1
00:00:03,120 --> 00:00:08,320
Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

2
00:00:14,000 --> 00:00:17,000
Speaker 2: I'm Jason Kelly, I'm Alex Rodriguez, and we are here

3
00:00:17,040 --> 00:00:20,280
Speaker 2: in New York. We're going to talk Nasdaq. The CEO

4
00:00:20,280 --> 00:00:23,200
Speaker 2: of Nasdaq, Adina Friedman, is going to stop by tell

5
00:00:23,280 --> 00:00:26,400
Speaker 2: us all about the deals that she's making, including in

6
00:00:26,440 --> 00:00:27,200
Speaker 2: the world of sports.

7
00:00:27,440 --> 00:00:30,920
Speaker 3: She loves sports and she understands the cross between sports,

8
00:00:31,080 --> 00:00:31,720
Speaker 3: entertainment and.

9
00:00:31,640 --> 00:00:33,560
Speaker 4: Culture, which is what it shows about.

10
00:00:33,600 --> 00:00:35,240
Speaker 3: And I actually think there were a little bit ahead

11
00:00:35,240 --> 00:00:37,879
Speaker 3: of a curve because franchise values are going up at

12
00:00:37,880 --> 00:00:40,000
Speaker 3: such a high rate that a lot of these conglomerates

13
00:00:40,000 --> 00:00:42,199
Speaker 3: that people are building it may end up in the NASDAK,

14
00:00:42,200 --> 00:00:43,760
Speaker 3: and I think she's prepared for it right.

15
00:00:43,800 --> 00:00:47,479
Speaker 2: Atlanta Braves. Atlanta Braves, they are publicly traded on the NASDAK,

16
00:00:47,560 --> 00:00:50,839
Speaker 2: the only MLB team to be so you have to

17
00:00:50,880 --> 00:00:52,960
Speaker 2: expect that there are going to be more such teams.

18
00:00:53,000 --> 00:00:57,200
Speaker 2: And this idea of a sports eco system that is

19
00:00:57,280 --> 00:01:01,360
Speaker 2: much bigger than the teams themselves. DraftKings are publicly traded

20
00:01:01,400 --> 00:01:04,520
Speaker 2: on the Nasdaq, plus all the technology that's underneath all

21
00:01:04,520 --> 00:01:07,600
Speaker 2: these sports teams, and as you say, access to capital

22
00:01:08,080 --> 00:01:10,520
Speaker 2: is going to be massive around the world. Of sports

23
00:01:10,520 --> 00:01:11,399
Speaker 2: coming up, the.

24
00:01:11,360 --> 00:01:14,400
Speaker 3: Public markers are there, they're waiting, and I believe Jason

25
00:01:14,440 --> 00:01:16,679
Speaker 3: that a lot of teams they're watching very carefully to

26
00:01:16,760 --> 00:01:18,720
Speaker 3: see this is maybe a possible outcome for them.

27
00:01:18,880 --> 00:01:22,679
Speaker 2: And what's interesting too, is Adina is a deal maker

28
00:01:22,760 --> 00:01:25,679
Speaker 2: at her core. Nasdaq is in the business of deals.

29
00:01:25,720 --> 00:01:28,000
Speaker 2: You know, a public listing is often one of the

30
00:01:28,040 --> 00:01:31,720
Speaker 2: most important moments in a company's history. She's right there,

31
00:01:31,800 --> 00:01:32,560
Speaker 2: she sees it all.

32
00:01:32,920 --> 00:01:34,920
Speaker 3: I think the audience is going to be very interested

33
00:01:35,000 --> 00:01:38,040
Speaker 3: and surprised to see the scale of Nasdaq, how they

34
00:01:38,080 --> 00:01:40,440
Speaker 3: make money, which she explained beautifully. But the other thing

35
00:01:40,440 --> 00:01:43,919
Speaker 3: to remember is she's a role model and fascinating pivot

36
00:01:43,920 --> 00:01:47,720
Speaker 3: from Nasdaq to CFO Carlisle back to CEO, right, and

37
00:01:47,760 --> 00:01:51,800
Speaker 3: that's awesome. She's also black belt at taekwondo.

38
00:01:51,400 --> 00:01:54,480
Speaker 2: And a huge, huge Washington Commander's and we get into

39
00:01:54,520 --> 00:01:56,600
Speaker 2: that as well. All right, coming up on the deal

40
00:01:56,760 --> 00:02:12,040
Speaker 2: Adina Friedman. All right, So we like to start this

41
00:02:12,120 --> 00:02:15,160
Speaker 2: show by having the guests introduce themselves. So tell us

42
00:02:15,160 --> 00:02:16,320
Speaker 2: who you are and what you do.

43
00:02:16,560 --> 00:02:19,880
Speaker 5: I'm Adina Friedman, I'm the chair and CEO of NASDAC.

44
00:02:19,600 --> 00:02:21,519
Speaker 2: And so what do you do? What does that job

45
00:02:21,720 --> 00:02:22,640
Speaker 2: entail well.

46
00:02:22,800 --> 00:02:26,080
Speaker 5: NASAC today is a global technology company that serves the

47
00:02:26,240 --> 00:02:30,400
Speaker 5: entire financial ecosystem. So our exchanges are our foundation, and

48
00:02:30,440 --> 00:02:32,200
Speaker 5: then on top of that, we have a whole suite

49
00:02:32,200 --> 00:02:34,760
Speaker 5: of data and software solutions that serve the industry. So

50
00:02:34,800 --> 00:02:36,760
Speaker 5: when I go to work every day, you know, I

51
00:02:36,880 --> 00:02:39,799
Speaker 5: focus our team on how are we making sure that

52
00:02:39,840 --> 00:02:42,280
Speaker 5: we're driving our strategy, how are we executing what are

53
00:02:42,320 --> 00:02:44,600
Speaker 5: our clients asking us for? Are we meeting the needs?

54
00:02:44,720 --> 00:02:47,280
Speaker 5: We literally spend every minute of the day focusing on

55
00:02:47,320 --> 00:02:49,919
Speaker 5: that and it's been fun and it's honestly it's a great,

56
00:02:50,120 --> 00:02:50,960
Speaker 5: great team effort.

57
00:02:51,160 --> 00:02:52,760
Speaker 4: So what does a great day look like? And what

58
00:02:52,760 --> 00:02:54,480
Speaker 4: does kind of a so so they look like?

59
00:02:54,800 --> 00:02:56,600
Speaker 5: Well, every day I feel like I have to earn

60
00:02:56,600 --> 00:02:58,920
Speaker 5: my living. You know, I always said that every single

61
00:02:59,000 --> 00:03:00,639
Speaker 5: day you have to make a different and it could

62
00:03:00,639 --> 00:03:02,920
Speaker 5: be small. So in the days that you make a

63
00:03:02,960 --> 00:03:06,360
Speaker 5: bigger difference, where maybe you win a big deal, or

64
00:03:06,560 --> 00:03:09,800
Speaker 5: you launch a new service, or you do something that's

65
00:03:10,000 --> 00:03:12,520
Speaker 5: totally unique and different in the industry, like the first

66
00:03:12,760 --> 00:03:15,960
Speaker 5: to create a new capability in trading or whatever it is,

67
00:03:16,080 --> 00:03:19,600
Speaker 5: those are big days, fun exciting days, and then the

68
00:03:19,680 --> 00:03:21,880
Speaker 5: days that are are the days where you get you

69
00:03:21,919 --> 00:03:23,560
Speaker 5: go to the end of the day and you go, Okay,

70
00:03:23,560 --> 00:03:26,160
Speaker 5: what exactly did I do to further the business today?

71
00:03:27,080 --> 00:03:28,720
Speaker 5: And do you sometimes have days like that too?

72
00:03:29,120 --> 00:03:32,960
Speaker 2: Is that sort of your mo was that your mentality

73
00:03:33,040 --> 00:03:35,040
Speaker 2: coming in or was that something that you sort of

74
00:03:35,080 --> 00:03:35,920
Speaker 2: learned along the way.

75
00:03:36,120 --> 00:03:38,320
Speaker 5: I got to NAZAC at nineteen ninety three is an

76
00:03:38,360 --> 00:03:41,440
Speaker 5: intern and then made it so that I became a

77
00:03:41,560 --> 00:03:45,480
Speaker 5: permanent employee after that, And I did come to work

78
00:03:45,520 --> 00:03:47,480
Speaker 5: every single day with the attitude of I've got to

79
00:03:47,480 --> 00:03:49,320
Speaker 5: make a difference every single day to earn my keep.

80
00:03:49,440 --> 00:03:51,480
Speaker 5: Like they're giving me a they're giving me a paycheck,

81
00:03:51,680 --> 00:03:53,880
Speaker 5: I better earn it. And I really did think about

82
00:03:53,880 --> 00:03:55,920
Speaker 5: it every single day. I mean, it is actually what

83
00:03:56,000 --> 00:03:57,520
Speaker 5: has driven me throughout my entire career.

84
00:03:57,720 --> 00:04:00,720
Speaker 2: Where does that come from? I mean, is that like upbringing,

85
00:04:01,040 --> 00:04:03,400
Speaker 2: what's inside or underneath that? Yeah?

86
00:04:03,440 --> 00:04:06,440
Speaker 5: I do think that it comes from my family, my parents.

87
00:04:06,520 --> 00:04:09,680
Speaker 5: My dad worked so hard his entire career. He spent

88
00:04:09,720 --> 00:04:12,360
Speaker 5: his whole career at tiver Price. He was an investment manager.

89
00:04:12,760 --> 00:04:15,560
Speaker 5: But he came from a very different background. His father

90
00:04:15,760 --> 00:04:18,120
Speaker 5: was a missionary minister and he grew up in Portugal,

91
00:04:18,839 --> 00:04:21,440
Speaker 5: and so he came to college on a scholarship, and

92
00:04:21,520 --> 00:04:23,839
Speaker 5: he started with very little. And then my mom went

93
00:04:23,920 --> 00:04:25,880
Speaker 5: back to law school when I was nine and became

94
00:04:25,880 --> 00:04:27,640
Speaker 5: a lawyer when I was eleven. So I got to

95
00:04:27,640 --> 00:04:30,120
Speaker 5: see her launch her career and see how much effort

96
00:04:30,120 --> 00:04:32,680
Speaker 5: it took to kind of come into the legal profession.

97
00:04:32,760 --> 00:04:35,159
Speaker 5: And then she became the first female partner in her

98
00:04:35,200 --> 00:04:38,040
Speaker 5: law firm. And they never took anything for granted. I mean,

99
00:04:38,120 --> 00:04:41,240
Speaker 5: and I since I grew up seeing that we started

100
00:04:41,240 --> 00:04:44,160
Speaker 5: with little, a little and ended up doing well. You know,

101
00:04:44,200 --> 00:04:47,240
Speaker 5: I also saw the benefits of all that hard work

102
00:04:47,279 --> 00:04:49,640
Speaker 5: over time too. So I think all of that really

103
00:04:49,640 --> 00:04:52,560
Speaker 5: parlays into my work ethic and my attitude in life.

104
00:04:52,720 --> 00:04:58,200
Speaker 2: And so you're a kid, are you playing sports? Because

105
00:04:58,320 --> 00:05:00,680
Speaker 2: you know, one of the commonalities I know we find

106
00:05:00,720 --> 00:05:05,159
Speaker 2: when we're talking to top executives is they played sports.

107
00:05:05,200 --> 00:05:10,240
Speaker 2: They have some interest or some dedication that is underneath

108
00:05:10,400 --> 00:05:12,320
Speaker 2: this drive and discipline.

109
00:05:12,640 --> 00:05:15,520
Speaker 5: Right, So I did play sports, and it was interesting.

110
00:05:15,560 --> 00:05:17,400
Speaker 5: When I was young, I wanted to do everything. I

111
00:05:17,440 --> 00:05:19,599
Speaker 5: wanted to do gymnastics, and I wanted to do ballet,

112
00:05:19,640 --> 00:05:21,359
Speaker 5: and I wanted to do karate, and I wanted to

113
00:05:21,360 --> 00:05:23,719
Speaker 5: do tennis, and my mom was like, you just have

114
00:05:23,839 --> 00:05:26,880
Speaker 5: to start to focus. So she let me try everything

115
00:05:27,040 --> 00:05:28,919
Speaker 5: and then say, Okay, what is it that you really like?

116
00:05:28,960 --> 00:05:30,719
Speaker 5: What do you want to go back to? So I

117
00:05:30,839 --> 00:05:33,919
Speaker 5: ended up studying ballet for ten years and I played

118
00:05:34,000 --> 00:05:36,039
Speaker 5: varsity tennis in my high school, but I did not

119
00:05:36,080 --> 00:05:39,080
Speaker 5: take it beyond high school. But those two things were

120
00:05:39,200 --> 00:05:42,000
Speaker 5: very good at focusing me and making it so that

121
00:05:42,040 --> 00:05:45,360
Speaker 5: I had that discipline of always striving for something bigger,

122
00:05:45,480 --> 00:05:48,120
Speaker 5: striving for the win, and being very competitive.

123
00:05:48,200 --> 00:05:49,520
Speaker 4: All right, So this is going to be the toughest

124
00:05:49,600 --> 00:05:52,640
Speaker 4: question before in the interview. I'm obsessed with this thing

125
00:05:52,640 --> 00:05:53,440
Speaker 4: that I read about you.

126
00:05:53,440 --> 00:05:55,760
Speaker 3: You're a black belt in taekwondo, but Jason and I

127
00:05:55,760 --> 00:05:58,120
Speaker 3: are white belts.

128
00:05:58,400 --> 00:06:01,400
Speaker 2: Some white belts I think less than that.

129
00:06:01,440 --> 00:06:02,840
Speaker 4: I feel like if we asked the wrong question, we're

130
00:06:02,839 --> 00:06:03,479
Speaker 4: going to get dropped.

131
00:06:03,640 --> 00:06:06,880
Speaker 3: So careful, No, But I seriously like, how long did

132
00:06:06,880 --> 00:06:10,039
Speaker 3: it take you to go from start to black belt?

133
00:06:10,240 --> 00:06:12,520
Speaker 4: And that's something that you think has helped in your career.

