1 00:00:00,400 --> 00:00:03,840 Speaker 1: Hello, and welcome to it. Jeez, my voice is totally shot. 2 00:00:04,760 --> 00:00:05,880 Speaker 2: Oh my gosh, I know. 3 00:00:06,080 --> 00:00:07,480 Speaker 1: Sorry my voice. 4 00:00:09,039 --> 00:00:10,200 Speaker 2: Yeah, oh boy. 5 00:00:10,320 --> 00:00:12,440 Speaker 1: So maybe I'll just let Tracy do all the talking. 6 00:00:13,000 --> 00:00:16,040 Speaker 3: I'm glad we're doing a baseball episode on the day 7 00:00:16,040 --> 00:00:18,400 Speaker 3: that you've lost your voice. 8 00:00:20,440 --> 00:00:27,440 Speaker 1: I did a deadlift one two, Jimmy. Okay, uh barges. 9 00:00:27,640 --> 00:00:29,800 Speaker 1: This isn't after school special, except. 10 00:00:29,400 --> 00:00:31,960 Speaker 3: I've decided I'm going to base my entire personality going 11 00:00:31,960 --> 00:00:35,200 Speaker 3: forward on campaigning for a strategic pork reserve in the US. 12 00:00:35,320 --> 00:00:37,040 Speaker 1: Where's the best in posta? 13 00:00:37,200 --> 00:00:39,800 Speaker 3: These are the important question? Is it robots taking over 14 00:00:39,800 --> 00:00:40,160 Speaker 3: the world? 15 00:00:40,240 --> 00:00:40,400 Speaker 2: No. 16 00:00:40,479 --> 00:00:43,360 Speaker 4: I think that, like in a couple of years, the 17 00:00:43,440 --> 00:00:45,640 Speaker 4: AI will do a really good job of making the 18 00:00:45,640 --> 00:00:48,879 Speaker 4: odd launch podcast and people to say, I don't really 19 00:00:48,920 --> 00:00:50,800 Speaker 4: need to listen to Joe and Tracy anymore. 20 00:00:51,000 --> 00:00:52,919 Speaker 1: We do have the. 21 00:00:55,520 --> 00:00:58,320 Speaker 3: Until then, this is lots more a weekly. 22 00:00:58,120 --> 00:01:00,160 Speaker 1: Chat about whatever is on our mind. 23 00:01:00,320 --> 00:01:02,480 Speaker 3: And we really do have the perfect guests. 24 00:01:05,640 --> 00:01:09,280 Speaker 1: H Tracy, I'm sorry my voice sounds so terrible today. 25 00:01:09,880 --> 00:01:11,880 Speaker 3: It's okay. It's not like it's a problem for a 26 00:01:11,880 --> 00:01:13,800 Speaker 3: professional podcaster to lose their voice. 27 00:01:13,920 --> 00:01:17,320 Speaker 1: It's not like my entire career in profession is entirely 28 00:01:17,360 --> 00:01:19,279 Speaker 1: premised on my ability to speak. 29 00:01:19,440 --> 00:01:20,360 Speaker 3: How was the show? 30 00:01:20,600 --> 00:01:24,280 Speaker 1: Our band had our first show last night Skinny Dennis 31 00:01:24,280 --> 00:01:24,760 Speaker 1: and Whisburg. 32 00:01:24,840 --> 00:01:25,480 Speaker 2: It was very good. 33 00:01:25,560 --> 00:01:27,200 Speaker 1: I guess I sang a little bit too hard, but 34 00:01:27,319 --> 00:01:29,000 Speaker 1: I was for our first time. 35 00:01:29,800 --> 00:01:32,119 Speaker 2: You know, Taylor Swift was doing this three hours a night. 36 00:01:32,240 --> 00:01:34,880 Speaker 3: Well that's what I did, wondering, like, seriously, you need 37 00:01:34,920 --> 00:01:37,800 Speaker 3: to do vocal exercises. Your voice is a muscle Joe. 38 00:01:37,800 --> 00:01:38,680 Speaker 3: You have to practice. 39 00:01:38,720 --> 00:01:41,959 Speaker 1: How the hell did she do that? I've felt about 40 00:01:41,959 --> 00:01:44,600 Speaker 1: this and like, how did she look? Avoid like getting 41 00:01:44,600 --> 00:01:46,319 Speaker 1: a flu? You know, it's like a whole year you 42 00:01:46,360 --> 00:01:49,480 Speaker 1: get like sick, and like like it's it's honestly like 43 00:01:49,800 --> 00:01:51,520 Speaker 1: the fact that she did that to her like blows 44 00:01:51,560 --> 00:01:51,920 Speaker 1: my mind. 45 00:01:52,040 --> 00:01:54,280 Speaker 3: Show. It sounds so painful listening to you. I hope 46 00:01:54,320 --> 00:01:54,800 Speaker 3: you're okay. 47 00:01:55,400 --> 00:01:58,200 Speaker 1: Well, how do you She almost didn't get to meet 48 00:01:58,240 --> 00:02:01,040 Speaker 1: Travis Kelce because the first time he came to her concert, 49 00:02:01,120 --> 00:02:03,640 Speaker 1: she was like, I can't meet at talk to anybody beforehand. 50 00:02:03,280 --> 00:02:07,040 Speaker 3: Because I'm resting my voice. Do you think they just 51 00:02:07,120 --> 00:02:09,880 Speaker 3: stared at each other from like across the room. 52 00:02:10,000 --> 00:02:13,560 Speaker 1: As our producer Dash, I think for the well Dash 53 00:02:13,600 --> 00:02:15,920 Speaker 1: has been on he's been on and we're also speaking 54 00:02:15,919 --> 00:02:20,000 Speaker 1: to our friend in a Bloomberg opinion contributor and a 55 00:02:20,080 --> 00:02:23,600 Speaker 1: fed watcher and sports watcher Connorson. 56 00:02:23,720 --> 00:02:26,520 Speaker 3: Can I just say there's a supreme irony that the 57 00:02:26,600 --> 00:02:29,880 Speaker 3: day we're talking about baseball, Joe has lost his voice. 58 00:02:30,360 --> 00:02:33,560 Speaker 3: So apologies and advance to listeners. If I am forced 59 00:02:33,560 --> 00:02:36,600 Speaker 3: to carry this episode, and I honestly know nothing about 60 00:02:36,600 --> 00:02:37,919 Speaker 3: the topic, but I will do my best. 61 00:02:38,080 --> 00:02:40,280 Speaker 1: But Tracy, you may not know much about baseball, but 62 00:02:40,360 --> 00:02:44,239 Speaker 1: you understand that if a baseball player sends a seven 63 00:02:44,360 --> 00:02:47,800 Speaker 1: hundred million dollar contract that stipulates that for like the 64 00:02:47,840 --> 00:02:51,359 Speaker 1: first nine years they get paid two million dollars a year, 65 00:02:51,360 --> 00:02:53,359 Speaker 1: and then for the next ten years or something, they 66 00:02:53,360 --> 00:02:55,360 Speaker 1: get paid sixty eight million dollars a year, that's at 67 00:02:55,440 --> 00:02:57,760 Speaker 1: least a financially interesting conversation. 