WEBVTT - McLean Says Pro Athletes Helping Support Staff

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 1>Jason Kelly on Bloomberg Radio. All right, we're gonna round

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<v Speaker 1>out this show this week by Taco Little Sports, so

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<v Speaker 1>private jets. It's certainly it's like Balder's here on Bloomberg

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<v Speaker 1>Business Week. Carol Masser, watch that showers. No, I know

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<v Speaker 1>about it. We've talked about it. Let's get to it.

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<v Speaker 1>Let's get do it. Let's get to it. Let's get

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<v Speaker 1>to it. Joe McClean is here with this managing partner

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<v Speaker 1>for Intersect Capital Joinius on the phone from San Ramon, California.

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<v Speaker 1>I'm sure he he uh, he really likes my bather's reference.

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<v Speaker 1>I'm guessing Joe. Really nice to have you with us. Uh, Sports,

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<v Speaker 1>we're missing it. Are we going to get some sports back? Soon?

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<v Speaker 1>Please tell me? Use? Well, can I just tell you

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<v Speaker 1>that I certainly want to back more than you I have.

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<v Speaker 1>I have never never in my career had every single

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<v Speaker 1>client that we worked with sitting at home. Yeah uh

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<v Speaker 1>with and they've all been good savers. You know that

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<v Speaker 1>our role of thumb is minimum six out of all

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<v Speaker 1>net dollars that come in, they must put away for retirement.

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<v Speaker 1>So they're flushed with cash, with a bunch of time

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<v Speaker 1>on their hands, and really bored and ready to spend money.

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<v Speaker 1>So I see that you're gonna be talking about private

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<v Speaker 1>jet afterwards that they're not always my best friends want

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<v Speaker 1>to get back to work. Are you telling your clients like, no,

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<v Speaker 1>you don't need the private jet? Well, they're they're they're

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<v Speaker 1>pushing really hard because they say, actually, it is the

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<v Speaker 1>need right now because I don't want to be out

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<v Speaker 1>in the in the public. And you know, the NBA,

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<v Speaker 1>they're trying to finish the season. Baseball is trying to

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<v Speaker 1>start the season. Um, you know the NFL players they

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<v Speaker 1>haven't even had a chance to take their physicals. So

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<v Speaker 1>you have the NFL Draft, you have the free agents

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<v Speaker 1>all trying to move around, and until they take their physicals,

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<v Speaker 1>those contracts aren't valid. And so there's a lot of

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<v Speaker 1>uncertainty up in the air right now. And so as

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<v Speaker 1>you look across especially the pro sports. Just sticking with

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<v Speaker 1>that for a second, and Joe, what are you the

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<v Speaker 1>most optimistic about, you know, talking to your contacts and league,

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<v Speaker 1>talking to your clients, just talking to the folks that

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<v Speaker 1>that you talked to. What's a likely scenario for pro sports.

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<v Speaker 1>In your estimation, I think you're going to see golf first. Um.

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<v Speaker 1>You already saw it last weekend with the four the

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<v Speaker 1>players playing with with no fans and no caddies. I

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<v Speaker 1>thought that was hilarious, with Dustin Johnson hitting a shot

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<v Speaker 1>and just walking away and forgetting that he actually has

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<v Speaker 1>to carry a bag. You'll see that in June at

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<v Speaker 1>some point. Um, basketball is I'm not as optimistic, although

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<v Speaker 1>if you talk to the players that they're very optimistic.

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<v Speaker 1>They have the best relationship with their commissioner, Frankly UM

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<v Speaker 1>and the and the commissioner has been very candid, UM,

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<v Speaker 1>but I know he's also been very cautious. You know,

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<v Speaker 1>we have some players that are still sitting Americans that

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<v Speaker 1>are sitting in China waiting for that league to start.

