WEBVTT - Robinhood's Investor Index and Iguodala's Tech Bets 0:00:02.200 --> 0:00:05.520 From the heart of where innovation, money and power Colli 0:00:06.360 --> 0:00:10.880 in Silicon Valley and beyond. This is Bloomberg Technology with 0:00:10.920 --> 0:00:27.200 Emily Jay. I'm Emily checking in San Francisco and this 0:00:27.360 --> 0:00:30.520 is Bloomberg Technology. Coming up in the next hour, robin 0:00:30.560 --> 0:00:33.240 Hood is launching an index of the top stocks traded 0:00:33.320 --> 0:00:36.879 on its platform. Will that drive more retail investors to it? 0:00:36.920 --> 0:00:40.520 We're gonna ask a top robin Hood Exact plus send 0:00:40.560 --> 0:00:43.400 me a champion. Andre Iguadoala talks to us about what 0:00:43.479 --> 0:00:46.720 he's taking from the court to venture capital, my conversation 0:00:46.720 --> 0:00:49.680 with the basketball star about everything from diversity in tech 0:00:50.000 --> 0:00:53.519 to n f T s and sports betting. And we 0:00:53.600 --> 0:00:57.000 all know about board apes, but what about moon birds. 0:00:57.120 --> 0:00:59.360 That one new to you. We are talking to proof collectives. 0:00:59.440 --> 0:01:03.400 Kevin rows about the future of n f T. All 0:01:03.440 --> 0:01:05.720 of that in a moment, But first, robin Hood announcing 0:01:05.720 --> 0:01:09.080 a new index. This will offer a snapshot, a monthly 0:01:09.160 --> 0:01:12.520 snapshot at the top one stocks it's users are holding 0:01:12.560 --> 0:01:17.160 with the most quote unquote conviction. The company says customer conviction, 0:01:17.280 --> 0:01:21.160 and a stock will be measured by how highly concentrated 0:01:21.240 --> 0:01:24.760 it is across portfolios. Robin Hood, head of investment strategy. 0:01:24.800 --> 0:01:27.360 Stephanie Guild joins us. Now, so talk to us about 0:01:27.360 --> 0:01:31.640 the methodology behind this, Stephanie and the end goal. Yeah, 0:01:31.760 --> 0:01:33.600 I think you know, we've brought in a whole new 0:01:33.640 --> 0:01:36.400 generation investors or we helped do that, right over twenty 0:01:36.440 --> 0:01:40.840 million investors, and with it came a narrative that wasn't fair. Um. 0:01:40.880 --> 0:01:42.880 You know, we're not just our investors are not just 0:01:43.000 --> 0:01:45.560 Meme stock holders, and so when we look through the data, 0:01:45.600 --> 0:01:47.640 we saw that there was actually a lot of really 0:01:47.680 --> 0:01:51.440 interesting themes and they are holding onto investing in things 0:01:51.440 --> 0:01:54.280 that are things that you and I might invest in 0:01:54.320 --> 0:01:56.840 for the long term. UM. And so we wanted to 0:01:56.880 --> 0:01:59.360 bring that narrative and be able to show it to 0:01:59.680 --> 0:02:02.560 not only the world, but also give information to our 0:02:02.600 --> 0:02:07.280 customers about it. So some of the top stocks are 0:02:07.600 --> 0:02:10.880 some of the things that we think of as quote 0:02:10.919 --> 0:02:16.359 unquote meme stocks. What do you think has been unfair 0:02:16.880 --> 0:02:20.399 about the discussion about what's traded on Robin Hood's platform. Why? 0:02:20.520 --> 0:02:22.760 I think when you also look at the other ones, right, 0:02:22.800 --> 0:02:26.919 You've got Amazon, Apple, Um, Google has been at the top. 0:02:27.360 --> 0:02:29.880 There's a lot of companies that are in our daily lives, 0:02:29.960 --> 0:02:33.000 and that's no different than generations of investors have been 0:02:33.040 --> 0:02:35.600 investing in, right, like the things that you know and 0:02:35.720 --> 0:02:38.240 use every day. UM. I think the other thing is 0:02:38.240 --> 0:02:40.880 that you you when you look through a lot of 0:02:40.880 --> 0:02:43.200 the data below the top ten, what you do see is, 0:02:43.560 --> 0:02:47.799 for example, a theme of investing in electric vehicles. And 0:02:47.880 --> 0:02:51.120 if this year has not shown you anything about the 0:02:51.160 --> 0:02:54.800 importance of adopting electric vehicles over time, I don't know 0:02:54.840 --> 0:02:59.960 what what could How do you expect investors to use 0:03:00.000 --> 