Patrick O'Shaughnessy

I'm very intrigued by the fact that some of the great go anywhere investors gravitate towards sports at some point.

Talk about the Real Madrid, FC Barcelona transactions, what you're doing, why you're involved in the, what you like about that space.

The stadium one, as an example, there's this interesting push and pull.

They know the money they need and for what.

They're probably optimizing for giving up the least or finding great partners or whatever.

And there's some minimum return that you need to get interested.

What is that push and pull process like at the whiteboard?

How do you communicate to them?

These are the things that we need.

First of all, what are they trying to solve?

In those different options, what are the key levers?

So in this case, there's a stadium that's mapped onto a bigger organization that produces lots of revenue and has lots of streams of revenue, et cetera.

Are you always looking through to some underlying holistic whole thing and figuring out how the joint venture that you own equity in benefits?

Because the stadium by itself is just a thing.

So the ticket sales or something and the revenue associated with the stadium itself becomes the thing that the joint venture... So in that case, you got premium VIP suites.

What is the process by which you develop the 15 to 20 themes at any given point in time?

What are your favorite two or three themes right now?

The ones that personally animate you the most?

Given how big this has all become, assets, number of people, strategies, investments, how do you spend your own time on individual investments versus on people and on teams?

Because obviously you love investing.