68 00:02:57,919 --> 00:02:59,760 Speaker 3: Yeah. I agree. The other thing I would like to 69 00:02:59,800 --> 00:03:03,840 Speaker 3: say is before this week, and before this contract was signed, 70 00:03:04,200 --> 00:03:06,919 Speaker 3: I had never heard of this particular player, which perhaps 71 00:03:06,960 --> 00:03:10,440 Speaker 3: says something about the state of Major League baseball. 72 00:03:10,520 --> 00:03:12,320 Speaker 2: I feel like you can sort of talk about this 73 00:03:12,400 --> 00:03:14,760 Speaker 2: topic without having anything to do with baseball, which is 74 00:03:15,000 --> 00:03:17,000 Speaker 2: what makes it kind of fun. It's like a seven 75 00:03:17,080 --> 00:03:20,120 Speaker 2: hundred million dollar contract with weird money being deferred, and 76 00:03:20,280 --> 00:03:21,720 Speaker 2: it's just a fun thing to talk about. 77 00:03:21,840 --> 00:03:24,839 Speaker 1: But TRACE's point is really interesting, which is it's kind 78 00:03:24,840 --> 00:03:29,240 Speaker 1: of wild to hear a seven hundred million dollar contract. 79 00:03:29,240 --> 00:03:31,240 Speaker 3: For someone A lot of people haven't heard of. 80 00:03:31,200 --> 00:03:34,400 Speaker 1: It, and in an industry that by many people's accounts, 81 00:03:34,440 --> 00:03:36,760 Speaker 1: as like on scular to climents clearly not is like 82 00:03:37,240 --> 00:03:41,440 Speaker 1: in the media in the public consciousness is NBA clear 83 00:03:41,600 --> 00:03:45,640 Speaker 1: nothing like NFL? Where's this money coming from to pay 84 00:03:45,680 --> 00:03:47,160 Speaker 1: someone seven hundred million dollars? 85 00:03:47,520 --> 00:03:51,040 Speaker 2: TV dart rights deals, local TV money, season ticket money. 86 00:03:51,080 --> 00:03:53,920 Speaker 2: There's a belief that he'll be a marketing machine for 87 00:03:53,960 --> 00:03:56,680 Speaker 2: the Dodgers, and so they know when you're looking to 88 00:03:56,840 --> 00:03:58,720 Speaker 2: sign a big contract, you can come up with ways 89 00:03:58,760 --> 00:04:00,840 Speaker 2: to justify it, just like tech companies can come up 90 00:04:00,840 --> 00:04:03,840 Speaker 2: with their tams and whatnot. People just come up with 91 00:04:03,880 --> 00:04:04,480 Speaker 2: a way to do it. 92 00:04:04,680 --> 00:04:06,880 Speaker 3: Wait, so we haven't actually said his name yet. It's 93 00:04:07,120 --> 00:04:10,960 Speaker 3: shohe Atani who plays for the Dodgers. And Okay, so 94 00:04:11,080 --> 00:04:14,680 Speaker 3: one basic question I have is I've I ask someone 95 00:04:14,720 --> 00:04:17,799 Speaker 3: one of our colleagues, Dave Lika, before we started recording 96 00:04:17,800 --> 00:04:20,039 Speaker 3: the show, like who is this guy and why should 97 00:04:20,040 --> 00:04:23,080 Speaker 3: I care? And he started comparing him to Babe Ruth, 98 00:04:23,200 --> 00:04:26,400 Speaker 3: and I at least know who Babe Ruth was, so like, 99 00:04:26,760 --> 00:04:29,520 Speaker 3: what is the big deal about this guy? Like why 100 00:04:29,640 --> 00:04:33,280 Speaker 3: is he ostensibly worth seven hundred million dollars even if 101 00:04:33,279 --> 00:04:35,200 Speaker 3: it's being paid out on a deferred basis. 102 00:04:35,640 --> 00:04:37,920 Speaker 2: He's arguably better than Babe Ruth. Like it's the sort 103 00:04:37,960 --> 00:04:40,880 Speaker 2: of thing that for people my age, you like baseball's kids, 104 00:04:41,440 --> 00:04:43,240 Speaker 2: you would dream about. Wouldn't it be cool if there 105 00:04:43,279 --> 00:04:45,840 Speaker 2: was a Babe Ruth? But he's like better than Babe 106 00:04:45,920 --> 00:04:48,240 Speaker 2: Ruth because there was a time the summer when he 107 00:04:48,720 --> 00:04:52,119 Speaker 2: was basically leading baseball in home runs and also almost 108 00:04:52,200 --> 00:04:55,040 Speaker 2: leading as a pitcher in strikeouts, and it was just like, 109 00:04:55,040 --> 00:04:57,320 Speaker 2: how is he doing this? Because it's not like there 110 00:04:57,400 --> 00:04:59,440 Speaker 2: are other players who hit and pitch and they're kind 111 00:04:59,440 --> 00:05:02,000 Speaker 2: of okay at both, Like he's the only one doing 112 00:05:02,040 --> 00:05:04,200 Speaker 2: this and he was like the best at both parts, 113 00:05:04,200 --> 00:05:05,479 Speaker 2: and it just doesn't make any sense. 114 00:05:06,080 --> 00:05:08,640 Speaker 1: Tracy, I, No, you don't really pay that much attention 115 00:05:08,680 --> 00:05:11,680 Speaker 1: to baseball, but that fact that he is like dominant 116 00:05:11,720 --> 00:05:14,320 Speaker 1: on both sides, Like, were you familiar with how rare 117 00:05:14,360 --> 00:05:15,359 Speaker 1: that is in baseball? 118 00:05:15,520 --> 00:05:18,359 Speaker 3: Yeah, so I'm familiar with In baseball, people tend to 119 00:05:18,400 --> 00:05:22,600 Speaker 3: do like one thing. Well, yeah, I watched Moneyball as well, 120 00:05:22,680 --> 00:05:25,880 Speaker 3: so I kind of get it there. But yeah, okay, 121 00:05:25,880 --> 00:05:28,520 Speaker 3: it's unusual to be able to hit a bunch of 122 00:05:28,520 --> 00:05:31,680 Speaker 3: home runs, which I take it that's like what baseball 123 00:05:31,720 --> 00:05:36,320 Speaker 3: audiences want nowadays, and be able to pitch really well, yeah. 124 00:05:36,120 --> 00:05:39,320 Speaker 2: There's nobody else who does this. It's yeah, what. 125 00:05:39,240 --> 00:05:43,120 Speaker 1: Is the net present value of otanious contract? Like, how 126 00:05:43,120 --> 00:05:45,320 Speaker 1: do you like if you're like thinking about, okay, what 127 00:05:45,440 --> 00:05:48,600 Speaker 1: is a contract worth that pays you know this? And 128 00:05:48,640 --> 00:05:53,120 Speaker 1: what does it say about his own personal inflation expectations? 