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Speaker 1: This is the Bloomberg Business of Sports show. We explored

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Speaker 1: the big money issues in the world of sports. I'm

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Speaker 1: Michael barn along with Scarlet Food and Mike Lynch, and

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Speaker 1: we are lucky to have two guests at the same time.

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Speaker 1: Shell we West you know the PG wpg a golfer

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Speaker 1: who is excellent and uh wi oor Gunley Wait, I'm

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Speaker 1: gonna get this right, Wally or Gunla. Always practice that

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Speaker 1: because I remember I talked to you last time and

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Speaker 1: I had to practice that. Welcome to the Bloomberg Business

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Speaker 1: of Sports. I hope I didn't mess up anybody's name

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Speaker 1: too bad. No, you did. You did a good job.

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Speaker 1: Thanks for thanks for having me. Well, let's talk about

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Speaker 1: what we're here to talk about. First of all, and

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Speaker 1: that is what you are behind. You are the head

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Speaker 1: of sports and entertainment for athletes and entertainers, the Strategic

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Speaker 1: Clients segment and uh and both of you guys are

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Speaker 1: involved in this. Can you explain to us about everything

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Speaker 1: from front office to what's this all about? Yeah? So greatly,

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Speaker 1: like you hit on the head. From from my perspective,

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Speaker 1: I run the athlete in antenor segment here at ubs

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Speaker 1: and a part of that initiative is really just figuring

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Speaker 1: out how to change the narrative on the way the

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Speaker 1: world views athletes. And we teamed up with Players TV,

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Speaker 1: who created this with us create a show called Front Office,

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Speaker 1: and Front Office puts some of the most high profile

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Speaker 1: celebrated athletes UM and behind the scenes look at their

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Speaker 1: ecosystem of how they look at things. And because the

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Speaker 1: athletes all the time get pitched deals, UH, we felt

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Speaker 1: like it would be great to have a show where

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Speaker 1: we put UM someone like Michelle on TV and go

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Speaker 1: through the process of how she picks the brand and

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Speaker 1: the companies that see aligned yourselves with. So it was

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Speaker 1: a great opportunity for us. Again, I think to change

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Speaker 1: the narrative too many types of things negatively, UH, when

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Speaker 1: athletes do you know things, those get the headlines. But

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Speaker 1: we want to make sure that athletes that do things

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Speaker 1: the right way and have great business sense and business

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Speaker 1: having or to create things have a platform to UM

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Speaker 1: show the world really how amazing they get things done

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Speaker 1: off off the golf course in Michelle's Michelle's case, So

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Speaker 1: again I think it's a great opportunity for us, and

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Speaker 1: I'm just so happy that Michelle was one of the

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Speaker 1: athletes that joined on and season one of the Front Office. Yeah,

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Speaker 1: I'm looking at the tweet that Michelle tweeted out that

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Speaker 1: has a trailer of UH Front Office, and it's pretty

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Speaker 1: cool to see all the different athletes in their business gear, um,

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Speaker 1: walk into a boardroom and get ready to hear out pitches. Michelle,

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Speaker 1: while he talked about how as an athlete you get

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Speaker 1: pitched deals all the time, I'm sure that happens on

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Speaker 1: the of course when you're not competing necessarily. What are

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Speaker 1: some of the can you can you recollect for us

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Speaker 1: some of the deals that you've been pitched on the

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Speaker 1: golf course in the past that that made no sense

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Speaker 1: or that really resonated with you. Yeah, you know, I

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Speaker 1: think that's a that's a great thing about golf. And

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Speaker 1: you know, this is why, you know, I've been really

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Speaker 1: working to help Dever spy the game because you know,

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Speaker 1: as we all know, there's a lot of business deals

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Speaker 1: that happens on the golf course, and um, you know,

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Speaker 1: even if you don't play professionally. UM, it's a really

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Speaker 1: great asset to have in the business world. And UM,

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Speaker 1: it's been great. You know, we play in a poem

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Speaker 1: every week and it's where we're paired with three amateurs

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Speaker 1: a lot of times their sponsors for the tournament, and

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Speaker 1: you know that's turned into you know, corporate sponsorships for

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Speaker 1: me personally, UM, and playing golf is a great way

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Speaker 1: to meet people, and you know, that's kind of how

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Speaker 1: I got into this world of investing. UM. I'm definitely

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Speaker 1: a newbie of the bunch here so been you know,

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Speaker 1: trying to learn as I go, and it's been really fun.

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Speaker 1: But yeah, it's some of the companies I've invested in.

