1 00:00:02,840 --> 00:00:05,320 Speaker 1: Josh Harris is a major figure in the investment world 2 00:00:05,400 --> 00:00:07,760 Speaker 1: and the sports world. In the investment world, he was 3 00:00:07,800 --> 00:00:10,040 Speaker 1: the co founder of Apollo, one of the largest private 4 00:00:10,039 --> 00:00:12,479 Speaker 1: credit and private equity firms in the world. As a 5 00:00:12,520 --> 00:00:15,960 Speaker 1: sports owner, he recently bought the Washington Commanders for six 6 00:00:16,040 --> 00:00:19,560 Speaker 1: billion dollars, largest price ever paid for major sports franchise 7 00:00:19,760 --> 00:00:21,920 Speaker 1: in the United States. Had a chance to sit down 8 00:00:21,960 --> 00:00:24,560 Speaker 1: with Josh Harris recently to talk about his combined life 9 00:00:24,600 --> 00:00:26,480 Speaker 1: as an investor and sports team owner. 10 00:00:27,920 --> 00:00:28,960 Speaker 2: Josh, for those who. 11 00:00:28,920 --> 00:00:31,240 Speaker 1: Don't know, was a co founder of Apollo, which is 12 00:00:31,240 --> 00:00:33,520 Speaker 1: one of the largest private equity and private credit firms 13 00:00:33,520 --> 00:00:34,000 Speaker 1: in the world. 14 00:00:34,520 --> 00:00:36,720 Speaker 2: He is now the. 15 00:00:36,080 --> 00:00:39,800 Speaker 1: Founder and managing director and CEO of a new firm 16 00:00:39,840 --> 00:00:43,000 Speaker 1: based in Miami twenty six North. And as if that 17 00:00:43,159 --> 00:00:46,919 Speaker 1: was not enough, you're also the lead partner in the 18 00:00:47,040 --> 00:00:48,720 Speaker 1: Washington Commanders. 19 00:00:49,000 --> 00:00:50,919 Speaker 2: You're also the lead. 20 00:00:51,080 --> 00:00:55,640 Speaker 1: Partner managing director for the NBA Philadelphia seventy six ers. 21 00:00:56,560 --> 00:00:59,480 Speaker 1: You're the co managing partner for the New Jersey Devils 22 00:00:59,480 --> 00:01:02,720 Speaker 1: and the National Hotsky League. And you're one of the 23 00:01:02,720 --> 00:01:06,839 Speaker 1: managing partners for the Crystal Palace English Premier Soccer team. 24 00:01:08,280 --> 00:01:09,959 Speaker 2: And is that all anything? Today? 25 00:01:09,959 --> 00:01:13,480 Speaker 1: You bought anything else today, married with five kids, okay, 26 00:01:13,880 --> 00:01:18,039 Speaker 1: and witness harder five kids from getting married or all. 27 00:01:17,920 --> 00:01:20,680 Speaker 3: The other things. It's all very rewarding. Okay. 28 00:01:20,720 --> 00:01:23,119 Speaker 1: So let's talk about your new firm, twenty six North. 29 00:01:23,360 --> 00:01:25,120 Speaker 1: Where did you get that name from? 30 00:01:25,160 --> 00:01:26,080 Speaker 3: So it's a funny story. 31 00:01:26,480 --> 00:01:29,880 Speaker 4: I hired a branding agency and spent a lot of money, 32 00:01:29,920 --> 00:01:32,480 Speaker 4: and then they came up with five horrible names, and 33 00:01:32,480 --> 00:01:34,880 Speaker 4: I threw all those in the trash and named it myself. 34 00:01:35,560 --> 00:01:40,040 Speaker 4: So I when I left Apollo, I didn't I wasn't 35 00:01:40,080 --> 00:01:43,959 Speaker 4: necessarily going to start another alternatives firm, but I realized that, 36 00:01:45,040 --> 00:01:47,440 Speaker 4: you know, the big firms had built, you know, Carlisle 37 00:01:47,480 --> 00:01:51,440 Speaker 4: amongst them, Apollo, black Stone, KKRTPG had built these incredible 38 00:01:51,480 --> 00:01:55,440 Speaker 4: investing ecosystems, but many of them had gotten so big 39 00:01:55,480 --> 00:01:58,960 Speaker 4: and become public companies, and they were sort of the 40 00:01:59,000 --> 00:02:00,000 Speaker 4: beta of alls. 41 00:02:00,360 --> 00:02:02,440 Speaker 3: They're so big that they need to, you know, get 42 00:02:02,440 --> 00:02:04,640 Speaker 3: into very big areas pools of capital. 43 00:02:04,760 --> 00:02:08,800 Speaker 4: And what had been left a little bit behind was Alpha, 44 00:02:09,080 --> 00:02:11,800 Speaker 4: you know, really being the alpha of alts, you know. 45 00:02:12,120 --> 00:02:16,079 Speaker 4: And so we decided that we could bring I decided 46 00:02:16,400 --> 00:02:18,640 Speaker 4: that I could create a firm that had big firm 47 00:02:18,720 --> 00:02:22,360 Speaker 4: capabilities that had all the trappings of a big firm. 48 00:02:22,400 --> 00:02:26,440 Speaker 4: In our case, it's an integrated platform with debt and insurance, 49 00:02:26,480 --> 00:02:29,560 Speaker 4: and it's an alpha creation team led by someone who 50 00:02:29,639 --> 00:02:35,200 Speaker 4: left mackenzie incredible talent, and apply it against the middle market, 51 00:02:35,240 --> 00:02:37,440 Speaker 4: in the upper middle market and deal with a lot 52 00:02:37,480 --> 00:02:41,239 Speaker 4: more alignment where I'm the largest investor and everyone who's 53 00:02:41,320 --> 00:02:44,880 Speaker 4: joining is not necessarily getting paid as much cash they might, 54 00:02:44,960 --> 00:02:47,480 Speaker 4: but they're really going to benefit if the investors benefit. 55 00:02:47,560 --> 00:02:49,560 Speaker 1: How much money have you raised and put into the 56 00:02:49,639 --> 00:02:50,480 Speaker 1: firm so far? 57 00:02:50,639 --> 00:02:51,520 Speaker 3: It's gone really well. 58 00:02:51,600 --> 00:02:55,680 Speaker 4: We're at twenty three billion after twenty four months, which is, 59 00:02:55,720 --> 00:02:58,560 Speaker 4: you know, beyond my wildest expectation. We have one hundred 60 00:02:58,560 --> 00:03:02,080 Speaker 4: and twenty five people, and you know, it's an amazing culture, 61 00:03:02,120 --> 00:03:05,440 Speaker 4: amazing people. People really jumped on the bandwagon and now 62 00:03:05,440 --> 00:03:08,360 Speaker 4: we're I'm hard at work trying to create alpha. So 63 00:03:08,400 --> 00:03:12,680 Speaker 4: in sports, you create, you have to create memories and 64 00:03:12,800 --> 00:03:17,280 Speaker 4: win for the city. And in alternatives, investigators, you know, 65 00:03:17,320 --> 00:03:21,360 Speaker 4: it's about returns. It's about alpha for retirees and pensioners. 