1 00:00:10,920 --> 00:00:13,640 Speaker 1: Welcome to a special edition of Bloomberg Business of Sports. 2 00:00:13,800 --> 00:00:17,040 Speaker 1: I'm Jason Kelly. Toto Wolf has emerged as one of 3 00:00:17,079 --> 00:00:20,239 Speaker 1: the most successful and fascinating figures in the world of sports, 4 00:00:20,720 --> 00:00:24,159 Speaker 1: leading the records setting Mercedes Formula One racing team on 5 00:00:24,239 --> 00:00:28,040 Speaker 1: an unprecedented run over the past decade. All that winning 6 00:00:28,360 --> 00:00:32,040 Speaker 1: it coincided with the sport itself exploding onto the American 7 00:00:32,120 --> 00:00:35,199 Speaker 1: scene courtesy of a couple of things. First, the Netflix 8 00:00:35,200 --> 00:00:38,440 Speaker 1: show Drive to Survive, and also a decision by F 9 00:00:38,560 --> 00:00:42,519 Speaker 1: one owner Liberty Media, the US based telecom giant, to 10 00:00:42,600 --> 00:00:46,640 Speaker 1: hold more Grand Prix on US soil that's made Toto 11 00:00:46,720 --> 00:00:49,920 Speaker 1: famous in his own right. He elicits shouts of recognition 12 00:00:49,920 --> 00:00:53,440 Speaker 1: as he trots the globe. His management of Mercedes even 13 00:00:53,479 --> 00:00:57,960 Speaker 1: inspired Harvard Business School case study written by a professor 14 00:00:57,960 --> 00:01:02,160 Speaker 1: who's also chronicled everyone from Lebron James to Beyonce. This 15 00:01:02,280 --> 00:01:05,880 Speaker 1: latest F one season has taken a different turn from Mercedes. 16 00:01:06,319 --> 00:01:09,120 Speaker 1: The team broke its own winning streak, losing both the 17 00:01:09,160 --> 00:01:12,840 Speaker 1: team and Driver's championships to our tribal Red Bull. Now, 18 00:01:13,120 --> 00:01:16,679 Speaker 1: Toto and his playbook faced the ultimate test getting back 19 00:01:16,720 --> 00:01:19,200 Speaker 1: to winning. For the latest episode of our Business of 20 00:01:19,240 --> 00:01:22,319 Speaker 1: Sports docuseries. I spent some time with Toto across a 21 00:01:22,319 --> 00:01:25,440 Speaker 1: couple of continents on the Austin f one track. On 22 00:01:25,520 --> 00:01:29,200 Speaker 1: the actual track he was driving really fast, in Monica, 23 00:01:29,240 --> 00:01:32,039 Speaker 1: where he lives with his wife, Susy. She herself is 24 00:01:32,040 --> 00:01:34,840 Speaker 1: a former race car driver. And finally at his office 25 00:01:34,880 --> 00:01:37,600 Speaker 1: at the Mercedes factory in England, and that's where this 26 00:01:37,640 --> 00:01:40,880 Speaker 1: conversation takes place. After a tour of the sprawling campus, 27 00:01:41,200 --> 00:01:43,920 Speaker 1: we sat down for a wide ranging chat about his background, 28 00:01:44,360 --> 00:01:48,040 Speaker 1: his management strategy and how finally losing maybe the best 29 00:01:48,040 --> 00:01:53,080 Speaker 1: thing that's happened to his team. Check it out. Tell 30 00:01:53,160 --> 00:01:55,760 Speaker 1: me the state of the sport right now, Formula one, 31 00:01:55,760 --> 00:01:58,880 Speaker 1: How would you describe it right now? I think we 32 00:01:59,480 --> 00:02:04,600 Speaker 1: alive in entertainment sports on a spot. It's something that 33 00:02:04,720 --> 00:02:08,959 Speaker 1: is generally robust value proposition. At the moment from a 34 00:02:08,960 --> 00:02:13,240 Speaker 1: stakeholder's point of view, we are increasing our audiences, live 35 00:02:13,320 --> 00:02:19,079 Speaker 1: audiences and also TV and the social media strongly. So 36 00:02:19,120 --> 00:02:22,000 Speaker 1: at that stage, you never know what could happen in 37 00:02:22,000 --> 00:02:25,240 Speaker 1: a few years down the line. That's at the stage 38 00:02:25,360 --> 00:02:28,040 Speaker 1: the spot is really growing. Well, where is it versus 39 00:02:28,480 --> 00:02:32,639 Speaker 1: where it was when you joined Mercedes? When I joined 40 00:02:32,639 --> 00:02:36,480 Speaker 1: the Sadies in two thousan the spot at four years 41 00:02:36,560 --> 00:02:41,280 Speaker 1: of Sebastian Fiddle Championships and there wasn't any challenger inside. 42 00:02:41,320 --> 00:02:46,240 Speaker 1: And then we eventually took over and the new engines 43 00:02:46,280 --> 00:02:50,200 Speaker 1: were introduced and the previous regime of shareholders informal on 44 00:02:50,280 --> 00:02:53,480 Speaker 1: didn't really understand what it was all about about hybrid 45 00:02:53,560 --> 00:02:56,960 Speaker 1: and and I think it kind of accelerated over the 46 00:02:57,000 --> 00:03:00,800 Speaker 1: next years with younger drivers coming in that social media 47 00:03:00,880 --> 00:03:04,080 Speaker 1: was being made available for them. Before they weren't. They 48 00:03:04,080 --> 00:03:07,120 Speaker 1: weren't able to broadcast out of the paddock and since 49 00:03:07,160 --> 00:03:10,480 Speaker 1: then they have attracted massive new audiences. The fight between 50 00:03:10,520 --> 00:03:14,560 Speaker 1: Wes Hamilton Max Vista was really interesting. Netflix contributed to 51 00:03:14,600 --> 00:03:17,400 Speaker 1: the business that people got to know the personalities beyond 52 00:03:17,480 --> 00:03:20,640 Speaker 1: the superstars and all of that is very new, and 53 00:03:20,639 --> 00:03:23,960 Speaker 1: I must really say that with Liberty coming in, that's 54 00:03:24,000 --> 00:03:27,520 Speaker 1: when although we were skeptical at the beginning, that's where 55 00:03:27,560 --> 00:03:30,880 Speaker 1: we really started to have this massive upswing and together 56 00:03:30,919 --> 00:03:33,240 Speaker 1: with the governing body d f A, we were able 57 00:03:33,280 --> 00:03:36,640 Speaker 1: to put on a show during covid Um as the 58 00:03:36,680 --> 00:03:39,200 Speaker 1: only global spot and it obviously had a lot in 59 00:03:39,240 --> 00:03:41,040 Speaker 1: getting to know you a little bit. I've found you 60 00:03:41,120 --> 00:03:44,040 Speaker 1: to be a student of sports and business or of 61 00:03:44,120 --> 00:03:46,520 Speaker 1: the nexus that we that we like to talk about. 