0:03:03.160 the data from this index? I think for them it's 0:03:03.200 --> 0:03:05.440 just a way to say, like what our investors or 0:03:05.520 --> 0:03:09.000 customers or people like me investing in? What are you know? 0:03:09.040 --> 0:03:12.440 How are they positioned relative to me? UM? And right 0:03:12.480 --> 0:03:14.080 now it's just going to be a snapshot on a 0:03:14.120 --> 0:03:16.040 monthly basis, But there may be other ways that we 0:03:16.080 --> 0:03:19.080 can offer it to our customers to help inform them 0:03:19.120 --> 0:03:21.680 in the future. Right. That was my next question. I mean, 0:03:21.680 --> 0:03:25.919 could we see it, you know, weekly, daily, hourly UM 0:03:26.120 --> 0:03:28.679 list of the top ten or top one. I don't 0:03:28.720 --> 0:03:30.840 know if it's going to be updated that often, but 0:03:30.919 --> 0:03:33.160 I think we could in the future potentially bring it 0:03:33.200 --> 0:03:36.840 in app, for example, and share it with our customers. UM. 0:03:36.960 --> 0:03:39.480 If you own that particular stock you'll see maybe perhaps 0:03:39.480 --> 0:03:41.720 with the waiting of that stock is in our own 0:03:41.720 --> 0:03:44.680 index UM, and maybe even compare your performance to it. 0:03:46.240 --> 0:03:48.640 You mentioned electric cars. Talk to us about some of 0:03:48.680 --> 0:03:51.760 the other early data that you're seeing. What are you 0:03:51.880 --> 0:03:56.320 learning about investors from this data? I think other things 0:03:56.320 --> 0:03:58.280 I've seen over time, especially when we look back at 0:03:58.280 --> 0:03:59.800 the history of the index. It goes back to about 0:03:59.840 --> 0:04:03.440 j in your UM, is that our customers have been 0:04:03.600 --> 0:04:07.720 relatively good at timing some of the more tactical things 0:04:07.760 --> 0:04:10.040 that have been out in the market. For example, in uh, 0:04:10.160 --> 0:04:13.320 you know, in COVID, they were investing in UM the 0:04:13.320 --> 0:04:17.760 pelotons for example, and the zooms UM that has dissipated 0:04:17.839 --> 0:04:20.919 quite a bit. They were investing in mortgage companies, you know, 0:04:21.000 --> 0:04:24.440 when when interest rates were super low and uh, you know, 0:04:24.440 --> 0:04:26.359 the housing boom was happening. They were investing in the 0:04:26.440 --> 0:04:29.600 likes of Rocket and Wells Fargo. UM. A lot of 0:04:29.640 --> 0:04:32.120 that stuff has dissipated in the index. And what they're 0:04:32.160 --> 0:04:35.359 investing in is, i'd say, stuff that's sort of longer 0:04:35.520 --> 0:04:38.000 term for the future. UM. A lot of for example, 0:04:38.080 --> 0:04:42.120 financial services companies are not necessarily you know, all the 0:04:42.520 --> 0:04:44.200 banks that have been around forever. It's a lot of 0:04:44.279 --> 0:04:46.800 some of the new um you know, new ways that 0:04:46.839 --> 0:04:49.520 we might see finance evolve. And that's because our our 0:04:49.560 --> 0:04:52.200 customers are you know, thirty two years old on average 0:04:52.320 --> 0:04:54.520 um and so they have time and and why not 0:04:54.800 --> 0:04:56.880 invest in things that you know longer term can help 0:04:56.880 --> 0:05:00.760 build wealth. So why introduce this out at a time 0:05:00.839 --> 0:05:04.440 of a lot of uncertainty in the market going into 0:05:05.000 --> 0:05:09.760 an economic downturn and you know, obviously a lot of 0:05:09.880 --> 0:05:13.279 questions about how the platform is used. I think where 0:05:13.360 --> 0:05:15.800 we wanted to do it because one, as I said before, 0:05:15.880 --> 0:05:19.080 like the narrative has been unfair, and our investors aren't 0:05:19.160 --> 0:05:22.440 just making you know, crazy yolo decisions. A lot of 0:05:22.480 --> 0:05:27.120 them have learned from this recent downturn and are turning 0:05:27.120 --> 0:05:29.479 our eye toward how how can I build long term 0:05:29.480 --> 0:05:33.080 wealth for myself? And our platform, you know, really helps 0:05:33.120 --> 0:05:35.640 you get started with that, and we want to grow 0:05:35.720 --> 0:05:39.680 with our customers, and