66 00:03:21,360 --> 00:03:22,720 Speaker 3: So I think that's what we're doing. 67 00:03:22,760 --> 00:03:24,320 Speaker 1: To raise that kind of money, you had to go 68 00:03:24,360 --> 00:03:26,120 Speaker 1: out and I guess ask people for money. 69 00:03:26,120 --> 00:03:27,960 Speaker 2: So how did you do that? With all the sports teams? 70 00:03:28,040 --> 00:03:30,080 Speaker 4: I spent a lot of time flying around. I mean literally, 71 00:03:30,120 --> 00:03:31,680 Speaker 4: I have a mobile office. 72 00:03:32,400 --> 00:03:33,280 Speaker 3: It's it's a plan. 73 00:03:33,520 --> 00:03:36,440 Speaker 1: So you've already announced two deals, one just recently, one 74 00:03:36,480 --> 00:03:38,880 Speaker 1: about a week or so ago. What we're so attractive 75 00:03:38,920 --> 00:03:39,640 Speaker 1: about those deals? 76 00:03:39,680 --> 00:03:41,760 Speaker 4: Private AQ was going through a bit of a transition 77 00:03:41,920 --> 00:03:45,800 Speaker 4: where multiple values are peaked and they're on their way down, 78 00:03:45,920 --> 00:03:47,880 Speaker 4: and so some of the returns haven't been as good 79 00:03:47,920 --> 00:03:49,600 Speaker 4: and so we're benefiting from that. 80 00:03:50,160 --> 00:03:52,200 Speaker 3: And so to a certain extent, we're buying really. 81 00:03:51,960 --> 00:03:56,120 Speaker 4: Good businesses at much better pricing than others have in 82 00:03:56,160 --> 00:03:59,160 Speaker 4: the past. So we're able to buy really good businesses, 83 00:03:59,240 --> 00:04:03,000 Speaker 4: one in the fitness area and one creates electrical systems 84 00:04:03,040 --> 00:04:07,760 Speaker 4: for data centers and stadiums, and we're buying them at 85 00:04:08,000 --> 00:04:12,320 Speaker 4: seven times So unlike the sixty times cash flow, we're 86 00:04:12,360 --> 00:04:15,360 Speaker 4: paying seven times cash. And that might compare to the 87 00:04:15,360 --> 00:04:17,520 Speaker 4: industry that's paying ten or eleven times cash. 88 00:04:17,680 --> 00:04:19,520 Speaker 3: So our strategy is to buy. 89 00:04:19,279 --> 00:04:22,800 Speaker 4: Good businesses and kind of find those opportunities that are 90 00:04:22,800 --> 00:04:24,440 Speaker 4: misvalued for some reason or another. 91 00:04:24,520 --> 00:04:26,840 Speaker 1: So as you make investments, Now, are you worried about 92 00:04:27,120 --> 00:04:32,760 Speaker 1: the geopolitical events around the world, what's going on in Israel, Daza, Ukraine, Russia, China, Taiwan, 93 00:04:32,880 --> 00:04:34,320 Speaker 1: or you don't pay that much attention to that. 94 00:04:34,720 --> 00:04:35,800 Speaker 3: Look, you have to pay attention to that. 95 00:04:35,839 --> 00:04:39,280 Speaker 4: I mean, I mean obviously, right now, we have a 96 00:04:39,360 --> 00:04:42,600 Speaker 4: market at all tim has and we have an economy 97 00:04:42,640 --> 00:04:47,800 Speaker 4: that is cranking inflation. The Federal Reserve has done a 98 00:04:47,839 --> 00:04:49,600 Speaker 4: good job of finding that. 99 00:04:51,000 --> 00:04:53,440 Speaker 3: They call it goldilocks. Not too hot, not too cold. 100 00:04:53,760 --> 00:04:58,440 Speaker 4: Inflation's coming down, but unemployment's low, and so things are 101 00:04:58,480 --> 00:05:02,479 Speaker 4: pretty good and price is aggressive for the most part. 102 00:05:02,520 --> 00:05:05,160 Speaker 4: The markets are at all time peak, pe multiples are 103 00:05:05,200 --> 00:05:08,400 Speaker 4: very closed. So you've got to be cognizant that a 104 00:05:08,440 --> 00:05:12,200 Speaker 4: geopolitical event can knock everything on its side, and so 105 00:05:12,240 --> 00:05:13,720 Speaker 4: you have to just be careful, right, and you have 106 00:05:13,839 --> 00:05:17,920 Speaker 4: to plan. Okay, what happens if oil price is spike? Right, 107 00:05:17,960 --> 00:05:21,680 Speaker 4: that could be an outcome. For example, what happens if 108 00:05:22,880 --> 00:05:26,600 Speaker 4: you know Israel were to you know, attack around So. 109 00:05:26,680 --> 00:05:29,719 Speaker 1: As we talk, we're getting close to the next presidential election. 110 00:05:29,839 --> 00:05:31,760 Speaker 3: Yes, we are so heard about that. 111 00:05:31,960 --> 00:05:33,720 Speaker 1: Do you think it will make a difference to your 112 00:05:33,800 --> 00:05:37,159 Speaker 1: investment approach if one party wins versus another party, or 113 00:05:37,160 --> 00:05:40,200 Speaker 1: one party controls the Congress versus somebody controlling the White House. 114 00:05:40,240 --> 00:05:42,920 Speaker 1: How do you look at the election impacting your business. 115 00:05:43,160 --> 00:05:45,640 Speaker 4: The way we look at it that is, it's like 116 00:05:45,680 --> 00:05:47,360 Speaker 4: a fifty to fifty election. I mean, you can go 117 00:05:48,760 --> 00:05:52,480 Speaker 4: look at some betting sites and it's a real toss up. 118 00:05:52,560 --> 00:05:54,080 Speaker 3: So it's really hard to predict. I think we have 119 00:05:54,120 --> 00:05:55,560 Speaker 3: to be ready for every environment. 120 00:05:56,760 --> 00:06:01,720 Speaker 4: Certainly there are different ranks and weaknesses. If you have 121 00:06:01,800 --> 00:06:06,000 Speaker 4: a candidate that is more regulatory oriented, that might affect 122 00:06:06,080 --> 00:06:11,200 Speaker 4: certain industries like energy or healthcare Differently, the antitrust policy 123 00:06:11,240 --> 00:06:12,200 Speaker 4: could be different. 124 00:06:11,920 --> 00:06:13,040 Speaker 3: That could affect acquisitions. 125 00:06:13,080 --> 00:06:16,080 Speaker 4: So you have to think about all that and just 126 00:06:16,120 --> 00:06:17,200 Speaker 4: be prepared for it. 127 00:06:17,560 --> 00:06:18,680 Speaker 3: I think that if there's no. 128 00:06:18,760 --> 00:06:23,440 Speaker 4: Outcome, clear outcome could create some violatility that might be 129 00:06:23,480 --> 00:06:24,440 Speaker 4: a buying opportunity. 