The Prof G Pod with Scott Galloway No Mercy / No Malice: Goals
May 27, 2023
Discover the allure of owning a professional sports team as a status symbol, especially among billionaire investors. Dive into the emotional highs and economic lows of sports franchise investments. Explore how celebrities like Ryan Reynolds and Bill Murray amplify their teams' appeal. Uncover the financial evolution of sports, driven by lucrative broadcasting rights and sponsorships, while reflecting on the deep emotional ties that connect fans and generations.
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Stoicism and Boring Investments
- Remain unemotional when investing.
- Avoid "sexy" investments that attract too much capital, thus lowering returns.
The Economics of Sports Teams
- Sports teams are historically poor investments, often losing money.
- Rich owners prioritize competition over sound financial decisions.
Sports Team Ownership Risks
- Christian Vanderaje bought the St. Louis Brown Stockings and experienced financial ruin and divorce.
- Mike Piazza bankrupted an Italian football club and faced death threats.