129 00:05:53,560 --> 00:05:55,200 Speaker 1: And why does it structure this way? Just sort of 130 00:05:55,200 --> 00:05:56,200 Speaker 1: give us like, wait, don't. 131 00:05:56,040 --> 00:05:58,560 Speaker 3: The Dodgers get the interest because it's deferred? 132 00:05:58,640 --> 00:06:01,440 Speaker 1: Yeah, just to walk the math as you've as you've 133 00:06:01,440 --> 00:06:02,120 Speaker 1: modeled it out. 134 00:06:02,560 --> 00:06:05,240 Speaker 2: Yeah, Like I had to obviously google this to prepare 135 00:06:05,240 --> 00:06:07,360 Speaker 2: for the podcast. And it's funny because there are different 136 00:06:07,400 --> 00:06:10,919 Speaker 2: discount rates applied depending on the way that it's being used. 137 00:06:11,360 --> 00:06:15,360 Speaker 2: So baseball has this competitive balance tax, which is basically 138 00:06:15,360 --> 00:06:17,080 Speaker 2: like every team as if they spend more than two 139 00:06:17,160 --> 00:06:20,400 Speaker 2: hundred and forty million dollars, every additional payroll dollar above 140 00:06:20,440 --> 00:06:23,680 Speaker 2: that is taxed and redistributed, and so for the purpose 141 00:06:23,720 --> 00:06:27,159 Speaker 2: of that luxury tax, that discount being applied is four 142 00:06:27,200 --> 00:06:29,960 Speaker 2: point four to three percent, which is based on some 143 00:06:30,120 --> 00:06:33,200 Speaker 2: IRS code and the sort of bond yields as of 144 00:06:33,200 --> 00:06:34,200 Speaker 2: October twenty three. 145 00:06:35,440 --> 00:06:38,280 Speaker 3: But for the is there like a specific IRS baseball 146 00:06:38,279 --> 00:06:39,640 Speaker 3: player clause or something. 147 00:06:39,680 --> 00:06:42,640 Speaker 2: Oh my gosh, well it's for it's the the federal 148 00:06:42,760 --> 00:06:46,080 Speaker 2: midterm rate as defined in Section twelve seventy four, Part 149 00:06:46,160 --> 00:06:47,480 Speaker 2: D of the IRS. 150 00:06:47,720 --> 00:06:50,880 Speaker 3: Please tell me you had to look this up before 151 00:06:50,920 --> 00:06:53,960 Speaker 3: this conversation, right, like you didn't just know this? Okay. 152 00:06:54,279 --> 00:06:57,120 Speaker 1: I think trade was a little show that a baseball 153 00:06:57,240 --> 00:06:58,960 Speaker 1: topic would be good for on laws, but this is 154 00:06:59,040 --> 00:07:02,320 Speaker 1: no weird now square down the middle. 155 00:07:02,120 --> 00:07:05,800 Speaker 2: We're in the game. Yeah, So for the purpose of 156 00:07:05,800 --> 00:07:09,120 Speaker 2: the luxury tax, it's worth forty six million dollars a year, okay. 157 00:07:09,800 --> 00:07:12,400 Speaker 2: But I guess for the purpose of MLB regular payrolls 158 00:07:12,400 --> 00:07:15,120 Speaker 2: there's a ten percent discount rate being applied, although I 159 00:07:15,120 --> 00:07:17,720 Speaker 2: don't really know what it's like. Okay, who cares? Like, 160 00:07:17,760 --> 00:07:20,960 Speaker 2: what does that mean? And the Dodgers have to set 161 00:07:20,960 --> 00:07:23,040 Speaker 2: aside the money every year even though they're only paying 162 00:07:23,080 --> 00:07:24,920 Speaker 2: in two million years they do have to set it aside, 163 00:07:24,960 --> 00:07:26,440 Speaker 2: so you don't have to have any counterparty risk. 164 00:07:26,520 --> 00:07:29,160 Speaker 1: I was wondering about that. So Otani does not need 165 00:07:29,240 --> 00:07:32,520 Speaker 1: to be like buying credit default swaps against the Dodgers 166 00:07:32,640 --> 00:07:37,280 Speaker 1: to protect against Like he's not facing any counterparty risk exactly. Okay, 167 00:07:37,280 --> 00:07:38,720 Speaker 1: I was wondering about exactly this. 168 00:07:39,080 --> 00:07:41,160 Speaker 2: Will he have to pay taxes on this in twenty 169 00:07:41,280 --> 00:07:43,160 Speaker 2: thirty four. I don't know the answer to that. I'm 170 00:07:43,160 --> 00:07:45,000 Speaker 2: sure lawyers will fight over it in the US or 171 00:07:45,080 --> 00:07:46,880 Speaker 2: the state of California will try to get their money. 172 00:07:47,440 --> 00:07:49,840 Speaker 2: But I don't know why he would agree to this, 173 00:07:49,880 --> 00:07:52,360 Speaker 2: and that actually feels like a very Japanese thing to do. 174 00:07:52,640 --> 00:07:55,360 Speaker 2: Not that you want to kind of dive into cultural tropes, 175 00:07:55,400 --> 00:07:57,920 Speaker 2: but I just can't imagine any kind of American born 176 00:07:57,960 --> 00:07:58,800 Speaker 2: person agreeing to this. 177 00:07:59,640 --> 00:08:02,400 Speaker 3: I mean, it's still seven hundred million dollars. I guess 178 00:08:02,400 --> 00:08:04,440 Speaker 3: it's how much is it in the interim? It's like 179 00:08:04,480 --> 00:08:05,160 Speaker 3: two million a. 180 00:08:05,160 --> 00:08:07,960 Speaker 2: Year two million a year, So he's getting twenty million 181 00:08:08,000 --> 00:08:10,240 Speaker 2: dollars over the next ten years, which for baseball is 182 00:08:10,280 --> 00:08:13,160 Speaker 2: not that much, and then he'll get six hundred and 183 00:08:13,160 --> 00:08:15,440 Speaker 2: eighty million dollars in the following ten years. 184 00:08:15,600 --> 00:08:17,160 Speaker 3: I mean, I do think a lot of people would 185 00:08:17,200 --> 00:08:20,960 Speaker 3: be satisfied getting seven hundred million dollars overall, even if 186 00:08:21,000 --> 00:08:23,480 Speaker 3: it was paid out on a sort of ten year basis. 187 00:08:23,560 --> 00:08:25,960 Speaker 3: But I take the point that it's kind of structured weird. 