130 00:06:24,480 --> 00:06:25,839 Speaker 3: So I think we think. 131 00:06:25,680 --> 00:06:28,000 Speaker 4: About all of it, and we plan for all of it, 132 00:06:28,320 --> 00:06:31,040 Speaker 4: but then we get ready to pivot one way or another, 133 00:06:31,080 --> 00:06:33,640 Speaker 4: and we make sure the stuff we're doing now is 134 00:06:33,839 --> 00:06:37,360 Speaker 4: very robust, that it maybe has less leverage, that it's 135 00:06:37,440 --> 00:06:40,920 Speaker 4: more sustainable under any scenario that could come out. 136 00:06:41,000 --> 00:06:42,919 Speaker 1: So do you get involved in the campaign. You're not 137 00:06:42,960 --> 00:06:44,920 Speaker 1: a donor, you're not a supporter. You just stay out 138 00:06:44,920 --> 00:06:45,200 Speaker 1: of it. 139 00:06:45,400 --> 00:06:48,520 Speaker 4: You get involved with politics in many cases, I fans 140 00:06:48,520 --> 00:06:51,320 Speaker 4: that are you know, on both sides of the aisle, right, 141 00:06:51,360 --> 00:06:54,240 Speaker 4: so it becomes controversial, and sports are supposed to bring 142 00:06:54,279 --> 00:06:54,960 Speaker 4: people together. 143 00:06:55,360 --> 00:06:56,840 Speaker 3: And so I keep my opinions to myself. 144 00:06:56,880 --> 00:06:59,479 Speaker 4: Really, I stay out of politics, and I'm pretty don't. 145 00:06:59,520 --> 00:07:03,440 Speaker 4: I don't get involved, even though I mean obviously I care. 146 00:07:03,520 --> 00:07:05,919 Speaker 4: I care about the world, but it's like my my 147 00:07:06,040 --> 00:07:09,520 Speaker 4: ability to create impact is through these platforms, and so 148 00:07:09,680 --> 00:07:11,320 Speaker 4: that sort of keeps me out of politics. 149 00:07:11,400 --> 00:07:12,400 Speaker 2: Let's go back to your youth. 150 00:07:12,520 --> 00:07:15,560 Speaker 1: You were you were born in this area, and you 151 00:07:15,600 --> 00:07:18,640 Speaker 1: grew up in Bethesda, grew up in Chevy Chase, Chevy 152 00:07:18,680 --> 00:07:23,760 Speaker 1: Chase Beesda Chevy Chase Cherry, which is I don't know, okay, So, uh, 153 00:07:23,960 --> 00:07:26,960 Speaker 1: you went to high school and then you went to here, 154 00:07:27,080 --> 00:07:29,680 Speaker 1: and then you went to Penn, right. And while you 155 00:07:29,720 --> 00:07:32,600 Speaker 1: said you weren't you know, a great academic or something, 156 00:07:32,640 --> 00:07:34,000 Speaker 1: you graduated Summa cum Cloudy. 157 00:07:34,080 --> 00:07:35,240 Speaker 2: So you must have been pretty good. 158 00:07:35,960 --> 00:07:37,600 Speaker 3: Yes, I got I got better as I was on. 159 00:07:37,720 --> 00:07:40,640 Speaker 4: So my dad had gone to Penn and also I 160 00:07:41,080 --> 00:07:43,200 Speaker 4: was a wrestler and they had a wrestling team and 161 00:07:43,240 --> 00:07:45,800 Speaker 4: so I started talking to the coach, and so I 162 00:07:45,920 --> 00:07:48,920 Speaker 4: kind of got into Penn even though I probably was 163 00:07:49,000 --> 00:07:53,080 Speaker 4: an aspirational candidate for Ben that was my highest shot. 164 00:07:53,320 --> 00:07:54,680 Speaker 2: But did you wrestle with Penn? 165 00:07:54,760 --> 00:07:55,080 Speaker 3: I did? 166 00:07:55,280 --> 00:07:56,880 Speaker 2: Then what did you do right after your graduation? 167 00:07:56,920 --> 00:07:59,960 Speaker 4: I went to Drexel, which was a storied investment bank 168 00:08:00,120 --> 00:08:04,560 Speaker 4: that was Michael Milken and Direxel was I always liked 169 00:08:04,560 --> 00:08:04,960 Speaker 4: in my career. 170 00:08:05,000 --> 00:08:06,240 Speaker 3: I always fought I always. 171 00:08:06,000 --> 00:08:09,600 Speaker 4: Went to aspirationally what I felt was where I could 172 00:08:09,640 --> 00:08:11,800 Speaker 4: get the best experience with the smartest people. So I 173 00:08:11,840 --> 00:08:13,840 Speaker 4: was there nineteen o six to nineteen eighty. It was 174 00:08:14,040 --> 00:08:17,840 Speaker 4: killing it. And then I've had one business school Harvard, 175 00:08:18,080 --> 00:08:20,280 Speaker 4: and I said, look, if I am blessed to get 176 00:08:20,280 --> 00:08:23,760 Speaker 4: into Harvard, I know I read the book like we 177 00:08:23,840 --> 00:08:25,480 Speaker 4: don't learn in Harvard Physical and I was like, if 178 00:08:25,480 --> 00:08:27,000 Speaker 4: I can get into this place, I'll go. 179 00:08:27,080 --> 00:08:28,600 Speaker 3: And I went, and then what. 180 00:08:28,520 --> 00:08:28,880 Speaker 2: Did you do? 181 00:08:29,520 --> 00:08:30,680 Speaker 3: So then I, you know, it's interesting. 182 00:08:31,400 --> 00:08:35,080 Speaker 4: I felt that private equity was I wanted to be 183 00:08:35,080 --> 00:08:39,000 Speaker 4: involved with companies versus just being at a bank, and 184 00:08:39,200 --> 00:08:41,360 Speaker 4: private equity seemed like the way to get the most 185 00:08:41,400 --> 00:08:44,320 Speaker 4: responsibility and was where all the smartest people were going 186 00:08:44,960 --> 00:08:48,000 Speaker 4: and I joined this five year old young firm called Blackstone. 187 00:08:48,440 --> 00:08:53,000 Speaker 4: I went there and three months into it, you know, 188 00:08:53,080 --> 00:08:55,800 Speaker 4: Drexel went out of business and I got a call 189 00:08:55,920 --> 00:09:00,760 Speaker 4: from Mark Rowan, who had been the star he did Drexel, 190 00:09:00,920 --> 00:09:02,760 Speaker 4: who I'd work with, and he said, look, we're starting 191 00:09:02,800 --> 00:09:05,840 Speaker 4: up this firm. And initially I was like, eh, I'm good. 192 00:09:06,160 --> 00:09:08,960 Speaker 3: You know, you guys just went out of business. 193 00:09:09,080 --> 00:09:14,120 Speaker 4: But we I decided to follow him and Leon black 194 00:09:14,240 --> 00:09:17,040 Speaker 4: and I joined Pollow, which had twelve people. 195 00:09:16,760 --> 00:09:17,200 Speaker 3: At that point. 