having this information available to us 0:05:39.680 --> 0:05:41.720 and being able to track it can also help us 0:05:41.839 --> 0:05:44.440 understand our customers better and give them what they need 0:05:44.480 --> 0:05:48.919 over time. All right, Stephanie Guild, Robin Hood's head of 0:05:49.040 --> 0:05:53.479 investment Strategy, will continue to track those now that they're out. 0:05:53.560 --> 0:05:58.560 Thank you for joining us to come up how venture 0:05:58.600 --> 0:06:03.320 capitalists are changing their strategy amid a market downturn. That's next, 0:06:03.600 --> 0:06:18.839 This is bloomerk. The economic downturn is slashing startup valuations, 0:06:18.920 --> 0:06:20.720 leading to smaller I p o s or no our 0:06:20.880 --> 0:06:23.080 i p o s in some cases, and less venture 0:06:23.080 --> 0:06:26.799 capital activity. How long does it last? Amber? About Charia 0:06:27.080 --> 0:06:30.920 of Maverick Ventures, managing director joining us now, Amber, how 0:06:30.960 --> 0:06:32.760 long do you think it lasts? I've heard two to 0:06:32.839 --> 0:06:37.080 three years for this downturn. Well, great to have, Great 0:06:37.080 --> 0:06:39.880 to be on the show, Emily, thanks for having me. Um. Yeah, 0:06:39.880 --> 0:06:41.440 I wish I had that crystal ball in terms of 0:06:41.480 --> 0:06:43.720 how long it will last, but we're certainly in the 0:06:43.760 --> 0:06:46.320 middle of it now. I think that the catalysts have been, 0:06:46.520 --> 0:06:49.279 you know, the raising of the interest rates. I think 0:06:49.400 --> 0:06:51.359 part of the bubble being popped that we were in 0:06:51.480 --> 0:06:54.280 last year. But I think it's also presents an opportunity 0:06:54.320 --> 0:06:57.040 for a lot of startups um particularly ones that have 0:06:57.040 --> 0:06:59.640 have good balance sheets, ones that actually have great unit 0:06:59.680 --> 0:07:01.680 econom mix. And I think that's where a lot of 0:07:01.720 --> 0:07:04.479 folks are focusing now. Is you know, are there real 0:07:04.560 --> 0:07:08.599 fundamentals that are crving business progress, and that's where I 0:07:08.640 --> 0:07:11.280 think the attention has shifted away from high grow, high 0:07:11.280 --> 0:07:14.360 burn and other things that we're really being funded. Last year, 0:07:15.920 --> 0:07:19.760 so I've heard massive layoffs coming. Valuation right down to 0:07:19.840 --> 0:07:22.840 what we've seen so far. Isn't the least of it, 0:07:22.920 --> 0:07:27.160 would you agree? I think it's started. I think in 0:07:27.400 --> 0:07:29.720 the beginning of the year there's a big wait and 0:07:29.760 --> 0:07:32.200 see attitude, you know, would this be a temporary blit 0:07:32.600 --> 0:07:35.520 with the with with the market's not back really fast. 0:07:35.760 --> 0:07:37.480 I think in the second half of the year, particularly 0:07:37.560 --> 0:07:40.960 post summer, I think reality is setting in. I think 0:07:41.000 --> 0:07:43.640 we have seen many startups take down their burn rate, 0:07:44.000 --> 0:07:47.880 both in terms of layoffs, contractors, the real estate costs, 0:07:47.920 --> 0:07:51.000 things of that sort. I think secondly, we've seen a 0:07:51.000 --> 0:07:53.840 lot of companies shot up their balance sheets. Uh. And 0:07:54.200 --> 0:07:56.680 while they do that, they're they're saying, hey, you know, 0:07:56.760 --> 0:08:00.640 the the path towards profitability is now much more important 0:08:00.680 --> 0:08:03.360 than the path towards hired growth. I think the and 0:08:03.400 --> 0:08:06.520 then third thing when you mentioned valuations, I think I 0:08:06.560 --> 0:08:10.280 think there's a reality setting in that oftentimes for maybe 0:08:10.280 --> 0:08:13.680 not the top companies, but for the average startup. Uh. 0:08:13.720 --> 0:08:15.640 You know, there there's a reality check on the market, 0:08:15.920 --> 0:08:17.600 and I think what we're seeing there is for a 0:08:17.640 --> 0:08:21.760 lot of a lot of companies that are good companies 0:08:21.760 --> 0:08:25.200 with good unit economics and good fundamentals, they're saying, hey, 0:08:25.240 --> 0:08:27.520 