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<v Speaker 1>And they've been there now for months. They've quarantined for

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<v Speaker 1>two weeks, They've now been there for over two months,

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<v Speaker 1>every players in one city, and they're still not ready

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<v Speaker 1>to go. So I'm not saying China is a leading

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<v Speaker 1>indicator of what the NBA can do in the States,

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<v Speaker 1>but there's still no movement there and it's tough to

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<v Speaker 1>say that they'll be moving in the States until I

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<v Speaker 1>see some positive momentum there. What about other sports? All right,

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<v Speaker 1>so we talked about golf, you think first you're not

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<v Speaker 1>as optimistic about basketball. What else? So baseball, you know,

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<v Speaker 1>they're they're installed with with the conversations they're trying to have,

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<v Speaker 1>you know, it's they've already come out obviously there's going

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<v Speaker 1>to be a reduced schedule, UM, which means reduced salaries. UM.

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<v Speaker 1>There's still also fighting for some of the details like, um,

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<v Speaker 1>you know, in baseball, you really want to get your

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<v Speaker 1>service time under your belt each year, and if they

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<v Speaker 1>don't play a certain amount of games, they may not

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<v Speaker 1>qualified for that. So the players want to make sure

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<v Speaker 1>that all their rights are protected. Um. Not just not

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<v Speaker 1>just that it's safe to play, but that's also they're

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<v Speaker 1>not giving in on anything they wouldn't give in a

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<v Speaker 1>regular season. So I think baseball has has a good

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<v Speaker 1>opportunity to come back, but it's not surely nothing in

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<v Speaker 1>the summer, and football, I think it's the same. You know,

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<v Speaker 1>they until each state starts opening up and giving um,

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<v Speaker 1>you know, the players the opportunity to even train, let

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<v Speaker 1>alone play. UM, I still don't see any in the

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<v Speaker 1>summer there they they're they've already been told they can't

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<v Speaker 1>take physicals until mid mid June, late June. So, um,

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<v Speaker 1>it's gonna be a long way, a long long way

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<v Speaker 1>for all of us. Well, Joe, let's talk about baseball

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<v Speaker 1>if we can for a second, because the economics there,

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<v Speaker 1>I think are really interesting and this really plays, I

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<v Speaker 1>think into a lot of what you talk about with

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<v Speaker 1>with your clients. Um. And you know, I had a

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<v Speaker 1>chance to catch up earlier in the week with Rachel Luba,

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<v Speaker 1>who is the agent to Trevor Bauer, as you know,

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<v Speaker 1>and you know, one of the things she said was

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<v Speaker 1>that they are so far apart in in part because

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<v Speaker 1>there's it feels like a fundamental disagreement on the economics

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<v Speaker 1>and sort of who should kind of bear the burden

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<v Speaker 1>of this. And I do wonder for someone who is

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<v Speaker 1>advising baseball players and others about their their wealth, what

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<v Speaker 1>you make of this argument between the owners and the players. Well,

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<v Speaker 1>in my estimation, baseball has their players Association has always

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<v Speaker 1>had one of the strongest, strongest teams in place for

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<v Speaker 1>the players, um, and and that has led to some

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<v Speaker 1>incredible economics on behalf of the players. However, you know,

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<v Speaker 1>the problem now is there's some some athletes making million

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<v Speaker 1>dollars a year and they're already seeing a ten million

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<v Speaker 1>dollar pay cut. Nobody's feeling sorry for them. But um,

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<v Speaker 1>there's gonna be a point where they've got to make

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<v Speaker 1>some compromises where in the past they haven't. Um. And

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<v Speaker 1>then every once in a while the owners want to

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<v Speaker 1>take out, you know, for a spin, the whole idea

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<v Speaker 1>of of salary caps um, which obviously in baseball don't exist,

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<v Speaker 1>they do exist in and other sports. Um, that the

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<v Speaker 1>players have always fought against. So there's going to be

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<v Speaker 1>a compromise, I think because they know how important it

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<v Speaker 1>is to get the game out because in fairness, the

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<v Speaker 1>television has been strong. Yeah, but but the popularity hasn't

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<v Speaker 1>been there. So you don't want to go away for

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<v Speaker 1>entire season, um, I don't think, because you'll lose a

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<v Speaker 1>lot of momentum. Yeah. Now, I think that's exactly right.