134
00:06:12,880 --> 00:06:15,279
Speaker 5: Yeah, actually I do think it has helped. It took

135
00:06:15,279 --> 00:06:18,039
Speaker 5: me ten years to go from starting to getting my

136
00:06:18,080 --> 00:06:22,880
Speaker 5: black belt, and I found that it was an incredible discipline. Honestly,

137
00:06:23,080 --> 00:06:25,640
Speaker 5: that thing that is the hardest thing about taewondo is sparring.

138
00:06:26,040 --> 00:06:29,200
Speaker 5: You know, the skills building was the fun, easy, not easy,

139
00:06:29,200 --> 00:06:32,480
Speaker 5: but fun part for me. The sparring was the scary

140
00:06:32,520 --> 00:06:34,400
Speaker 5: part for me. And one of the things I've always

141
00:06:34,560 --> 00:06:37,480
Speaker 5: really focused on is getting through your fear. Fear has

142
00:06:37,480 --> 00:06:39,640
Speaker 5: always been a driver for me. So how do you

143
00:06:39,680 --> 00:06:42,560
Speaker 5: get past your fear? How do you conquer that? And

144
00:06:42,640 --> 00:06:45,560
Speaker 5: I cannot say that I've honestly ever conquered my fear sparring,

145
00:06:46,520 --> 00:06:50,120
Speaker 5: but learning how to play offense and defense simultaneously is

146
00:06:50,160 --> 00:06:51,640
Speaker 5: one of the most important things you can learn learn

147
00:06:51,680 --> 00:06:54,440
Speaker 5: and sparring similar to like chess. You know, every offensive

148
00:06:54,480 --> 00:06:57,359
Speaker 5: move there's a counter to that. So in sparring, if

149
00:06:57,440 --> 00:06:59,880
Speaker 5: you focus too much on how I'm going to land

150
00:06:59,880 --> 00:07:01,920
Speaker 5: that pick, how am I get that punch in, they

151
00:07:01,920 --> 00:07:03,159
Speaker 5: could come and kick you in the gut in the

152
00:07:03,160 --> 00:07:06,360
Speaker 5: meantime and then you're done. So learning how to play

153
00:07:06,400 --> 00:07:08,960
Speaker 5: offense and defense simultaneously, I think is the best thing

154
00:07:08,960 --> 00:07:10,840
Speaker 5: I've been able to learn in terms of parlaying that

155
00:07:10,840 --> 00:07:11,480
Speaker 5: into business.

156
00:07:11,880 --> 00:07:13,560
Speaker 2: You just settled a couple of things that I want

157
00:07:13,600 --> 00:07:16,960
Speaker 2: to unpack. I mean, one is this idea of fear

158
00:07:17,320 --> 00:07:19,600
Speaker 2: drives you tell us about that.

159
00:07:19,720 --> 00:07:22,480
Speaker 5: Yeah, you know, it's interesting. I've had moments, you know,

160
00:07:22,520 --> 00:07:25,160
Speaker 5: in my life where my parents were always in the

161
00:07:25,240 --> 00:07:27,200
Speaker 5: right way, pushing me out of the nest.

162
00:07:27,840 --> 00:07:28,040
Speaker 1: Right.

163
00:07:28,120 --> 00:07:30,200
Speaker 5: So when I was ten, as I said, I DA

164
00:07:30,280 --> 00:07:32,680
Speaker 5: grew up in Portugal and my dad my parents just

165
00:07:32,680 --> 00:07:35,680
Speaker 5: put me on a plane by myself to Portugal and

166
00:07:35,720 --> 00:07:37,520
Speaker 5: said go find your grandparents to the other end, and

167
00:07:37,600 --> 00:07:39,440
Speaker 5: you know, and when you're ten. I mean, I know

168
00:07:39,440 --> 00:07:40,880
Speaker 5: a lot of kids have done that, but for me,

169
00:07:40,960 --> 00:07:43,160
Speaker 5: that was a moment of fear.

170
00:07:43,240 --> 00:07:46,880
Speaker 2: I don't know, but.

171
00:07:46,920 --> 00:07:48,760
Speaker 5: You know, you get on that plane by yourself and

172
00:07:48,800 --> 00:07:50,360
Speaker 5: you go like, yeah, I do this, and then you

173
00:07:50,400 --> 00:07:53,040
Speaker 5: get to the other side and suddenly they're there and

174
00:07:53,280 --> 00:07:55,800
Speaker 5: you have the experience and adventure of your life, you know,

175
00:07:55,880 --> 00:07:57,680
Speaker 5: And it was an amazing thing. I'd only met them

176
00:07:57,720 --> 00:08:00,800
Speaker 5: a couple times before, so it was just like opportunity.

177
00:08:00,840 --> 00:08:02,160
Speaker 5: And I kept back on the plane on the way

178
00:08:02,160 --> 00:08:03,920
Speaker 5: back and I'm like, I know what I'm doing. And

179
00:08:04,160 --> 00:08:06,760
Speaker 5: so you learn to conquer fear. My parents are very

180
00:08:06,800 --> 00:08:09,560
Speaker 5: good at putting me in situations where I had to

181
00:08:09,560 --> 00:08:12,360
Speaker 5: conquer fear. So I then learned how to fly when

182
00:08:12,360 --> 00:08:15,200
Speaker 5: I was in college, and you have moments when you

183
00:08:15,240 --> 00:08:16,800
Speaker 5: have to conquer fear. When you're learning how to fly,

184
00:08:16,880 --> 00:08:19,000
Speaker 5: you kind of face a little bit bit of mortality

185
00:08:19,080 --> 00:08:21,960
Speaker 5: and getting past that and making sure that you realize

186
00:08:22,000 --> 00:08:24,560
Speaker 5: that you have to like, you have to figure this out.

187
00:08:24,600 --> 00:08:26,400
Speaker 5: It's not like you can give up. You have to

188
00:08:26,400 --> 00:08:28,120
Speaker 5: figure out how to land the plane. And so those

189
00:08:28,120 --> 00:08:30,400
Speaker 5: are the types of situations I put myself in up

190
00:08:30,520 --> 00:08:34,240
Speaker 5: until I started work, and there that was when you know,

191
00:08:34,280 --> 00:08:37,720
Speaker 5: there were moments in my career where I was offering

192
00:08:37,760 --> 00:08:40,400
Speaker 5: an opportunity and I'd be like, hmm, how am I

193
00:08:40,440 --> 00:08:42,360
Speaker 5: going to do that? But at the same time, you

194
00:08:42,400 --> 00:08:45,160
Speaker 5: have to find I found fear a failure was what

195
00:08:45,200 --> 00:08:46,520
Speaker 5: actually drove me to succeed.

196
00:08:47,000 --> 00:08:47,440
Speaker 2: Interesting.

197
00:08:47,440 --> 00:08:50,480
Speaker 3: It's interesting because thinking about someone like you, with a

198
00:08:50,520 --> 00:08:53,080
Speaker 3: father who's one of the top investors in the world,

199
00:08:53,120 --> 00:08:54,040
Speaker 3: and your mom who's.

200
00:08:53,840 --> 00:08:55,200
Speaker 4: A professional and a lawyer.

201
00:08:55,640 --> 00:08:57,520
Speaker 3: You would think someone like you would be equipped not

202
00:08:57,559 --> 00:09:01,359
Speaker 3: to have imposter syndrome? Did you ever having position in professionally?

203
00:09:01,720 --> 00:09:04,360
Speaker 5: I had two moments in my career where I think

204
00:09:04,400 --> 00:09:06,760
Speaker 5: the word I posture syndrome that wasn't really a term.

205
00:09:06,840 --> 00:09:09,120
Speaker 5: That was used because I've been in the career of

206
00:09:09,160 --> 00:09:11,880
Speaker 5: My career is over thirty years long now. But there

207
00:09:11,960 --> 00:09:14,480
Speaker 5: was a moment when, at age thirty, I was given

208
00:09:14,480 --> 00:09:16,920
Speaker 5: the opportunity to run one of the business divisions at NASSAC.

209
00:09:16,960 --> 00:09:20,000
Speaker 5: They reoriented the business into three divisions and they asked

210
00:09:20,040 --> 00:09:22,160
Speaker 5: me to head one of them. I was a little shocked.

211
00:09:22,280 --> 00:09:25,679
Speaker 5: I was super excited, but I also sat there and

212
00:09:25,760 --> 00:09:28,480
Speaker 5: said to my boss, awesome, I can't wait. And then

213
00:09:28,520 --> 00:09:29,880
Speaker 5: I went home to my husband. I was like, oh

214
00:09:29,880 --> 00:09:32,199
Speaker 5: my god, how am I going to do this? And

215
00:09:32,880 --> 00:09:34,400
Speaker 5: then you have to sit down and say, Okay, how

216
00:09:34,400 --> 00:09:36,040
Speaker 5: am I going to do this? Who do I need

217
00:09:36,080 --> 00:09:38,360
Speaker 5: to get around me? Who's really great at what they

218
00:09:38,400 --> 00:09:41,360
Speaker 5: do and can help me teach me? And who I

219
00:09:41,400 --> 00:09:43,960
Speaker 5: can learn from? And I think though that at that time,

220
00:09:44,280 --> 00:09:47,280
Speaker 5: I thought, Okay, what do I know? Why do they

221
00:09:47,320 --> 00:09:49,400
Speaker 5: choose me? You have to say they choose you for

222
00:09:49,400 --> 00:09:52,959
Speaker 5: a reason. So what have you done successfully that they

223
00:09:53,000 --> 00:09:55,120
Speaker 5: want you to continue that success? What do I need

224
00:09:55,160 --> 00:09:57,439
Speaker 5: to learn? And who's the best person who's going to

225
00:09:57,440 --> 00:10:00,480
Speaker 5: be able to teach me that or people. Once you

226
00:10:00,600 --> 00:10:03,120
Speaker 5: kind of get a path, you find a path forward,

227
00:10:03,320 --> 00:10:05,560
Speaker 5: the fear is gone, right so and then you just

228
00:10:05,559 --> 00:10:07,679
Speaker 5: have to make sure that you're performing against that path.

229
00:10:08,360 --> 00:10:11,079
Speaker 5: And a second time, I was running the data division

230
00:10:11,240 --> 00:10:13,600
Speaker 5: and Bob re Reifeld, who was a CEO at the time,

231
00:10:13,679 --> 00:10:16,040
Speaker 5: asked me to become the head of corporate strategy in

232
00:10:16,080 --> 00:10:18,720
Speaker 5: addition to running the data business. And again I'd never

233
00:10:18,800 --> 00:10:20,920
Speaker 5: done an M and A deal in my life, so

234
00:10:21,160 --> 00:10:23,160
Speaker 5: and I was going to run M and A and

235
00:10:23,240 --> 00:10:27,000
Speaker 5: so I went to a trusted friend and I said, hum,

236
00:10:27,400 --> 00:10:29,600
Speaker 5: how is that? How exactly am I going to do this?

237
00:10:30,080 --> 00:10:31,920
Speaker 5: And he just said, oh, Diana, it's just a bunch

238
00:10:31,960 --> 00:10:34,600
Speaker 5: of powerpoints. You'll be fine. But I did use that

239
00:10:34,640 --> 00:10:37,280
Speaker 5: as a way to conquer my fear. And by the

240
00:10:37,360 --> 00:10:40,240
Speaker 5: time I became CEO, I honestly was very ready for

241
00:10:40,280 --> 00:10:41,960
Speaker 5: the job. I was very ready.

242
00:10:42,240 --> 00:10:45,720
Speaker 2: So one of the clear through lines so far in

243
00:10:45,760 --> 00:10:51,520
Speaker 2: your story is a sense of competitiveness fair and where

244
00:10:51,520 --> 00:10:52,600
Speaker 2: do you think that comes from?

245
00:10:52,880 --> 00:10:56,600
Speaker 5: I definitely am competitive. So I mean life is competitive.

246
00:10:56,840 --> 00:11:00,000
Speaker 5: As humans, we are competitive, you know, And so there

247
00:11:00,200 --> 00:11:05,719
Speaker 5: for healthy competition, keeping it in check, making sure you're

248
00:11:05,840 --> 00:11:08,800
Speaker 5: using it to drive you in a positive direction, making

249
00:11:08,800 --> 00:11:11,760
Speaker 5: sure it is a driver. I think it's a wonderful

250
00:11:11,960 --> 00:11:15,000
Speaker 5: thing and I also think that if you only though

251
00:11:15,040 --> 00:11:18,840
Speaker 5: focus on your competitors, you actually are not at all

252
00:11:19,000 --> 00:11:22,720
Speaker 5: reaching your highest height. So I say to the team

253
00:11:22,760 --> 00:11:24,440
Speaker 5: and so, and I say this, in life like you

254
00:11:24,480 --> 00:11:26,800
Speaker 5: have to have a vision of where you want to go,

255
00:11:27,360 --> 00:11:29,000
Speaker 5: have a strategy and how you're going to get there,

256
00:11:29,040 --> 00:11:31,400
Speaker 5: and engage your clients. They don't know exactly what you

257
00:11:31,440 --> 00:11:33,120
Speaker 5: should be doing, but they do know what they need,

258
00:11:33,600 --> 00:11:36,320
Speaker 5: and so how do you then parlay that need into

259
00:11:36,360 --> 00:11:39,160
Speaker 5: a capability and how do you focus on them? Then

260
00:11:39,200 --> 00:11:41,000
Speaker 5: you look at your competitors. Then you look left and

261
00:11:41,080 --> 00:11:44,080
Speaker 5: right and you say, okay, well, what are those competitors

262
00:11:44,120 --> 00:11:46,720
Speaker 5: doing that you might want to take and say this

263
00:11:46,800 --> 00:11:48,760
Speaker 5: is actually something I should be doing, Or how can

264
00:11:48,800 --> 00:11:50,959
Speaker 5: I make sure that I leave them in the dust?

265
00:11:51,200 --> 00:11:53,480
Speaker 5: You know, and I'm always staying ahead of them, but

266
00:11:53,640 --> 00:11:57,040
Speaker 5: it's always in the context of a bigger vision and

267
00:11:57,080 --> 00:11:58,880
Speaker 5: a bigger part of your life. I'm competitive, but I

268
00:11:58,880 --> 00:11:59,960
Speaker 5: don't think it's a moniacal.