we want to raise a more modest amount of money 0:08:27.640 --> 0:08:30.840 at a more modest valuation valuation than last year, and 0:08:30.880 --> 0:08:33.600 that that that's a great path. But for companies that 0:08:33.960 --> 0:08:36.760 need money, need capital, I think that's where you're starting 0:08:36.760 --> 0:08:41.480 to see evaluation declines, structure for deals and things of 0:08:41.559 --> 0:08:45.120 that sort. Is there a lot of dry powder just 0:08:45.160 --> 0:08:47.280 sitting on the sidelines because of all these funds that 0:08:47.360 --> 0:08:50.200 raise so much money and now don't have as many 0:08:50.240 --> 0:08:55.000 places to deploy it, and our vcs waiting for evaluations 0:08:55.040 --> 0:08:59.600 to fall further before getting in there is a lot 0:08:59.640 --> 0:09:02.080 of drive. I think that's when when when you talked 0:09:02.080 --> 0:09:04.520 a lot of investors in the private equity space and 0:09:04.520 --> 0:09:07.200 in the venture capital space, a lot of folks who 0:09:07.200 --> 0:09:10.000 are very fortunate and raised in the last few years, 0:09:10.160 --> 0:09:13.040 the pace of capital deployment has slowed down. I think 0:09:13.080 --> 0:09:15.199 there's two things that are happening um right now, and 0:09:15.440 --> 0:09:18.520 I'll bifurcate the early stage market and the growth equity markets. 0:09:18.920 --> 0:09:24.720 In the early stage market. I think business there has continued, um, 0:09:24.800 --> 0:09:28.959 you know, as as expected. Um, there's great innovation happening 0:09:29.400 --> 0:09:32.640 out of a lot of scientific labs, out of a 0:09:32.640 --> 0:09:36.600 lot of engineers who are leaving, you know, leaving other startups, 0:09:36.679 --> 0:09:39.760 leaving you know, the big corporations who have their ideas, 0:09:39.840 --> 0:09:42.160 and that just continues at the normal pace. UM. And 0:09:42.160 --> 0:09:44.319 there's lots of research saying that in these moments of 0:09:44.360 --> 0:09:47.559 economic downturn are the time that more resilient companies are 0:09:47.559 --> 0:09:51.080 being built. And so that that's why one thing we've seen, 0:09:51.400 --> 0:09:53.000 I think, on the other hand, on for for more 0:09:53.000 --> 0:09:55.160 of the kind of the growth equity you know, growth 0:09:55.280 --> 0:09:58.480 growth stage companies. UM. You know, I think you are 0:09:58.520 --> 0:10:01.400 seeing um, you know, you're seeing the pay slow down there. 0:10:01.400 --> 0:10:04.160 I think people want to see better fundamentals and unit 0:10:04.160 --> 0:10:08.800 economics than than they saw before they hedge fun. Tiger 0:10:08.840 --> 0:10:11.959 Global was such a big player in in Silicon Valley 0:10:12.000 --> 0:10:15.520 over the last few years. It's also been blamed for 0:10:15.640 --> 0:10:19.400 inflating a lot of these valuations because they had a 0:10:19.440 --> 0:10:21.440 lot of money to deploy. What do you make of 0:10:21.440 --> 0:10:26.959 that criticism, Well, I think, um, you know, it's more 0:10:27.000 --> 0:10:28.719 and more broadly speaking, I think there was a lot 0:10:28.720 --> 0:10:31.400 of money in the ecosystem last year, whether it's from 0:10:31.480 --> 0:10:35.040 folks like Tiger or soft Bank or others. UM and 0:10:35.080 --> 0:10:37.080 what what they what they did was, you know, they 0:10:37.160 --> 0:10:41.600 played a very important role in financing these companies. UM. 0:10:41.720 --> 0:10:43.480 Now what remains to be seen is, you know, the 0:10:43.600 --> 0:10:45.280 role that they will that they will play and other 0:10:45.320 --> 0:10:48.000 growth equity players will play in terms of now getting 0:10:48.040 --> 0:10:51.000 these companies on a path towards profitability, on a path 0:10:51.080 --> 0:10:53.480 towards and I p O maybe not and maybe not 0:10:53.520 --> 0:10:57.520 in two but in future years UM and how they 0:10:57.520 --> 0:11:01.360 adjust their their mindset, how they had us to support 0:11:01.440 --> 0:11:03.400 that they're giving their portfolio company. I think it's gonna 0:11:03.400 --> 0:11:05.400 be very telling actually in the coming