188 00:08:26,200 --> 00:08:28,800 Speaker 3: What did the Dodgers get out of this? So my 189 00:08:28,920 --> 00:08:33,240 Speaker 3: understanding is that similar to football or soccer in Europe, 190 00:08:33,440 --> 00:08:35,800 Speaker 3: there's like a cap on the amount of money that 191 00:08:35,840 --> 00:08:38,880 Speaker 3: they can spend on players. And so presumably if they're 192 00:08:38,920 --> 00:08:41,920 Speaker 3: not paying out hundreds of millions of dollars on a 193 00:08:42,040 --> 00:08:45,360 Speaker 3: yearly basis to a star player, they have additional money 194 00:08:45,440 --> 00:08:47,680 Speaker 3: that they can spend on other people. 195 00:08:48,360 --> 00:08:50,640 Speaker 2: Right, so the headline number is seventy million, but for 196 00:08:50,679 --> 00:08:53,240 Speaker 2: the purpose of that competitive balance tax, it's only forty 197 00:08:53,280 --> 00:08:55,559 Speaker 2: six million, So it frees up twenty four million that 198 00:08:55,600 --> 00:08:56,720 Speaker 2: they can spend on other players. 199 00:08:57,120 --> 00:08:59,440 Speaker 1: So he was on the Angels before, and the Angels 200 00:08:59,480 --> 00:09:01,640 Speaker 1: might understand and he has like had amazing players, but 201 00:09:01,640 --> 00:09:05,319 Speaker 1: we're somehow just terrible and not competitive. He presumably wants 202 00:09:05,360 --> 00:09:08,600 Speaker 1: to win a World Series. How much more is this 203 00:09:08,640 --> 00:09:11,800 Speaker 1: sort of like create the opportunity that the Doggers can 204 00:09:11,880 --> 00:09:16,960 Speaker 1: spend enough to build a championship caliber team. Around him. 205 00:09:17,760 --> 00:09:20,520 Speaker 2: Well, in theory, So the way that people think about, well, 206 00:09:20,520 --> 00:09:22,640 Speaker 2: how much money should you spend on free agents is 207 00:09:22,720 --> 00:09:27,400 Speaker 2: there's this baseball stat called wins above replacement or war 208 00:09:28,120 --> 00:09:30,880 Speaker 2: And you know, obviously past performance is not indicative of 209 00:09:30,880 --> 00:09:33,520 Speaker 2: a future, but in general, the thought is people will 210 00:09:33,520 --> 00:09:36,480 Speaker 2: pay eight million dollars per war per year. That's sort 211 00:09:36,520 --> 00:09:39,720 Speaker 2: of like the going rate for an expected win above replacement. 212 00:09:40,080 --> 00:09:42,120 Speaker 2: So if you're saving twenty four million off the tax 213 00:09:42,240 --> 00:09:44,840 Speaker 2: in theory that lets you buy three extra wins somewhere else, 214 00:09:45,440 --> 00:09:48,200 Speaker 2: it's not that much, yeah, but it's it's small margins 215 00:09:48,200 --> 00:09:49,079 Speaker 2: in baseball. 216 00:09:48,880 --> 00:09:53,319 Speaker 3: Right, just on the deferred aspect of all of this. So, 217 00:09:54,040 --> 00:09:56,160 Speaker 3: I mean, could you get to could you get to 218 00:09:56,160 --> 00:10:00,280 Speaker 3: a state where like lots of baseball teams just start 219 00:10:00,520 --> 00:10:03,840 Speaker 3: doing this and like start building up I guess, like 220 00:10:04,600 --> 00:10:08,160 Speaker 3: their deferred liabilities in order to do these future deals 221 00:10:08,240 --> 00:10:09,880 Speaker 3: or did you say the money is held in trust? 222 00:10:10,040 --> 00:10:10,720 Speaker 3: I can't remember. 223 00:10:11,760 --> 00:10:13,440 Speaker 2: It is held in trust. So I think for the 224 00:10:13,440 --> 00:10:15,560 Speaker 2: purpose of the competitive balance tax you could do it. 225 00:10:15,640 --> 00:10:18,920 Speaker 2: But yeah, from a team accounting standpoint, the money is 226 00:10:18,960 --> 00:10:21,199 Speaker 2: still has to be set aside for him. They can't 227 00:10:21,200 --> 00:10:23,800 Speaker 2: just kind of ride on that. Maybe they're earning interest, 228 00:10:23,800 --> 00:10:25,319 Speaker 2: though I don't know if I think they are. 229 00:10:26,040 --> 00:10:28,320 Speaker 3: I think the interest accrues to the Dodgers. But is 230 00:10:28,360 --> 00:10:31,960 Speaker 3: there any future in which like this kind of contract 231 00:10:32,000 --> 00:10:35,400 Speaker 3: could be replicated by other teams? Or is this such 232 00:10:35,520 --> 00:10:40,600 Speaker 3: a one off, given you know, Otani's unusual abilities, and 233 00:10:40,640 --> 00:10:43,400 Speaker 3: given just how weird the structure is and your point 234 00:10:43,400 --> 00:10:46,760 Speaker 3: about like, who else would accept this in professional sports? 235 00:10:47,120 --> 00:10:50,679 Speaker 2: Well, baseball obviously has a union, and there's nothing restricting 236 00:10:50,720 --> 00:10:53,040 Speaker 2: this sort of deal in the current union deal. It's 237 00:10:53,040 --> 00:10:56,080 Speaker 2: something that the players could revisit in the next deal. 238 00:10:56,080 --> 00:10:58,600 Speaker 2: But yeah, right now, there's nothing stopping even a three 239 00:10:58,679 --> 00:11:00,840 Speaker 2: hundred million dollar deal from being structure this way if 240 00:11:00,840 --> 00:11:11,040 Speaker 2: the player and team agreed to it. 241 00:11:15,559 --> 00:11:18,440 Speaker 1: So I mentioned obviously you know Otani thinks the dollar 242 00:11:18,559 --> 00:11:20,679 Speaker 1: is going to be worth something, or you know that 243 00:11:20,720 --> 00:11:23,480 Speaker 1: inflation isn't going to destroy the value of that when 244 00:11:23,640 --> 00:11:26,880 Speaker 1: in ten years when the big balloon paymented. So, speaking 245 00:11:26,920 --> 00:11:31,599 Speaker 1: of inflation, big week for the Fed. You sorry, that 246 00:11:31,679 --> 