62 00:03:47,360 --> 00:03:49,840 Speaker 1: As someone who does you know, you study evaluations, you 63 00:03:49,920 --> 00:03:55,000 Speaker 1: study deals, you study other ownership groups and managers. How 64 00:03:55,000 --> 00:03:59,480 Speaker 1: do you fit F one into that broader context? Formula 65 00:03:59,480 --> 00:04:01,880 Speaker 1: one is very different with us. It's very different because 66 00:04:01,920 --> 00:04:04,640 Speaker 1: we have two drivers and a competition within the team. 67 00:04:04,720 --> 00:04:06,240 Speaker 1: So it's not like you have in ten or twenty 68 00:04:06,280 --> 00:04:08,800 Speaker 1: players out there on the field that buying into that 69 00:04:08,880 --> 00:04:12,640 Speaker 1: common common objective. So you have a base of two 70 00:04:12,720 --> 00:04:16,279 Speaker 1: thousand people that that are the team and including the 71 00:04:16,320 --> 00:04:18,960 Speaker 1: two drivers. So there is a dynamic that is very 72 00:04:19,000 --> 00:04:22,919 Speaker 1: different that we have to also manage internally. We are global, 73 00:04:23,720 --> 00:04:27,000 Speaker 1: and I think we're racing global or no other sport 74 00:04:27,200 --> 00:04:33,320 Speaker 1: really really does that. And the business side is also multinational. 75 00:04:34,080 --> 00:04:37,279 Speaker 1: Our income streams come from various promoters in the different 76 00:04:37,279 --> 00:04:42,720 Speaker 1: on the different continents. Sponsorship is international and TV is international. 77 00:04:43,279 --> 00:04:46,120 Speaker 1: So we may be missing out on huge deals in 78 00:04:46,120 --> 00:04:51,280 Speaker 1: a single territory like the the US market, but we 79 00:04:51,279 --> 00:04:54,080 Speaker 1: are we're monetizing on all the other markets because the 80 00:04:54,120 --> 00:04:57,200 Speaker 1: sport is so interesting that and so when you look 81 00:04:57,279 --> 00:05:01,599 Speaker 1: at the NFL or the Premier League, I mean, what 82 00:05:01,640 --> 00:05:04,120 Speaker 1: do you take from those other sports? What have you 83 00:05:04,160 --> 00:05:06,960 Speaker 1: adopted either for the team or or what have you 84 00:05:07,000 --> 00:05:11,120 Speaker 1: seen be adopted? As liberty has has sort of, as 85 00:05:11,160 --> 00:05:15,000 Speaker 1: you say, accelerated this business. Various leagues have, leagues have 86 00:05:15,160 --> 00:05:18,400 Speaker 1: vary strengths. There's a lot we can learn from the U. S. 87 00:05:18,440 --> 00:05:22,960 Speaker 1: American sports leagues and sports franchises. With the salary caps 88 00:05:23,040 --> 00:05:27,320 Speaker 1: coming in ten or fifteen years ago, those franchises turned 89 00:05:27,360 --> 00:05:33,400 Speaker 1: into profitable businesses and became legitimate business and formally one 90 00:05:33,440 --> 00:05:36,520 Speaker 1: to contill last year to kind of embrace and that model. 91 00:05:36,600 --> 00:05:41,760 Speaker 1: So the professionalism in in in marketing and growing the 92 00:05:41,839 --> 00:05:48,160 Speaker 1: various business fields beyond just the sponsorship to ticketing, to 93 00:05:48,600 --> 00:05:52,200 Speaker 1: commercial or real estate income streams is something that is 94 00:05:52,279 --> 00:05:56,840 Speaker 1: not an area where really knowledgeable marketing, licensing rights, they 95 00:05:56,880 --> 00:05:59,400 Speaker 1: are much bigger. My belief is that we can learn 96 00:05:59,480 --> 00:06:01,839 Speaker 1: from from everybody. There are things that the Premier league 97 00:06:01,880 --> 00:06:05,160 Speaker 1: does really well. So I think you need to be 98 00:06:05,200 --> 00:06:08,040 Speaker 1: open minded, have your eyes open, and so tell me 99 00:06:08,080 --> 00:06:11,119 Speaker 1: more about what that cost cap has meant for you 100 00:06:11,800 --> 00:06:16,440 Speaker 1: as the manager of this business as as the principal. Well, 101 00:06:16,440 --> 00:06:21,080 Speaker 1: there is obviously there were two hearts within me from 102 00:06:21,080 --> 00:06:26,360 Speaker 1: a pure competition standpoint, we knew that between Ferrara, red 103 00:06:26,360 --> 00:06:30,200 Speaker 1: Pool and ourselves we had deep pockets to found performance 104 00:06:30,920 --> 00:06:35,240 Speaker 1: and we continue to outspend each other. So in a way, 105 00:06:35,279 --> 00:06:37,240 Speaker 1: you know that your only competitors is going to be 106 00:06:37,279 --> 00:06:40,479 Speaker 1: the team with the teams with big funding. But on 107 00:06:40,520 --> 00:06:44,119 Speaker 1: the other side, our businesses were at best break even 108 00:06:44,760 --> 00:06:47,680 Speaker 1: and with a cost cap coming in that means limiting 109 00:06:47,680 --> 00:06:51,440 Speaker 1: the amount of spend in the technical areas. We turned 110 00:06:51,600 --> 00:06:54,599 Speaker 1: our business case and I'm benefiting from that as a 111 00:06:54,640 --> 00:06:59,920 Speaker 1: shareholder into a very profitable franchise. So on one hand, 112 00:07:00,760 --> 00:07:02,880 Speaker 1: I'd like to have kept the margin to all the 113 00:07:02,920 --> 00:07:05,600 Speaker 1: other teams. On the other side, this is run now 114 00:07:06,080 --> 00:07:09,600 Speaker 1: not only based on extracting a millisecond relative to Ferrari, 115 00:07:10,400 --> 00:07:12,760 Speaker 1: no matter what it costs. But there's a real business. 116 00:07:13,480 --> 00:07:15,680 Speaker 1: You touched on something that I think is really important 117 00:07:15,680 --> 00:07:17,280 Speaker 1: and I've thought a lot about you and I've talked 118 00:07:17,320 --> 00:07:21,200 Speaker 1: about it a little bit, which is this I think 119 00:07:21,320 --> 00:07:24,800 Speaker 1: unique role that that you hold as a sizeable owner 120 00:07:24,840 --> 00:07:28,480 Speaker 1: of this business and also the manager of it. You know, 121 00:07:28,520 --> 00:07:31,920 Speaker 1: you think about other CEOs, and certainly CEOs and sports 122 00:07:32,000 --> 00:07:34,760 Speaker 1: or owners and sports, they don't have those two hearts. 