Buying and Transforming a Puerto Rico Basketball Team

Ric Elias - The Art of Living Well - [Invest Like The Best, CLASSICS]

Welcome to this classic episode. Classics are my favorite episodes from the past 10 years, published once a month. These are N of 1 conversations with N of 1 people.

Ric Elias is the CEO and co-founder of Red Ventures, which has a portfolio of fast-growing digital businesses like Lonely Planet, The Points Guy, Bankrate, and large investments in a variety of other businesses across industries. He began the business in 2000 and has grown it to now a global company with thousands of employees.

Ric walks us through the early struggles that have led to what is now a flourishing investing platform, but mostly this episode is a masterclass on cultural values and philosophies that transcend mere financial gain. We discuss the difference between living good and well, the power of forgiveness, and compounding more than just your capital. Ric’s story is one of resilience, humility, and grace. His story about being in the front row of the plane that Captain Sully landed in the Hudson is singular and very moving.

Please enjoy my conversation with Ric Elias.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Timestamps:

(00:00:00) Welcome to Invest Like the Best

(00:02:00) Meet Ric Elias

(00:02:49) Chasing the Big Dream

(00:05:38) Understanding Red Ventures: Origin and Evolution

(00:10:25) Operational Success and Company Culture

(00:25:30) Reflections on Money and Personal Well-being

(00:28:49) The Difference between Good and Well

(00:32:55) The Hudson River Plane Crash Experience

(00:42:37) Reconnecting with Puerto Rico and Reviving the Basketball Team

(00:45:07) Underdogs to Champions

(00:48:09) How to Build Trust and Culture

(00:52:29) Reflections on Leadership

(00:56:12) The Role of Confidence and Courage

(00:59:38) The Value of Family and Friendships

(01:01:57) The Pursuit of Purpose Over Profit

(01:06:52) Recruitment and Company Culture

(01:10:07) Reflecting on Success

(01:14:33) The Importance of Pace and Speed

(01:16:23) Other Business Philosophies

(01:23:17) The Kindest Thing