269
00:12:00,280 --> 00:12:04,360
Speaker 3: So along those lines of driving vision and strategy, talk

270
00:12:04,400 --> 00:12:05,800
Speaker 3: to me a little bit about the difference when you're

271
00:12:05,840 --> 00:12:09,120
Speaker 3: running in one of the corporate divisions versus the CEO.

272
00:12:09,280 --> 00:12:12,200
Speaker 3: Is it driving vision strategy? And maybe recruiting, how would

273
00:12:12,240 --> 00:12:15,400
Speaker 3: you describe you three or four main goals and duty

274
00:12:15,400 --> 00:12:15,920
Speaker 3: to the CEO?

275
00:12:16,480 --> 00:12:19,040
Speaker 5: Taking it from the CEO perspective, the first thing is

276
00:12:19,240 --> 00:12:22,280
Speaker 5: you really have to have a vision for where you

277
00:12:22,320 --> 00:12:24,760
Speaker 5: want to go as a business. And that can be

278
00:12:24,800 --> 00:12:27,080
Speaker 5: something that just comes solely from within you or if

279
00:12:27,120 --> 00:12:29,560
Speaker 5: you're not quite sure where you need to go, engage

280
00:12:29,559 --> 00:12:31,640
Speaker 5: the team, have the right people in the right seats

281
00:12:31,679 --> 00:12:34,240
Speaker 5: to help you define that vision. But whether you're bringing

282
00:12:34,240 --> 00:12:37,280
Speaker 5: it to the table or you're getting it from the team,

283
00:12:37,880 --> 00:12:40,040
Speaker 5: once you have that vision, you have to get everyone

284
00:12:40,040 --> 00:12:42,960
Speaker 5: on board. So how do you make it so everyone

285
00:12:43,400 --> 00:12:46,440
Speaker 5: relates to that vision and feels excited about it, And

286
00:12:46,480 --> 00:12:48,440
Speaker 5: how do you know, kind of verbalize it in a

287
00:12:48,480 --> 00:12:51,440
Speaker 5: way that motivates the team. The hard part, though, is

288
00:12:51,480 --> 00:12:53,839
Speaker 5: executing against that vision. That's when you really got to

289
00:12:53,920 --> 00:12:56,080
Speaker 5: roll those sleeves up and get engaged. You can't just

290
00:12:56,160 --> 00:12:58,000
Speaker 5: assume the team's going to figure that out. You have

291
00:12:58,040 --> 00:13:02,000
Speaker 5: to get engaged, establish a rich, establish a cadence of

292
00:13:02,120 --> 00:13:05,480
Speaker 5: driving that vision forward and engaging everyone along the way

293
00:13:05,520 --> 00:13:08,319
Speaker 5: so that everyone's coming with you instead of dragging people

294
00:13:08,360 --> 00:13:10,719
Speaker 5: behind you. Now, I learned all of those skills from

295
00:13:10,800 --> 00:13:14,560
Speaker 5: running a business division because within Nasdaq, the division leaders

296
00:13:14,559 --> 00:13:17,360
Speaker 5: do have a lot of autonomy, and certainly I grew

297
00:13:17,440 --> 00:13:19,440
Speaker 5: up with a lot of autonomy. My first boss was

298
00:13:19,559 --> 00:13:22,000
Speaker 5: awesome to be like, here, here's a problem, can you

299
00:13:22,000 --> 00:13:24,760
Speaker 5: go solver for me? Sure, I don't know how I'm

300
00:13:24,760 --> 00:13:26,240
Speaker 5: going to solve this, but okay, I'll figure it out.

301
00:13:26,240 --> 00:13:28,240
Speaker 5: And then he I come back and say, here you go.

302
00:13:28,320 --> 00:13:30,199
Speaker 5: You know he was. He didn't sit there and tell

303
00:13:30,240 --> 00:13:31,679
Speaker 5: me here are the ten steps you need to take

304
00:13:31,679 --> 00:13:34,199
Speaker 5: to solve this problem, just go figure it out. So

305
00:13:34,440 --> 00:13:37,520
Speaker 5: I definitely had some good problem solving skills early. Then

306
00:13:37,559 --> 00:13:40,440
Speaker 5: I was handed this data division first time ever we

307
00:13:40,480 --> 00:13:43,800
Speaker 5: had a business called data and so setting a vision

308
00:13:43,840 --> 00:13:46,080
Speaker 5: for what that was and learning those skills was part

309
00:13:46,120 --> 00:13:49,640
Speaker 5: of running the division. Then I ran corporate strategy, which

310
00:13:49,679 --> 00:13:51,360
Speaker 5: at the time was actually more of an M and

311
00:13:51,400 --> 00:13:54,000
Speaker 5: a job. I think Bob Greifeld was awesome and he

312
00:13:54,120 --> 00:13:57,679
Speaker 5: created operational excellence. He really grew the business tremendously. His

313
00:13:57,960 --> 00:14:01,560
Speaker 5: mantra was always good execute, ushing beta, great strategy all

314
00:14:01,600 --> 00:14:04,520
Speaker 5: every day. And my view is one I have both.

315
00:14:04,880 --> 00:14:07,920
Speaker 5: So if you have that great strategy and then you

316
00:14:08,000 --> 00:14:11,600
Speaker 5: drive good, good or great execution, then you can even

317
00:14:11,600 --> 00:14:12,040
Speaker 5: go further.

318
00:14:12,240 --> 00:14:15,760
Speaker 2: So let's take a beat on Bob Greifeldt because he becomes,

319
00:14:15,760 --> 00:14:19,520
Speaker 2: I think, arguably the key mentor of your career.

320
00:14:19,840 --> 00:14:21,720
Speaker 5: I mean, so first of all, he was the most

321
00:14:21,760 --> 00:14:24,720
Speaker 5: important mentor slash sponsor that I had in my career.

322
00:14:24,960 --> 00:14:27,400
Speaker 5: And you know, Bob was and is in my life,

323
00:14:27,480 --> 00:14:29,480
Speaker 5: like I mean, you know, we've known each other now

324
00:14:29,520 --> 00:14:34,840
Speaker 5: for twenty years. I worked for him for eleven of

325
00:14:34,880 --> 00:14:38,360
Speaker 5: those years. I learned so much from him. He positioned

326
00:14:38,400 --> 00:14:41,000
Speaker 5: me to be a winner, you know, he positioned me

327
00:14:41,080 --> 00:14:43,960
Speaker 5: to grow and expand he was always willing to give feedback,

328
00:14:44,640 --> 00:14:46,520
Speaker 5: you know, he he What I actually really liked by

329
00:14:46,600 --> 00:14:48,120
Speaker 5: is he said, you know what you're good at, let

330
00:14:48,200 --> 00:14:49,880
Speaker 5: me talk to you about what you can get better at.

331
00:14:50,640 --> 00:14:52,680
Speaker 5: And I love that. I mean, how is I How

332
00:14:52,720 --> 00:14:54,080
Speaker 5: was I going to learn if I just if you

333
00:14:54,200 --> 00:14:57,160
Speaker 5: just sits there and blows, you know, sunshine at my face,

334
00:14:57,200 --> 00:15:00,600
Speaker 5: and that's help me. The very first thing, I remember,

335
00:15:00,880 --> 00:15:03,480
Speaker 5: I had just taken the head of strategy job and

336
00:15:03,520 --> 00:15:07,840
Speaker 5: I was having to negotiate an acquisition. But my negotiating

337
00:15:08,400 --> 00:15:12,320
Speaker 5: experience up until then had been as a participant in

338
00:15:12,360 --> 00:15:15,200
Speaker 5: this industry consortium where I having to face off against

339
00:15:15,200 --> 00:15:17,840
Speaker 5: all our competitors every single day and deal with a

340
00:15:17,840 --> 00:15:20,760
Speaker 5: lot of contention. And so I was a very defensive negotiator,

341
00:15:21,080 --> 00:15:23,520
Speaker 5: and I was like, don't hold the line, you know,

342
00:15:24,000 --> 00:15:28,240
Speaker 5: that kind of orientation towards negotiation. And so he said, aDNA,

343
00:15:28,280 --> 00:15:29,840
Speaker 5: you're a good at defense, but you got to start

344
00:15:29,840 --> 00:15:31,920
Speaker 5: playing offense, like we got to actually get the deal done.

345
00:15:32,440 --> 00:15:34,720
Speaker 5: You know, You've got to find a path to the

346
00:15:34,760 --> 00:15:37,800
Speaker 5: finish line. And so that was his first thing. It

347
00:15:37,840 --> 00:15:41,280
Speaker 5: was so good, such good advice. And then the second

348
00:15:41,320 --> 00:15:44,280
Speaker 5: one was when I became the CFO, and he said,

349
00:15:44,280 --> 00:15:45,720
Speaker 5: this is the first time where you're not going to

350
00:15:45,840 --> 00:15:48,560
Speaker 5: know everything, and so you're going to have to figure out,

351
00:15:48,680 --> 00:15:50,800
Speaker 5: you know, how you're going to bring your team along

352
00:15:50,960 --> 00:15:53,200
Speaker 5: and make sure that you know what you need to know,

353
00:15:53,720 --> 00:15:55,880
Speaker 5: but that you're empowering your team. And so it was,

354
00:15:55,920 --> 00:15:57,360
Speaker 5: you know, those are the types of things that he

355
00:15:57,400 --> 00:15:57,720
Speaker 5: told me.

356
00:15:57,840 --> 00:16:01,240
Speaker 3: It's funny, jason A just describe this what she learned

357
00:16:01,240 --> 00:16:04,560
Speaker 3: from mom and dad, but also a little bit of taekwondo.

358
00:16:05,080 --> 00:16:07,480
Speaker 3: He said, to you, how to play office andy face exactly.

359
00:16:07,760 --> 00:16:10,240
Speaker 5: He was so good at cutting through the noise and

360
00:16:10,240 --> 00:16:13,240
Speaker 5: seeing the things that mattered and he was excellent at that.

361
00:16:13,400 --> 00:16:15,560
Speaker 5: So I think that we were good partners, you know,

362
00:16:15,760 --> 00:16:17,880
Speaker 5: And when we were working on deals, I would work

363
00:16:17,920 --> 00:16:19,880
Speaker 5: through all of the details of how to get it done,

364
00:16:20,000 --> 00:16:22,240
Speaker 5: and he would always see the finish line, you know.

365
00:16:22,320 --> 00:16:24,920
Speaker 5: So just I think that we were very compatible. And

366
00:16:24,920 --> 00:16:26,920
Speaker 5: then I learned a lot from him, and he positioned

367
00:16:26,920 --> 00:16:29,480
Speaker 5: it so that when I became CEO, I was ready.

368
00:16:29,680 --> 00:16:29,880
Speaker 4: You know.

369
00:16:30,040 --> 00:16:33,400
Speaker 5: He had done everything perfectly to position me to be

370
00:16:33,400 --> 00:16:36,280
Speaker 5: the CEO. Came in as president, and then he gave

371
00:16:36,360 --> 00:16:39,320
Speaker 5: me the present CEO job. He started not being as

372
00:16:39,440 --> 00:16:42,160
Speaker 5: many meetings and oh a, Dina, you go figure that out,

373
00:16:42,240 --> 00:16:44,760
Speaker 5: and yeah, you know, just stepping back and stepping back.

374
00:16:44,800 --> 00:16:48,480
Speaker 5: And so two and a half years after that journey started,

375
00:16:48,680 --> 00:16:50,680
Speaker 5: you know, he's like, Okay, you're ready. I had been

376
00:16:50,720 --> 00:16:54,000
Speaker 5: at NAZAG for seventeen years. I had become the CFO.

377
00:16:54,040 --> 00:16:56,000
Speaker 5: I was two years into being CFO, and I was

378
00:16:56,080 --> 00:16:58,800
Speaker 5: very happy and actually a headhunter called me.

379
00:16:59,080 --> 00:17:00,000
Speaker 2: Ah.

380
00:17:00,160 --> 00:17:02,560
Speaker 5: But at the time, you know, I'm working in New York,

381
00:17:02,640 --> 00:17:05,640
Speaker 5: but my family and we're in the Washington, DC area,

382
00:17:05,680 --> 00:17:07,359
Speaker 5: So I live in the DC area. I raised the

383
00:17:07,400 --> 00:17:09,560
Speaker 5: kids in the DC area, and I was commuting up

384
00:17:09,600 --> 00:17:12,440
Speaker 5: to New York every week, and they called and they said,

385
00:17:12,440 --> 00:17:15,159
Speaker 5: there's this you know, private equity firm. They're interested in

386
00:17:15,160 --> 00:17:17,399
Speaker 5: finding a CFO to help them go public. And I said, well,

387
00:17:17,400 --> 00:17:19,800
Speaker 5: which one is it? And they said it's Carlisle and

388
00:17:20,240 --> 00:17:24,359
Speaker 5: Carlisle is the largest, most successful private equity firm in

389
00:17:24,400 --> 00:17:27,159
Speaker 5: the Washington, DC area. It's a global brand, It's an

390
00:17:27,200 --> 00:17:31,280
Speaker 5: amazing firm with great leadership, and of all of the jobs.

391
00:17:31,320 --> 00:17:33,560
Speaker 5: Like I had obviously gotten calls from a lot of

392
00:17:33,560 --> 00:17:36,520
Speaker 5: head hunters over time, I think any executives do. This

393
00:17:36,680 --> 00:17:38,920
Speaker 5: was the only time I'd actually returned the call to say, yeah,

394
00:17:38,960 --> 00:17:39,760
Speaker 5: I actually would be.

395
00:17:39,720 --> 00:17:41,320
Speaker 4: Willing to talk to them.

396
00:17:41,320 --> 00:17:43,879
Speaker 5: But my calculus was it was time for me to

397
00:17:43,880 --> 00:17:47,040
Speaker 5: prove myself somewhere else. Could I actually be a successful elser.

398
00:17:47,040 --> 00:17:49,920
Speaker 5: I needed to know that for myself, that competitive.