123 00:07:34,800 --> 00:07:38,200 Speaker 1: They don't have those two hats as it were. What 124 00:07:38,280 --> 00:07:41,160 Speaker 1: have you learned from that and how do you reconcile it? 125 00:07:41,160 --> 00:07:44,520 Speaker 1: It's maybe even different because the heads that I'm wearing 126 00:07:44,680 --> 00:07:47,440 Speaker 1: is the shareholder's head, and I'm in the board of directors, 127 00:07:47,840 --> 00:07:50,520 Speaker 1: the chief executives heads running the place with all the 128 00:07:50,600 --> 00:07:54,360 Speaker 1: various business aspects, and I'm also the trainer. That isn't 129 00:07:54,920 --> 00:07:58,520 Speaker 1: something that happens to happen in other sports leagues or 130 00:07:58,560 --> 00:08:02,240 Speaker 1: even in Formula one. But I feel very privileged of 131 00:08:02,360 --> 00:08:05,360 Speaker 1: being able to do this. They have these various heads 132 00:08:05,520 --> 00:08:10,440 Speaker 1: and until now it has functioned okay. But we have 133 00:08:10,560 --> 00:08:13,760 Speaker 1: to see whether us as a company growing strongly, we 134 00:08:13,800 --> 00:08:17,120 Speaker 1: are beyond two thou people now, whether I can maintain 135 00:08:17,160 --> 00:08:19,440 Speaker 1: these positions or whether it is somebody that will take 136 00:08:19,440 --> 00:08:22,640 Speaker 1: over from me eventually. Which brings us nicely to to 137 00:08:22,720 --> 00:08:25,600 Speaker 1: the present moment. This is not an easy year. There's 138 00:08:25,640 --> 00:08:28,360 Speaker 1: a streak that will likely be be broken in a 139 00:08:28,360 --> 00:08:31,400 Speaker 1: few months. What's the state of this team? We have 140 00:08:32,679 --> 00:08:35,239 Speaker 1: one and we were lucky to win eight consecutive championships 141 00:08:35,400 --> 00:08:38,160 Speaker 1: or world championships, which wasn't done in any spot before. 142 00:08:39,000 --> 00:08:41,760 Speaker 1: And there were some years that were difficult winning against 143 00:08:41,840 --> 00:08:44,840 Speaker 1: Ferraris in the Hey Days in two eighteen and nineteen 144 00:08:45,400 --> 00:08:48,520 Speaker 1: was not easy. Last year against red Pool obviously we 145 00:08:48,600 --> 00:08:51,920 Speaker 1: lost the driver championship, but we won the Constructor Championship. 146 00:08:52,280 --> 00:08:55,920 Speaker 1: We knew that a winning streak eventually will come to 147 00:08:56,000 --> 00:08:59,560 Speaker 1: an end. That's just the probability of it all. And 148 00:09:00,000 --> 00:09:01,599 Speaker 1: you could even argue that it wouldn't be great for 149 00:09:01,640 --> 00:09:04,600 Speaker 1: the spots if we would win twenty in a row. Now, 150 00:09:04,840 --> 00:09:07,960 Speaker 1: having said that, our ambition is to win every single one, 151 00:09:08,760 --> 00:09:12,280 Speaker 1: but in our sport it's about physics and not mystics. 152 00:09:12,480 --> 00:09:15,280 Speaker 1: We got it wrong with the physics this year and 153 00:09:15,640 --> 00:09:19,520 Speaker 1: it is about now how can we recover? And we 154 00:09:19,640 --> 00:09:22,760 Speaker 1: have prepared for that moment and we have to just 155 00:09:23,240 --> 00:09:27,000 Speaker 1: live by our values that we set ourselves and regain 156 00:09:27,720 --> 00:09:31,200 Speaker 1: land against our main competitor. And that's not easy. And 157 00:09:31,240 --> 00:09:34,720 Speaker 1: so how do you motivate a team some of whom 158 00:09:34,760 --> 00:09:37,600 Speaker 1: I think you told me a few months ago, there's 159 00:09:37,640 --> 00:09:40,439 Speaker 1: a substantial number of people who work for this company. 160 00:09:40,480 --> 00:09:43,800 Speaker 1: We've never lost. Yeah, we just looked at the starts today. 161 00:09:43,960 --> 00:09:47,880 Speaker 1: From the population of one thousand here on the chassis side, 162 00:09:47,920 --> 00:09:51,440 Speaker 1: so if the two factories and engine there is two 163 00:09:51,520 --> 00:09:55,640 Speaker 1: hundred seventy people that have been here less than a year. 164 00:09:56,800 --> 00:09:59,280 Speaker 1: So that's that's big and in an age group of 165 00:09:59,559 --> 00:10:05,240 Speaker 1: twenties sticks to thirty five, also very young. And I 166 00:10:05,480 --> 00:10:09,000 Speaker 1: see that as a as a real opportunity for us 167 00:10:09,520 --> 00:10:12,199 Speaker 1: because all of these people have been here when they 168 00:10:12,280 --> 00:10:15,440 Speaker 1: saw how good it was going and now how difficult 169 00:10:15,600 --> 00:10:17,360 Speaker 1: difficult it can be, and that's going to be an 170 00:10:17,360 --> 00:10:20,560 Speaker 1: important learning from them. Also in the future, you will 171 00:10:20,559 --> 00:10:24,199 Speaker 1: not take it for granted that winning a championship it easy. 172 00:10:24,320 --> 00:10:26,920 Speaker 1: And many of us that have been here six or 173 00:10:26,960 --> 00:10:30,880 Speaker 1: seven years haven't lost a single championship. So I believe 174 00:10:30,960 --> 00:10:34,000 Speaker 1: there's always something good in getting it wrong, even though 175 00:10:34,040 --> 00:10:42,160 Speaker 1: it feels difficult when it happens. You know, one of 176 00:10:42,160 --> 00:10:49,600 Speaker 1: the interesting challenges, to say the least, is managing in 177 00:10:49,679 --> 00:10:54,280 Speaker 1: a world where data say one thing, but maybe you 178 00:10:54,360 --> 00:10:58,160 Speaker 1: see or feel another. How do you reconcile that? I mean, 179 00:10:58,760 --> 00:11:00,800 Speaker 1: you're a very smart person, but there are you know, 180 00:11:01,000 --> 00:11:03,840 Speaker 1: PhD s who are probably telling you you're wrong, and 181 00:11:03,880 --> 00:11:06,680 Speaker 1: you're telling them that, like, how does that? How do 182 00:11:06,720 --> 00:11:09,080 Speaker 1: you work through that? I love the spot and you 183 00:11:09,120 --> 00:11:11,040 Speaker 1: know I mentioned that you the or the honesty of 184 00:11:11,040 --> 00:11:15,400 Speaker 1: the stopwatch and whether you are a PhD or just 185 00:11:15,559 --> 00:11:19,880 Speaker 1: a manager without a doctorate. You see the result and 186 00:11:20,400 --> 00:11:23,920 Speaker 1: you can argue, well, we think that data correct, but 187 00:11:23,960 --> 00:11:26,560 Speaker 1: they don't correlate with the tracks. Why is that? So 188 00:11:26,640 --> 00:11:30,600 Speaker 1: you need to remind yourself that this is physics. You know, 189 00:11:30,640 --> 00:11:32,200 Speaker 1: where did we get it wrong and why did we 190 00:11:32,240 --> 00:11:34,960 Speaker 1: get it wrong? And of course we keep arguing with 191 00:11:35,000 --> 00:11:40,120 Speaker 1: each other, but it's the mix between the data and 192 00:11:40,360 --> 00:11:44,000 Speaker 1: the common sense approach that we give the best result. 