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Speaker 1: I've invested in Oxygen Water and um Tonal and UM. Yeah.

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Speaker 1: A lot of taps on the golf crust laws happen,

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Speaker 1: you know, with friends playing and they're like, oh, you

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Speaker 1: need to try this product, and you know, just learning

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Speaker 1: about the company. So this whole experience is a lot

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Speaker 1: of fun. Hey, Michelle, it's Mike up in Boston. What

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Speaker 1: do you use as a filter, because I'm sure you're

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Speaker 1: just just a barage of thanks coming at you. What

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Speaker 1: do you use as a filter Something that you would

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Speaker 1: consume yourself, something that you'd want to be a part of. Yeah,

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Speaker 1: I mean I think, UM, first and foremost, you have

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Speaker 1: to like the product. UM and but you know, more importantly,

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Speaker 1: I look at the entrepreneur. UM. I look at who's

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Speaker 1: leaving the company UM, because I do a lot of

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Speaker 1: angel investing, and you know, with angel investing, as we

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Speaker 1: all know, you know, startups can change direction. UM. What

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Speaker 1: you the product in the beginning may not be the

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Speaker 1: product that ends up in the end. So you know,

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Speaker 1: a lot of times I I look to see who

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Speaker 1: the entrepreneur is and if I believe in them, I

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Speaker 1: believe that even if they change direction, that they'll make

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Speaker 1: it through the end. UM. You know, recently I invested

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Speaker 1: in Sportsbox AI and you know, the founder is one

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Speaker 1: of the smartest woman that I know UM, and she

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Speaker 1: played out on tour and she is very knowledgeable about

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Speaker 1: you know, three D technology UM. So as companies like

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Speaker 1: that that I get really interested about. UM. You know,

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Speaker 1: another aspect is you know companies that have the same

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Speaker 1: that aligns with me. This is the same mission UM,

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Speaker 1: you know, sustainability mission UM, anything to help diversify the

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Speaker 1: game of golf. Obviously, I love investing companies that are

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Speaker 1: you know, women owned, minority owned UM. So that those

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Speaker 1: are some other things that I look look at. I'd

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Speaker 1: like to ask at them Shell who is on the LPGA,

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Speaker 1: or while I who used to play eleven years in

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Speaker 1: the NFL. So I have my and fifty cents my

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Speaker 1: life savings and I want to invest in this. Can

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Speaker 1: you take us through the process of what someone has

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Speaker 1: to do or can anybody do it? Yeah? I mean

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Speaker 1: I think I'll start off ultimately, and what you'll see

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Speaker 1: from the front office show is you have to get

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Speaker 1: people around you that you respect, um, that you trust

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Speaker 1: their judgment, and more importantly, are smarter than you. Um.

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Speaker 1: You know, I think when it comes to investing, no

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Speaker 1: matter what it is, look at the big picture and

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Speaker 1: if you feel like you're the smartest person in the room,

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Speaker 1: you know, get out of the room immediately, um, because

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Speaker 1: it's just it's just not a recipe for for success.

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Speaker 1: And when it came to our own, you know, sports careers,

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Speaker 1: we had to have people who helped us. Even though

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Speaker 1: we may have been able to play the game, then

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Speaker 1: the people that have coached us, they still were able

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Speaker 1: to provide knowledge and advice and be critical, um in

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Speaker 1: in ways that helped us become the best at what

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Speaker 1: we did. So I say, first of almost surround yourself

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Speaker 1: with the team. UM that is knowledgeable, but again that

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Speaker 1: you trust and it's going to give you the the

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Speaker 1: god hoes truth on what you should be getting involved in. Well, Michelle,

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Speaker 1: if I'm the smartest person in the room, I'm in

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Speaker 1: the Mojave desert because I know for sure that what

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Speaker 1: while I said is exactly right. Can you give us

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Speaker 1: your thoughts about investing in something like this? Yeah, I griff,

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Speaker 1: while I'm definitely not the smartest person in around when

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Speaker 1: it comes to you know, people that I trust, UM.

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Speaker 1: And one thing I was also to add is that

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Speaker 1: you should be wary of surrounding yourself with just yes

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Speaker 1: people UM, people that just agree with you all the time.