196 00:09:17,240 --> 00:09:19,280 Speaker 1: All right, so you started helped to start that firm. 197 00:09:19,320 --> 00:09:20,880 Speaker 1: You're one of the co founders and you were there 198 00:09:20,920 --> 00:09:23,600 Speaker 1: for how many years before you left? Thirty two years, okay, 199 00:09:23,640 --> 00:09:25,680 Speaker 1: and you were the head of private equity, and so. 200 00:09:25,679 --> 00:09:26,199 Speaker 3: I started off. 201 00:09:26,200 --> 00:09:28,000 Speaker 4: I mean literally there was only twelve people, so we 202 00:09:28,080 --> 00:09:29,440 Speaker 4: all were just doing. 203 00:09:29,320 --> 00:09:31,240 Speaker 2: But at the end you were leading the private equity. 204 00:09:31,640 --> 00:09:33,520 Speaker 4: So I was leading private equity, and then I was 205 00:09:34,200 --> 00:09:35,000 Speaker 4: running the firm. 206 00:09:35,040 --> 00:09:36,319 Speaker 3: So the firm went public. 207 00:09:36,800 --> 00:09:40,320 Speaker 4: What happens in the investing businesses, you get kicked upstairs, 208 00:09:41,120 --> 00:09:44,520 Speaker 4: and so ultimately, you know, it became the three of 209 00:09:44,600 --> 00:09:47,200 Speaker 4: us formed an executive committee and we were running the firm, 210 00:09:47,200 --> 00:09:49,040 Speaker 4: and I was running the firm day to day and. 211 00:09:48,960 --> 00:09:51,439 Speaker 2: You joined the firm. How many people did Apollo House well? 212 00:09:52,040 --> 00:09:55,080 Speaker 1: And now it has a market cap of eighty billion dollars. 213 00:09:55,080 --> 00:09:57,040 Speaker 4: Seventy and eighty billion dollars depending on the day. So 214 00:09:57,080 --> 00:09:59,320 Speaker 4: it's you know, I'm very proud of it. I mean, 215 00:09:59,360 --> 00:10:02,320 Speaker 4: I'm still very large shoulder, and you know, it was 216 00:10:02,360 --> 00:10:07,480 Speaker 4: a great thing to have created, and you know now 217 00:10:08,000 --> 00:10:10,320 Speaker 4: to be able to you know, have a second act, 218 00:10:10,320 --> 00:10:12,440 Speaker 4: which is twenty six North, but also with sports with 219 00:10:12,480 --> 00:10:15,160 Speaker 4: the Commanders, uh, you know, and I and I and 220 00:10:15,200 --> 00:10:17,960 Speaker 4: I sort of think what I do here in Washington 221 00:10:18,160 --> 00:10:21,080 Speaker 4: is a very big deal, even though Pile has been 222 00:10:21,080 --> 00:10:24,200 Speaker 4: a very big deal. So this is you know, you know, 223 00:10:24,360 --> 00:10:26,040 Speaker 4: really important to my legacy. 224 00:10:26,400 --> 00:10:30,280 Speaker 1: When you bought the Washington Commanders, people were a gas 225 00:10:30,360 --> 00:10:32,880 Speaker 1: that the price you paid it was six billion dollars. 226 00:10:33,360 --> 00:10:35,640 Speaker 1: No team in the United States had ever been sold 227 00:10:35,679 --> 00:10:37,000 Speaker 1: for that. I'm not sure any team in the world 228 00:10:37,080 --> 00:10:39,760 Speaker 1: ever been sold for six billion dollars. Were you shocked 229 00:10:39,800 --> 00:10:42,600 Speaker 1: at the price that you had to pay and did 230 00:10:42,640 --> 00:10:45,040 Speaker 1: you have any second thoughts about it? Or now that 231 00:10:45,120 --> 00:10:47,360 Speaker 1: other teams seem to be valued even higher than that 232 00:10:47,920 --> 00:10:50,400 Speaker 1: as they sell off pieces to private equity firms. Do 233 00:10:50,480 --> 00:10:52,520 Speaker 1: you think you got a bargain, And. 234 00:10:52,600 --> 00:10:55,080 Speaker 4: So at the time I would have preferred to pay 235 00:10:55,160 --> 00:10:59,280 Speaker 4: less we had, and so I joked at my credentials 236 00:10:59,320 --> 00:11:02,200 Speaker 4: as a value us there were shattered. We paid the 237 00:11:02,320 --> 00:11:04,400 Speaker 4: highest price in the history of the world for our 238 00:11:04,400 --> 00:11:07,680 Speaker 4: sports team, but that was quickly a surpassed. But you know, 239 00:11:07,720 --> 00:11:10,960 Speaker 4: I had a long run vision that the NFL was 240 00:11:11,120 --> 00:11:13,560 Speaker 4: the dominant was a dominant sport in the world, that 241 00:11:13,600 --> 00:11:16,959 Speaker 4: it would you know, the media rights would continue to 242 00:11:17,000 --> 00:11:18,840 Speaker 4: appreciate as global. 243 00:11:18,600 --> 00:11:20,200 Speaker 3: Audiences flooded in. 244 00:11:20,480 --> 00:11:23,880 Speaker 4: I felt that there would be upward pressure on values. Also, 245 00:11:24,760 --> 00:11:28,040 Speaker 4: you know, was aware that the NFL was considering letting 246 00:11:28,120 --> 00:11:31,240 Speaker 4: and private equity alternative forms of capital. And so for 247 00:11:31,280 --> 00:11:33,640 Speaker 4: all those reasons, I felt that that people would look 248 00:11:33,679 --> 00:11:35,320 Speaker 4: back on it and say it was a good deal. 249 00:11:35,640 --> 00:11:39,200 Speaker 4: And it's proven as such. I mean, obviously you mentioned 250 00:11:39,240 --> 00:11:42,680 Speaker 4: that the current values. 251 00:11:42,720 --> 00:11:43,959 Speaker 3: A couple of rumors out. 252 00:11:43,800 --> 00:11:48,800 Speaker 4: There that that numbers starting with an eight billion will 253 00:11:48,840 --> 00:11:52,120 Speaker 4: be invested for teams, and I think those are true rumors. 254 00:11:52,160 --> 00:11:54,720 Speaker 1: So the team you inherited wasn't doing that well. I 255 00:11:54,720 --> 00:11:57,760 Speaker 1: think it's fair to say the team is now four 256 00:11:57,800 --> 00:12:01,160 Speaker 1: and one four and one let's go and you have 257 00:12:01,200 --> 00:12:05,040 Speaker 1: a star quarterback drafted, the Heisman Trophy winner for last year. 258 00:12:05,240 --> 00:12:06,439 Speaker 2: He's done extremely well. 259 00:12:06,920 --> 00:12:10,080 Speaker 1: So what's the greatest thrill buying a team in your 260 00:12:10,120 --> 00:12:13,320 Speaker 1: own hometown, being there to cheer the players on. You 261 00:12:13,360 --> 00:12:15,319 Speaker 1: go into the locker rooms and tell them win one 262 00:12:15,360 --> 00:12:16,760 Speaker 1: for the Gipper or something like that. 263 00:12:17,600 --> 00:12:19,200 Speaker 4: You try to avoid they've heard every speech. 