193 00:11:44,400 --> 00:11:47,120 Speaker 1: And I enjoy these conversations even when they can be 194 00:11:47,200 --> 00:11:51,840 Speaker 1: heated at times because we have our different perceptions and perspectives. 195 00:11:51,880 --> 00:11:54,679 Speaker 1: But at the end, the joint target, the joint objective 196 00:11:54,800 --> 00:11:57,679 Speaker 1: is so massive that we just need to remind ourselves 197 00:11:57,720 --> 00:12:01,000 Speaker 1: in these moments that we just want the same. We've 198 00:12:01,040 --> 00:12:03,200 Speaker 1: just seen the solution somewhere, so we just need to 199 00:12:03,240 --> 00:12:05,080 Speaker 1: get to get and say what is it that we 200 00:12:05,120 --> 00:12:08,040 Speaker 1: want to do? And at the end, data are important 201 00:12:08,080 --> 00:12:10,400 Speaker 1: to develop a quick car, but data don't make decisions. 202 00:12:10,559 --> 00:12:14,679 Speaker 1: Humans do. Humans make decisions, and humans drive cars, and 203 00:12:14,760 --> 00:12:18,520 Speaker 1: humans help those people drive cars. How do you manage 204 00:12:18,520 --> 00:12:23,080 Speaker 1: the humans in a moment where the physics isn't going 205 00:12:23,080 --> 00:12:25,960 Speaker 1: your way? An engineer tends to say, well, this is 206 00:12:25,960 --> 00:12:28,040 Speaker 1: what the data showing me and the driver in the 207 00:12:28,120 --> 00:12:31,679 Speaker 1: cars is where that's not what I'm feeling, and so 208 00:12:31,720 --> 00:12:35,040 Speaker 1: you need to find a compromise. But the most valuable 209 00:12:35,080 --> 00:12:37,760 Speaker 1: and also the most expensive sensor sits in the car, 210 00:12:38,280 --> 00:12:41,040 Speaker 1: and if the driver feels something that is very different 211 00:12:41,080 --> 00:12:43,840 Speaker 1: to what the data suggests, you've got to think of 212 00:12:43,880 --> 00:12:49,000 Speaker 1: why it is and you will over time find some correlation. 213 00:12:49,840 --> 00:12:52,240 Speaker 1: This is why also that the interaction between human and 214 00:12:52,280 --> 00:12:56,520 Speaker 1: the data is what makes the spots interesting. The best 215 00:12:56,559 --> 00:12:58,719 Speaker 1: driver couldn't do with the best car. The best car 216 00:12:58,760 --> 00:13:02,040 Speaker 1: couldn't do without the best driver. You mentioned something a 217 00:13:02,040 --> 00:13:03,640 Speaker 1: few minutes ago that I wanted to come back to, 218 00:13:03,760 --> 00:13:05,840 Speaker 1: and you reminded me of just then, which is this 219 00:13:05,920 --> 00:13:09,200 Speaker 1: notion that the sport is also unique, and that you 220 00:13:09,200 --> 00:13:13,719 Speaker 1: have two drivers, two drivers who depending on the situation, 221 00:13:14,400 --> 00:13:18,960 Speaker 1: are competing or collaborating, sometimes within the same race and 222 00:13:19,000 --> 00:13:21,440 Speaker 1: certainly within the same season. You know, you had a 223 00:13:21,440 --> 00:13:23,920 Speaker 1: situation last season where you had to tell one of 224 00:13:23,960 --> 00:13:27,240 Speaker 1: your drivers to let the other driver go ahead. I mean, 225 00:13:27,720 --> 00:13:31,440 Speaker 1: that's a very unique way of running a business. To 226 00:13:31,520 --> 00:13:35,760 Speaker 1: some extent, it gives it another dimension that you have 227 00:13:35,960 --> 00:13:40,480 Speaker 1: this rivalry that can be very healthy and understandable because 228 00:13:40,480 --> 00:13:43,240 Speaker 1: your first competitor is that your teammate in the same 229 00:13:43,280 --> 00:13:48,920 Speaker 1: car that you need to channel in a positive way 230 00:13:48,960 --> 00:13:52,240 Speaker 1: for the team. So making them collaborate in order to 231 00:13:52,280 --> 00:13:55,200 Speaker 1: develop a car can have a positive impact. On the 232 00:13:55,240 --> 00:13:57,640 Speaker 1: other side, We've seen it in the past if the 233 00:13:57,640 --> 00:14:01,319 Speaker 1: two drivers start to speed of the beans or get 234 00:14:01,400 --> 00:14:06,840 Speaker 1: too you know, whole style with each other, hiding games start, 235 00:14:06,880 --> 00:14:09,320 Speaker 1: you don't release the data or even was the wrong one. 236 00:14:09,400 --> 00:14:12,240 Speaker 1: You try to mislead the other driver, You try to 237 00:14:12,679 --> 00:14:15,720 Speaker 1: gain an advantage, and that can be negative for the team. 238 00:14:15,760 --> 00:14:18,120 Speaker 1: So it's my role and of my colleagues to actually 239 00:14:18,120 --> 00:14:22,720 Speaker 1: make sure that this is always well conditioned. You mentioned Netflix, 240 00:14:22,760 --> 00:14:24,960 Speaker 1: and we probably all dwell on it a little too much, 241 00:14:25,040 --> 00:14:28,200 Speaker 1: but it has had an accelerating effect on the sport. 