video Companion

940
00:47:52,160 --> 00:47:56,000
Speaker 6: on Bloomberg Originals and on Bloomberg TV. Thanks for listening.