399
00:17:49,560 --> 00:17:51,600
Speaker 2: I was going to say this competition, this is this

400
00:17:51,680 --> 00:17:52,400
Speaker 2: is running deep.

401
00:17:52,600 --> 00:17:54,840
Speaker 5: I wanted to learn about the other side of the

402
00:17:55,080 --> 00:17:57,880
Speaker 5: of the financial world. You had to become an investor.

403
00:17:57,920 --> 00:18:00,679
Speaker 5: My father is an investor, my brother runs a hedge funds,

404
00:18:00,720 --> 00:18:03,719
Speaker 5: so I really wanted to understand that side of the

405
00:18:03,760 --> 00:18:06,080
Speaker 5: financial industry. Had an opportunity to see a Phoe to

406
00:18:06,080 --> 00:18:09,200
Speaker 5: take a company public, which is a unique opportunity. And

407
00:18:09,320 --> 00:18:11,639
Speaker 5: I could live and work in the same city. So,

408
00:18:12,200 --> 00:18:14,439
Speaker 5: you know, it just was the opportunity that was just

409
00:18:14,520 --> 00:18:15,560
Speaker 5: meant for me at that time.

410
00:18:15,880 --> 00:18:18,800
Speaker 2: So what's that conversation like, to go and quit the

411
00:18:18,840 --> 00:18:20,119
Speaker 2: only place you've ever worked.

412
00:18:20,440 --> 00:18:22,439
Speaker 5: It was very hard. Bob was amazing at it. He

413
00:18:22,520 --> 00:18:25,280
Speaker 5: was amazing. He didn't say, oh, please stay. He said, Adana,

414
00:18:25,400 --> 00:18:27,720
Speaker 5: this is a great opportunity for you. I think it's

415
00:18:27,760 --> 00:18:30,520
Speaker 5: a great opportunity for you to learn and expand and

416
00:18:30,560 --> 00:18:32,320
Speaker 5: good luck. You know, he was great.

417
00:18:32,240 --> 00:18:34,120
Speaker 2: Ad in his mind that he was going to get

418
00:18:34,160 --> 00:18:34,560
Speaker 2: you back.

419
00:18:35,040 --> 00:18:38,639
Speaker 5: No, really, I mean I don't know. I guess I

420
00:18:38,680 --> 00:18:40,959
Speaker 5: don't know. I don't know. I did not have in

421
00:18:40,960 --> 00:18:43,160
Speaker 5: my mind that I would come back. Really, No, when

422
00:18:43,200 --> 00:18:45,640
Speaker 5: you make a decision like that, if that's it, you've

423
00:18:45,640 --> 00:18:48,199
Speaker 5: got to look at it. That's a ten year decision. Yeah,

424
00:18:48,359 --> 00:18:50,520
Speaker 5: if you're going to commit to a company, you better

425
00:18:50,560 --> 00:18:52,880
Speaker 5: be ready to commit for a long time. That role

426
00:18:52,920 --> 00:18:54,560
Speaker 5: in particular, and I loved it. I mean, it was

427
00:18:54,560 --> 00:19:05,159
Speaker 5: a really great opportunity.

428
00:19:09,280 --> 00:19:10,720
Speaker 3: So when you think about a pivot like that, I

429
00:19:10,720 --> 00:19:13,679
Speaker 3: mean it's like you're going from red Sox of the Yankees.

430
00:19:13,720 --> 00:19:16,680
Speaker 3: Two great organizations, right, But can you talk a little

431
00:19:16,680 --> 00:19:21,280
Speaker 3: bit about the differences in culture, strategy, work, ethic, all

432
00:19:21,480 --> 00:19:23,359
Speaker 3: the stuff that we that you have to do with

433
00:19:23,400 --> 00:19:24,960
Speaker 3: as a high level employee.

434
00:19:25,320 --> 00:19:27,920
Speaker 5: That was what was so interesting. It was the cultural

435
00:19:27,960 --> 00:19:30,680
Speaker 5: difference because that only worked in one place. Now, while

436
00:19:30,840 --> 00:19:34,399
Speaker 5: Nazege had several iterations of its existence, it was very

437
00:19:34,480 --> 00:19:38,280
Speaker 5: much a pretty singular culture, command and control culture, a

438
00:19:38,320 --> 00:19:42,880
Speaker 5: lot of focus on the top decision makers, and Carlisle

439
00:19:42,920 --> 00:19:45,560
Speaker 5: I would call it a collaborative culture because it's a partnership.

440
00:19:46,080 --> 00:19:48,320
Speaker 5: So you have one hundred partners in a firm and

441
00:19:48,400 --> 00:19:51,600
Speaker 5: three founders, and of course there's a lot of decision

442
00:19:51,600 --> 00:19:54,160
Speaker 5: making that happens with the three founders, but there's also

443
00:19:54,359 --> 00:19:57,440
Speaker 5: a diffusion of decision making and empowerment across one hundred

444
00:19:57,440 --> 00:20:00,840
Speaker 5: partners who are all owners in this business private company.

445
00:20:01,280 --> 00:20:04,760
Speaker 5: So very different culture, and I have to say I

446
00:20:04,960 --> 00:20:07,720
Speaker 5: like elements of both cultures. I think that in a

447
00:20:07,760 --> 00:20:11,320
Speaker 5: company like Nasdak, critical infrastructure provider to the financial industry

448
00:20:11,359 --> 00:20:14,000
Speaker 5: in the economy, you have to make decisions fast, and

449
00:20:14,040 --> 00:20:16,199
Speaker 5: you have to make very concrete decisions. So command and

450
00:20:16,200 --> 00:20:19,760
Speaker 5: control and that whole, that whole ethos I think is

451
00:20:19,800 --> 00:20:22,919
Speaker 5: actually an important part of the culture. But the collaboration

452
00:20:23,080 --> 00:20:26,560
Speaker 5: comes from I can't just sit in the top corner

453
00:20:26,600 --> 00:20:29,000
Speaker 5: office and decide what to do. I have to engage

454
00:20:29,040 --> 00:20:31,280
Speaker 5: the team and make sure we're bringing people along. And

455
00:20:31,359 --> 00:20:34,680
Speaker 5: while decision making can be slower, you ultimately through that

456
00:20:34,800 --> 00:20:37,760
Speaker 5: debate you get to hopefully a better decision. So I

457
00:20:37,800 --> 00:20:39,960
Speaker 5: do think that we've been trying to infuse both of

458
00:20:39,960 --> 00:20:42,320
Speaker 5: those back into Nasdaq. So when it came back to NASDAK,

459
00:20:42,400 --> 00:20:44,679
Speaker 5: having had that experience, like you know, we can do

460
00:20:44,760 --> 00:20:47,280
Speaker 5: this a little differently. We can bring more opinions in

461
00:20:47,320 --> 00:20:50,640
Speaker 5: the room but still move fast, and that's what we've

462
00:20:50,640 --> 00:20:51,240
Speaker 5: been focused on.

463
00:20:51,600 --> 00:20:54,600
Speaker 2: You know, given that we are here on the deal,

464
00:20:55,359 --> 00:20:58,760
Speaker 2: you had been doing some deals obviously, so you had

465
00:20:58,800 --> 00:21:01,960
Speaker 2: been in that M and a role at NASDA prior

466
00:21:02,040 --> 00:21:04,479
Speaker 2: to Carlo or do I have an yes. So then

467
00:21:04,520 --> 00:21:07,760
Speaker 2: you go into a business that the deal's the thing,

468
00:21:07,960 --> 00:21:10,919
Speaker 2: I mean literally that is the business of that. What

469
00:21:10,960 --> 00:21:14,760
Speaker 2: did you learn about deal making there that maybe sort

470
00:21:14,800 --> 00:21:20,200
Speaker 2: of elevated or accelerated that part of your resume or

471
00:21:20,320 --> 00:21:20,880
Speaker 2: skill set.

472
00:21:21,040 --> 00:21:23,240
Speaker 5: Yeah, well it was interesting because when you buy a

473
00:21:23,280 --> 00:21:26,000
Speaker 5: company as a corporate you have to have a forever

474
00:21:26,119 --> 00:21:28,280
Speaker 5: thesis on that company that you're buying. Yea, I mean

475
00:21:28,320 --> 00:21:30,760
Speaker 5: you're infusing it into your organization and you're becoming a

476
00:21:30,760 --> 00:21:33,520
Speaker 5: different organization and you're going to carry yourself forward differently.

477
00:21:33,960 --> 00:21:35,840
Speaker 5: When you're buying a deal as a private equity firm,

478
00:21:35,880 --> 00:21:38,919
Speaker 5: it's all about the exit. So I'm coming in. What

479
00:21:39,000 --> 00:21:41,359
Speaker 5: can I do over a very defined period of time

480
00:21:41,400 --> 00:21:44,160
Speaker 5: to reshape this company? And what is my exit? That's

481
00:21:44,160 --> 00:21:46,600
Speaker 5: what I learned. The most important thing in the investment

482
00:21:46,640 --> 00:21:49,959
Speaker 5: committee process is there an incredible focus on the exit

483
00:21:50,480 --> 00:21:53,240
Speaker 5: as they're making the decision to enter. And that's a

484
00:21:53,359 --> 00:21:56,679
Speaker 5: very different orientation, a very different way of thinking about

485
00:21:56,760 --> 00:21:58,760
Speaker 5: driving value and return.

486
00:21:59,080 --> 00:21:59,280
Speaker 4: Right.

487
00:21:59,320 --> 00:22:02,600
Speaker 5: But I also got very comfortable with this thesis of

488
00:22:02,680 --> 00:22:06,520
Speaker 5: I R R, EMOIC and these words that are underpining

489
00:22:06,680 --> 00:22:08,800
Speaker 5: on private equity world, and I was able to bring

490
00:22:08,840 --> 00:22:12,360
Speaker 5: that back into Nasdaq. So thinking about the return on.

491
00:22:12,320 --> 00:22:16,040
Speaker 2: Every deal in return, yes, multiple of invested capital.

492
00:22:16,920 --> 00:22:18,919
Speaker 5: Sorry about that, it's.

493
00:22:18,800 --> 00:22:20,960
Speaker 2: Like going back to my private equity days. I was like, oh,

494
00:22:21,080 --> 00:22:23,800
Speaker 2: do I have this because we mostly talk about like

495
00:22:24,040 --> 00:22:25,920
Speaker 2: RBI anyway, Sorry, yeah.

496
00:22:25,800 --> 00:22:26,400
Speaker 5: No, that's right.

497
00:22:26,480 --> 00:22:26,680
Speaker 2: Now.

498
00:22:26,960 --> 00:22:29,639
Speaker 5: To translate that back into a corporate m and A,

499
00:22:30,040 --> 00:22:33,320
Speaker 5: you think about instead of multiple of invested capital because

500
00:22:33,320 --> 00:22:36,760
Speaker 5: that assumes an exit, you think about return on invested capital,

501
00:22:36,840 --> 00:22:40,400
Speaker 5: and you think about the overall return that you're delivering

502
00:22:40,440 --> 00:22:43,639
Speaker 5: over time in addition to the strategic value you're creating.

503
00:22:43,920 --> 00:22:46,480
Speaker 5: See that's the thesis within corporate m and A. That's

504
00:22:46,520 --> 00:22:49,200
Speaker 5: so different. Thepe is the strategic side.

505
00:22:49,400 --> 00:22:51,320
Speaker 2: All right, So you come back to Nasdak and what

506
00:22:51,480 --> 00:22:54,359
Speaker 2: is that decision? Like, what's in your head at that moment.

507
00:22:54,680 --> 00:22:56,879
Speaker 5: By the time that Bob and I started talking about

508
00:22:56,960 --> 00:22:59,960
Speaker 5: coming back to Naszak, he was starting to think about success.

509
00:23:00,160 --> 00:23:02,520
Speaker 5: But you know, he wasn't ready, but he was thinking

510
00:23:02,520 --> 00:23:05,960
Speaker 5: about it. And he had offered to have me come

511
00:23:06,000 --> 00:23:09,440
Speaker 5: back as president of NAASAX. So super compelling.

512
00:23:09,800 --> 00:23:09,960
Speaker 2: Right.

513
00:23:10,040 --> 00:23:13,359
Speaker 5: So I'd had a great experience at Carlisle working with

514
00:23:13,440 --> 00:23:16,280
Speaker 5: them to go public, helping them maturize a public company,

515
00:23:16,760 --> 00:23:19,320
Speaker 5: and then he called and I think that at the

516
00:23:19,440 --> 00:23:22,239
Speaker 5: time I realized I like being a CFO, but I

517
00:23:22,320 --> 00:23:25,800
Speaker 5: like being a business owner better. I really love clients.

518
00:23:25,920 --> 00:23:29,040
Speaker 5: I love working for them, I love working with them.

519
00:23:29,160 --> 00:23:32,280
Speaker 5: I love defining the future, pressure of the P and L,

520
00:23:32,680 --> 00:23:37,320
Speaker 5: the competition and having that as my every day was.

521
00:23:37,359 --> 00:23:39,720
Speaker 5: Really I missed that a lot. Being a CFO is

522
00:23:39,760 --> 00:23:42,959
Speaker 5: both being a risk manager and a risk taker simultaneously. Yeah,

523
00:23:43,040 --> 00:23:45,119
Speaker 5: you know, I really enjoyed being the risk taker with

524
00:23:45,160 --> 00:23:48,680
Speaker 5: someone helping me manage the risk of thing.

525
00:23:48,800 --> 00:23:52,520
Speaker 2: Is really like a cool through line that your whole career.

526
00:23:52,560 --> 00:23:54,560
Speaker 2: I mean, you like that balance, I do.