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Speaker 1: I think it's really important when you um find a

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Speaker 1: good people that you trust, but also respect each other

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Speaker 1: enough that you can say no to each other um

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Speaker 1: and disagree, because I think that's where the smartest decisions

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Speaker 1: come from. A lot of times, you know, you can

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Speaker 1: get really excited about a product, but you know one

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Speaker 1: thing doesn't work out or one thing doesn't match up,

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Speaker 1: and you know you have to have those people in

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Speaker 1: the room that kind of calm me down, you know,

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Speaker 1: be like, relax, let's look at it another way. You know,

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Speaker 1: I don't think this is a good thing. Um. You know,

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Speaker 1: just and it's kind of I related back to having

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Speaker 1: a caddy. You know, I went through a lot of

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Speaker 1: caddies in my career so far, UM, and I've always

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Speaker 1: struggled with the caddies that just said yes to everything.

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Speaker 1: You know. I'm just like, you know, I get really

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Speaker 1: excited about let's say it's like two fifty overwater Carrie.

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Speaker 1: And you know, I don't have like a great lie,

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Speaker 1: but you know, I think I can do it, you know,

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Speaker 1: because I'm so confident in myself. But then you kind

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Speaker 1: of have to have, you know, a caddie or you know,

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Speaker 1: an investing situation, you know, someone that you trust in

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Speaker 1: your group to tell you, hey, let's hold off a

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Speaker 1: second here. You know, is that the smartest play? Um?

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Speaker 1: And so so I'll be like, okay, yeah, yeah, sure,

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Speaker 1: that looks great, that looks great. Um. You know some

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Speaker 1: of that is just comfortable with just saying yes. Yeah.

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Speaker 1: You definitely need someone to push back on and push

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Speaker 1: back against you as well, um, to to get some

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Speaker 1: distance and objectivity. Will as a financial advisor UM to

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Speaker 1: professional players and former professional players, I'm curious how you

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Speaker 1: advise or you would talk to athletes and former athletes

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Speaker 1: about how to invest. Because Michelle mentioned angel investing, We

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Speaker 1: talked about endorsement deals. What about traditional investing, buying stocks,

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Speaker 1: buying bonds, and then some of the alternative asset that's

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Speaker 1: like cryptocurrencies like n f T, s UM, I don't know,

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Speaker 1: like timber or something a little bit further out of reach,

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Speaker 1: a little bit less liquid. How do you talk to

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Speaker 1: athletes in terms of how much money they should put

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Speaker 1: in liquid assets versus things are a little more, a

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Speaker 1: little more inaccessible and and longer terr place. Yeah, great question,

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Speaker 1: I think overall, and I think this is kind of

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Speaker 1: the misconception that the athletic world and when it comes

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Speaker 1: to finance and what with what we sometimes subscribe to

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Speaker 1: was putting everyone in a cookie cutter type mentality. The

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Speaker 1: truth of a matter is isition why I even love

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Speaker 1: the front office is that you're seeing different aspects of

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Speaker 1: different individuals and different athletes from different walks of life,

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Speaker 1: and to put each person in this this is what

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Speaker 1: you should do, this is what you should invest into,

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Speaker 1: what company you can without understanding the big picture of

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Speaker 1: you know, who's depending on you. Do you have a family,

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Speaker 1: what's your future goals, what's the plan? How long are

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Speaker 1: you gonna play for? What's like it's so hard for

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Speaker 1: I think athletes to find the right advice for people

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Speaker 1: who are really interested in understanding who they are, building

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Speaker 1: real relationships. And then that's when our advisors digging into

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Speaker 1: trying to develop an investment plan. If you wanted to

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Speaker 1: ask me today, hey, should we be investing in bitcoin?

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Speaker 1: I need to know the big picture first. So I

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Speaker 1: think that's kind of mistake I think the industry has

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Speaker 1: has done for athletes in the sense that we we

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Speaker 1: try to put everyone all in one category in into

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Speaker 1: how it should be, when the truth of the matter

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Speaker 1: is we're so monoli. We're not monolithic. We're different, and

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Speaker 1: um our approaches should be different. Back to it goes

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Speaker 1: back to again surrounding yourself with the right with the

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Speaker 1: right advisors that are going to understand UM why it

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Speaker 1: is important for you to UM have this money that

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Speaker 1: you've earned last generations. So I want to follow up

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Speaker 1: in that l A and Michelle, both of you are

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Speaker 1: going back to your your playing days and your UM

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Speaker 1: golfing days. Michelle, I'm involved in a in a campaign

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Speaker 1: here in Massachusetts, for financial literacy. It's called Credit for Life,

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Speaker 1: And basically we take high school students that are juniors

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Speaker 1: and pretend that twenty five years old, and they go

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Speaker 1: around the stations and they gotta pay for the utilities

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Speaker 1: their apartment, they gotta pay for their car, a little

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Speaker 1: bit for vacation, clothing, food, etcetera, etcetera. And the eleven

