David Rosenthal

That is a net present happiness value positive trade for a lot of billionaires.

Yep.

Which means that a change in sentiment among that very narrow market will have a huge impact.

But for now, I think the valuations are probably safe.

Oh, I agree.

I just don't think you're going to see these things.

No, they're not going to trade at fire sale prices.

Yeah.

But I think this is going to be more durable.

Yep, totally.

Okay, so that's one.

But then point number two is I think there was a narrative around cord-cutting

10 years ago, that was linear broadcast television is dead, live sports, and especially football are the last bastion, but who knows how long this will last.

And I think what I, at least a lot of people didn't see back then is that these leagues, the NFL, especially are going to be totally fine in a post linear TV era.

And, and,

no further proof is needed, then Amazon and Google are the latest people to pay boatloads of money to the NFL.

And they also completely whiffed on strategy for the social media era.

But they're still fine.

Yeah, it is wild.

We talked about this a lot on the NBA episode, but just to recap here, because the story hasn't really changed.