00:11:38,360 Speaker 1: sound terrible. You've been on team March for a while now, 247 00:11:38,480 --> 00:11:40,240 Speaker 1: and now the street is coming around to your view, 248 00:11:40,240 --> 00:11:40,760 Speaker 1: it looks like. 249 00:11:41,160 --> 00:11:43,920 Speaker 2: Yeah, so it's really interesting because I feel like and 250 00:11:43,960 --> 00:11:46,120 Speaker 2: I talked to Neil dud and Tim Dewey. We have 251 00:11:46,160 --> 00:11:48,079 Speaker 2: a little kind of group chat that we've been working 252 00:11:48,080 --> 00:11:50,760 Speaker 2: on this for a while, and it's been very obvious 253 00:11:50,800 --> 00:11:52,240 Speaker 2: to us that this is what was going to happen, 254 00:11:52,400 --> 00:11:55,720 Speaker 2: But obviously the Street disagreed. And I don't feel like 255 00:11:56,080 --> 00:11:58,200 Speaker 2: we have access to any data that nobody else does. 256 00:11:58,240 --> 00:12:01,000 Speaker 2: And so I'm curious, from your perspective, why is it 257 00:12:01,040 --> 00:12:03,640 Speaker 2: that something that seems so obvious to us was being 258 00:12:03,679 --> 00:12:07,040 Speaker 2: fought by the Street and bank economists and people like that. 259 00:12:07,480 --> 00:12:09,320 Speaker 1: Why was it so obvious to you in the first place? 260 00:12:09,800 --> 00:12:11,760 Speaker 2: Just because the FED had talked about this view of 261 00:12:11,960 --> 00:12:15,080 Speaker 2: as realized inflation came down, that means that real interest 262 00:12:15,160 --> 00:12:17,400 Speaker 2: rates were going up, and so policy was getting more 263 00:12:17,440 --> 00:12:21,280 Speaker 2: restrictive and eventually would make sense to make an adjustment 264 00:12:21,320 --> 00:12:23,800 Speaker 2: to account for that. And to me, it was just 265 00:12:23,880 --> 00:12:25,640 Speaker 2: this is what they told us they would do. But 266 00:12:25,720 --> 00:12:27,400 Speaker 2: I felt like other people were coming up with their 267 00:12:27,400 --> 00:12:29,319 Speaker 2: own views of what the FED should do rather than 268 00:12:29,360 --> 00:12:32,680 Speaker 2: just listening to the stated fed reaction function from the Fed. 269 00:12:33,559 --> 00:12:37,800 Speaker 3: I mean, I think that's that's basically what happened. The 270 00:12:37,840 --> 00:12:40,320 Speaker 3: other thing, the other thing that I saw on Twitter, 271 00:12:40,360 --> 00:12:42,080 Speaker 3: which was kind of shocking to me was a bunch 272 00:12:42,080 --> 00:12:46,040 Speaker 3: of people talking about loose financial conditions and how because 273 00:12:46,080 --> 00:12:49,360 Speaker 3: stocks are up so much, crypto is up, the FED 274 00:12:49,440 --> 00:12:52,319 Speaker 3: has to cut and they weren't joking, I know, like 275 00:12:52,520 --> 00:12:55,080 Speaker 3: Fed's got to cut has been a joke in the past, 276 00:12:55,720 --> 00:12:58,440 Speaker 3: but that that always seems super weird to me, given 277 00:12:58,640 --> 00:13:02,240 Speaker 3: that I know, we had old Cashcari on the show 278 00:13:02,360 --> 00:13:05,160 Speaker 3: last year and he did push back against the rally 279 00:13:05,200 --> 00:13:08,560 Speaker 3: in stocks at that particular time. But this is a 280 00:13:08,600 --> 00:13:13,240 Speaker 3: totally different environment where inflation is falling and to Connor's point, 281 00:13:13,320 --> 00:13:16,720 Speaker 3: like real rates are going up, So that just seemed 282 00:13:16,760 --> 00:13:18,719 Speaker 3: like very strange to me that anyone would try to 283 00:13:18,760 --> 00:13:20,240 Speaker 3: mount that particular argument. 284 00:13:20,720 --> 00:13:22,720 Speaker 2: And I think people were holding on to FED speak 285 00:13:22,760 --> 00:13:25,400 Speaker 2: from twelve eighteen months ago, which, to your point, reflected 286 00:13:25,440 --> 00:13:27,680 Speaker 2: a very different environment. And yeah, like if it were 287 00:13:27,720 --> 00:13:31,080 Speaker 2: August twenty twenty two, they weren't happy. But inflation has 288 00:13:31,120 --> 00:13:33,400 Speaker 2: come down and it's not quite it too yet by 289 00:13:33,520 --> 00:13:36,360 Speaker 2: some of their measures. But it's sort of in a way, 290 00:13:36,400 --> 00:13:40,480 Speaker 2: it's like there was some reason for like loosening in 291 00:13:40,520 --> 00:13:43,040 Speaker 2: FED speak just because inflation wasn't at five anymore, it 292 00:13:43,040 --> 00:13:43,840 Speaker 2: had come down. 293 00:13:43,920 --> 00:13:46,440 Speaker 1: Just to push back a little bit though, on this 294 00:13:46,600 --> 00:13:49,080 Speaker 1: like idea of like real rates going up. I mean, 295 00:13:49,520 --> 00:13:52,280 Speaker 1: it feels to me like there's sort of academic macro 296 00:13:52,559 --> 00:13:56,000 Speaker 1: and then maybe real world macro. So what we're talking 297 00:13:56,000 --> 00:13:58,840 Speaker 1: about here is real world macro. Oh, inflation is going down, 298 00:13:59,000 --> 00:14:03,160 Speaker 1: rates starting the same, Therefore policy is getting tighter. Whereas 299 00:14:03,400 --> 00:14:08,240 Speaker 1: my sense that academic macro looks more forward expectations of 300 00:14:08,280 --> 00:14:11,440 Speaker 1: inflation rather than past and they say, well, look, we 301 00:14:11,559 --> 00:14:15,200 Speaker 1: already knew that inflation was forecasted to be x. It's 302 00:14:15,360 --> 00:14:20,800 Speaker 1: already taken into account. Therefore we're not getting implicitly tighter. 303 00:14:20,880 --> 00:14:24,440 Speaker 1: Do you sense that's sort of like that being the divide. 