years. And so 0:11:05.760 --> 0:11:08.120 we look forward to working with them and other investors 0:11:08.320 --> 0:11:10.960 in that realm to see, you know, how you build 0:11:11.040 --> 0:11:15.680 long term sustainable businesses. That that's the main goal. Gary 0:11:15.760 --> 0:11:19.360 tan uh formally of Initialized, who's been a guest on 0:11:19.400 --> 0:11:22.679 this show many times. Uh Is has been tapped to 0:11:22.760 --> 0:11:26.440 run y Combinator, and you know, of course there's been 0:11:26.480 --> 0:11:30.079 many Y combinator startups born in a downturn, like Airbnb, 0:11:30.840 --> 0:11:33.720 like Stripe. What do you think the future is of 0:11:34.160 --> 0:11:40.240 a accelerator like y Combinator in a down market when 0:11:40.320 --> 0:11:45.040 there are other accelerators out there now, many other accelerators 0:11:45.040 --> 0:11:49.040 trying to do the same thing. It's um. You know, 0:11:49.080 --> 0:11:51.559 the last two days have been the y Comminator demo days, 0:11:51.600 --> 0:11:54.480 so we've been you know, knee deep in looking at 0:11:54.480 --> 0:11:56.880 all the companies in there. Uh. You know, we've had 0:11:56.880 --> 0:11:59.480 a very strong relationship with y Commonator before. We think 0:11:59.480 --> 0:12:03.239 it's one of the round rules of global innovation. UM. 0:12:03.240 --> 0:12:06.560 Every every six months there's you know, hundreds of companies 0:12:06.600 --> 0:12:09.080 that present, and you you just have this feeling that 0:12:09.120 --> 0:12:12.000 there's within that you know, within that realm, there's a 0:12:12.000 --> 0:12:14.000 couple of bills that are going to be these enduring, 0:12:14.080 --> 0:12:17.480 industry defining companies. UM. One of the things that we've 0:12:17.520 --> 0:12:21.440 noticed in this Y Combinator UM, you know, batch from 0:12:21.440 --> 0:12:25.120 from from this the last couple of days, you can 0:12:25.120 --> 0:12:27.640 notice certain macro trends and I think this kind of 0:12:27.679 --> 0:12:30.760 this discuss your question. One thing that we've gotten very 0:12:30.760 --> 0:12:35.400 excited about is the increase use of artificial intelligence in 0:12:35.559 --> 0:12:38.680 companies that are that are in Y Combinator, and I 0:12:38.679 --> 0:12:40.720 think that's at one of the forefronts of trends in 0:12:40.720 --> 0:12:43.000 in the coming decade. And if you just we ran 0:12:43.080 --> 0:12:45.920 the mats earlier today about you know, what percentage of 0:12:46.000 --> 0:12:49.880 companies are using artificial intelligence to build UM in this 0:12:50.000 --> 0:12:53.120 y Combinator batch in between AI and machine learning. It's 0:12:53.120 --> 0:12:55.199 almost a quarter of companies are doing this. And if 0:12:55.200 --> 0:12:59.520 you compare this to even to Batchets two years ago, UM, 0:12:59.559 --> 0:13:03.680 that's a growth of um of companies doing that. And 0:13:03.760 --> 0:13:05.960 the only time we've seen that before is you know, 0:13:06.040 --> 0:13:08.720 eight to ten years ago when you started seeing cloud 0:13:08.800 --> 0:13:11.360 companies and start US being built on the cloud and 0:13:11.400 --> 0:13:14.520 he started the growth of cloud computing US and and 0:13:14.640 --> 0:13:18.240 Google and Microsoft. And so when when you come to 0:13:18.240 --> 0:13:21.720 think about why combinator, uh, you started seeing these macro 0:13:21.880 --> 0:13:24.760 trends as all, and I think that's that's really what 0:13:24.760 --> 0:13:29.920 we're seeing there, all right, Uh, interesting stuff, Amber about 0:13:29.920 --> 0:13:33.760 a Charia Maverick Ventures managing director, uh and bar thank 0:13:33.800 --> 0:13:39.640 you for joining us as we're entering a potentially lengthy 0:13:39.679 --> 0:13:43.120 economic downturn. I caught up with NBA champion and Mastery 0:13:43.200 --> 0:13:46.080 Ventures general partner Andre Gudala about where he's placing his 0:13:46.160 --> 0:13:50.280 bets and how the macro environment is impacting his strategy. 