527
00:23:54,680 --> 00:23:56,800
Speaker 5: I really like the balance, And I have to say,

528
00:23:56,840 --> 00:23:58,600
Speaker 5: I love the pressure of the P and L and

529
00:23:58,680 --> 00:24:00,600
Speaker 5: I love the pressure that the clients bring to you

530
00:24:00,680 --> 00:24:03,040
Speaker 5: to make sure that you're always triving to be better. Right,

531
00:24:03,320 --> 00:24:05,480
Speaker 5: And so he offered the opportunity to run all of

532
00:24:05,480 --> 00:24:07,760
Speaker 5: the business units except for the trading division. It was

533
00:24:07,800 --> 00:24:11,360
Speaker 5: a really smart decision because trading is an amazing business

534
00:24:11,400 --> 00:24:13,919
Speaker 5: and it's a fascinating part of the business. But it's

535
00:24:14,080 --> 00:24:15,399
Speaker 5: what I call it, you can be a little bit

536
00:24:15,400 --> 00:24:18,160
Speaker 5: of a rabbit hole. It's so fascinating, it's so intricate,

537
00:24:18,680 --> 00:24:21,800
Speaker 5: and it's all encompassing. But we had grown to do

538
00:24:21,920 --> 00:24:24,159
Speaker 5: other things, and so how do we make sure that

539
00:24:24,200 --> 00:24:27,920
Speaker 5: we're really honestly focusing our capital allocation and our decision

540
00:24:27,960 --> 00:24:30,640
Speaker 5: making on driving the growth of the rest of the business.

541
00:24:30,920 --> 00:24:33,240
Speaker 5: So he asked me to come in and be that person.

542
00:24:33,480 --> 00:24:35,639
Speaker 5: And then about a year and a half in then

543
00:24:35,680 --> 00:24:37,400
Speaker 5: he asked if I would be the COO, which then

544
00:24:37,520 --> 00:24:40,280
Speaker 5: meant encompassing all the businesses. So and then a year

545
00:24:40,320 --> 00:24:43,840
Speaker 5: after that I became the CEO. But the decision was

546
00:24:44,280 --> 00:24:46,800
Speaker 5: again I was running towards something I always say to

547
00:24:46,840 --> 00:24:49,000
Speaker 5: people as you're going through their career, don't run away

548
00:24:49,000 --> 00:24:51,320
Speaker 5: from things, run towards them. So if you're unhappy where

549
00:24:51,359 --> 00:24:53,760
Speaker 5: you are, don't just take the first thing comes along.

550
00:24:54,000 --> 00:24:56,080
Speaker 5: Really focus on what's going to make you happy, what's

551
00:24:56,119 --> 00:24:57,880
Speaker 5: going to get you excited, what's to get up every

552
00:24:57,960 --> 00:25:01,680
Speaker 5: day and find that before you before you just jump ship.

553
00:25:01,800 --> 00:25:03,880
Speaker 5: And I was very happy where I was at Carlisle,

554
00:25:03,960 --> 00:25:07,240
Speaker 5: but this was an opportunity to do something that I'd

555
00:25:07,240 --> 00:25:08,879
Speaker 5: always wanted to be able to do and to have

556
00:25:08,920 --> 00:25:11,639
Speaker 5: the opportunity altimate to be the CEO, and that moment

557
00:25:11,680 --> 00:25:13,160
Speaker 5: I knew that that was an opportunity.

558
00:25:13,240 --> 00:25:13,520
Speaker 2: Yeah.

559
00:25:13,600 --> 00:25:16,840
Speaker 3: So for someone that hasn't really been in business or

560
00:25:16,840 --> 00:25:20,560
Speaker 3: doesn't understand what NASAC does, how does a name iss terms,

561
00:25:20,560 --> 00:25:21,919
Speaker 3: How does NASAK make money?

562
00:25:22,119 --> 00:25:25,360
Speaker 5: So we have three divisions within Nasdaq. We have our

563
00:25:25,560 --> 00:25:28,080
Speaker 5: Markets division, which is trading, so we make money as

564
00:25:28,119 --> 00:25:30,800
Speaker 5: an exchange operator. We take a tiny little bit of

565
00:25:30,840 --> 00:25:34,720
Speaker 5: every share traded or every option contract traded, and that

566
00:25:35,600 --> 00:25:38,160
Speaker 5: makes actually generates about a billion dollars of revenue a year,

567
00:25:38,320 --> 00:25:41,040
Speaker 5: somewhere in that range. And then we have a lot

568
00:25:41,119 --> 00:25:44,119
Speaker 5: of services we offer corporates who list on NASSAC and

569
00:25:44,240 --> 00:25:47,880
Speaker 5: investors who invest, you know, in the capital markets. Generally

570
00:25:48,640 --> 00:25:51,520
Speaker 5: we have the listing's business and then a whole suite

571
00:25:51,520 --> 00:25:55,840
Speaker 5: of capabilities that help the corporates have better relationships with investors,

572
00:25:55,880 --> 00:25:58,600
Speaker 5: like IR and governance, so those are kind of part

573
00:25:58,600 --> 00:26:01,479
Speaker 5: of our transparency suite in our capital access platforms business.

574
00:26:01,800 --> 00:26:03,960
Speaker 5: And then on the flip side with investors, we help

575
00:26:04,000 --> 00:26:07,040
Speaker 5: them make smarter acid allocation decisions. And then we create

576
00:26:07,119 --> 00:26:10,840
Speaker 5: investable products for our index business. So that whole collection

577
00:26:10,880 --> 00:26:13,760
Speaker 5: of capabilities is about one was pro former for twenty

578
00:26:13,840 --> 00:26:16,439
Speaker 5: three about one twenty eight billion dollars. And then the

579
00:26:16,480 --> 00:26:19,040
Speaker 5: third part of our business is our fintech division, which

580
00:26:19,080 --> 00:26:22,080
Speaker 5: is where we provide a whole suite of software that

581
00:26:22,119 --> 00:26:25,520
Speaker 5: really power the capital markets around the world and provide

582
00:26:25,560 --> 00:26:28,679
Speaker 5: a complete suite of risk management technology to broker dealers

583
00:26:28,720 --> 00:26:30,840
Speaker 5: and banks. And that's about a billion and a half

584
00:26:30,880 --> 00:26:33,439
Speaker 5: dollars of revenue and that's really softwares.

585
00:26:33,760 --> 00:26:37,560
Speaker 2: And so you come back and it seems like that

586
00:26:37,720 --> 00:26:41,119
Speaker 2: part of what you do as the CEO, you start

587
00:26:41,200 --> 00:26:45,160
Speaker 2: to be a bit more aggressive in terms of, all right,

588
00:26:45,200 --> 00:26:49,000
Speaker 2: how do we build this and grow this faster? Is

589
00:26:49,040 --> 00:26:50,359
Speaker 2: that a fair assessment?

590
00:26:50,600 --> 00:26:54,080
Speaker 5: We were actually pretty aggressive in M and A under

591
00:26:54,080 --> 00:26:57,639
Speaker 5: Bob's tenure, but I did take a different tack to it.

592
00:26:57,760 --> 00:26:59,639
Speaker 5: So I kind of came back and I said, Okay,

593
00:27:00,240 --> 00:27:04,720
Speaker 5: we are operationally excellent, and we have this amazing foundational

594
00:27:04,760 --> 00:27:08,159
Speaker 5: exchange business with some a suite of services around it.

595
00:27:08,400 --> 00:27:10,520
Speaker 5: When I went out to talk to the clients, let's

596
00:27:10,520 --> 00:27:12,639
Speaker 5: hear from the clients, because everything I just mentioned to you,

597
00:27:12,680 --> 00:27:14,280
Speaker 5: we didn't have all of that when I came back.

598
00:27:14,320 --> 00:27:18,120
Speaker 5: So we were a niche provider of software to portions

599
00:27:18,119 --> 00:27:21,639
Speaker 5: of the broker dealer community in an exchange community. We

600
00:27:21,800 --> 00:27:25,000
Speaker 5: had capabilities offering to the corporates that some of which

601
00:27:25,000 --> 00:27:27,960
Speaker 5: were highly strategic, someone which were not, and we didn't

602
00:27:28,040 --> 00:27:31,000
Speaker 5: actually have a deep relationship with the investment community. So

603
00:27:30,600 --> 00:27:33,480
Speaker 5: we sat down and said, Okay, what do we want

604
00:27:33,520 --> 00:27:35,960
Speaker 5: to become in the next ten years. What are the

605
00:27:36,000 --> 00:27:38,840
Speaker 5: technology trends that are going to drive our industry forward

606
00:27:38,840 --> 00:27:41,080
Speaker 5: in the next ten years, and where are our clients,

607
00:27:41,080 --> 00:27:43,040
Speaker 5: what are the trends that are driving our client needs

608
00:27:43,119 --> 00:27:45,919
Speaker 5: over the next ten years. And if we look at

609
00:27:45,920 --> 00:27:47,720
Speaker 5: that and we say, okay, then therefore, what do we

610
00:27:47,800 --> 00:27:51,960
Speaker 5: need to become as a provider of capabilities in order

611
00:27:52,040 --> 00:27:53,679
Speaker 5: to be able to meet our vision. We are a

612
00:27:53,720 --> 00:27:58,000
Speaker 5: technology company that's serving the world's financial system. We want

613
00:27:58,040 --> 00:28:01,240
Speaker 5: to be the trusted fabric of the world's financial system.

614
00:28:01,440 --> 00:28:03,480
Speaker 2: And when you are talking about clients, you're talking about

615
00:28:03,480 --> 00:28:05,840
Speaker 2: the big financial institutions mostly in this case.

616
00:28:06,040 --> 00:28:09,600
Speaker 5: So actually we look at as corporates investment managers, and

617
00:28:09,640 --> 00:28:14,040
Speaker 5: then the banks, brokers and fmis. Fmis are financial market

618
00:28:14,040 --> 00:28:19,359
Speaker 5: intermediaries like or changes. I know, I'm an acronym, so

619
00:28:19,960 --> 00:28:23,000
Speaker 5: it's really kind of those three constituents. And so we

620
00:28:23,080 --> 00:28:26,320
Speaker 5: actually undertook a strategy to say, okay, we have to

621
00:28:26,400 --> 00:28:28,639
Speaker 5: if we want, if we are a technology company, how

622
00:28:28,680 --> 00:28:30,720
Speaker 5: are we going to drive ourselves as a technology company.

623
00:28:30,760 --> 00:28:33,000
Speaker 5: We're going to rewrite our software and modernize our tech

624
00:28:33,560 --> 00:28:36,320
Speaker 5: and we're going to embrace cloud. And we have done that.

625
00:28:36,400 --> 00:28:38,840
Speaker 5: We have taken all of our solutions to cloud. We're

626
00:28:38,840 --> 00:28:41,160
Speaker 5: going to be an agile technology development organization. So we're

627
00:28:41,160 --> 00:28:43,880
Speaker 5: going to bring agile and propagate that across the whole company.

628
00:28:44,080 --> 00:28:46,640
Speaker 5: We're going to start to measure ourselves in what I'll

629
00:28:46,680 --> 00:28:51,880
Speaker 5: call technology oriented measures KPIs and measurements like annualize yourcurring revenue.

630
00:28:52,000 --> 00:28:54,040
Speaker 5: We do one of those, and we want to make

631
00:28:54,080 --> 00:28:56,320
Speaker 5: sure though we're doing all of that in the context

632
00:28:56,320 --> 00:28:59,640
Speaker 5: of delivering critical systems to our clients in ways that

633
00:28:59,680 --> 00:29:01,720
Speaker 5: are and better than anyone else.

634
00:29:01,880 --> 00:29:02,080
Speaker 2: You know.

635
00:29:02,160 --> 00:29:04,920
Speaker 5: In the process of doing that, what I found when

636
00:29:04,920 --> 00:29:08,840
Speaker 5: I got back to NASAC is great foundation critical infrastructure,

637
00:29:09,600 --> 00:29:13,560
Speaker 5: very good operational excellence. But we wanted to drive i

638
00:29:13,560 --> 00:29:16,800
Speaker 5: would say, more of an innovative growth spirit into the organization.

639
00:29:17,320 --> 00:29:19,960
Speaker 5: So you start, actually, we had to focus first on

640
00:29:20,120 --> 00:29:23,800
Speaker 5: organic growth. How do we get that organic growth engine going.

641
00:29:24,240 --> 00:29:26,640
Speaker 5: How do we think more deeply about our clients and

642
00:29:26,680 --> 00:29:28,880
Speaker 5: our capabilities, How do we modernize what we're doing for

643
00:29:28,960 --> 00:29:32,680
Speaker 5: them and get that engine going really well? Then we

644
00:29:32,720 --> 00:29:34,760
Speaker 5: can start to think about what does that mean in

645
00:29:34,840 --> 00:29:37,800
Speaker 5: terms of how we can expand our selves remina. So

646
00:29:37,840 --> 00:29:39,320
Speaker 5: we kind of took it a little bit of a

647
00:29:39,320 --> 00:29:40,680
Speaker 5: different tech if that makes.

648
00:29:40,520 --> 00:29:55,640
Speaker 2: Sense, And I mean I think one of the things

649
00:29:55,680 --> 00:29:58,680
Speaker 2: that is most fascinating to me, again in the construct

650
00:29:58,720 --> 00:30:02,320
Speaker 2: of the deal is your businesses deals. I mean, yes,

651
00:30:02,360 --> 00:30:05,239
Speaker 2: you're you're doing a lot of things with clients and

652
00:30:05,280 --> 00:30:09,720
Speaker 2: the fabric of the financial system, etc. But I would

653
00:30:09,920 --> 00:30:12,720
Speaker 2: bet that most people listening or watching they know the

654
00:30:12,800 --> 00:30:15,320
Speaker 2: NASAC is like, oh, it's traded on the Nasdaq, you know.

655
00:30:15,640 --> 00:30:18,160
Speaker 2: Or they've walked through Times Square and they've been like, whoa,

656
00:30:18,320 --> 00:30:21,280
Speaker 2: okay NASDAC, or they've seen people, you know, ringing the

657
00:30:21,360 --> 00:30:25,240
Speaker 2: opening or closing bell. What's fascinating to me and Alex

658
00:30:25,280 --> 00:30:28,040
Speaker 2: and I have talked about this is you are often

659
00:30:28,800 --> 00:30:33,200
Speaker 2: present for one of the most meaningful moments in a

660
00:30:33,480 --> 00:30:36,520
Speaker 2: company's life, one of the most you know, catalytic moments.

661
00:30:36,960 --> 00:30:40,280
Speaker 2: Tell us about that and sort of how Nazak sort

662
00:30:40,280 --> 00:30:43,520
Speaker 2: of fits into that narrative for a company.

