Ben Gilbert

If you are a gajillionaire and you want to flex on other gajillionaires, this is a way that at least is very likely to have a lot of durable value for you to get to keep doing that, regardless of its underlying cash flows.

But I will say, when you have something that increases in value because of social signaling and desirability and not tied to underlying cash flows, that is a potential sign of a valuation bubble.

No.

Not always.

There's luxury watches that have kept their value for centuries, but it should make you wonder.

I mean, team values have ballooned to the point where there are very, very few people who can buy one today.

Totally.

Ooh, all right.

We'll have to see in a few years.

I think they've reached a plateau.

I don't think we're going anywhere north of $8-9 billion in the near future.

You don't think they're going to deflate?

The average revenue multiple in 2012 of a team went from about 4x to about 8x between 2012 and 2022.

Wow.

So yeah, multiple expansion along with the rest of the market.

Potentially justified by the fact that most people don't actually own these things for their cash-generating characteristics anyway.

It's a very fancy gem.

Yep, the NFL will make the transition to digital distribution.

And it's pretty amazing that they didn't need to build it themselves.

MLB did the whole BAM tech thing.