0:13:50.280 --> 0:13:53.160 To pick a listen for me personally, UM, you know, 0:13:53.240 --> 0:13:56.680 earlier stage, which is where I'm investing, uh, you know 0:13:56.679 --> 0:14:01.000 about uh my time and resources. Um, they have been 0:14:01.000 --> 0:14:02.640 affected as much. So if you look at you know, 0:14:02.720 --> 0:14:06.160 PRECC series A, UM, they haven't been effected as much. 0:14:06.320 --> 0:14:09.800 Whereas the growth stage has been some uncertainty. UM, you've 0:14:09.800 --> 0:14:12.640 seen a lot of down grounds coming out as of late, 0:14:12.960 --> 0:14:15.920 and I think those have been affected more than any 0:14:15.920 --> 0:14:17.520 of the sector. So whore I'm at. The deals are 0:14:17.520 --> 0:14:20.680 still pretty hot. Everyone's trying to get in you know, UM, 0:14:20.800 --> 0:14:23.240 you're placing your beds earlier. There's bigger returns, but there's 0:14:23.280 --> 0:14:27.280 also more risk. So for me, still full of throttle 0:14:27.400 --> 0:14:33.640 and still chasing the earlier deals. Now, Master, I know 0:14:34.040 --> 0:14:37.640 you say you want to ensure diversity when it comes 0:14:37.680 --> 0:14:42.000 to investing, to governance, to talent. What does that look 0:14:42.040 --> 0:14:43.440 like to you? And how do you think you can 0:14:43.480 --> 0:14:48.640 personally influence it given your success as an athlete. I 0:14:48.760 --> 0:14:52.240 just thinking holding you know, companies like the aggregators, um, 0:14:52.280 --> 0:14:57.840 you know, making sure that they're doing their uh duty 0:14:58.120 --> 0:15:01.640 into helping build the pipe line or or just looking 0:15:01.680 --> 0:15:04.000 for the right talent. So what we've been able to 0:15:04.000 --> 0:15:09.240 do is identify a black founded UH talent search firm 0:15:09.640 --> 0:15:12.360 and using that firm to make sure that we're able 0:15:12.400 --> 0:15:15.720 to you know, build the right pipelines from you know HBC, 0:15:15.920 --> 0:15:21.920 use higher education UM institutions UM with a you know, 0:15:21.960 --> 0:15:24.880 with the talent and making sure that these companies are 0:15:25.360 --> 0:15:28.880 building the right culture. UM is one thing to you know, 0:15:29.320 --> 0:15:32.000 hire minorities, but it's another thing to make sure those 0:15:32.000 --> 0:15:35.680 minorities are having success within that culture. So you know, 0:15:35.720 --> 0:15:37.520 you've got to build the right culture so they can 0:15:37.520 --> 0:15:40.360 have success once they work there. We found that that's 0:15:40.360 --> 0:15:43.480 been an issue as well. So UM holding these companies 0:15:43.480 --> 0:15:47.360 accountable is one thing. And you know, building out UM 0:15:47.440 --> 0:15:51.080 you know projections or building out you know, colors to 0:15:51.160 --> 0:15:52.760 make sure that you know, this is what it should 0:15:52.760 --> 0:15:55.360 look like. You know, this is a percentage of UH 0:15:55.520 --> 0:15:58.920 minorities that you should have within your companies throughout building 0:15:58.920 --> 0:16:01.480 your companies as we're invest earlier and seeing them through 0:16:01.520 --> 0:16:05.160 and through. I recently spoke to Serena Williams about her 0:16:05.200 --> 0:16:08.680 for a into venture capital investing, and she she said 0:16:08.680 --> 0:16:10.240 that a lot of people look at her and think, 0:16:10.360 --> 0:16:12.040 you know, I'm just doing this as a hobby, but 0:16:12.160 --> 0:16:16.160 really it's a passion and when it comes to you know, 0:16:16.200 --> 0:16:18.120 what she can bring to the table from the court, 0:16:18.200 --> 0:16:20.600 she said, I like winning and I know how to win. 0:16:21.280 --> 0:16:24.520 What do you think you bring from the court to investing. 0:16:24.720 --> 0:16:29.000 That's unique that traditional Silicon Valley venture capitalists don't have 0:16:30.800 --> 0:16:35.520 well winning in in there similarities in terms of winning, 0:16:36.000 --> 0:16:42.840 um as the percentage of humans with within the sport 0:16:43.000 --> 0:16:45.720 or with this just in competing, and I think athletes 0:16:45.760 --> 0:16:50.920 and venture capital investors, you know, this is really hard 0:16:50.960 --> 0:16:54.000 to win and it's only a small percent that win 0:16:54.120 --> 0:16:57.280 at a high clip. In Serena fits right into that. 0:16:57.680 --> 0:16:59.600 I feel like I've been fortunate enough to be around 0:16:59.600 --> 0:17:01.840 step area, so I fit into it as well. And 0:17:02.120 --> 0:17:05.480 for me, it's just identifying. For me, it's identifying talent, 0:17:06.119 --> 0:17:09.080 identifying how to make the best use of that talent. 