242 00:14:28,240 --> 00:14:30,560 Speaker 1: It's also had the effect of making a lot of 243 00:14:30,560 --> 00:14:33,960 Speaker 1: people know who you are that probably didn't know who 244 00:14:33,960 --> 00:14:38,480 Speaker 1: you were before. Um I had an observer tell me 245 00:14:38,560 --> 00:14:41,760 Speaker 1: that people pay more attention to you than many of 246 00:14:41,800 --> 00:14:44,920 Speaker 1: the other drivers and certainly many of the other owners 247 00:14:44,960 --> 00:14:47,680 Speaker 1: in team principles. Why do you think that is? Formula 248 00:14:47,720 --> 00:14:50,560 Speaker 1: one was always under the spotlight, and I think that 249 00:14:51,320 --> 00:14:56,240 Speaker 1: even before Netflix, there were personalities that got greater coverage 250 00:14:56,280 --> 00:15:00,400 Speaker 1: than others. I'm trying to stay authentic to how I am. 251 00:15:00,440 --> 00:15:05,640 Speaker 1: My behaviors haven't changed whether a camera is pointed at 252 00:15:05,640 --> 00:15:09,840 Speaker 1: me or not. And I know exactly how fast the 253 00:15:09,840 --> 00:15:14,160 Speaker 1: wheel turn. I'm there today and I have those recognition 254 00:15:14,240 --> 00:15:16,640 Speaker 1: because I'm part of running a team. If I were 255 00:15:16,720 --> 00:15:20,360 Speaker 1: to step back, that is gone within a day, and 256 00:15:20,960 --> 00:15:24,000 Speaker 1: I take it with a pinch of salt. But it 257 00:15:24,040 --> 00:15:26,720 Speaker 1: doesn't give you more than just a better table in 258 00:15:26,760 --> 00:15:29,800 Speaker 1: the restaurant. Obviously, a lot of people watched you in 259 00:15:29,960 --> 00:15:34,080 Speaker 1: real time and then once again over the summer. You know, 260 00:15:34,160 --> 00:15:37,840 Speaker 1: go through an excruciating moment at the end of the 261 00:15:37,920 --> 00:15:41,360 Speaker 1: last season. We haven't talked a lot about it. Will 262 00:15:41,400 --> 00:15:45,160 Speaker 1: you talk about it? Like? Have you processed that moment? 263 00:15:46,080 --> 00:15:49,920 Speaker 1: I have tried to process that moment um I have 264 00:15:50,080 --> 00:15:53,960 Speaker 1: really had in my life since my childhood, moments where 265 00:15:54,000 --> 00:15:59,760 Speaker 1: I failed and inability of being in control of a 266 00:15:59,840 --> 00:16:03,120 Speaker 1: city tuation. And when it came towards the end of 267 00:16:03,120 --> 00:16:05,360 Speaker 1: the race, it was clear from the get go, the 268 00:16:05,400 --> 00:16:08,880 Speaker 1: better the better driver wins, the better car wins, and 269 00:16:09,160 --> 00:16:11,640 Speaker 1: that was great, and if the other driver would have 270 00:16:11,680 --> 00:16:14,400 Speaker 1: outperformed Lewis. It would have been okay, we would have 271 00:16:14,440 --> 00:16:19,120 Speaker 1: been disappointed, but we knew what it was. Louis outperformed 272 00:16:19,680 --> 00:16:22,240 Speaker 1: maxim that particular day, and then you can say, well, 273 00:16:22,320 --> 00:16:24,400 Speaker 1: what about the rest of the season, doesn't matter. We 274 00:16:24,440 --> 00:16:27,520 Speaker 1: came there, equal points out there from the other driver, 275 00:16:27,960 --> 00:16:33,000 Speaker 1: the other driver, and then someone decided to freestyle a 276 00:16:33,000 --> 00:16:36,400 Speaker 1: bit with the regulations and from within five laps of 277 00:16:37,440 --> 00:16:40,320 Speaker 1: having won the race, unless do you break down, it's 278 00:16:40,360 --> 00:16:43,960 Speaker 1: been taken away. And that moment for me was almost 279 00:16:44,000 --> 00:16:47,720 Speaker 1: like a childhood trauma of what's happening. I'm not in 280 00:16:47,760 --> 00:16:49,480 Speaker 1: control of this. I didn't know what was happening in 281 00:16:49,480 --> 00:16:52,360 Speaker 1: the background, and all the lobbing faired used to them. 282 00:16:52,840 --> 00:16:58,720 Speaker 1: But when someone just in a sport that I love 283 00:16:58,800 --> 00:17:03,320 Speaker 1: so much because if it's pegrity and fairness and honesty, 284 00:17:03,680 --> 00:17:07,760 Speaker 1: breaks all these rules. It was just it was shocked 285 00:17:07,800 --> 00:17:12,160 Speaker 1: at the time. And so how do you take that forward? 286 00:17:12,640 --> 00:17:16,240 Speaker 1: How do you process it to a point where you 287 00:17:16,320 --> 00:17:20,879 Speaker 1: can keep going? I think d f A eight this 288 00:17:20,920 --> 00:17:23,760 Speaker 1: is the governing body realized that there was some responsibility 289 00:17:24,560 --> 00:17:29,320 Speaker 1: um and they executed it. But it is you know 290 00:17:29,359 --> 00:17:32,080 Speaker 1: that's in the history books that the title Lewis's title 291 00:17:32,160 --> 00:17:35,560 Speaker 1: is gone. There's nothing we can change about it, and 292 00:17:35,800 --> 00:17:38,359 Speaker 1: it's not causing us any sleepless nights anymore. It's just 293 00:17:38,400 --> 00:17:40,280 Speaker 1: when you reflect about it enhance that you say, well, 294 00:17:40,320 --> 00:17:42,760 Speaker 1: that should have been Lewis's eighth title, that would have 295 00:17:42,840 --> 00:17:46,399 Speaker 1: made him the greatest driver of all times. It didn't happen. 296 00:17:47,119 --> 00:17:49,360 Speaker 1: But everything has a reason. Let's see long, long term. 297 00:17:49,760 --> 00:17:52,560 Speaker 1: We're looking at not one race of one year, three 298 00:17:52,640 --> 00:17:56,440 Speaker 1: or five, ten years perspective, and how do you take 299 00:17:56,520 --> 00:17:59,480 Speaker 1: that perspective and what do you see when you look 300 00:17:59,520 --> 00:18:02,840 Speaker 1: around the proverbial corner for this team, for this sport. 301 00:18:03,680 --> 00:18:06,119 Speaker 1: I think the excitement that we provided last year is 302 00:18:06,720 --> 00:18:11,040 Speaker 1: still in Paper's minds um this year and they used 303 00:18:11,080 --> 00:18:17,640 Speaker 1: to calm. We still have the same rivalries, interesting driver personalities. 304 00:18:18,400 --> 00:18:21,359 Speaker 1: The sport's growing in the US, and I feel we 305 00:18:21,359 --> 00:18:24,120 Speaker 1: were in a good place. But all the time tried 306 00:18:24,160 --> 00:18:27,159 Speaker 1: to make up scenarios that would actually hit the spot. 307 00:18:27,240 --> 00:18:30,480 Speaker 1: You know, finishing Max stuff winning a championship in October 308 00:18:30,920 --> 00:18:33,600 Speaker 1: wouldn't be great for the November racist, but it is 309 00:18:33,640 --> 00:18:36,080 Speaker 1: what it is. If he wins, he wins it on merit. 