663
00:30:43,760 --> 00:30:46,920
Speaker 5: Well, it is the most amazing part of our business

664
00:30:47,000 --> 00:30:50,000
Speaker 5: to be able to be there and to help define

665
00:30:50,040 --> 00:30:52,200
Speaker 5: the best moment or the most important moment in a

666
00:30:52,240 --> 00:30:55,239
Speaker 5: company's life. You know, it's just this amazing thing like

667
00:30:55,800 --> 00:30:58,440
Speaker 5: who gets to have that? You know, and you realize

668
00:30:59,240 --> 00:31:03,600
Speaker 5: every day, know, you have this great opportunity to watch

669
00:31:03,640 --> 00:31:07,360
Speaker 5: a company transform and help them transform and then have

670
00:31:07,440 --> 00:31:10,360
Speaker 5: this moment when you get to celebrate that transformation. And

671
00:31:10,400 --> 00:31:13,160
Speaker 5: then when I go to their offices years later, I

672
00:31:13,240 --> 00:31:16,360
Speaker 5: still see the picture from the market site on their

673
00:31:16,400 --> 00:31:18,400
Speaker 5: desk or on their wall or in their you know,

674
00:31:18,480 --> 00:31:21,080
Speaker 5: employee book or whatever it is. It is like this

675
00:31:21,240 --> 00:31:24,000
Speaker 5: defining moment in their history and their lives at both

676
00:31:24,040 --> 00:31:26,960
Speaker 5: personal lives and professional lives, and we get to be

677
00:31:26,960 --> 00:31:29,000
Speaker 5: a part of that. And it's pretty amazing. And that

678
00:31:29,200 --> 00:31:34,360
Speaker 5: is that part of the business is this forever opportunity.

679
00:31:34,440 --> 00:31:34,680
Speaker 2: Like that.

680
00:31:34,800 --> 00:31:37,280
Speaker 5: Part of the business is constant deals. As you said,

681
00:31:37,280 --> 00:31:40,600
Speaker 5: it's a constant flow of deals and it defines our brand.

682
00:31:41,280 --> 00:31:43,280
Speaker 5: You know, we've got the most innovative companies in the

683
00:31:43,280 --> 00:31:46,520
Speaker 5: world listed on NATASDAK, so everyone therefore looks to us

684
00:31:46,560 --> 00:31:49,840
Speaker 5: and says, you're an innovator. So we get that great halo.

685
00:31:50,520 --> 00:31:52,800
Speaker 5: We decided we have to be an innovator. Like if

686
00:31:52,800 --> 00:31:55,680
Speaker 5: we have the halo, let's be an innovator. And that's

687
00:31:55,720 --> 00:31:59,120
Speaker 5: what actually I used to drive the business forward and

688
00:31:59,160 --> 00:32:02,760
Speaker 5: really get that innovation engine going. Inside of Nasdaq. We

689
00:32:02,800 --> 00:32:04,960
Speaker 5: also get to work with all these great companies or

690
00:32:04,960 --> 00:32:07,680
Speaker 5: listed on Nasdaq, so we have these deep relationships and

691
00:32:07,680 --> 00:32:10,600
Speaker 5: we get to work with you know, the Aws's and

692
00:32:10,640 --> 00:32:13,120
Speaker 5: the Microsofts and the Googles and the in videos and

693
00:32:13,360 --> 00:32:15,800
Speaker 5: the Intel's of the world, and we have this incredible

694
00:32:15,840 --> 00:32:18,360
Speaker 5: ability to bring them in as partners and work and

695
00:32:18,480 --> 00:32:19,600
Speaker 5: they help they help us.

696
00:32:19,880 --> 00:32:22,280
Speaker 3: So when I think about Nasdaq, it sounds like you're

697
00:32:22,280 --> 00:32:24,960
Speaker 3: there to celebrate a championship almost daily for these companies.

698
00:32:25,280 --> 00:32:29,000
Speaker 3: I mean, this is their championship, right and talking about championships,

699
00:32:29,000 --> 00:32:34,240
Speaker 3: Atlanta Braves, Yeah, Bright, it's fascinating team, great, great front office.

700
00:32:34,360 --> 00:32:37,560
Speaker 3: They built an incredible compound around that stadium. Talk to

701
00:32:37,640 --> 00:32:40,520
Speaker 3: us about that process and how rewarding was to see

702
00:32:40,520 --> 00:32:42,680
Speaker 3: the Braves not only go public, but we continue to

703
00:32:42,680 --> 00:32:44,720
Speaker 3: be very successful and listed on the nasa and.

704
00:32:44,680 --> 00:32:48,560
Speaker 5: They're listed on the NASAQ. We were so excited when

705
00:32:48,720 --> 00:32:51,920
Speaker 5: Liberty Media decided to basically take that company and that

706
00:32:52,400 --> 00:32:55,640
Speaker 5: business public and listened on NASAQ, because of course we

707
00:32:55,720 --> 00:32:59,000
Speaker 5: had the chance then to use all of our facilities

708
00:32:59,000 --> 00:33:01,520
Speaker 5: in Times Square to have this great moment for the

709
00:33:01,560 --> 00:33:05,640
Speaker 5: Braves franchise, for Liberty Media and everyone. But what's really

710
00:33:05,680 --> 00:33:08,400
Speaker 5: cool about having a sports team be public is that

711
00:33:08,440 --> 00:33:10,960
Speaker 5: it allows the team to engage the fans in a

712
00:33:10,960 --> 00:33:13,840
Speaker 5: totally different way. The fans have an opportunity to become

713
00:33:13,840 --> 00:33:17,600
Speaker 5: owners in a company that is their team. And so

714
00:33:17,960 --> 00:33:20,400
Speaker 5: it's been fascinating. And I think that first of all,

715
00:33:20,400 --> 00:33:23,000
Speaker 5: it's an incredibly well run organization. As you said, it

716
00:33:23,000 --> 00:33:24,960
Speaker 5: has a real estate armed to it too, so there's

717
00:33:24,960 --> 00:33:28,360
Speaker 5: a whole development that goes around the stadium that's important

718
00:33:28,400 --> 00:33:31,840
Speaker 5: to the franchise value. And you also have this, I mean,

719
00:33:31,880 --> 00:33:33,840
Speaker 5: it's one of the best performing teams you know in

720
00:33:33,880 --> 00:33:37,320
Speaker 5: sports and so and recognizable brands and they've done a

721
00:33:37,440 --> 00:33:40,840
Speaker 5: fantastic job of driving the brand. So to have this

722
00:33:41,000 --> 00:33:44,400
Speaker 5: great this great team choose to do it like a

723
00:33:44,440 --> 00:33:46,640
Speaker 5: team in a position of strength to say, you know what,

724
00:33:46,680 --> 00:33:50,280
Speaker 5: we're going to make our stock available to everyone is

725
00:33:50,400 --> 00:33:53,400
Speaker 5: just fantastic. I think it does change the notion of

726
00:33:53,400 --> 00:33:58,120
Speaker 5: what teams can become as as value creators and investable assets.

727
00:33:58,280 --> 00:33:59,720
Speaker 5: And so it's it's really cool.

728
00:34:00,040 --> 00:34:01,800
Speaker 2: So let's stick into that because I mean, it is

729
00:34:01,840 --> 00:34:04,600
Speaker 2: a seminal moment. I mean, you know, I'm sitting here

730
00:34:04,640 --> 00:34:08,160
Speaker 2: next to a sports team owner who knows a lot about,

731
00:34:09,080 --> 00:34:12,319
Speaker 2: you know, what it means to own a team, what

732
00:34:12,560 --> 00:34:18,080
Speaker 2: the opportunities for value are within you know, within sports ownership,

733
00:34:19,280 --> 00:34:21,680
Speaker 2: as you've said, a lot of your job is looking

734
00:34:21,760 --> 00:34:23,920
Speaker 2: around the corner to see where this is going, Where

735
00:34:24,000 --> 00:34:25,839
Speaker 2: is this going, Where is this going? When it comes

736
00:34:25,920 --> 00:34:26,840
Speaker 2: to sports.

737
00:34:26,800 --> 00:34:29,680
Speaker 5: Well, we've been focused, very focused on what I call

738
00:34:29,719 --> 00:34:33,160
Speaker 5: the sports economy, and we've talked about this, this intersection

739
00:34:33,400 --> 00:34:37,440
Speaker 5: of entertainment, right culture and sports and sports is a

740
00:34:37,520 --> 00:34:41,240
Speaker 5: huge business. And it's not just the teams, it's everything

741
00:34:41,280 --> 00:34:44,680
Speaker 5: around the teams. It's it's the merchandise. Of course, the

742
00:34:44,719 --> 00:34:49,440
Speaker 5: team values all the entertainment that comes from sports. And

743
00:34:49,480 --> 00:34:52,040
Speaker 5: then on top of that you also have sports betting,

744
00:34:52,239 --> 00:34:54,160
Speaker 5: you know, like a whole new industry that's kind of

745
00:34:54,200 --> 00:34:56,319
Speaker 5: popped up on the back of sports and become a.

746
00:34:56,239 --> 00:34:58,200
Speaker 4: Really big beast in the media component.

747
00:34:57,960 --> 00:35:00,680
Speaker 5: And all the media. So I look at it. Watch

748
00:35:00,800 --> 00:35:04,000
Speaker 5: the effect that Drive to Survive had on viewership of

749
00:35:04,160 --> 00:35:06,879
Speaker 5: F one in the United States, you know, or All

750
00:35:06,960 --> 00:35:10,160
Speaker 5: or Nothing, the Amazon Prime show on the Premier League,

751
00:35:10,200 --> 00:35:13,720
Speaker 5: and then Barclay's sponsoring the Premier League into Onto TV

752
00:35:14,080 --> 00:35:16,520
Speaker 5: every Saturday. Trust me, I wake up every Saturday and

753
00:35:16,600 --> 00:35:20,759
Speaker 5: listen to the roaring of the Premier League crowd. Yes,

754
00:35:20,760 --> 00:35:25,319
Speaker 5: the Tottenham Hotspers yeah, And so the ability to bring

755
00:35:25,360 --> 00:35:27,279
Speaker 5: it into the living room, to make it so that

756
00:35:27,360 --> 00:35:29,360
Speaker 5: it's not just the team that you're following, but you know,

757
00:35:29,400 --> 00:35:33,279
Speaker 5: the athletes, they become human they have this and social

758
00:35:33,360 --> 00:35:35,399
Speaker 5: media of course has had a huge impact on this too.

759
00:35:35,480 --> 00:35:38,120
Speaker 5: They become humanized and you want to be them and

760
00:35:38,160 --> 00:35:41,160
Speaker 5: you want to learn their routines and understanding what it

761
00:35:41,200 --> 00:35:44,239
Speaker 5: really takes to be that elite athlete, and it makes

762
00:35:44,280 --> 00:35:47,080
Speaker 5: it so much more accessible. Well, that's the entertainment side

763
00:35:47,160 --> 00:35:50,000
Speaker 5: or the media side of it that has blown up

764
00:35:50,200 --> 00:35:52,680
Speaker 5: the value of the franchise values of these teams and

765
00:35:52,760 --> 00:35:56,800
Speaker 5: these these organizations. What that means though, is that individuals

766
00:35:57,640 --> 00:35:59,520
Speaker 5: are going to have a really hard time being the

767
00:35:59,520 --> 00:36:02,040
Speaker 5: owners of these teams going forward, Like meaning a single

768
00:36:02,120 --> 00:36:05,320
Speaker 5: person as an owner of a team with the franchise

769
00:36:05,400 --> 00:36:08,480
Speaker 5: values getting as big as they are is harder and harder.

770
00:36:08,520 --> 00:36:11,480
Speaker 5: So you're starting to see more professional investors coming in,

771
00:36:12,280 --> 00:36:15,920
Speaker 5: starting with private equity and that type of ownership base,

772
00:36:16,400 --> 00:36:18,680
Speaker 5: but also public equity. You know, you're starting to see

773
00:36:18,719 --> 00:36:21,439
Speaker 5: the opportunity. You have a tracking stock and f one

774
00:36:21,600 --> 00:36:23,880
Speaker 5: all listed on nassex for Liberty media too, and so

775
00:36:24,600 --> 00:36:27,000
Speaker 5: you have all these opportunities now to be engaged in

776
00:36:27,040 --> 00:36:28,439
Speaker 5: sports and new ways.

777
00:36:28,360 --> 00:36:31,160
Speaker 2: Play that out, Like, what what does that mean for

778
00:36:31,719 --> 00:36:34,080
Speaker 2: the future of sports? We know you a little bit.

779
00:36:34,160 --> 00:36:36,880
Speaker 2: You're a sports fan. You know you engage just like

780
00:36:36,960 --> 00:36:39,840
Speaker 2: we do with your favorite teams, as we do with ours.

781
00:36:40,920 --> 00:36:44,680
Speaker 2: How does that fundamentally change the business? You see what

782
00:36:44,760 --> 00:36:47,160
Speaker 2: happens when when companies go public, So what's going to

783
00:36:47,160 --> 00:36:48,560
Speaker 2: happen here in your instamation?

784
00:36:48,640 --> 00:36:51,359
Speaker 5: Yeah, So, first of all, I think it'll create this

785
00:36:51,480 --> 00:36:55,120
Speaker 5: massive escalation of value. And because the more you get

786
00:36:55,160 --> 00:36:58,680
Speaker 5: people engaged in different ways with a franchise, as we

787
00:36:59,000 --> 00:37:01,400
Speaker 5: saw even just a sorts betting, the more you get engaged,

788
00:37:01,480 --> 00:37:03,520
Speaker 5: the more value that's creative for the franchise. Right, So

789
00:37:03,560 --> 00:37:06,239
Speaker 5: it's not just seats, it's all the merchandise, it's the

790
00:37:06,280 --> 00:37:09,719
Speaker 5: TV rights, it's the globalization, it's all the media that

791
00:37:09,760 --> 00:37:12,640
Speaker 5: comes around it and the licensing values that come. And

792
00:37:12,719 --> 00:37:15,560
Speaker 5: so if you have new ways to engage as and

793
00:37:15,640 --> 00:37:17,880
Speaker 5: now as an owner, the potential for you to be

794
00:37:17,920 --> 00:37:20,640
Speaker 5: an owner of a team like Green Bay Packers. You

795
00:37:20,680 --> 00:37:23,319
Speaker 5: know that the fans are owners, it's not public, but

796
00:37:23,440 --> 00:37:27,120
Speaker 5: that changes the relationship that the fans have with the team.