304 00:14:24,880 --> 00:14:27,520 Speaker 2: I think so, And like to be clear, I don't 305 00:14:27,560 --> 00:14:30,840 Speaker 2: necessarily agree with the framework they're using, but it's sort 306 00:14:30,840 --> 00:14:32,680 Speaker 2: of like my job is to figure out what framework 307 00:14:32,720 --> 00:14:34,560 Speaker 2: are they using? Right, this is what they've told us 308 00:14:34,560 --> 00:14:35,920 Speaker 2: they're going to do, and so it's our job to 309 00:14:35,920 --> 00:14:36,480 Speaker 2: figure it out. 310 00:14:37,240 --> 00:14:40,440 Speaker 3: Were you surprised at all by how dubvish the meeting 311 00:14:40,560 --> 00:14:45,200 Speaker 3: actually was, because I mean I guess consensus, well, consensus 312 00:14:45,320 --> 00:14:48,240 Speaker 3: was like very one way going into this, but I 313 00:14:48,240 --> 00:14:50,720 Speaker 3: think it's still kind of surprised on the dubbish side, 314 00:14:51,080 --> 00:14:52,840 Speaker 3: and for what it's worth, I thought I thought they 315 00:14:52,880 --> 00:14:54,440 Speaker 3: would lean slightly more hawkish. 316 00:14:54,480 --> 00:14:57,920 Speaker 2: But I thought the statement and the SEP would be 317 00:14:57,920 --> 00:15:00,600 Speaker 2: more hawkish just because it's more of a bureaucratic sort 318 00:15:00,640 --> 00:15:03,400 Speaker 2: of deliverable that everybody has to sign off on. There's 319 00:15:03,400 --> 00:15:05,720 Speaker 2: probably some lags in that, but the PAL would use 320 00:15:05,720 --> 00:15:08,760 Speaker 2: the press conference to kind of reorient people into this, 321 00:15:09,080 --> 00:15:11,360 Speaker 2: you know, maybe cut in march type framework, but the 322 00:15:11,400 --> 00:15:13,720 Speaker 2: fact that you know, the median dot for twenty twenty 323 00:15:13,760 --> 00:15:16,720 Speaker 2: four suggested three cuts. And then they had adjusted their 324 00:15:16,720 --> 00:15:19,960 Speaker 2: core PC forecast for twenty twenty three to a number 325 00:15:20,000 --> 00:15:21,560 Speaker 2: that you really have to be in the nitty gritty 326 00:15:21,560 --> 00:15:23,440 Speaker 2: and focused on it almost day by day to get there, 327 00:15:23,800 --> 00:15:26,440 Speaker 2: suggested that you know, the committee got there a lot 328 00:15:26,480 --> 00:15:28,080 Speaker 2: sooner than than certainly I expected. 329 00:15:29,080 --> 00:15:31,760 Speaker 1: The NASDAK is now forty one percent on the year, 330 00:15:31,800 --> 00:15:36,440 Speaker 1: which is pretty wild. That's a consane year, five hundred 331 00:15:36,880 --> 00:15:42,160 Speaker 1: up nearly twenty three percent. Dow Jones at all time highs. Like, 332 00:15:43,800 --> 00:15:46,400 Speaker 1: I don't know, cliche is as good as it gets, 333 00:15:46,440 --> 00:15:49,400 Speaker 1: but like what is the upside from here? Is usually 334 00:15:49,400 --> 00:15:50,920 Speaker 1: like you know, what are you what are you looking 335 00:15:50,960 --> 00:15:53,640 Speaker 1: for for the next putting on your investor cap what 336 00:15:53,680 --> 00:15:54,160 Speaker 1: do you what? 337 00:15:54,160 --> 00:15:54,440 Speaker 3: What do you? 338 00:15:54,440 --> 00:15:57,040 Speaker 1: What are you watching for in twenty twenty four? 339 00:15:57,280 --> 00:15:58,880 Speaker 2: Yeah, So I'm actually working out a column on this 340 00:15:59,000 --> 00:16:02,040 Speaker 2: right now, because it's like the stock market's expecting this 341 00:16:02,200 --> 00:16:05,040 Speaker 2: boom driven by right sensitive cyclical things, and then the 342 00:16:05,080 --> 00:16:08,840 Speaker 2: bond markets expecting six cuts in twenty twenty four, and 343 00:16:08,880 --> 00:16:12,680 Speaker 2: it's like, is that an internally consistent dynamic? And my 344 00:16:12,720 --> 00:16:15,240 Speaker 2: gut is no, But it's sort of like it kind 345 00:16:15,240 --> 00:16:17,720 Speaker 2: of makes sense today, but when you put yourself in 346 00:16:17,720 --> 00:16:19,640 Speaker 2: the shoes of how will things feel in the middle 347 00:16:19,640 --> 00:16:21,600 Speaker 2: of the next year when they've already maybe cut a 348 00:16:21,640 --> 00:16:24,560 Speaker 2: few times and housings taking off, well, they still want 349 00:16:24,560 --> 00:16:26,240 Speaker 2: to cut three more times with more to come in 350 00:16:26,280 --> 00:16:29,720 Speaker 2: twenty twenty five. I don't know if that'll be the conclusion, 351 00:16:29,800 --> 00:16:32,040 Speaker 2: but it's sort of people are off side, and so 352 00:16:32,160 --> 00:16:34,240 Speaker 2: they have to buy bonds and buy stocks, and it's 353 00:16:34,280 --> 00:16:37,520 Speaker 2: mid December and everyone's just kind of running around with 354 00:16:37,560 --> 00:16:38,440 Speaker 2: their heads cut off for now. 355 00:16:38,640 --> 00:16:43,560 Speaker 1: Tracy Kri Regional Bank ETF up thirty eighties. Yeah, since 356 00:16:43,640 --> 00:16:44,760 Speaker 1: October twenty fifth. 