310 00:18:36,960 --> 00:18:40,679 Speaker 1: So there is factors which have have an influence, but 311 00:18:40,720 --> 00:18:45,080 Speaker 1: I think people enjoy the entertainment that's provided. And you 312 00:18:45,119 --> 00:18:48,080 Speaker 1: mentioned the U S which is obviously a fascinating topic 313 00:18:48,160 --> 00:18:51,720 Speaker 1: for many people because you have Austin. We spent some 314 00:18:51,800 --> 00:18:54,600 Speaker 1: time in Austin together. That's been a successful Grand Prix, 315 00:18:54,760 --> 00:18:58,760 Speaker 1: especially of like it's been I believe four people there 316 00:18:59,160 --> 00:19:04,120 Speaker 1: last year. Miami comes on the scene, next year Vegas. 317 00:19:05,280 --> 00:19:10,159 Speaker 1: What does that expansion do for the business of F 318 00:19:10,359 --> 00:19:14,840 Speaker 1: one and how long does that expansion last. We are 319 00:19:15,000 --> 00:19:18,720 Speaker 1: we are racing on all continents bar Africa, and I 320 00:19:18,760 --> 00:19:21,080 Speaker 1: think it's not long that we'll be We'll be racing 321 00:19:21,160 --> 00:19:25,080 Speaker 1: in um in South South Africa. We've been in Austin 322 00:19:25,200 --> 00:19:27,119 Speaker 1: for a for a long time and they've done a 323 00:19:27,119 --> 00:19:32,080 Speaker 1: fantastic job there and in accommodating us. But last year 324 00:19:32,760 --> 00:19:36,120 Speaker 1: dwarfed everything that was before that, and you mentioned the numbers. 325 00:19:36,520 --> 00:19:39,320 Speaker 1: And then we went to Miami and Stephen Ross and 326 00:19:39,560 --> 00:19:41,920 Speaker 1: Tom Garfink have made it, have done a great job. 327 00:19:42,000 --> 00:19:44,520 Speaker 1: It was in a way a better test of former 328 00:19:44,600 --> 00:19:48,199 Speaker 1: one in Miami, but it it was great. Lots of 329 00:19:48,280 --> 00:19:50,720 Speaker 1: learnings to improve things for next year, but it was 330 00:19:50,960 --> 00:19:54,040 Speaker 1: very good. And then we are adding another one with 331 00:19:54,119 --> 00:19:56,440 Speaker 1: Las Vegas at a very different format in the night 332 00:19:56,840 --> 00:19:58,720 Speaker 1: and I feel we're in a good place and having 333 00:19:59,200 --> 00:20:02,560 Speaker 1: three races in the US, one in Mexico and one 334 00:20:02,600 --> 00:20:04,560 Speaker 1: in Brazil, it gives us a good footprint in the 335 00:20:04,600 --> 00:20:11,480 Speaker 1: America's beyond Europe, Australia, Asia, and it makes it justifies 336 00:20:11,520 --> 00:20:19,919 Speaker 1: it as a global spot. The success obviously has people 337 00:20:20,080 --> 00:20:22,719 Speaker 1: knocking on the door, whether they're sponsors or whether they 338 00:20:22,720 --> 00:20:25,800 Speaker 1: are manufacturers, or whether there are people who want their 339 00:20:25,800 --> 00:20:30,200 Speaker 1: own teams. What's your view, Let's let's start sponsors. That's great. 340 00:20:30,320 --> 00:20:33,479 Speaker 1: Are you coming in Porsche of potentially coming in al 341 00:20:33,480 --> 00:20:35,439 Speaker 1: that that hasn't been official announced. What does that do 342 00:20:35,720 --> 00:20:38,399 Speaker 1: for the sport? We're in a great situation that we 343 00:20:38,480 --> 00:20:42,720 Speaker 1: have major luxury o ems that are part of the 344 00:20:42,760 --> 00:20:51,000 Speaker 1: sport with Mercedes, ferrari Est Martin, hopefully Posh, Audium Alpine. 345 00:20:51,920 --> 00:20:55,439 Speaker 1: So on top of that the traditional Formula one branch 346 00:20:55,520 --> 00:21:00,919 Speaker 1: like mclan and Williams, and that's a credible franchise as Rooster, 347 00:21:01,440 --> 00:21:04,160 Speaker 1: and I believe that is with the credibility of all 348 00:21:04,160 --> 00:21:08,159 Speaker 1: these great companies on top of red Pool global organization 349 00:21:08,200 --> 00:21:10,600 Speaker 1: and market leader in their field, I think we have 350 00:21:10,640 --> 00:21:16,159 Speaker 1: the robustness of strong stakeholders that are also capable to 351 00:21:16,200 --> 00:21:20,000 Speaker 1: invest marketing dollar in the activation not only at the 352 00:21:20,040 --> 00:21:23,000 Speaker 1: track but globally. And that is so important that we 353 00:21:23,119 --> 00:21:27,400 Speaker 1: multiply every or that's invested into the team by four 354 00:21:27,520 --> 00:21:31,760 Speaker 1: or five or six times in activation worldwide. And so 355 00:21:32,600 --> 00:21:36,679 Speaker 1: that's with the current footprint. Got other people knocking on 356 00:21:36,720 --> 00:21:41,159 Speaker 1: the door and ready specifically wanting you to up the 357 00:21:41,240 --> 00:21:44,520 Speaker 1: number of teams. I believe it's fair to say you publicly, 358 00:21:45,000 --> 00:21:48,359 Speaker 1: certainly privately from what people have said, are not in 359 00:21:48,440 --> 00:21:52,040 Speaker 1: favor of that. What is the scenario in which you 360 00:21:52,080 --> 00:21:55,199 Speaker 1: think that could happen? Mario and Michael Andrett to have 361 00:21:55,240 --> 00:21:58,960 Speaker 1: a such a strong name and history in motor racing. 362 00:21:59,400 --> 00:22:02,400 Speaker 1: So to be well understood here is we are tend franchises. 