797
00:37:27,400 --> 00:37:30,399
Speaker 5: So then it just feeds on itself, and I think

798
00:37:30,400 --> 00:37:33,000
Speaker 5: it becomes this what I call virtual cycle, right, And

799
00:37:33,040 --> 00:37:35,400
Speaker 5: I think now you're seeing women's sports coming into and

800
00:37:35,719 --> 00:37:37,839
Speaker 5: you know, women's sports. I say that we've gone from

801
00:37:37,920 --> 00:37:41,080
Speaker 5: having a moment to having a movement in women's sports.

802
00:37:41,640 --> 00:37:41,839
Speaker 4: You know.

803
00:37:41,920 --> 00:37:43,880
Speaker 5: I think in the last few years they finally had

804
00:37:43,920 --> 00:37:47,480
Speaker 5: a moment of everyone realizing it's a great product, it's

805
00:37:47,520 --> 00:37:51,200
Speaker 5: a great viewer experience. And now they have this movement

806
00:37:51,400 --> 00:37:55,360
Speaker 5: of being able to escalate franchise values using social media

807
00:37:55,480 --> 00:37:59,400
Speaker 5: and broad based media, using ownership as a way to

808
00:37:59,480 --> 00:38:02,080
Speaker 5: engage in new ways. So I think that if I

809
00:38:02,160 --> 00:38:05,279
Speaker 5: were to roll the roll things for ten years, I

810
00:38:05,280 --> 00:38:08,160
Speaker 5: think you're going to see teams in multiple sports being public.

811
00:38:08,400 --> 00:38:10,640
Speaker 5: I think certainly you're going to see maybe even it

812
00:38:10,719 --> 00:38:13,759
Speaker 5: changes in the structures of these leagues and organizations to

813
00:38:13,840 --> 00:38:16,080
Speaker 5: make it so that unlocks more value and it brings

814
00:38:16,200 --> 00:38:19,720
Speaker 5: more professional people into the mix, and maybe different ownership bases,

815
00:38:19,760 --> 00:38:23,040
Speaker 5: Like you know, there's certain member owned organizations still there.

816
00:38:23,120 --> 00:38:24,920
Speaker 5: We used to be a member owned organization. It was

817
00:38:24,960 --> 00:38:28,560
Speaker 5: definitely not something that maximized value. And then I also

818
00:38:28,600 --> 00:38:30,239
Speaker 5: think you're going to get more and more people around

819
00:38:30,280 --> 00:38:33,439
Speaker 5: the world engaged in sports and that I think that's

820
00:38:33,480 --> 00:38:34,960
Speaker 5: the one thing that's bringing us together.

821
00:38:35,239 --> 00:38:36,879
Speaker 3: If money wasn't an issue, you had all the money

822
00:38:36,880 --> 00:38:39,200
Speaker 3: in the world, and you can be a general partner

823
00:38:39,239 --> 00:38:41,959
Speaker 3: to one team, and one team only here or around

824
00:38:42,000 --> 00:38:43,560
Speaker 3: the world. What team would that be?

825
00:38:43,840 --> 00:38:45,880
Speaker 5: Well, I have to pick my favorite team, which is

826
00:38:45,920 --> 00:38:47,680
Speaker 5: the Commander's Washington coach course.

827
00:38:47,680 --> 00:38:51,160
Speaker 4: Now, Josh Parris a composition that'll be twelve billion.

828
00:38:51,360 --> 00:38:54,279
Speaker 5: Yeah, I mean we moved to Washington out of my

829
00:38:54,360 --> 00:38:58,000
Speaker 5: husband moved to Washington out of school, specifically because they

830
00:38:58,000 --> 00:38:59,960
Speaker 5: were called the Redskins at the time of it. Specifically

831
00:39:00,080 --> 00:39:02,480
Speaker 5: because we wanted to be season ticket holders the rest

832
00:39:02,520 --> 00:39:03,480
Speaker 5: of you, no kidding.

833
00:39:03,640 --> 00:39:07,839
Speaker 2: Yeah, I think, like us, you look at sports through

834
00:39:07,840 --> 00:39:10,640
Speaker 2: a business lens. I mean, not just as a potential listing.

835
00:39:10,800 --> 00:39:13,319
Speaker 2: But help us understand. You've talked a little bit about this,

836
00:39:13,400 --> 00:39:17,279
Speaker 2: but like as you think of the Commanders, or what's

837
00:39:17,280 --> 00:39:19,759
Speaker 2: happening in Major League Baseball, or what's happening in the

838
00:39:19,840 --> 00:39:23,279
Speaker 2: in the Premier League, like when your business brain kicks in,

839
00:39:23,520 --> 00:39:26,680
Speaker 2: Oh yeah, like, what are you seeing there? That can

840
00:39:26,760 --> 00:39:29,680
Speaker 2: help explain what we're seeing right now.

841
00:39:29,800 --> 00:39:31,360
Speaker 5: Well, first of all, it's funny that you say that,

842
00:39:31,440 --> 00:39:34,759
Speaker 5: because every time I watch any game, I look at

843
00:39:34,800 --> 00:39:38,000
Speaker 5: all the advertising right and it drives my kids crazy, Like,

844
00:39:38,080 --> 00:39:39,600
Speaker 5: just focus on the game, mom. I'm like, you have

845
00:39:39,640 --> 00:39:41,760
Speaker 5: a look at that sponsorship. Why do you think they sponsored?

846
00:39:42,880 --> 00:39:42,960
Speaker 4: So?

847
00:39:43,000 --> 00:39:44,640
Speaker 5: I do actually think about the business of sports all

848
00:39:44,640 --> 00:39:47,640
Speaker 5: the time, you know. When I think about the business sports,

849
00:39:47,680 --> 00:39:49,680
Speaker 5: and we could take maybe the Commanders. I mean, you've

850
00:39:49,680 --> 00:39:52,279
Speaker 5: got this, what I think is an undervalued asset. Yes,

851
00:39:52,320 --> 00:39:54,120
Speaker 5: they bought it for a lot of money, but it's

852
00:39:54,200 --> 00:39:56,400
Speaker 5: an asset that if they invest in it, they're going

853
00:39:56,440 --> 00:39:57,960
Speaker 5: to be able to create a lot of value. And

854
00:39:58,000 --> 00:40:02,200
Speaker 5: you've got the stadium, You've got the actual team itself

855
00:40:02,239 --> 00:40:04,880
Speaker 5: that you have to focus on making it the best

856
00:40:04,920 --> 00:40:07,759
Speaker 5: team in the sport. You have all the merchandise that

857
00:40:07,760 --> 00:40:11,640
Speaker 5: that that virtuous cycle then drives merchandise sales, It drives licenses,

858
00:40:11,719 --> 00:40:14,080
Speaker 5: you know, media licenses, and might get an interest from

859
00:40:14,120 --> 00:40:16,600
Speaker 5: a show that wants to do you know, a feature

860
00:40:16,640 --> 00:40:19,680
Speaker 5: on you. It drives the athletes get more value out

861
00:40:19,719 --> 00:40:22,200
Speaker 5: of that, and then ultimately the fan base just gets

862
00:40:22,239 --> 00:40:25,120
Speaker 5: a better and more complete experience that then draws them

863
00:40:25,120 --> 00:40:27,879
Speaker 5: in and makes them bigger fans, and then they buy

864
00:40:27,880 --> 00:40:29,960
Speaker 5: more during merchandise and then they go to more games,

865
00:40:29,960 --> 00:40:31,520
Speaker 5: and they watch more of the shows, and they want

866
00:40:31,760 --> 00:40:34,759
Speaker 5: and it just creates this incredible virtuous flywheel that I

867
00:40:34,800 --> 00:40:37,600
Speaker 5: think in you know, we're just seeing the beginning of it,

868
00:40:37,760 --> 00:40:40,439
Speaker 5: right because these teams in these leagues have gone from

869
00:40:40,480 --> 00:40:45,000
Speaker 5: being super private, individual owned to starting to bring professional

870
00:40:45,040 --> 00:40:48,840
Speaker 5: money in with a return orientation, an investment orientation, a

871
00:40:48,880 --> 00:40:52,520
Speaker 5: real estate orientation, you know of licensing orientation. And it's

872
00:40:52,560 --> 00:40:54,120
Speaker 5: just I think it's going to change. I think it's

873
00:40:54,120 --> 00:40:56,520
Speaker 5: going to continue to change, it evolve in a great way.

874
00:40:57,000 --> 00:41:01,320
Speaker 2: What will be your team my team partner leaving Bloomberg?

875
00:41:01,520 --> 00:41:04,560
Speaker 2: I mean I would buy I would actually buy.

876
00:41:04,480 --> 00:41:08,319
Speaker 4: A women's sports team. Which one you wouldn't buy?

877
00:41:08,320 --> 00:41:08,800
Speaker 5: The Liberty?

878
00:41:08,920 --> 00:41:10,080
Speaker 4: Probably Vegas because we want to go.

879
00:41:10,040 --> 00:41:13,120
Speaker 2: To Well what's interesting is Liberty. I mean Liberty is

880
00:41:13,120 --> 00:41:16,600
Speaker 2: one of the is one of the highest valued teams.

881
00:41:16,640 --> 00:41:18,960
Speaker 2: Yeah you hit this one. Yes, I mean I might

882
00:41:19,000 --> 00:41:20,120
Speaker 2: go in for an expansion team.

883
00:41:20,160 --> 00:41:23,880
Speaker 5: Okay, Oh that's a great idea team that's like a creator,

884
00:41:24,200 --> 00:41:27,600
Speaker 5: right exactly. Yeah, you're a builder, You're a builder.

885
00:41:27,760 --> 00:41:28,040
Speaker 4: Yeah.

886
00:41:28,040 --> 00:41:30,600
Speaker 2: Well, I mean also I mean if you think about

887
00:41:30,719 --> 00:41:33,879
Speaker 2: I mean, the numbers in the NWSL are fascinating, right,

888
00:41:33,960 --> 00:41:37,040
Speaker 2: So will Obey and Bob Iger are friends. Like they

889
00:41:37,520 --> 00:41:40,479
Speaker 2: just you know, bought Angel City. They did two hundred

890
00:41:40,480 --> 00:41:43,839
Speaker 2: and fifty million dollars valuation, highest valuation ever paid for

891
00:41:43,960 --> 00:41:45,680
Speaker 2: a women's sports franchise globally.

892
00:41:45,880 --> 00:41:47,520
Speaker 5: But what was it worth just a few years ago

893
00:41:47,840 --> 00:41:49,000
Speaker 5: to two million?

894
00:41:49,160 --> 00:41:49,640
Speaker 4: Two million?

895
00:41:49,920 --> 00:41:52,319
Speaker 5: I went from two million to two hundred and fifty million, right,

896
00:41:52,360 --> 00:41:54,720
Speaker 5: But that's what I mean is that with women's sports,

897
00:41:54,760 --> 00:41:56,880
Speaker 5: it's gone from having a moment to being a movement,

898
00:41:56,960 --> 00:42:00,239
Speaker 5: right and you're seeing these franchise values really but they're

899
00:42:00,239 --> 00:42:03,880
Speaker 5: still so they're still affordable at the individual level, you know,

900
00:42:03,920 --> 00:42:06,560
Speaker 5: at the super wealthy, but you know, you're still able

901
00:42:06,600 --> 00:42:10,040
Speaker 5: to shape an entire league right now, so you're a builder.

902
00:42:10,040 --> 00:42:11,880
Speaker 2: I like that, I think as well. And also, I

903
00:42:11,960 --> 00:42:15,239
Speaker 2: mean you see it with the links at WNBA, and

904
00:42:15,320 --> 00:42:18,279
Speaker 2: you know what's happening there in terms of like an

905
00:42:18,320 --> 00:42:23,600
Speaker 2: explosion of value given more media exposure, fans engaging.

906
00:42:23,840 --> 00:42:26,080
Speaker 4: It is a movement and it has moving fast.

907
00:42:25,840 --> 00:42:28,480
Speaker 5: And what's underpinning it is a great product. I mean,

908
00:42:28,520 --> 00:42:30,840
Speaker 5: when you go to a women's basketball game, it's a

909
00:42:30,880 --> 00:42:34,200
Speaker 5: great game. And I mean I watched every the NCAA

910
00:42:34,239 --> 00:42:37,000
Speaker 5: tournament was on our TV the entire time the women's

911
00:42:37,080 --> 00:42:39,840
Speaker 5: NC Double Vy was on more than the men's was

912
00:42:40,120 --> 00:42:45,320
Speaker 5: in March, and actually the women's Olympic basketball, we watched

913
00:42:45,360 --> 00:42:47,640
Speaker 5: that as much as, if not more than we watch

914
00:42:47,680 --> 00:42:49,879
Speaker 5: the men and just because it's a really great product. Now,

915
00:42:50,080 --> 00:42:51,840
Speaker 5: one woman told me recently, I hadn't thought about this.

916
00:42:52,320 --> 00:42:55,280
Speaker 5: Title nine was created essentially fifty years ago or somewhere

917
00:42:55,280 --> 00:42:57,600
Speaker 5: like right around when you know, I was little. But

918
00:42:57,719 --> 00:43:00,879
Speaker 5: we've had fifty years of investment in in sports now

919
00:43:01,239 --> 00:43:05,400
Speaker 5: where women have grown up and getting better and better, coaching,

920
00:43:05,560 --> 00:43:09,400
Speaker 5: more resources, more focus. And so now you've got this

921
00:43:09,440 --> 00:43:13,040
Speaker 5: flywheel effect of having all these great athletes coming out

922
00:43:13,040 --> 00:43:15,600
Speaker 5: of college and coming out of high school and college.