264 00:12:19,240 --> 00:12:22,760 Speaker 3: But look, I think for me personally, the elation. 265 00:12:22,559 --> 00:12:25,320 Speaker 4: That you feel, I mean, obviously it's you know, I've 266 00:12:25,320 --> 00:12:29,400 Speaker 4: been very blessed to be involved with a lot of 267 00:12:29,840 --> 00:12:33,240 Speaker 4: successes in the business world. But the elation you feel 268 00:12:33,800 --> 00:12:38,600 Speaker 4: being part of a crowd when the team wins, being 269 00:12:38,640 --> 00:12:41,920 Speaker 4: amongst the fans, you know, that's really something special and 270 00:12:41,960 --> 00:12:45,720 Speaker 4: it's a shared experience. It's a community, and it's amazing 271 00:12:45,760 --> 00:12:50,000 Speaker 4: being bolved with. So being I'd say, of all the things, Look, obviously, 272 00:12:50,440 --> 00:12:52,880 Speaker 4: owning a team in your hometown is incredible. 273 00:12:52,960 --> 00:12:55,280 Speaker 1: When you started buying these teams, you started buying the 274 00:12:55,360 --> 00:12:58,560 Speaker 1: seventy six ers first, and you paid a price that 275 00:12:58,720 --> 00:13:00,120 Speaker 1: seemed reasonably. 276 00:12:59,800 --> 00:13:01,240 Speaker 2: High for people at that time. 277 00:13:02,160 --> 00:13:05,040 Speaker 1: Two hundred eighty million, while okay, two hundred eighty million today, 278 00:13:05,200 --> 00:13:09,080 Speaker 1: these NFL, these NBA franchises are four or five billion 279 00:13:09,160 --> 00:13:12,800 Speaker 1: or more. So what did people say to you when 280 00:13:12,840 --> 00:13:15,760 Speaker 1: you were at Apollo. You're running the private equity business 281 00:13:16,000 --> 00:13:17,680 Speaker 1: and you say, by the way, guys, I'm going to 282 00:13:17,679 --> 00:13:21,160 Speaker 1: go buy a basketball team. Did your partners say why 283 00:13:21,200 --> 00:13:23,199 Speaker 1: are you doing that? And did your investors say you 284 00:13:23,240 --> 00:13:24,120 Speaker 1: shouldn't be doing that. 285 00:13:24,400 --> 00:13:26,920 Speaker 4: My partners at Apollo were sort of like. 286 00:13:27,800 --> 00:13:29,760 Speaker 3: Just don't let this interfere with your day job. 287 00:13:29,840 --> 00:13:33,480 Speaker 4: They were very supportive of it at that time, you know, investors, 288 00:13:34,280 --> 00:13:39,439 Speaker 4: you know, I think initially there were they scratched their head. 289 00:13:39,440 --> 00:13:43,640 Speaker 4: But what happened was they realized that it wasn't interfering 290 00:13:43,760 --> 00:13:46,040 Speaker 4: with my day job. I was how focused I was 291 00:13:46,040 --> 00:13:49,080 Speaker 4: a pole continue to flourish, and they realized that there 292 00:13:49,120 --> 00:13:51,600 Speaker 4: is a synergy. Like you learn a lot about life 293 00:13:51,640 --> 00:13:53,640 Speaker 4: in sports. You learn a lot about being a steward 294 00:13:54,360 --> 00:13:58,840 Speaker 4: and culture and people and so over time, you know, 295 00:13:58,920 --> 00:14:01,800 Speaker 4: as I went on this journey, everyone was supportive. 296 00:14:02,000 --> 00:14:03,959 Speaker 1: Hey, well, I thought you made a commitment at the 297 00:14:03,960 --> 00:14:06,360 Speaker 1: time that you would attend every home game or every game. 298 00:14:06,480 --> 00:14:08,080 Speaker 2: So how did you manage to do that? 299 00:14:08,800 --> 00:14:11,320 Speaker 3: Yeah, so there are eighty two basketball games. I never 300 00:14:11,400 --> 00:14:13,320 Speaker 3: made it. I certainly when you own. 301 00:14:13,640 --> 00:14:15,360 Speaker 4: First of all, I've never missed a football game so 302 00:14:15,559 --> 00:14:20,160 Speaker 4: since I've owned the team, So keep going home or away. 303 00:14:20,720 --> 00:14:21,520 Speaker 3: There's less of those. 304 00:14:21,640 --> 00:14:23,760 Speaker 4: But now, look, I think if you if you are 305 00:14:23,800 --> 00:14:26,840 Speaker 4: the managing partner of a team, and really for me 306 00:14:26,880 --> 00:14:30,120 Speaker 4: it's these two teams, because I have partners that handle 307 00:14:30,160 --> 00:14:33,280 Speaker 4: the other teams and I'm more of an investor. I'd 308 00:14:33,320 --> 00:14:36,240 Speaker 4: say that you have to be present. You have to 309 00:14:36,240 --> 00:14:40,120 Speaker 4: be You're accountable to the city. They people want to 310 00:14:40,160 --> 00:14:45,720 Speaker 4: see you there. The players notice, you know if you're there, 311 00:14:46,400 --> 00:14:48,760 Speaker 4: and you know, people want to make sure that you're 312 00:14:48,760 --> 00:14:50,880 Speaker 4: aware of your present, you're watching. They don't want you 313 00:14:50,880 --> 00:14:52,720 Speaker 4: to be overly involved, at least I don't think you 314 00:14:52,760 --> 00:14:53,160 Speaker 4: should be. 315 00:14:53,840 --> 00:14:56,040 Speaker 3: And so you got to be at a lot of games. 316 00:14:56,080 --> 00:14:59,840 Speaker 4: And for me, some people play golf, some people played 317 00:14:59,840 --> 00:15:03,240 Speaker 4: ten as I work and I go to sports and. 318 00:15:03,320 --> 00:15:04,280 Speaker 3: Hang out with my family. 319 00:15:04,560 --> 00:15:07,160 Speaker 1: So now you have a football team, a basketball team, 320 00:15:07,200 --> 00:15:10,080 Speaker 1: a hockey team, a soccer team. Are you done or 321 00:15:10,080 --> 00:15:12,600 Speaker 1: are you thinking about a baseball team or something else. 322 00:15:13,040 --> 00:15:13,960 Speaker 3: I'm pretty good right now. 323 00:15:14,000 --> 00:15:18,080 Speaker 4: I'm focused on winning in Washington and winning in Philly 324 00:15:18,240 --> 00:15:20,600 Speaker 4: and support you know, in basketball, winning and Washington football. 325 00:15:20,640 --> 00:15:24,240 Speaker 4: And then letting my partners in London and in Newark, 326 00:15:24,360 --> 00:15:27,760 Speaker 4: David Blitzer and Stephen Parrish. Okay, you know win in 327 00:15:27,800 --> 00:15:29,000 Speaker 4: New Jersey and London. 