363 00:22:02,680 --> 00:22:05,280 Speaker 1: The f A has to has the right to grant 364 00:22:05,359 --> 00:22:08,840 Speaker 1: two more. It is in the governance of the sport 365 00:22:09,000 --> 00:22:11,880 Speaker 1: that they can decide that whether they do it. If 366 00:22:11,880 --> 00:22:15,240 Speaker 1: they decide so, that eleventh team has to pay an 367 00:22:15,320 --> 00:22:18,840 Speaker 1: entry fee of two million dollars. And then basically instead 368 00:22:18,840 --> 00:22:22,640 Speaker 1: of dividing DaVita Formula one by ten teams, it's being 369 00:22:22,680 --> 00:22:25,560 Speaker 1: divided by eleven. So what I said is what is 370 00:22:25,560 --> 00:22:28,879 Speaker 1: the contribution to a team coming in in terms of 371 00:22:28,920 --> 00:22:32,720 Speaker 1: growing davida of the sport, and how much is that 372 00:22:32,800 --> 00:22:36,760 Speaker 1: team prepared like us as Williams, to multiply their investment 373 00:22:36,800 --> 00:22:39,880 Speaker 1: into a team for activation to make us more popular 374 00:22:39,920 --> 00:22:43,119 Speaker 1: world work. And these are the data that I thought 375 00:22:43,680 --> 00:22:46,560 Speaker 1: would be interesting to jointly analyze. And then it is 376 00:22:46,680 --> 00:22:48,440 Speaker 1: up to the f A to make a decision whether 377 00:22:48,440 --> 00:22:51,119 Speaker 1: they want to grant another entry. Personally, I think you 378 00:22:51,160 --> 00:22:53,400 Speaker 1: need to buy a team like in any other sports, 379 00:22:53,920 --> 00:22:56,800 Speaker 1: unless all the teams agree that it is really a 380 00:22:56,880 --> 00:22:59,879 Speaker 1: creative for the business. And I would love to be convinced, 381 00:23:00,560 --> 00:23:04,439 Speaker 1: as do my fellow Team Principles shareholders in the other teams, 382 00:23:04,680 --> 00:23:07,240 Speaker 1: to say, okay, that is something that is really that 383 00:23:07,280 --> 00:23:10,720 Speaker 1: the spot and all of us would benefit from. And 384 00:23:11,080 --> 00:23:13,840 Speaker 1: we haven't been able to cove that yet. Out beat 385 00:23:13,880 --> 00:23:18,080 Speaker 1: for Andretti or any other group of potential new team models. 386 00:23:18,560 --> 00:23:22,359 Speaker 1: And when you think about the valuation growth, I mean 387 00:23:22,400 --> 00:23:25,199 Speaker 1: I think you and others have said that you know, 388 00:23:25,280 --> 00:23:28,360 Speaker 1: during your tenure, the you know, this team has doubled 389 00:23:28,400 --> 00:23:33,359 Speaker 1: in value. Does that growth rate continue like we've seen 390 00:23:33,400 --> 00:23:37,760 Speaker 1: astronomical valuation growth in the NFL. You know, whether it's 391 00:23:37,800 --> 00:23:40,520 Speaker 1: with the Broncos in English Premier League with Chelsea of 392 00:23:40,600 --> 00:23:44,480 Speaker 1: like those those two sales have set a new bar 393 00:23:44,640 --> 00:23:47,200 Speaker 1: in many ways. How do you think about valuation when 394 00:23:47,240 --> 00:23:51,840 Speaker 1: it comes to one. My background is finance and I 395 00:23:51,880 --> 00:23:56,560 Speaker 1: believe in conservative real money world. So you have a 396 00:23:56,640 --> 00:24:01,600 Speaker 1: bita multiples operating income market pers DCF method of calculating 397 00:24:01,640 --> 00:24:05,320 Speaker 1: future cash flows. Some industries, because of a lack of 398 00:24:05,480 --> 00:24:09,800 Speaker 1: the previous ones, have revenue multiverse and teams like the 399 00:24:09,800 --> 00:24:13,320 Speaker 1: Broncos went for eight or nine times revenue. So in 400 00:24:13,359 --> 00:24:16,440 Speaker 1: our case, we are a profitable business, we are growing. 401 00:24:16,640 --> 00:24:19,840 Speaker 1: There is good predictability in our income streams in the 402 00:24:19,880 --> 00:24:24,000 Speaker 1: future because promotion deals with race tracks, TV contracts and 403 00:24:24,000 --> 00:24:27,480 Speaker 1: sponsorship deals are usually agreed for a period between three 404 00:24:27,560 --> 00:24:29,399 Speaker 1: and ten years in our industry, so we know what 405 00:24:29,480 --> 00:24:32,520 Speaker 1: our cash fows are going to be going forward. We 406 00:24:32,560 --> 00:24:34,600 Speaker 1: know what our costs are because we're limited by the 407 00:24:34,640 --> 00:24:38,679 Speaker 1: cost capts. It's a pretty attractive business case. Now, on 408 00:24:38,720 --> 00:24:41,199 Speaker 1: top of that, there is a scarcity of the franchises. 409 00:24:41,240 --> 00:24:45,960 Speaker 1: None of them are for offers, so potential owners alike 410 00:24:46,040 --> 00:24:49,440 Speaker 1: with the Denver Broncos, are prepared to value to pay 411 00:24:49,840 --> 00:24:52,680 Speaker 1: high evaluations for for a trophy as set, but not 412 00:24:52,760 --> 00:24:56,840 Speaker 1: only because it's a trophy, because it's just scarce inventory. 413 00:24:57,119 --> 00:25:00,040 Speaker 1: So for us it's just paper value because we're I 414 00:25:00,040 --> 00:25:02,679 Speaker 1: don't want to sell the business. The returns on the 415 00:25:02,720 --> 00:25:06,639 Speaker 1: money invested the positive. So whatever you make up in 416 00:25:06,720 --> 00:25:09,120 Speaker 1: valuations and do you think they will continue? I mean, 417 00:25:10,080 --> 00:25:12,399 Speaker 1: do you have confidence in the in the in the 418 00:25:12,440 --> 00:25:15,120 Speaker 1: growth of the evaluations of our phone? What what gets 419 00:25:15,160 --> 00:25:19,040 Speaker 1: in the way over well, uh, COVID times ten would 420 00:25:19,160 --> 00:25:23,440 Speaker 1: obviously come all industries in the world, and the black 421 00:25:23,480 --> 00:25:25,960 Speaker 1: Swans are just around the corner. So you know, even 422 00:25:26,000 --> 00:25:28,920 Speaker 1: if I don't have anything on the radar that could 423 00:25:28,960 --> 00:25:31,439 Speaker 1: harm the spot, that might be something. But at the 424 00:25:31,480 --> 00:25:35,160 Speaker 1: moment you look at if one itself and the team. 425 00:25:35,400 --> 00:25:38,840 Speaker 1: Like I said to you before, the income streams are predictable. 426 00:25:39,080 --> 00:25:42,240 Speaker 1: If we go to Las Vegas or whatever it is, 427 00:25:42,320 --> 00:25:44,920 Speaker 1: we know what we're going to earn from the race 428 00:25:45,000 --> 00:25:47,600 Speaker 1: promotion fee over the next five years that is the 429 00:25:47,680 --> 00:25:51,280 Speaker 1: length of the contract or TV deals are usually done 430 00:25:51,320 --> 00:25:55,679 Speaker 1: between three and god knows five years, so we know 431 00:25:56,240 --> 00:26:00,359 Speaker 1: what the next three to five years our our income 432 00:26:00,480 --> 00:26:04,840 Speaker 1: looks like, and we also know our costs. So that 433 00:26:04,880 --> 00:26:07,360 Speaker 1: makes it an attractive business model. Like I said before, 434 00:26:07,400 --> 00:26:11,440 Speaker 1: I'm just repeating myself, and what's what do you think 435 00:26:11,440 --> 00:26:14,960 Speaker 1: about for you? You turn fifty this year, what's your ambition? 