357 00:16:44,840 --> 00:16:48,200 Speaker 3: Yeah, and contrast that with what was going on in March, right, 358 00:16:48,240 --> 00:16:51,600 Speaker 3: like so many things have happened this year that I 359 00:16:51,640 --> 00:16:53,600 Speaker 3: think we kind of forget about the banking crisis in 360 00:16:53,640 --> 00:16:56,400 Speaker 3: March now. But Connor, you mentioned the bond market and 361 00:16:56,440 --> 00:16:59,680 Speaker 3: what it's forecasting, and I always come back to this 362 00:16:59,840 --> 00:17:05,919 Speaker 3: idea that like, maybe maybe the economic information that you 363 00:17:05,960 --> 00:17:09,200 Speaker 3: can pull out of the bond market isn't as useful 364 00:17:09,320 --> 00:17:11,600 Speaker 3: or as accurate as it used to be, because there 365 00:17:11,600 --> 00:17:14,480 Speaker 3: are all these different reasons that people hold bonds now, 366 00:17:14,920 --> 00:17:18,080 Speaker 3: especially big players like banks, you know, they have to 367 00:17:18,080 --> 00:17:21,639 Speaker 3: hold bonds for regulatory capital, reasons, for liquidity buffers and 368 00:17:21,640 --> 00:17:24,800 Speaker 3: things like that, and I often wonder if that's sort 369 00:17:24,840 --> 00:17:26,760 Speaker 3: of skewing the data. 370 00:17:26,840 --> 00:17:29,560 Speaker 2: And I think in March, like you know, there was 371 00:17:29,600 --> 00:17:32,200 Speaker 2: that moment where Powell was sort of suggesting they could 372 00:17:32,240 --> 00:17:34,560 Speaker 2: hike fifty basis points at one meeting and then maybe 373 00:17:34,600 --> 00:17:36,560 Speaker 2: fifty at the next, and people were positioned for that, 374 00:17:37,040 --> 00:17:39,800 Speaker 2: and then Silicon Valley bank field failed, and it's like 375 00:17:39,800 --> 00:17:42,000 Speaker 2: everybody who had made those bets on the hikes had 376 00:17:42,000 --> 00:17:44,760 Speaker 2: to cover just because from a risk management standpoint, and 377 00:17:44,840 --> 00:17:47,760 Speaker 2: so flexively just push shields way way down. And then 378 00:17:47,800 --> 00:17:49,359 Speaker 2: people like us who are trying to say, well, the 379 00:17:49,359 --> 00:17:52,639 Speaker 2: bond market's now pricing cuts in August, well sort of, 380 00:17:52,680 --> 00:17:55,000 Speaker 2: but it's also just people had to make this positioning 381 00:17:55,040 --> 00:17:57,280 Speaker 2: move and then once the positions were clear, then the 382 00:17:57,320 --> 00:17:59,280 Speaker 2: data could take over again. And I almost wonder if 383 00:17:59,280 --> 00:18:00,000 Speaker 2: we're doing that right now. 384 00:18:00,240 --> 00:18:02,920 Speaker 1: Yeah, speaking of we're in one of those environments where 385 00:18:03,000 --> 00:18:04,560 Speaker 1: like you just look at charts and you say, like, oh, 386 00:18:04,600 --> 00:18:07,879 Speaker 1: we're so back. Vornado the realty Trust of one hundred 387 00:18:07,880 --> 00:18:10,840 Speaker 1: and sixty percent since and this is like New York 388 00:18:10,880 --> 00:18:13,480 Speaker 1: real estate, so you know, talking about New York office 389 00:18:13,480 --> 00:18:17,680 Speaker 1: real estate of one hundred and sixty percent since May twelfth, 390 00:18:18,119 --> 00:18:21,679 Speaker 1: and up another eight percent today. So every chart we 391 00:18:21,720 --> 00:18:23,320 Speaker 1: pull up is just like, we are so back. 392 00:18:23,520 --> 00:18:26,119 Speaker 3: You know. How I know that we're back. I heard 393 00:18:27,080 --> 00:18:30,360 Speaker 3: a trader slash investor that I know last weekend went 394 00:18:30,400 --> 00:18:34,840 Speaker 3: to not just one, but two gentlemen's clubs to celebrate 395 00:18:35,040 --> 00:18:35,880 Speaker 3: twenty twenty. 396 00:18:35,640 --> 00:18:37,520 Speaker 1: Two gentlemen's clubs, which is. 397 00:18:37,480 --> 00:18:40,960 Speaker 3: Like a blast from maybe like two thousand seven. 398 00:18:41,160 --> 00:18:44,560 Speaker 1: Yeah, wow, we really are we We've really put the 399 00:18:44,680 --> 00:18:45,440 Speaker 1: zerpiera bon. 400 00:18:45,480 --> 00:18:48,320 Speaker 3: But I also think one of the weird things about 401 00:18:48,359 --> 00:18:51,000 Speaker 3: this week in particular and the FED meeting is it's 402 00:18:51,080 --> 00:18:55,360 Speaker 3: kind of like a rorshock test for people's previously held opinions, right, 403 00:18:55,400 --> 00:18:59,640 Speaker 3: and so you have people who are celebrating an ostensible 404 00:18:59,720 --> 00:19:03,920 Speaker 3: soft lending, so inflation's coming down without unemployment going up massively. 405 00:19:04,119 --> 00:19:06,480 Speaker 3: And then you also have people who are looking at 406 00:19:06,520 --> 00:19:09,960 Speaker 3: the forward pricing of rate cuts and going, oh see, 407 00:19:10,359 --> 00:19:13,080 Speaker 3: there is going to be a recession next year, and 408 00:19:13,119 --> 00:19:15,880 Speaker 3: so it kind of feels it's a weird environment at 409 00:19:15,880 --> 00:19:16,240 Speaker 3: the moment. 410 00:19:17,000 --> 00:19:19,840 Speaker 2: Something else interesting about this environment is that usually when 411 00:19:20,000 --> 00:19:21,720 Speaker 2: you're about to get rate cuts, it's like at the 412 00:19:21,800 --> 00:19:24,280 Speaker 2: end of this big investment cycle, so in two thousand 413 00:19:24,400 --> 00:19:27,639 Speaker 2: with tech stuff, but we've had this, like you know, 414 00:19:27,720 --> 00:19:29,880 Speaker 2: housing in the good sector have been in a recession 415 00:19:29,920 --> 00:19:31,919 Speaker 2: really for eighteen months because of the rate cuts, and 416 00:19:31,960 --> 00:19:35,080 Speaker 2: so arguably you're easing at a time when these sectors 417 00:19:35,080 --> 00:19:37,480 Speaker 2: are poised to rebound, which is I think next year 418 00:19:37,560 --> 00:19:40,000 Speaker 2: is going to be another one when traditional patterns don't 419 00:19:40,000 --> 00:19:41,760 Speaker 2: work so well because people are going to be looking 420 00:19:41,760 --> 00:19:44,000 Speaker 2: for the rate cut playbook and it might not work 421 00:19:44,000 --> 00:19:45,760 Speaker 2: out the way that the past two or recycles. 