Steve Ballmer

And it's got Y billion on debt on it. You're only selling it for X minus Y. You're not selling it for X, meaning the universe of buyers is bigger because it has debt on it. And oh, by the way, I happen to get the debt at a very good time at a very good rate. So it's sort of a double value to a future buyer. So that's the reason we put debt on the building.

And the margin debt was just a timing issue, if you will.

And the margin debt was just a timing issue, if you will.

And I will also tell you, unlike Microsoft, it cannot go to zero.

And I will also tell you, unlike Microsoft, it cannot go to zero.

Not a chance. It is far more secure than Microsoft. Why? Not making more of them. They're not making more of them. And as long as anybody in the world is getting richer, the buyer pool will only go up. And people don't buy them for their earnings. I wish we had more earnings. But at the end of the day, people are buying them because almost more like a piece of art. I mean, not everybody.

Not a chance. It is far more secure than Microsoft. Why? Not making more of them. They're not making more of them. And as long as anybody in the world is getting richer, the buyer pool will only go up. And people don't buy them for their earnings. I wish we had more earnings. But at the end of the day, people are buying them because almost more like a piece of art. I mean, not everybody.

People don't like negative cash flow, blah, blah, blah. But at the end of the day, and I have the Clippers, we have the best market in the world. I mean, you don't want to own a basketball team other than maybe Miami. I mean, the place players want to play is LA. And if you look at buyers, if you're a buyer and you – where do you want to go if you don't live in LA? Where do you want to go?

People don't like negative cash flow, blah, blah, blah. But at the end of the day, and I have the Clippers, we have the best market in the world. I mean, you don't want to own a basketball team other than maybe Miami. I mean, the place players want to play is LA. And if you look at buyers, if you're a buyer and you – where do you want to go if you don't live in LA? Where do you want to go?

Well, you want to go to LA or you want to go to Miami. You don't want to go to New York in the wintertime. And if you're a foreign buyer, potentially – You want to go to LA. So that asset value, I mean, we should get on to something other than asset value. And I'm not selling the thing. My estate may sell it. I don't know what the Connie and the kids will want.

Well, you want to go to LA or you want to go to Miami. You don't want to go to New York in the wintertime. And if you're a foreign buyer, potentially – You want to go to LA. So that asset value, I mean, we should get on to something other than asset value. And I'm not selling the thing. My estate may sell it. I don't know what the Connie and the kids will want.

But at the end of the day, that one does not have a lot of volatility.

But at the end of the day, that one does not have a lot of volatility.

I'll give you two parts of the answer. First is how I relate to that business versus the businesses I've known. Number one, there are more similarities than I ever thought. I mean, we do version upgrades just like you do. What's a version upgrade? You do major version upgrades over the summer. That's the draft and free agency and trades.

I'll give you two parts of the answer. First is how I relate to that business versus the businesses I've known. Number one, there are more similarities than I ever thought. I mean, we do version upgrades just like you do. What's a version upgrade? You do major version upgrades over the summer. That's the draft and free agency and trades.

And you do a minor version upgrade at the time of the trade deadline. So it's very similar. You've got a six-month ship cycle. It's your service pack. You have a major and minor release every year.

And you do a minor version upgrade at the time of the trade deadline. So it's very similar. You've got a six-month ship cycle. It's your service pack. You have a major and minor release every year.

And oh, by the way, you know how people like agile now development? Guess what? That's called changing the game plan. The coaches are always modifying in that sense. So it's a little bit similar. I never thought about that. The business is just like Microsoft. We sell both advertising and that's called sponsorship. And we sell tickets. Software licenses. Oh, no, that's like software licenses.

And oh, by the way, you know how people like agile now development? Guess what? That's called changing the game plan. The coaches are always modifying in that sense. So it's a little bit similar. I never thought about that. The business is just like Microsoft. We sell both advertising and that's called sponsorship. And we sell tickets. Software licenses. Oh, no, that's like software licenses.

And we have an OEM business. That's called broadcast revenue. It's 100%. It actually is remarkably similar. I mean, just in terms of business modeling. We do have a union. That's very different. What that means in terms of the complexity through the collective bargaining agreement, it also covers things like what's max salary, what trades can you make, all that. Very different.