436 00:26:15,160 --> 00:26:20,240 Speaker 1: What's the ambition for total? While I was racing driver 437 00:26:20,680 --> 00:26:26,400 Speaker 1: turned finance person, came back as a team owner and 438 00:26:26,480 --> 00:26:29,800 Speaker 1: team manager. And this is what I enjoy doing at 439 00:26:29,800 --> 00:26:32,160 Speaker 1: the moment. But I feel like with any other position 440 00:26:32,240 --> 00:26:35,480 Speaker 1: around here, is when you realize that you're becoming from 441 00:26:35,520 --> 00:26:38,720 Speaker 1: great too good, it's important to hand over the battern. 442 00:26:39,119 --> 00:26:41,720 Speaker 1: This is not some kind of family legacy thing where 443 00:26:41,720 --> 00:26:43,800 Speaker 1: I would like my son and my daughter to take over. 444 00:26:44,200 --> 00:26:47,199 Speaker 1: They should very much embark on their own things. It 445 00:26:47,359 --> 00:26:50,600 Speaker 1: is I have a wife that understands the business profoundly, 446 00:26:50,640 --> 00:26:52,960 Speaker 1: and we believe that we can still contribute to the team. 447 00:26:53,040 --> 00:26:56,240 Speaker 1: So this is our team ownership that will not change. 448 00:26:56,320 --> 00:26:59,240 Speaker 1: We are not going to sell the team because we 449 00:26:59,280 --> 00:27:01,560 Speaker 1: believe in the sport worts and we understand what we do. 450 00:27:01,720 --> 00:27:04,720 Speaker 1: At least we think we understand. My place is here 451 00:27:05,200 --> 00:27:08,040 Speaker 1: and that's going to be for the foreseeable future. Is 452 00:27:08,080 --> 00:27:11,280 Speaker 1: this year just about all these challenges still fun? Do 453 00:27:11,320 --> 00:27:15,040 Speaker 1: you have fun doing this or does it feel less fun? 454 00:27:15,359 --> 00:27:19,040 Speaker 1: In two? It has felt less fun. Also in the 455 00:27:19,119 --> 00:27:22,880 Speaker 1: years before where we struggled, where it was difficult, but 456 00:27:23,200 --> 00:27:25,639 Speaker 1: I can tell you at the end, it's it's sports 457 00:27:26,720 --> 00:27:30,040 Speaker 1: and it's a business. There's so much more relevant things 458 00:27:30,119 --> 00:27:33,000 Speaker 1: that happened in the world and in the family um 459 00:27:33,040 --> 00:27:36,440 Speaker 1: that all the difficult moment in the for the team 460 00:27:36,440 --> 00:27:38,840 Speaker 1: are just not even moving the needle for me in 461 00:27:38,960 --> 00:27:42,439 Speaker 1: terms of not enjoyable. We are very lucky that we 462 00:27:42,520 --> 00:27:45,399 Speaker 1: end this industry and how has it changed, How has 463 00:27:45,480 --> 00:27:49,040 Speaker 1: this year changed if it has, or what is it 464 00:27:49,119 --> 00:27:52,879 Speaker 1: taught you about your business philosophy? We knew that at 465 00:27:52,880 --> 00:27:55,400 Speaker 1: a certain stage that winning streak is going to end, 466 00:27:55,440 --> 00:27:58,639 Speaker 1: and we discussed a lot. What are we going to do, 467 00:27:59,119 --> 00:28:01,280 Speaker 1: How are we going to keep the integrity of the 468 00:28:01,280 --> 00:28:03,679 Speaker 1: team together, still live to the standard of a no 469 00:28:03,840 --> 00:28:09,359 Speaker 1: blame culture, empowerment whilst every bone in your body tails. 470 00:28:09,400 --> 00:28:13,640 Speaker 1: You cannot really trust because the engineering hasn't delivered the results. 471 00:28:14,160 --> 00:28:16,160 Speaker 1: And I think that's not trivial. We wrote it all 472 00:28:16,240 --> 00:28:19,480 Speaker 1: down and we knew how to behave but when it's 473 00:28:19,480 --> 00:28:21,600 Speaker 1: the fifth time in a row and you're finishing second 474 00:28:21,680 --> 00:28:25,840 Speaker 1: or third rather than winning these things, these negative emotions 475 00:28:25,840 --> 00:28:28,919 Speaker 1: still kick in. So I was asked a lot about 476 00:28:28,920 --> 00:28:32,720 Speaker 1: the journey until now with the eight consecutive titles, and 477 00:28:32,880 --> 00:28:37,240 Speaker 1: I will enjoy even more talking about this year, how 478 00:28:37,480 --> 00:28:43,000 Speaker 1: our behaviors and values stayed intact or not during a 479 00:28:43,120 --> 00:28:47,200 Speaker 1: year that we weren't really good on track? So are 480 00:28:47,240 --> 00:28:50,120 Speaker 1: not good enough because we're still respectable thinking the third 481 00:28:50,560 --> 00:28:53,320 Speaker 1: out of ten teams. But in any case, I this 482 00:28:53,440 --> 00:28:56,760 Speaker 1: is a life proof of what I was preaching is 483 00:28:56,800 --> 00:29:03,920 Speaker 1: actually viable. H Thanks so much for listening to my 484 00:29:04,000 --> 00:29:06,440 Speaker 1: conversation with Total Wolf. I'm grateful to him and the 485 00:29:06,480 --> 00:29:09,400 Speaker 1: team over Mercedes for making it all possible. Do check 486 00:29:09,400 --> 00:29:12,560 Speaker 1: out the full documentary. It includes those scenes from Austin 487 00:29:12,680 --> 00:29:15,600 Speaker 1: and Monaco. You can find that at Bloomberg dot com 488 00:29:15,720 --> 00:29:18,800 Speaker 1: or via YouTube. My thanks also to Tom Connors and 489 00:29:18,880 --> 00:29:22,080 Speaker 1: Kathy Glance they produced the documentary, and to Stacy Wong, 490 00:29:22,120 --> 00:29:25,040 Speaker 1: who produced this podcast. I'm Jason Kelly. We've got more 491 00:29:25,080 --> 00:29:27,120 Speaker 1: great stuff coming up for you. Be on the lookout 492 00:29:27,160 --> 00:29:30,920 Speaker 1: for another intimate conversation the key owner in the sports world, 493 00:29:31,040 --> 00:29:34,880 Speaker 1: Jeoffrey LORII of the NFL leading Philadelphia Eagles. That will 494 00:29:34,960 --> 00:29:37,240 Speaker 1: drop in just a couple of weeks. Until then, thanks 495 00:29:37,280 --> 00:29:37,720 Speaker 1: for listening.