0:17:09.200 --> 0:17:11.600 You know, I've been in situations where I've been, you know, 0:17:11.680 --> 0:17:14.560 the focal point of the organization. I've also been in 0:17:14.560 --> 0:17:16.360 a situation where I've been a six man and we've 0:17:16.359 --> 0:17:19.600 had success, and so understand how the ego works. Um 0:17:19.800 --> 0:17:22.480 what I've learned throughout my journey and tech is, you know, 0:17:22.560 --> 0:17:24.120 the eagle is big in tech, is the same way. 0:17:24.119 --> 0:17:26.600 It's big in sports, and you know, you've got some 0:17:26.680 --> 0:17:29.879 of the brightest UM founders, and you've got some of 0:17:29.920 --> 0:17:33.880 the brightest vcs, and there's battles and you know, the 0:17:33.880 --> 0:17:36.720 stakeholders with with the founders in terms of the direction 0:17:36.760 --> 0:17:39.160 of the company and just being able to make sure 0:17:39.200 --> 0:17:41.160 that you know, all the eagles are you know, throwing 0:17:41.160 --> 0:17:43.160 out the window and we're all on the same page, 0:17:43.200 --> 0:17:46.520 and how do we build a company efficiently, responsibly, um, 0:17:46.560 --> 0:17:49.080 you know, with the with the consumer uh in mind 0:17:49.160 --> 0:17:52.600 as well. You're also the co host of a podcast 0:17:52.640 --> 0:17:57.320 called Point Forward, where you're interviewing top athletes, musicians, entrepreneurs. 0:17:57.359 --> 0:17:59.320 You've been making some waves. I believe Joe lake Up 0:17:59.359 --> 0:18:02.439 said gotten a little trouble with something he said on 0:18:02.480 --> 0:18:05.679 your podcast. UM, I'm curious what trends you're seeing in 0:18:05.680 --> 0:18:09.560 the media landscape given this new ability for people like 0:18:09.640 --> 0:18:14.119 yourself to just go straight to their audiences directly. Well, 0:18:14.160 --> 0:18:16.320 I think sports says you can see with some of 0:18:16.359 --> 0:18:20.240 these um, you know, some of the TV deals and 0:18:20.359 --> 0:18:24.800 the rights um to you know, whether it's NFL, NBA, UM, 0:18:24.840 --> 0:18:26.160 and then you just look at the deal the Big 0:18:26.160 --> 0:18:30.280 Tent did was astronomical you know, a great deal done 0:18:30.280 --> 0:18:34.000 by Kevin Warner. Kevin Warren over at UH who runs 0:18:34.000 --> 0:18:37.200 the Big tent Um, and you started to seeing these 0:18:37.240 --> 0:18:41.600 sports has become actual media companies with you know, live 0:18:41.680 --> 0:18:44.840 sports being you can you know, you can pretty much 0:18:44.880 --> 0:18:47.480 gauge what's your viewership is going to be in how 0:18:47.480 --> 0:18:51.960 many eyeballs advertisers can come across. And I feel like 0:18:52.880 --> 0:18:57.640 UM athletes are starting to understand their influence and being 0:18:57.680 --> 0:19:00.679 able to leverage their brands as well. And you know, 0:19:00.800 --> 0:19:03.800 understanding that there there's not just the financial side, but 0:19:03.840 --> 0:19:07.200 also the branding side of you're going straight to the consumer, 0:19:07.280 --> 0:19:09.480 which is what streaming is. And you've been able to 0:19:09.520 --> 0:19:11.879 talk to your fan base and UM, whether it's you're 0:19:11.920 --> 0:19:14.879 trying to monetize it or just build that base of 0:19:14.880 --> 0:19:16.960 of of fans. And you know, that's what we talked 0:19:16.960 --> 0:19:18.800 about Web three, That's what we talked about n f 0:19:18.880 --> 0:19:21.439 T S and you know, the director consumer part of 0:19:21.560 --> 0:19:33.680 the business coming into media and sports as well. Amazon's 0:19:33.760 --> 0:19:37.760 Prime Video will have exclusive streaming rights starting September fifteenth 0:19:37.800 --> 0:19:41.639 for Thursday Night Football, kicking off an eleven year, thirteen 0:19:41.720 --> 0:19:45.680 billion dollar deal that could forever alter the television landscape. 