328 00:15:29,040 --> 00:15:30,160 Speaker 3: I go to two or three. 329 00:15:30,360 --> 00:15:33,000 Speaker 4: I do go to a few football matches as a 330 00:15:33,160 --> 00:15:36,560 Speaker 4: European football matches. I love it, but mostly watching on 331 00:15:36,640 --> 00:15:38,760 Speaker 4: TV and then go as many high games I can. 332 00:15:38,880 --> 00:15:41,440 Speaker 4: But right now I got my focus on these two 333 00:15:41,440 --> 00:15:43,400 Speaker 4: teams and my business and my family. 334 00:15:43,680 --> 00:15:45,440 Speaker 1: When you own a sports team, U, let's suppose the 335 00:15:45,440 --> 00:15:47,920 Speaker 1: team isn't going to win that game, can't win every game? 336 00:15:48,200 --> 00:15:50,520 Speaker 1: And do you think you can leave early or as 337 00:15:50,560 --> 00:15:52,760 Speaker 1: the owner, you know people are watching. I always wonder 338 00:15:52,840 --> 00:15:54,600 Speaker 1: can you leave early or you have to wait till 339 00:15:54,600 --> 00:15:55,080 Speaker 1: the bitter round. 340 00:15:55,080 --> 00:15:56,960 Speaker 4: I think you can leave early unless you really I 341 00:15:56,960 --> 00:15:59,600 Speaker 4: think you have to stay there and you have look, 342 00:15:59,600 --> 00:16:02,280 Speaker 4: I think lose. You're part of the fabric of the team, 343 00:16:02,400 --> 00:16:06,240 Speaker 4: right and you're there with the players. And I mean, listen, 344 00:16:06,280 --> 00:16:07,880 Speaker 4: if you really have to leave earlier. But I'm saying, 345 00:16:07,920 --> 00:16:11,480 Speaker 4: as a rule, you're there, right, You're there. 346 00:16:11,360 --> 00:16:11,840 Speaker 3: Winner lives. 347 00:16:11,840 --> 00:16:13,960 Speaker 4: You're not gonna win every game, and so like if 348 00:16:14,000 --> 00:16:16,960 Speaker 4: you leave right then you then then what's the message 349 00:16:17,000 --> 00:16:17,240 Speaker 4: in that? 350 00:16:17,360 --> 00:16:17,520 Speaker 2: Right? 351 00:16:17,560 --> 00:16:20,360 Speaker 4: So I think you're there till the end, you know, 352 00:16:20,520 --> 00:16:23,760 Speaker 4: and and you're there after the game, you know, with. 353 00:16:23,680 --> 00:16:27,240 Speaker 3: Them, and then you leave, you know, once Winter lose. Well, 354 00:16:27,240 --> 00:16:29,240 Speaker 3: it's a lot funner when you win, believe me. I mean, 355 00:16:30,000 --> 00:16:30,800 Speaker 3: you go on Instagram. 356 00:16:30,840 --> 00:16:32,600 Speaker 4: You watch the Commanders locker room, they. 357 00:16:32,560 --> 00:16:33,040 Speaker 3: Have some of it. 358 00:16:33,040 --> 00:16:36,120 Speaker 4: When we win, I mean it's insane how excited everyone is. 359 00:16:36,680 --> 00:16:39,400 Speaker 4: And when they lose, you know, people aren't very happy. 360 00:16:39,440 --> 00:16:41,600 Speaker 4: So I think that, but you just have to be 361 00:16:41,760 --> 00:16:44,760 Speaker 4: there as part of that fabric. And and by the way, 362 00:16:44,760 --> 00:16:47,480 Speaker 4: everyone does it differently, That's why I do it. 363 00:16:47,760 --> 00:16:50,280 Speaker 1: And the Washington Commanders have been playing in a stadium 364 00:16:50,280 --> 00:16:53,560 Speaker 1: that was built by two previous owners two times ago. 365 00:16:54,200 --> 00:16:55,720 Speaker 2: I guess it was under Jack ken Cook. 366 00:16:56,360 --> 00:16:59,200 Speaker 1: So are you going to have a new stadium sometime 367 00:16:59,280 --> 00:17:00,440 Speaker 1: soon and where you want to put it? 368 00:17:01,160 --> 00:17:04,040 Speaker 4: Yeah, so we're we're committed to doing that. I mean, 369 00:17:04,040 --> 00:17:06,440 Speaker 4: obviously just put eighty million in the old stadium because 370 00:17:06,600 --> 00:17:09,080 Speaker 4: it really need needed some work, and it needs more work, 371 00:17:09,080 --> 00:17:10,960 Speaker 4: and we're fixing things as fast as we can. But 372 00:17:10,960 --> 00:17:14,320 Speaker 4: at the end of the day, a modern stadium and 373 00:17:14,359 --> 00:17:17,520 Speaker 4: where the premium is situated, and how the Wi Fi 374 00:17:17,640 --> 00:17:19,320 Speaker 4: is set up, and where the field is real to 375 00:17:19,320 --> 00:17:20,760 Speaker 4: the seats and a lot of different things. 376 00:17:21,119 --> 00:17:23,119 Speaker 3: You can only go so far with an older stamps. 377 00:17:23,160 --> 00:17:24,560 Speaker 3: So we'd like to build a new stadium. 378 00:17:24,960 --> 00:17:28,920 Speaker 4: Obviously you need support support of whatever jurisdiction you build 379 00:17:28,920 --> 00:17:29,200 Speaker 4: it in. 380 00:17:29,800 --> 00:17:30,080 Speaker 3: UH. 381 00:17:30,359 --> 00:17:33,480 Speaker 4: The first part of that is a community dialogue, and 382 00:17:33,520 --> 00:17:36,720 Speaker 4: we're having those dialogues in DC, We're having those dialogues 383 00:17:36,720 --> 00:17:40,720 Speaker 4: in Maryland and and you know where we play UH, 384 00:17:40,760 --> 00:17:44,240 Speaker 4: and so we're focused on building a new stadium. We're 385 00:17:44,240 --> 00:17:46,200 Speaker 4: in the first part of those dialogues, and we've got 386 00:17:46,240 --> 00:17:49,840 Speaker 4: to get the communities and the politicians rallied behind us. 387 00:17:50,119 --> 00:17:53,680 Speaker 4: And in the case of DC, right the most likely 388 00:17:53,800 --> 00:17:57,320 Speaker 4: thing is RFK obviously where we all grew up going 389 00:17:57,320 --> 00:18:02,400 Speaker 4: football games, and that is currently owned by the federal government, 390 00:18:03,440 --> 00:18:04,960 Speaker 4: is controlled by the Federal Garment. So we've got to 391 00:18:05,000 --> 00:18:08,119 Speaker 4: get that back to DC and then DC can decide 392 00:18:08,720 --> 00:18:09,680 Speaker 4: what it wants to do. 393 00:18:09,760 --> 00:18:11,639 Speaker 3: But that right now is what we're working on. 394 00:18:11,920 --> 00:18:14,160 Speaker 1: What do you do for philanthropy? Do you have a foundation, 395 00:18:14,359 --> 00:18:16,359 Speaker 1: what do you do? What are your areas of interest? 