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<v Speaker 1>And I think it's also you know, worth remembering. Uh,

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<v Speaker 1>And you pointed to this with the economics that you know,

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<v Speaker 1>the baseball or baseball and Major League Baseball and the

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<v Speaker 1>owners and the players, and certainly the owners rely a

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<v Speaker 1>lot on the gate. Uh, you know, for a big

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<v Speaker 1>chunk of that revenue, and so they are going to uh,

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<v Speaker 1>they're certainly at a at a moment the owners are

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<v Speaker 1>where they could lose a lot of money if there

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<v Speaker 1>aren't fans in those stands. Joe McClean, stick with us.

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<v Speaker 1>We're going to continue this conversation. As you can tell,

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<v Speaker 1>we're pretty into it. Um. We want to talk with

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<v Speaker 1>you about some of the advice you're giving these guys

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<v Speaker 1>as they're probably bugging the heck out of you, or

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<v Speaker 1>you're trying to keep them in line, as you say,

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<v Speaker 1>during this time where they're getting a little bit restless.

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<v Speaker 1>We're talking with Joe mclin he is managing partner Interset

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<v Speaker 1>Capital join us on the phone from California. It's got

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<v Speaker 1>to be like making sure they don't get into trouble, right, Seriously,

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<v Speaker 1>a lot of downtime at this point. Our guest at

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<v Speaker 1>this hour, Joe McClain, he's mamagining partnered Intersect Capital Capital. Uh,

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<v Speaker 1>and he joins us on the phone from California. So

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<v Speaker 1>I am curious, what are the conversations you're having, Joe,

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<v Speaker 1>with some of your athletes who probably have a lot

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<v Speaker 1>of extra time on their hands right now, so it's

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<v Speaker 1>we've taken advantage of it. It's been the first couple

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<v Speaker 1>of I would say January February. We've created these finance

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<v Speaker 1>one on one teams because I've got to keep their

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<v Speaker 1>mind active because as I mentioned, they've got a bunch

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<v Speaker 1>of cash and they want to be purchasers of consumers.

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<v Speaker 1>And so we've been having conversations around both being a

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<v Speaker 1>consumer and an investor um. And so you know, as

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<v Speaker 1>an example, we we we had dialogue a couple of

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<v Speaker 1>years ago with would you rather buy Nike for ninety

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<v Speaker 1>four dollars? What would you go rather go buy a

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<v Speaker 1>pair of Jordan's for two dollars? Uh? And so don't

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<v Speaker 1>just be a consumer, will being an investor? And so

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<v Speaker 1>we're going through a lot of those exercises. Um. They

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<v Speaker 1>all now know what it costs to be them, because

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<v Speaker 1>that was a big question, you know, do you do

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<v Speaker 1>you know what it cost to be you? Uh? And

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<v Speaker 1>then the second question was how do we make it

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<v Speaker 1>cost less to be you? And so if I can

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<v Speaker 1>keep keep going with a lot of dialogue and education,

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<v Speaker 1>that keeps them active because time and money are are

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<v Speaker 1>not always in your favor. Especially at moments where you

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<v Speaker 1>have nowhere else to go. Yeah, for sure. I mean

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<v Speaker 1>and and do you sense a I mean this gets

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<v Speaker 1>back to a little bit of what we were talking

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<v Speaker 1>about with with baseball, in part because one of the

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<v Speaker 1>arguments that you know, you're hearing sort of in the

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<v Speaker 1>twitter twitter sphere and the talk radio sphere is like

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<v Speaker 1>they need to understand that this is good for America.

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<v Speaker 1>And I'm not saying I am saying that. I'm just

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<v Speaker 1>saying that, you know, that's one of the arguments here.

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<v Speaker 1>And I do wonder, you know, as we think about

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<v Speaker 1>sports in culture and athletes in culture, how much you

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<v Speaker 1>are talking with them about And I know you were

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<v Speaker 1>primarily talking about their finances and their their financial health,

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<v Speaker 1>but but I do wonder, since I know you think

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<v Speaker 1>about sort of the whole person, what those conversations are

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<v Speaker 1>like right now, because we're all being a little bit

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<v Speaker 1>more self reflective, or I think trying to be at least. Yeah,

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<v Speaker 1>I think we're all getting wakeup calls in some form

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<v Speaker 1>um and and the big big buzzword has been you know,

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<v Speaker 1>are you gonna pivot or reset into a positive direction?