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Speaker 1: have two kids walk out of the gymnasium with their

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Speaker 1: mouth wide open saying, huh, what do you did you

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Speaker 1: find that there's if if we all had to do over,

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Speaker 1: would financial literacy be a mandatory course? And say high

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Speaker 1: school or college? I mean everything, Um, you know, I

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Speaker 1: don't ever remember. I think there's like one class in

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Speaker 1: high school talking about taxes and you know what mortgages are? Um,

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Speaker 1: and I didn't listen because you know, I just I mean,

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Speaker 1: it didn't seem real to me at that time, right,

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Speaker 1: I Mean, I was like, oh, I've got four years

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Speaker 1: of college in front of me. I don't have to

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Speaker 1: be an adult for a very long time. And then bam,

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Speaker 1: when I became an adult, I was like, what is

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Speaker 1: all of this? I don't know anything, and it's scary.

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Speaker 1: It's scary because being adult hits you in the faith

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Speaker 1: so hard, so fast, and when you're not ready for it,

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Speaker 1: especially being a professional athlete, and when you have you know,

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Speaker 1: I mean it was in a very fortunate situation where

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Speaker 1: you know, I was surrounded by you know, financial managers

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Speaker 1: and c P A, s UM and very fortunate that

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Speaker 1: you know, they're very trustworthy people that I could lean

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Speaker 1: on them. But you know, you hear horror stories of

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Speaker 1: you know, professional athletes getting swindled out of their money

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Speaker 1: or making you know, unwise purchases. UM. It's it's education

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Speaker 1: is everything, and being able to have that financial knowledge

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Speaker 1: UM is everything. I'm still to this day, I'm googling

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Speaker 1: everything or I'm emailing my CP and like, what does

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Speaker 1: this mean? I have no idea, and I'll follow up

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Speaker 1: on that. I agree with Michelle in the sense that

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Speaker 1: you know, I played in the league for eleven years

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Speaker 1: and you know, made tons of money, and still I

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Speaker 1: didn't understand what a basis point was until I went

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Speaker 1: back to school and got my m b a UM.

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Speaker 1: And what's crazy about that is that you know, I've

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Speaker 1: heard that word so many times an advisor. We're telling

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Speaker 1: me this is what they're gonna charge me. In basis

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Speaker 1: points and I'm just nod my head. I was one

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Speaker 1: of those you know, yeah, yes, yes, okay, I got it,

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Speaker 1: but I didn't. So I definitely feel like financial education

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Speaker 1: would have would have helped me, um at least get

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Speaker 1: the right foot forward. And I think what we're doing

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Speaker 1: at UBS is where even if you're seeing the content

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Speaker 1: that we create looked like the conversations we're having, we're

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Speaker 1: speaking these length these rehapp these conversations in languages that

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Speaker 1: people understand finances. If you listen to it, it's so

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Speaker 1: heavy and jargon. Um, it's it's a foreign language for people.

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Speaker 1: And we want to start having a conversation like you're

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Speaker 1: talking to your wife or to your best friend, or

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Speaker 1: to your grandmother or two, or to anyone on the

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Speaker 1: street and be able to not be confused and not

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Speaker 1: have to always have to google things or look it

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Speaker 1: up in the in the dictionary of what this term means.

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Speaker 1: And uh so, financial education I think it's going to

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Speaker 1: play a major role in what we're doing here at UBS.

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Speaker 1: I'm glad that um, you know, Michelle has said the

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Speaker 1: part that she had sorry about that had great um

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Speaker 1: advises in her in her path, but The truth of

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Speaker 1: the matter is, if you don't understand your your the

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Speaker 1: advice you're getting in the investment you're making, and you're successful,

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Speaker 1: you got lucky. And we don't want to, you know,

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Speaker 1: um rely on luck. We want to rely on our

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Speaker 1: own knowledge. So that's why I'm pushing us in the industry,

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Speaker 1: all of our competitors to step the game up when

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Speaker 1: they're dealing with these athletes and helped teach them um

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Speaker 1: about the things they're investing in, not just making us

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Speaker 1: a transactional type relationship. While I organ Leah and Michelle

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Speaker 1: we West. You guys are so kind to talk with us.

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Speaker 1: We thank you so much. Michelle, good luck on your

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Speaker 1: comeback on the lpg A. I think doing it as

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Speaker 1: a pro athlete mom is something special. Just to tell

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Speaker 1: the kid, Okay, eat your vegetables. Mom's gonna go win

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Speaker 1: a tournament. Thank you so much and I wish you

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Speaker 1: luck on the LPG