396 00:18:16,520 --> 00:18:17,640 Speaker 3: Yes, I have a foundation. 397 00:18:17,760 --> 00:18:20,359 Speaker 4: Obviously, what I'm interested in is, look, people paid it 398 00:18:20,440 --> 00:18:21,080 Speaker 4: forward for me. 399 00:18:21,320 --> 00:18:23,600 Speaker 3: My thing is is three things. 400 00:18:23,600 --> 00:18:29,679 Speaker 4: One is intergenerational wealth transferred, so going into communities and 401 00:18:29,760 --> 00:18:33,240 Speaker 4: need and then not just giving money away, but teaching, 402 00:18:33,320 --> 00:18:36,879 Speaker 4: you know, getting people jobs, getting people educated, or helping 403 00:18:36,920 --> 00:18:40,040 Speaker 4: them get their own jobs and create enough money where 404 00:18:40,200 --> 00:18:44,160 Speaker 4: they can then create a path for their own kids, 405 00:18:44,160 --> 00:18:45,879 Speaker 4: for their own family, they can have pride in their 406 00:18:45,920 --> 00:18:49,280 Speaker 4: own environment. We backed a company called Mosaic and Philly. 407 00:18:49,359 --> 00:18:52,959 Speaker 4: It's a black owned, black lead development firm. They build 408 00:18:53,080 --> 00:18:56,399 Speaker 4: in tough areas, they build affordable housing and supermarket. They 409 00:18:56,440 --> 00:18:59,760 Speaker 4: put a supermarket into a food desert. They're also building. 410 00:18:59,359 --> 00:19:01,959 Speaker 3: Here in the DC area. And then it's about the 411 00:19:02,000 --> 00:19:02,960 Speaker 3: power of sports. 412 00:19:02,960 --> 00:19:06,320 Speaker 4: So like you know, obviously the sports changed my life, 413 00:19:06,600 --> 00:19:09,800 Speaker 4: Wrestling change my life, and I want everyone's kids to 414 00:19:09,800 --> 00:19:11,960 Speaker 4: have the same opportunity of my kids, you to play sports, 415 00:19:11,960 --> 00:19:15,720 Speaker 4: to experience sports. So whether it's my personal foundation where 416 00:19:15,760 --> 00:19:19,760 Speaker 4: we back a lot of programs, Police Athletic League, After 417 00:19:19,840 --> 00:19:24,480 Speaker 4: School All Stars, America Scores, but you know the high schools, 418 00:19:24,520 --> 00:19:27,960 Speaker 4: no one can forward sports programs, and so allowing kids 419 00:19:27,960 --> 00:19:31,240 Speaker 4: to play sports and experience that in the discipline and 420 00:19:31,320 --> 00:19:33,560 Speaker 4: the camaraderie that comes with that, you know, that's a 421 00:19:33,600 --> 00:19:34,680 Speaker 4: big part of what we do. 422 00:19:34,920 --> 00:19:36,920 Speaker 1: So how do you compare the thrill of making a 423 00:19:36,960 --> 00:19:39,520 Speaker 1: great investment at say at Apollo or now in your 424 00:19:39,520 --> 00:19:42,520 Speaker 1: new firm twenty six North with winning a sports event 425 00:19:42,640 --> 00:19:43,720 Speaker 1: or winning a championship. 426 00:19:43,760 --> 00:19:44,280 Speaker 3: I used to. 427 00:19:46,080 --> 00:19:48,480 Speaker 4: I feel a great sense of pride when I would 428 00:19:49,000 --> 00:19:50,080 Speaker 4: exit an investment. 429 00:19:50,080 --> 00:19:51,680 Speaker 3: I mean I would sit there and I would think. 430 00:19:51,520 --> 00:19:54,920 Speaker 4: About it, and I would think about what had happened 431 00:19:55,080 --> 00:19:57,160 Speaker 4: and lives that have been changed, and. 432 00:19:57,080 --> 00:19:58,000 Speaker 3: I would have a glow. 433 00:19:58,119 --> 00:19:58,280 Speaker 2: Right. 434 00:19:58,359 --> 00:20:01,679 Speaker 4: But the euphoria have a big when just the absolute 435 00:20:01,960 --> 00:20:06,360 Speaker 4: high emotional state you get into the immediacy of that 436 00:20:06,880 --> 00:20:07,879 Speaker 4: is amazing. 437 00:20:08,440 --> 00:20:10,720 Speaker 1: So the private equity world has a lot of big 438 00:20:10,840 --> 00:20:13,119 Speaker 1: names and big egos, and the sports world has a 439 00:20:13,160 --> 00:20:14,679 Speaker 1: lot of big names of big egos. Where are the 440 00:20:14,760 --> 00:20:17,800 Speaker 1: egos bigger in sports or in private equity? 441 00:20:19,160 --> 00:20:22,600 Speaker 3: I would say that it's there. They're big on both 442 00:20:22,600 --> 00:20:23,600 Speaker 3: in both places. 443 00:20:23,640 --> 00:20:26,200 Speaker 4: But you know, in terms of look, I think sports 444 00:20:26,240 --> 00:20:28,760 Speaker 4: is more public, right the public gets to know the 445 00:20:28,840 --> 00:20:33,720 Speaker 4: people bigger. I think private equity is you know, you know, 446 00:20:33,800 --> 00:20:36,119 Speaker 4: it's it's more under wraps, if you will. 447 00:20:36,160 --> 00:20:38,440 Speaker 1: So, like when you're in a restaurant in Washington, Yes 448 00:20:38,560 --> 00:20:40,639 Speaker 1: or Philadelphia, does anybody ever come up to you and 449 00:20:40,640 --> 00:20:43,840 Speaker 1: say you did a great deal on Apollo to congratulations, 450 00:20:44,000 --> 00:20:46,240 Speaker 1: or they say that you to play this player or 451 00:20:46,240 --> 00:20:48,080 Speaker 1: a Treeftis player. What do you get more of that 452 00:20:48,160 --> 00:20:50,119 Speaker 1: when you're about the sports than the private. 453 00:20:50,040 --> 00:20:50,840 Speaker 3: This is an incredible thing. 454 00:20:50,920 --> 00:20:53,920 Speaker 4: So you say, line up, Usel has you know, thousands 455 00:20:53,920 --> 00:20:55,760 Speaker 4: of us We had fifteen twenty thousand players. 456 00:20:55,800 --> 00:20:57,360 Speaker 3: We had companies that had. 457 00:20:57,240 --> 00:20:59,160 Speaker 4: Sixty seven I think we used to say we had 458 00:20:59,359 --> 00:21:00,200 Speaker 4: you know, two hundred. 459 00:21:00,080 --> 00:21:01,960 Speaker 3: Maybe thousand employees across our. 460 00:21:02,520 --> 00:21:05,320 Speaker 4: Portfolio, and then we had millions of beneficiarias. And so 461 00:21:05,359 --> 00:21:07,320 Speaker 4: what you're doing, you're touching a lot of lives as 462 00:21:07,359 --> 00:21:12,000 Speaker 4: an investor, as an entrepreneur building these these firms. 