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<v Speaker 1>But you know what, I think it's it's been fascinating

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<v Speaker 1>with the players is one of the first things that

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<v Speaker 1>they noticed was the cause and effect that they have

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<v Speaker 1>on everything else around them. As an example, you know,

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<v Speaker 1>when they run into a play in a game, they

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<v Speaker 1>see all the vendors, all the people that are in

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<v Speaker 1>the arena. Typically you're so wired into play you don't

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<v Speaker 1>see anything else around you. Well, now a lot of

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<v Speaker 1>them are understanding that there these people's paychecks were tied

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<v Speaker 1>to them playing, and the last couple of months, the

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<v Speaker 1>majority of them are all helping to reports, literally making

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<v Speaker 1>sure they have food, making sure they have income, taking

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<v Speaker 1>a portion of their income and giving it to them.

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<v Speaker 1>I think that this has been the it's hard to

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<v Speaker 1>say it's been the coolest part, but it's been really

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<v Speaker 1>interesting because now everyone understands how important each other are

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<v Speaker 1>around them, and and so they do want to get

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<v Speaker 1>back because they also realize, yes, it's great to watch

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<v Speaker 1>the game and give somebody, you know, as everyone was

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<v Speaker 1>watching the last dance, but it also gives people jobs,

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<v Speaker 1>um and and optimism to get back out there, and

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<v Speaker 1>so they want to play, but they also want to

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<v Speaker 1>play so that other people that they support UM can

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<v Speaker 1>get back out there. It's been cool. I think it's

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<v Speaker 1>gonna be a big celebration when they get back. Yeah. Now,

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<v Speaker 1>it's a really interesting and important point, I think, and

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<v Speaker 1>I think we've all thought about that in a number

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<v Speaker 1>of industries and sports is it is a phenomenal example

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<v Speaker 1>of that. You know, these ecosystems that build up you know,

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<v Speaker 1>down to that the not down to but including you know,

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<v Speaker 1>the parking attendants and you know the folks who who

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<v Speaker 1>owned the restaurants, you know, right there by Yankee Stadium

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<v Speaker 1>and every other stadium and arena around the world. It's

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<v Speaker 1>a really important point, and I think you're right. It

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<v Speaker 1>takes something like this um for us to to really

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<v Speaker 1>realize that. Yeah, and I hope we don't forget it.

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<v Speaker 1>And even me personally, I through my small town and

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<v Speaker 1>I don't always understand how that how important that we

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<v Speaker 1>are supporting them. So I'm going to definitely support the

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<v Speaker 1>local business owners more more so, and I think the

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<v Speaker 1>athletes would think it the same. You know, we have

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<v Speaker 1>a question that we have been asking you know, leaders

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<v Speaker 1>like yourself, and that is, you know, how you think

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<v Speaker 1>the coronavirus pandemic is going to change the world. You know,

0:11:36.600 --> 0:11:38.480
<v Speaker 1>when we get out of this crisis. What's the most

0:11:38.520 --> 0:11:41.800
<v Speaker 1>important and in your view, underappreciated way that the world

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<v Speaker 1>in the world that you know will be, you know,

0:11:45.240 --> 0:11:49.440
<v Speaker 1>radically different, And what do you think it will be too? Well,

0:11:49.480 --> 0:11:52.160
<v Speaker 1>it's it's a it's a tough question to answer, but

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<v Speaker 1>I think just for being understanding and essentially in our

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<v Speaker 1>space where we work with people that are that youth

0:12:00.240 --> 0:12:03.640
<v Speaker 1>and almost have to believe that they're invincible, that nobody is.

0:12:04.120 --> 0:12:08.280
<v Speaker 1>And and as much as you can plan for uncertainty, um.

0:12:08.320 --> 0:12:12.800
<v Speaker 1>Now you value the importance of doing planning for the unexpected. UM.