0:19:45.680 --> 0:19:48.760 This is the first time a streaming service has had 0:19:48.800 --> 0:19:51.320 exclusive rights to NFL games in the United States, and 0:19:51.359 --> 0:19:55.040 a big challenge two major networks that have dominated sports 0:19:55.040 --> 0:19:58.080 for generations. Here to discuss this, bloombergs Luca Shaw, who 0:19:58.080 --> 0:20:02.480 wrote about this for blue Berg's Big Take. So, lucas, 0:20:02.480 --> 0:20:04.720 this is a huge deal. If you want to watch 0:20:04.720 --> 0:20:07.520 Thursday night football, you're gonna have to go onto Amazon 0:20:07.560 --> 0:20:10.720 Prime Video. How many viewers is this going to drive 0:20:11.119 --> 0:20:15.080 for Prime and is the bet going to be worth it? Well? 0:20:15.160 --> 0:20:18.920 Amazon is estimating that in the first year it will 0:20:18.960 --> 0:20:22.680 probably attract about twelve million viewers a week. That's below 0:20:22.920 --> 0:20:26.040 what the typical third to night broadcast has has attracted, 0:20:26.080 --> 0:20:27.920 but much higher than I think the number of people 0:20:28.000 --> 0:20:30.760 using Amazon on your on your average Thursday. I mean, 0:20:30.760 --> 0:20:32.439 the thing to remember for them is this is a 0:20:32.560 --> 0:20:35.520 very long term that it's useful. It's you know, they 0:20:35.760 --> 0:20:38.960 see football both as a benefit for their Prime members. 0:20:38.960 --> 0:20:41.840 It's the big reason they're spending billions of dollars on entertainment, 0:20:41.840 --> 0:20:43.880 and it becomes very hard for us to see if 0:20:43.880 --> 0:20:46.680 that number really pencils out. But it also could provide 0:20:46.680 --> 0:20:49.159 a huge boost their advertising business, which has been one 0:20:49.160 --> 0:20:51.280 of the fastest growing sectors of the company. And you know, 0:20:51.280 --> 0:20:54.679 football is the hottest property on television. A thirteen billion 0:20:54.680 --> 0:20:58.199 dollar deal for eleven games a season, is it Is 0:20:58.200 --> 0:21:01.440 it worth it? Well, am On is paying less than 0:21:01.600 --> 0:21:03.960 other broadcasters pay for football. I mean, that's the thing 0:21:04.000 --> 0:21:06.640 to remember here is that the price of sports rights 0:21:06.640 --> 0:21:10.320 has gotten absolutely ludicrous over the past several years. Uh, 0:21:10.359 --> 0:21:12.960 you know, it's I find it really hard to answer 0:21:13.000 --> 0:21:15.080 that is it worth a question with Amazon, just because 0:21:15.119 --> 0:21:17.800 it feels like they're playing a different game than most 0:21:17.840 --> 0:21:20.280 of these other companies. You know, I think when a 0:21:20.359 --> 0:21:25.080 CBS paramount by football rates, the bet is that they're 0:21:25.480 --> 0:21:28.639 that show itself will probably lose money for them, but 0:21:28.720 --> 0:21:32.680 it brings so many people into CBS that it makes 0:21:32.720 --> 0:21:35.520 money for them overall. And without football, they would be 0:21:35.560 --> 0:21:38.119 far less valuable to the cable operators that need to 0:21:38.160 --> 0:21:41.040 carry the channel. It's not a perfect comparison, but it's 0:21:41.040 --> 0:21:42.960 a little bit similar to Amazon, where they're spending a 0:21:43.000 --> 0:21:46.400 lot of money to bring people into their ecosystem. The 0:21:46.480 --> 0:21:49.520 problem is that if you want to watch any of 0:21:49.560 --> 0:21:52.600 these games on a streaming platform, it is kind of confusing. 0:21:52.640 --> 0:21:55.679 For example, I like baseball on Friday nights. I have 0:21:55.720 --> 0:21:57.879 to go to Apple, but only on Friday nights, not 0:21:57.920 --> 0:22:01.840 on any other night. How does that infusion smooth out 0:22:02.320 --> 0:22:04.200 over the longer term when you have all of these 0:22:04.240 --> 0:22:07.240 different networks and then all of these different streaming platforms 0:22:07.240 --> 0:22:12.000