David Rosenthal

Agree.

LeBron, I think, is already a billionaire, and especially once his playing days are over, he will be a multi-multi-multi-billionaire because of the influence that he has.

Awesome.

For new listeners, this is the section we do an analysis based on the great book by Hamilton Helmer, where we run through each of his seven powers that a business could have to earn long-term differential profits versus its competitors.

And the seven powers are counter-positioning, scale economies, switching costs, network economies, process power, branding, and cornered resource.

All right.

I think they definitely have a cornered resource.

If you want to watch professional football played by this set of athletes, they are the only game in town.

Yeah, I think this is maybe the most clear cornered resource that we've ever had on the show.

Yep.

I think...

During the dawn of the TV era, I think they were counter-positioned against Major League Baseball in that while decline in revenue from the gate by adding TV certainly was a hit to them, it wasn't as much of an existential hit in the way it was for Major League Baseball.

And so the NFL was more able and willing to experiment with the new business model of TV as the primary revenue source than baseball.

Right.

There's no way even in 1949 that the Yankees would have agreed to a league first mindset.

Let alone today.

When they have their own television network, etc.

They have the players.

You could maybe put the antitrust exemption, you could kind of shoehorn that into process power.

Or a cornered resource.