463 00:21:12,240 --> 00:21:14,359 Speaker 3: But on the other hand, like no one cares about 464 00:21:14,359 --> 00:21:16,680 Speaker 3: the price of price of polypropylene. 465 00:21:16,520 --> 00:21:19,560 Speaker 4: No one cares, And everyone cares about the starting lineup 466 00:21:19,600 --> 00:21:23,560 Speaker 4: of the Washington Commanders or the Sixers, and like you 467 00:21:23,640 --> 00:21:25,920 Speaker 4: can't now people come up to me all the time 468 00:21:25,960 --> 00:21:28,840 Speaker 4: and it's not about alternatives, right, It's about sports. 469 00:21:28,880 --> 00:21:29,840 Speaker 3: And so the. 470 00:21:29,920 --> 00:21:34,160 Speaker 4: Impact on the public at large in terms of the psyche, 471 00:21:34,520 --> 00:21:38,159 Speaker 4: and you know, the feeling in the city is so different. 472 00:21:38,240 --> 00:21:38,400 Speaker 2: Right. 473 00:21:38,440 --> 00:21:40,560 Speaker 1: It'suppose somebody is watching this and say I want to 474 00:21:40,600 --> 00:21:42,679 Speaker 1: be like Josh Harris, I want to own sports teams, 475 00:21:42,720 --> 00:21:43,919 Speaker 1: be a financial success. 476 00:21:44,040 --> 00:21:45,200 Speaker 2: What is the key to success? 477 00:21:45,280 --> 00:21:47,439 Speaker 1: Is it wrestling as a young person or what is 478 00:21:47,480 --> 00:21:51,119 Speaker 1: it that makes somebody uh into you? How would you 479 00:21:51,160 --> 00:21:52,800 Speaker 1: what advice would you give to your own children or 480 00:21:52,840 --> 00:21:54,440 Speaker 1: other people who want to be like you. 481 00:21:54,920 --> 00:21:58,960 Speaker 4: Yeah, I think that it's about excellence and so being 482 00:21:59,000 --> 00:22:02,159 Speaker 4: whatever you do a you have to enjoy it. And 483 00:22:02,320 --> 00:22:04,280 Speaker 4: I think it's about being all in. I think it's 484 00:22:04,320 --> 00:22:06,840 Speaker 4: go big or go home. It's like an all in 485 00:22:07,000 --> 00:22:09,680 Speaker 4: mentality where you know, like I said, you know, you're 486 00:22:09,720 --> 00:22:11,840 Speaker 4: only on earth for a little bit, so you know, 487 00:22:12,040 --> 00:22:15,439 Speaker 4: throw it on. I tell my kids that, you know, 488 00:22:15,520 --> 00:22:19,720 Speaker 4: unfortunately ages sixteen to thirty, right, those are your fun at. 489 00:22:19,600 --> 00:22:21,760 Speaker 3: You know, I look back on those and even though. 490 00:22:21,600 --> 00:22:24,080 Speaker 4: I mean, obviously I'm very blessed, I'm very grateful for 491 00:22:24,119 --> 00:22:27,639 Speaker 4: my life. You know, the maximum fun you have is 492 00:22:27,680 --> 00:22:29,479 Speaker 4: in those years that those are really fun times. But 493 00:22:29,520 --> 00:22:32,040 Speaker 4: on the other hand, you know, you're building your own narrative. 494 00:22:32,119 --> 00:22:33,200 Speaker 4: You're building you. 495 00:22:33,119 --> 00:22:35,800 Speaker 3: Know, your story, right, and so you got to bring it. 496 00:22:36,240 --> 00:22:38,520 Speaker 4: It's got to be work hard and play hard, and 497 00:22:38,600 --> 00:22:40,920 Speaker 4: so yeah, there'll be times where you have to stay 498 00:22:41,000 --> 00:22:43,080 Speaker 4: up and you can't go out with your friends and 499 00:22:43,080 --> 00:22:45,399 Speaker 4: you've got to like get the a's. And so I 500 00:22:45,400 --> 00:22:47,679 Speaker 4: think it's about excellence. It's about doing things you like. 501 00:22:47,720 --> 00:22:50,600 Speaker 4: And then I think it's about making smart decisions. And 502 00:22:50,680 --> 00:22:53,040 Speaker 4: I look at every decision I've made. When I decided 503 00:22:53,080 --> 00:22:56,560 Speaker 4: to leave Blackstone to go to Apollo, that was a risk, right, 504 00:22:56,640 --> 00:22:59,560 Speaker 4: and I felt that I weigh it like and investment. 505 00:22:59,600 --> 00:23:02,760 Speaker 4: I treat it my choices as an investment. I think 506 00:23:02,800 --> 00:23:05,600 Speaker 4: who you marry is a critical decision. So I mean, 507 00:23:05,600 --> 00:23:08,240 Speaker 4: obviously that's maybe the most important decision your life. So 508 00:23:08,400 --> 00:23:10,920 Speaker 4: these big decisions, you know, really take a step back. 509 00:23:12,000 --> 00:23:14,400 Speaker 3: However, you do it right down the pluses and the minuss. 510 00:23:14,520 --> 00:23:18,120 Speaker 4: Think about it as risk return and investment, and make 511 00:23:18,160 --> 00:23:19,320 Speaker 4: wise choices. 512 00:23:19,240 --> 00:23:21,360 Speaker 1: And you think that you'll win a super Bowl next 513 00:23:21,440 --> 00:23:24,160 Speaker 1: year or this year or how long before. 514 00:23:24,200 --> 00:23:27,080 Speaker 3: No proclamations. All I can tell. All I can say is. 515 00:23:27,080 --> 00:23:30,080 Speaker 4: That I am going to put my all into making 516 00:23:30,119 --> 00:23:32,359 Speaker 4: this an elite team, and we're going to create a 517 00:23:32,440 --> 00:23:36,679 Speaker 4: lot of shots at winning a super Bowl, and we're 518 00:23:36,720 --> 00:23:37,480 Speaker 4: going to do our best. 519 00:23:37,560 --> 00:23:39,720 Speaker 1: You know, if you get a call from Joe Embiid, 520 00:23:39,960 --> 00:23:43,360 Speaker 1: your star player, and you've got a same simultaneous call 521 00:23:43,440 --> 00:23:45,399 Speaker 1: from one of your children. Which call do you take first? 522 00:23:48,320 --> 00:23:50,119 Speaker 3: I'll pick on my son really quick. Okay, can I 523 00:23:50,119 --> 00:23:51,240 Speaker 3: call you back? I'm all with TWE. 524 00:23:54,920 --> 00:23:57,439 Speaker 1: Thanks for listening to hear more of my interviews. You 525 00:23:57,480 --> 00:24:01,600 Speaker 1: can subscribe and download my podcast on Spotify, Apple, or 526 00:24:01,600 --> 00:24:02,399 Speaker 1: wherever you listen 527 00:24:10,800 --> 00:24:10,840 Speaker 3: M