00:00I want to talk about sports a little bit with you, Ian, because it feels like every other week
00:05there's a new record being set for valuations. Just a couple weeks ago, the San Diego Padres,
00:08of course, set a record in MLB. How long can this last? Is there a limit to how high
00:13valuations can get? There's probably some limit, but obviously this kind of ties back into what
00:19I was saying of there's this real demand for experiences. Live sports fits in really nicely
00:25into that. Over the last 10 years, I think we've seen sports really come into its own asset class
00:31with institutional investors coming into this space as well with sponsors. And so I think you
00:37will continue to see valuations. And the Padres was really a positive sign from the market about
00:43new media rights deals for baseball, because I think people don't see investing in sports teams
00:49anymore. It's just some sort of like trophy asset that there's really a larger ecosystem that they're
00:54operating in around the brand and the IP as well. Can I just push back on that? Because the GPs
00:59themselves might feel that way, but it feels like LPs. I mean, I'm thinking of Clear Lake who are like,
01:03what are you guys doing bidding on sports? Concentrate on the actual portfolio. I mean,
01:07is there still this idea that it's just a trophy asset and maybe distracting investors over other
01:12assets? No, I think as you've seen, the trades happen and the valuations go up. And there's
01:20economic backing to that within the media rights deal. As Christina mentioned, this really is a very
01:26scarce asset. And the media rights that we've seen and as streamers have figured out how to
01:33incorporate sports streaming into their platforms over the last few years, you've seen those media
01:37right deals and valuations go up. And I think there's a larger ecosystem. I think there is really
01:42a buildup around live experiences, especially in the age of AI and your phone where you could watch
01:49everything in your sweats. But I think people have come out of this and really said, hey,
01:53it's nice to get dressed up and go somewhere.
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