422 00:19:45,800 --> 00:19:50,359 Speaker 1: Have You mentioned that you don't necessarily agree with the 423 00:19:50,480 --> 00:19:52,760 Speaker 1: FITS framework, Like your job is, you know, your job 424 00:19:52,840 --> 00:19:54,920 Speaker 1: is to pay attention to it and to know what 425 00:19:54,960 --> 00:19:57,719 Speaker 1: they're seeing and to listen closely, not to you know, 426 00:19:57,720 --> 00:20:00,359 Speaker 1: say what they should do. And that being said, do 427 00:20:00,400 --> 00:20:03,680 Speaker 1: you think there is a risk of reacceleration of inflation 428 00:20:03,920 --> 00:20:10,320 Speaker 1: given loosening financial conditions, surging stocks, people probably wanting to 429 00:20:10,320 --> 00:20:12,840 Speaker 1: buy homes and buy furniture for the homes again when 430 00:20:12,880 --> 00:20:16,000 Speaker 1: they see you know, headlines about oh, sub seven percent 431 00:20:16,119 --> 00:20:18,840 Speaker 1: mortgage rates, et cetera. Like, is there some risk here 432 00:20:19,040 --> 00:20:19,880 Speaker 1: that they get off sides? 433 00:20:19,920 --> 00:20:22,600 Speaker 2: Again, I think so, And I think it's more of 434 00:20:22,720 --> 00:20:25,120 Speaker 2: like home depot. I could see, say they're seeing price 435 00:20:25,160 --> 00:20:27,640 Speaker 2: pressures in qs who of next year as demand comes back. 436 00:20:27,720 --> 00:20:31,160 Speaker 2: But the core PCEE data, which is, you know, it's 437 00:20:31,160 --> 00:20:33,720 Speaker 2: an index that's constructed based on stuff like that's probably 438 00:20:33,720 --> 00:20:36,119 Speaker 2: going to be pretty soft through at least the middle 439 00:20:36,119 --> 00:20:38,440 Speaker 2: of next year as a lot of sort of accumulated 440 00:20:38,440 --> 00:20:41,040 Speaker 2: disinflation works its way into the data. And so I 441 00:20:41,040 --> 00:20:43,320 Speaker 2: think there could be a period where if you're following 442 00:20:43,359 --> 00:20:45,720 Speaker 2: corporate earnings and looking at the stuff that I look at, 443 00:20:45,760 --> 00:20:48,600 Speaker 2: it looks like inflation is coming back, but the actual 444 00:20:48,680 --> 00:20:50,840 Speaker 2: data that we get once a month is still going 445 00:20:50,880 --> 00:20:53,240 Speaker 2: to show that inflation is not a problem. And so 446 00:20:53,280 --> 00:20:54,760 Speaker 2: I don't know what the bond market will do with that, 447 00:20:54,800 --> 00:20:55,920 Speaker 2: But that's something I'm thinking about. 448 00:21:07,400 --> 00:21:09,960 Speaker 3: Just going back to baseball for a second. Joe, I 449 00:21:10,000 --> 00:21:13,720 Speaker 3: know you like minor league games, specifically going out to 450 00:21:13,720 --> 00:21:16,040 Speaker 3: Coney Island and Connor. It sounds like you're you're a 451 00:21:16,080 --> 00:21:18,360 Speaker 3: fan as well, But have either of you ever been 452 00:21:18,440 --> 00:21:20,160 Speaker 3: to a Japanese baseball game? 453 00:21:20,200 --> 00:21:21,320 Speaker 1: Oh my god, no, I want to. 454 00:21:21,560 --> 00:21:24,399 Speaker 3: They are so much fun. That sounds so fun, yes, 455 00:21:24,440 --> 00:21:28,159 Speaker 3: And like because the crowd is so intense and everything 456 00:21:28,240 --> 00:21:31,080 Speaker 3: is kind of coordinated, Like all the chants and stuff 457 00:21:31,200 --> 00:21:33,600 Speaker 3: are very coordinated. So there's like, you know, let's go 458 00:21:33,680 --> 00:21:37,399 Speaker 3: Sacamo and like clapping and stuff. It's amazing. It's so 459 00:21:37,520 --> 00:21:38,000 Speaker 3: much fun. 460 00:21:38,200 --> 00:21:40,639 Speaker 1: Now, that's definitely like a bucket list thing is to ye, 461 00:21:40,880 --> 00:21:43,600 Speaker 1: go to some go to see baseball games in Japan. 462 00:21:43,720 --> 00:21:44,760 Speaker 1: Absolute budget list. 463 00:21:44,920 --> 00:21:47,359 Speaker 2: My hope is that since sports broadcast rights seemed to 464 00:21:47,400 --> 00:21:49,480 Speaker 2: moving to streaming, it's like maybe Apple and Amazon and 465 00:21:49,520 --> 00:21:51,639 Speaker 2: Google will have all the global rights in ten years 466 00:21:52,119 --> 00:21:54,840 Speaker 2: that like the Asian audience actually will matter to Major 467 00:21:54,920 --> 00:21:56,440 Speaker 2: League baseball, and so they're going to look for more 468 00:21:56,480 --> 00:21:57,840 Speaker 2: ways to integrate the leagues. 469 00:21:58,400 --> 00:22:00,439 Speaker 1: That would be really cool. I mean, like maybe we 470 00:22:00,480 --> 00:22:03,040 Speaker 1: can get I mean, I was gonna say, maybe like 471 00:22:03,119 --> 00:22:06,160 Speaker 1: the way US sports fans have become fans of like 472 00:22:06,920 --> 00:22:09,919 Speaker 1: F one and European soccer over the last decade for 473 00:22:09,960 --> 00:22:12,159 Speaker 1: various reasons. But I guess those are like sports that 474 00:22:12,200 --> 00:22:14,760 Speaker 1: we didn't really already have here. But yes, I want 475 00:22:14,800 --> 00:22:16,879 Speaker 1: more aware, I want I just really want to go 476 00:22:16,920 --> 00:22:18,160 Speaker 1: to a Japanese baseball game. 477 00:22:18,560 --> 00:22:20,720 Speaker 3: Well, if we ever make it out to Tokyo for something, 478 00:22:20,800 --> 00:22:21,600 Speaker 3: we should definitely go. 479 00:22:21,880 --> 00:22:22,320 Speaker 1: Let's do it. 480 00:22:22,320 --> 00:22:25,200 Speaker 3: There's a chance, Connor, you should come to Absolutely. 481 00:22:29,280 --> 00:22:32,440 Speaker 1: Lots More is produced by Carmen Rodriguez and dash Ol Bennett, 482 00:22:32,480 --> 00:22:33,680 Speaker 1: with help from Moses Anda. 483 00:22:34,000 --> 00:22:36,040 Speaker 3: Our sound engineer is Blake Maples. 484 00:22:36,080 --> 00:22:38,760 Speaker 1: Sage Bauman is our head of podcasts. 485 00:22:38,359 --> 00:22:40,120 Speaker 3: Catch you next time for lots More. 486 00:22:40,320 --> 00:22:41,120 Speaker 1: Thanks for listening.