923
00:43:15,960 --> 00:43:18,560
Speaker 5: And but that machinery had to turn take time, some

924
00:43:18,600 --> 00:43:20,799
Speaker 5: time to turn on. It's on. So now you've got

925
00:43:20,880 --> 00:43:23,800
Speaker 5: you know, and we have globally look at the Women's

926
00:43:23,800 --> 00:43:26,319
Speaker 5: World Cup, right, you know, we actually have competition around

927
00:43:26,360 --> 00:43:28,840
Speaker 5: the world. So you've got these amazing, amazing products, and

928
00:43:28,880 --> 00:43:31,799
Speaker 5: now you've got really interesting owners coming in, right, You've

929
00:43:31,840 --> 00:43:35,040
Speaker 5: got media coming in, and I think that it's that

930
00:43:35,120 --> 00:43:36,760
Speaker 5: virtuous flywheel is just getting started.

931
00:43:37,400 --> 00:43:42,040
Speaker 2: You recently gathered a group around women's sports at the

932
00:43:42,120 --> 00:43:45,160
Speaker 2: NASDAQ to sort of dig into this. I mean that

933
00:43:45,280 --> 00:43:48,120
Speaker 2: feels almost like venture investing, to say, you know, like

934
00:43:48,160 --> 00:43:50,960
Speaker 2: you're trying to get to get in early. How and

935
00:43:51,000 --> 00:43:52,879
Speaker 2: why do you do that sort of thing, Like what's

936
00:43:52,920 --> 00:43:53,640
Speaker 2: the business case?

937
00:43:53,680 --> 00:43:53,759
Speaker 4: Then?

938
00:43:53,840 --> 00:43:56,480
Speaker 5: Yeah, no, it's a great question. So the listing's business

939
00:43:56,880 --> 00:44:00,480
Speaker 5: is a relationship business, yeah, and it is. While it

940
00:44:00,600 --> 00:44:03,920
Speaker 5: ultimately ends up in a transaction of someone going public,

941
00:44:03,960 --> 00:44:07,480
Speaker 5: you know, it all is underpinned by trust and relationships.

942
00:44:07,680 --> 00:44:09,960
Speaker 5: So I think that we work very hard to develop

943
00:44:10,000 --> 00:44:13,600
Speaker 5: relationships with companies very early in their life, with industries

944
00:44:13,680 --> 00:44:16,520
Speaker 5: as they're coming up. So with sports, you know, we

945
00:44:16,719 --> 00:44:18,680
Speaker 5: are seeing this like we're on the cusp of a

946
00:44:18,719 --> 00:44:21,600
Speaker 5: different era of sports as a business, right, and so

947
00:44:21,640 --> 00:44:25,840
Speaker 5: we're engaging with every element of the sports economy, including

948
00:44:25,880 --> 00:44:29,440
Speaker 5: women in sports. That dinner wasn't just about women's sports,

949
00:44:29,520 --> 00:44:31,920
Speaker 5: but it was about women in sports, women who are engaged.

950
00:44:32,480 --> 00:44:36,560
Speaker 5: But so we had executives from men's leagues and women's leagues,

951
00:44:36,600 --> 00:44:39,600
Speaker 5: and agents and it was and teams and everything else

952
00:44:39,920 --> 00:44:41,839
Speaker 5: to come together and say, Okay, what can we do

953
00:44:41,880 --> 00:44:45,719
Speaker 5: to really continue to elevate that product? And so how

954
00:44:45,719 --> 00:44:48,480
Speaker 5: do we make it so that that virtuous cycle gets accelerated.

955
00:44:48,719 --> 00:44:51,600
Speaker 5: But then also just getting people connected, getting us to

956
00:44:51,680 --> 00:44:54,879
Speaker 5: have relationships with women executives and men's sports as well.

957
00:44:54,920 --> 00:44:56,560
Speaker 2: Right, well, because I mean I think it's fair to

958
00:44:56,600 --> 00:44:58,960
Speaker 2: say that throughout your career. You know this as an

959
00:44:58,960 --> 00:45:01,239
Speaker 2: investor as well. I mean part of this is it

960
00:45:01,480 --> 00:45:05,279
Speaker 2: is very basic access to capital, right, I mean, and

961
00:45:06,080 --> 00:45:07,440
Speaker 2: that you have that exactly.

962
00:45:07,520 --> 00:45:09,360
Speaker 5: I look at everything through a business lens. So this

963
00:45:09,520 --> 00:45:12,160
Speaker 5: these are amazing businesses, So how do we get them

964
00:45:12,160 --> 00:45:14,680
Speaker 5: better access to capital? Growing and expand how do you

965
00:45:14,719 --> 00:45:17,279
Speaker 5: get more parts of the ecosystem engaged? And access to

966
00:45:17,320 --> 00:45:21,279
Speaker 5: capital is the is the driver of every economy. And

967
00:45:21,320 --> 00:45:24,040
Speaker 5: these are very entrepreneurial companies, by the way, and so

968
00:45:24,239 --> 00:45:26,560
Speaker 5: also seeing themselves not as a league or a team,

969
00:45:26,560 --> 00:45:30,360
Speaker 5: but as a company. It's an entrepreneurial company. So helping

970
00:45:30,400 --> 00:45:33,200
Speaker 5: them engage and learn from each other is also another

971
00:45:33,200 --> 00:45:33,880
Speaker 5: thing we like to do.

972
00:45:34,000 --> 00:45:35,719
Speaker 2: I mean, let's be honest and enlightened self interest, right,

973
00:45:35,760 --> 00:45:36,560
Speaker 2: you want them to list on.

974
00:45:36,560 --> 00:45:39,680
Speaker 5: The We always say it's long term legion, right.

975
00:45:40,640 --> 00:45:50,680
Speaker 2: Long term that's good? All right, So this is we're

976
00:45:50,680 --> 00:45:52,959
Speaker 2: going to move to the lightning round now, Okay, so

977
00:45:53,160 --> 00:45:55,200
Speaker 2: you got to keep it tight. We're going to go

978
00:45:55,280 --> 00:45:58,120
Speaker 2: through and we'll just bounce back and forth. All right,

979
00:45:58,600 --> 00:46:01,560
Speaker 2: what's one word to just your deal making style?

980
00:46:01,960 --> 00:46:02,520
Speaker 5: Persistent?

981
00:46:03,000 --> 00:46:05,080
Speaker 4: What's more important? Instincts or data?

982
00:46:05,520 --> 00:46:05,800
Speaker 5: Data?

983
00:46:06,280 --> 00:46:08,400
Speaker 2: What's the hardest part of deal making the beginning of

984
00:46:08,400 --> 00:46:09,040
Speaker 2: the middle.

985
00:46:08,840 --> 00:46:09,400
Speaker 4: Or the close?

986
00:46:09,880 --> 00:46:10,880
Speaker 5: Definitely the clothes.

987
00:46:11,239 --> 00:46:13,279
Speaker 4: What's the best piece of advice you've ever received on

988
00:46:13,320 --> 00:46:14,440
Speaker 4: a deal or a business?

989
00:46:14,880 --> 00:46:17,719
Speaker 5: Making sure that you're focusing on the clothes, Like, how

990
00:46:17,760 --> 00:46:19,440
Speaker 5: do you get to the close? You got to focus

991
00:46:19,440 --> 00:46:20,279
Speaker 5: on how to get to the close.

992
00:46:20,480 --> 00:46:23,960
Speaker 2: I remember Henry Kravis once said, don't congratulate me when

993
00:46:24,000 --> 00:46:26,000
Speaker 2: I buy a company, congratulate me when I sell it.

994
00:46:26,040 --> 00:46:29,600
Speaker 5: See, it's all about the exit for them, not for us.

995
00:46:29,800 --> 00:46:32,000
Speaker 2: Right, what's the worst advice you've ever been given?

996
00:46:32,480 --> 00:46:35,160
Speaker 5: I think that I did get advice once that you

997
00:46:35,280 --> 00:46:37,640
Speaker 5: have to always balance price and strategy. Can I say

998
00:46:37,640 --> 00:46:39,919
Speaker 5: it that way? But the worst advice was don't worry

999
00:46:39,960 --> 00:46:42,080
Speaker 5: about the price. They'll figure it. You'll figure that out later.

1000
00:46:42,640 --> 00:46:45,160
Speaker 5: You've got to focus on price and strategy, right, You

1001
00:46:45,239 --> 00:46:47,160
Speaker 5: got to look at the financials and the strategic side.

1002
00:46:47,200 --> 00:46:49,480
Speaker 3: All right, So what's your hype song before you go

1003
00:46:49,480 --> 00:46:50,960
Speaker 3: into a big meeting or negotiation.

1004
00:46:51,320 --> 00:46:54,920
Speaker 5: Well, I really I have a couple. But I listened

1005
00:46:54,920 --> 00:46:59,520
Speaker 5: to an actually a playlist, a girl's anthem playlist, and

1006
00:46:59,600 --> 00:47:01,720
Speaker 5: so I it's all about like pump me up songs

1007
00:47:01,760 --> 00:47:02,240
Speaker 5: from women.

1008
00:47:02,360 --> 00:47:04,320
Speaker 4: Give me one artist that's in that list?

1009
00:47:04,800 --> 00:47:07,279
Speaker 5: One artist? Oh gosh, well Beyonce is in that list

1010
00:47:08,000 --> 00:47:08,520
Speaker 5: for sure.

1011
00:47:08,760 --> 00:47:10,440
Speaker 4: If you can only watch one sport for the rest

1012
00:47:10,480 --> 00:47:11,920
Speaker 4: of your life, only one, what is it?

1013
00:47:12,000 --> 00:47:12,480
Speaker 5: Football?

1014
00:47:12,560 --> 00:47:13,040
Speaker 4: Football?

1015
00:47:13,480 --> 00:47:16,720
Speaker 2: Sorry, Alex, I think this one's going to be easy.

1016
00:47:16,960 --> 00:47:19,120
Speaker 2: What team do you want to see win the championship

1017
00:47:19,160 --> 00:47:19,840
Speaker 2: more than anything?

1018
00:47:20,160 --> 00:47:21,120
Speaker 5: Definitely the Commanders.

1019
00:47:21,320 --> 00:47:23,440
Speaker 2: Yeah. Do you have a fun fact about yourself that

1020
00:47:23,480 --> 00:47:25,080
Speaker 2: your colleagues would be surprised to hear.

1021
00:47:25,440 --> 00:47:27,680
Speaker 5: Some people know this, but not everyone. But when I

1022
00:47:27,760 --> 00:47:31,120
Speaker 5: was in college, I learned how to fly. Yeah, why

1023
00:47:31,400 --> 00:47:33,759
Speaker 5: I really want For a while, I wanted to be

1024
00:47:33,760 --> 00:47:35,640
Speaker 5: a fighter pilot until I found out that at the

1025
00:47:35,680 --> 00:47:37,560
Speaker 5: time when I was growing up, women weren't able to

1026
00:47:37,560 --> 00:47:41,080
Speaker 5: be fire pilots. So but I but I decided that

1027
00:47:41,280 --> 00:47:43,759
Speaker 5: I really loved if I could be any animal, I

1028
00:47:43,800 --> 00:47:45,520
Speaker 5: would be a bird. Let me just say it that way.

1029
00:47:45,560 --> 00:47:47,440
Speaker 5: So I you know, I love being able to look

1030
00:47:47,480 --> 00:47:49,120
Speaker 5: down and see the world from up above.

1031
00:47:49,440 --> 00:47:51,600
Speaker 2: Well, this has been really fun for us. Thank you

1032
00:47:51,680 --> 00:47:54,600
Speaker 2: so much for spending some time being so candid and thoughtful.

1033
00:47:54,680 --> 00:48:00,000
Speaker 5: Thank you great, thank you, thank you.

1034
00:48:01,040 --> 00:48:04,839
Speaker 1: The Deal is a production from Bloomberg Podcasts and Bloomberg Originals.

1035
00:48:05,280 --> 00:48:08,320
Speaker 1: The Deal is hosted by Alex Rodriguez and Jason Kelly.

1036
00:48:08,800 --> 00:48:13,560
Speaker 1: Our producers are Annamazarakus, Stacey Wong, and Lizzie Phillip. Original

1037
00:48:13,640 --> 00:48:17,279
Speaker 1: music and engineering by Blake Maples. Our managing editor is

1038
00:48:17,360 --> 00:48:17,759
Speaker 1: David E.

1039
00:48:17,960 --> 00:48:18,400
Speaker 5: Ravella.

1040
00:48:19,239 --> 00:48:23,840
Speaker 1: Our executive producers are Jason Kelly, Brendan Francis Newnham, Jordan Opplinger,

1041
00:48:24,120 --> 00:48:29,800
Speaker 1: Trey Shallowhorn, Kyle Kramer, Andrew Barden, Kelly Laferrier, and Ashley Hoenig.

1042
00:48:30,640 --> 00:48:34,560
Speaker 1: Sage Bauman is our head of podcasts, additional support from

1043
00:48:34,640 --> 00:48:39,279
Speaker 1: Rachel Scaramazzino and Elena Los Angeles. Joshua Devaux is our

1044
00:48:39,280 --> 00:48:43,799
Speaker 1: director of photography. Rubob Shakir is our creative director. Art

1045
00:48:43,840 --> 00:48:48,759
Speaker 1: direction is from Jacqueline Kessler. Casting by Julia Manns. Our

1046
00:48:48,800 --> 00:48:53,440
Speaker 1: associate producer is Natasha Abelard. Camera operation by Jesse Ridner,

1047
00:48:53,680 --> 00:48:58,239
Speaker 1: Tascine Rabbi and Suma Hussain. Our gaffer is Julia Goweski,

1048
00:48:58,520 --> 00:49:01,680
Speaker 1: and our grip is Megan Miller. Our production assistant is

1049
00:49:01,719 --> 00:49:06,560
Speaker 1: Gabriella Demataes. Alex Diacanis is our video editor. Listen to

1050
00:49:06,560 --> 00:49:09,920
Speaker 1: the Deal on Apple Podcasts, Spotify, or wherever you get

1051
00:49:09,960 --> 00:49:13,120
Speaker 1: your podcasts. You can also tune into the video Companion

1052
00:49:13,160 --> 00:49:17,040
Speaker 1: on Bloomberg Originals and on Bloomberg TV. Thanks for listening.