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<v Speaker 1>But I think we will learn over time that there

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<v Speaker 1>are some things that we can control, um, that we

0:12:18.520 --> 0:12:20.520
<v Speaker 1>and there's things that we can't, but we need to

0:12:20.520 --> 0:12:24.040
<v Speaker 1>do about our job at the things that we can control. Right,

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<v Speaker 1>That's what a lot of the wake up calls we're

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<v Speaker 1>all getting has been, you know, whether it's our family,

0:12:28.840 --> 0:12:32.679
<v Speaker 1>whether it's our finances. Just having a true plan in

0:12:32.760 --> 0:12:36.560
<v Speaker 1>place and make it intentional, um, And I think we'll

0:12:36.559 --> 0:12:39.600
<v Speaker 1>be prepared for for anything going forward. And know that

0:12:39.679 --> 0:12:41.800
<v Speaker 1>you know, no one person could do it on their own.

0:12:41.880 --> 0:12:44.800
<v Speaker 1>It it does take you know, a team of people, UM.

0:12:44.840 --> 0:12:48.640
<v Speaker 1>And I think it's important to keep supporting those people. So, um,

0:12:48.679 --> 0:12:51.000
<v Speaker 1>it's fascinating. But I think this is gonna be a great,

0:12:51.080 --> 0:12:53.760
<v Speaker 1>great opportunity coming out of this because we're all going

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<v Speaker 1>to learn from it and we're going to teach the

0:12:55.320 --> 0:12:58.480
<v Speaker 1>next generation how to overcome it. And I think that's awesome. Yeah, No,

0:12:58.640 --> 0:13:00.599
<v Speaker 1>I think that's right. And it's a really nice optimistic

0:13:00.640 --> 0:13:03.240
<v Speaker 1>note to end on Joe McClain, managing partner for Intersech Capital,

0:13:03.679 --> 0:13:06.080
<v Speaker 1>joining us on the phone, and you know, just to

0:13:06.120 --> 0:13:09.120
<v Speaker 1>give him some credit. I mean, he's got more than

0:13:09.160 --> 0:13:11.319
<v Speaker 1>a billion and a half dollars in future contract money

0:13:11.320 --> 0:13:14.079
<v Speaker 1>coming in for clients, and that includes one of the

0:13:14.120 --> 0:13:19.079
<v Speaker 1>Splash Brothers, Clay Thompson, Dexter Feller in the Major League Baseball,

0:13:19.120 --> 0:13:21.720
<v Speaker 1>in the Major League Baseball, in Major League Baseball, Sergio Garcia,

0:13:21.920 --> 0:13:23.920
<v Speaker 1>a lot of folks you've heard of he's working with.

0:13:24.520 --> 0:13:26.280
<v Speaker 1>Really nice conversation. I love what he said about the

0:13:26.280 --> 0:13:29.120
<v Speaker 1>conversations that he's having with you know, his clients about

0:13:29.360 --> 0:13:31.559
<v Speaker 1>you know, what it costs to be them right and

0:13:31.800 --> 0:13:33.600
<v Speaker 1>how you can impact that. I think that kind of

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<v Speaker 1>applies to the world. Like you think about that. You know,

0:13:36.520 --> 0:13:38.160
<v Speaker 1>we've done that certainly in our house. It's like, Okay,

0:13:38.160 --> 0:13:40.760
<v Speaker 1>what does it cost to be our family? And and

0:13:40.800 --> 0:13:43.280
<v Speaker 1>what can you change to maybe be better? And where

0:13:43.280 --> 0:13:45.559
<v Speaker 1>were you spending money that you're not spending money before.

0:13:46.040 --> 0:13:47.880
<v Speaker 1>You know, when you think about your commute, when you

0:13:47.880 --> 0:13:50.480
<v Speaker 1>think about all these different things, you know, it's a

0:13:50.559 --> 0:13:53.240
<v Speaker 1>it's a radically different world in the short term, and

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<v Speaker 1>the question is how different is gonna be on the

0:13:55.679 --> 0:13:57.760
<v Speaker 1>other side. I really like Joe's answer to that question.

0:13:57.800 --> 0:13:59.880
<v Speaker 1>That was a good one. That's fun of the invincibility.

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<v Speaker 1>We take it for granted,