YouSaid · the spoken record

Steve Pagliuca

lines on the record: 48
first: 2023-02-10
most recent: 2023-02-10
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Appreciate it and great to see you. You're certainly enthusiastic about this area. I'm in your top 2,700 now, or which interview is this?”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“People. It can be fun to measure those people and leave something of lasting impact. And that's what we want to do with bank capital, and that's what I like to do with my family office going forward. Hopefully I'll still be alive those five years to get that done and keep moving on.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Always be affiliated in some way with vain capital, helping bank capital. I'm going to continue to build the sports group, which I love, and then continue to invest in these areas like biotech and artificial intelligence and space on a venture basis where we can create great companies, but also be the lasting impact. I don't think there's ever a real point where I'm going to, I wish I was better at golf, but I'm not going to become a golf pro anytime soon. So I really am curious about all these areas and love working with the people and developing the next generation. There's a concept that Doc Rivers pioneered that the Celtics called, I don't know if you've heard of it, it's called Ubuntu. And we won the championship with the Ubuntu culture in 2008. Ubuntu is an African word that means that you are only here because other people have helped you get there. And so you need to help other people to get there. So we are all part of a system and we only succeed or fail based on how others help us. So I think our investing, we can have a win-win. Our investing can actually help a lot of.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“First I look for it is they have to have a passion for what they're investing into and their passion has to extend to say they want to do a great job for investors. So when someone comes in with a pitch and says, I want to do this and I'm going to get a 20% carry and that's the ones I shy away from. The ones that say I want to build the best set of biotech companies and I want our investors to be with me in that and co-invest with me. If our investors do well, I'm going to do well. Those are the folks that I like”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Learned over time investing that the people dimension is just as important, maybe more important than the analysis dimension. We grew up on the analysis heavy culture of Maine and Company. We brought that over to bank capital, but I think we've realized over time it's the combination of those two and the balance of those two that break success”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Think we may have gotten the grinding too far. The people we hire bank capital think they work extremely hard. I think they're just much more judicious about how they use their time. And some of the grinding is not necessary. Like some of the grinding of getting the extra spreadsheet that only relates to 0.2% of the business, some of that stuff is not. So I think these people work as hard as ever, but they've made it priority to be more balanced. And I think that balance will be a good thing for making judgment and investment decisions and having a great life. So I'm very optimistic about this. And I see it in our company and the whole industry hopefully it's going to result because we won't have a planet here unless we start focusing on people working together to solve global warming, to solve income equality, working out a lot of stripes. My optimism is that this generation is really picked up on that. And they criticize the generation of the 60s as well, the one that came before me, but they made a lot of positive change on civil rights as well. But this generation, I think, is really committed to that.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“More than we had done because I think our mindset was I've got to make sure that my family is secure. They have a broader horizon, older vision than we do. So I'm very uplifted by that.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Really optimistic about this current generation, the folks that we interview and hire into Bain Capital, they really have more of a sense of purpose that we have, maybe because we came out of this depression mentality, that all we had to do was feed the family. And so they are driving things that we wanted to do for a long period of time. They're actually demanding and driving that. The industry, private equity, is trying to become more diverse. We're actually becoming more diverse now because the people you hire are demanding it. We're a better organization for that. So we're only in the early innings of that, but we've been trying to do that for years, but we're actually starting to accomplish the early stages of that. We need to invest even more. That's going to be successful because of the belief of the people. They're also concerned about the planet, global warming. They are much more concerned about the quality of life. People sometimes say that's a bad thing, but I think that's a good thing. And the firms are responding to that. And I find it very energizing and very optimistic, even though there's daunting challenges like global warming, income equality facing that. But this generation is really put that on the forefront.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm an optimist, so I think we're going to be better. I could be wrong, but I think we're going to be better. We'll get through. We've had the tech bubble set in and people are going back to basics. Employment in the US is at a good pace right now. Inflation is down. The big wild card is going to be the Russia-Ukraine situation. Does that spin out of the polarization that's happening between nations? We're hearing better news out of China. Hopefully we'll be moving better places. So I'd say we're going to be martially better, not out of the woods, but marketingly better.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Mind I love these books, but I love my mother was a history teacher, so I love history books. One of my favorite ones is John Adams, who was one of the founding fathers of America. He's the unsung hero of America because he's the guy behind the scenes, a crusty old New England guy that designed the kind of the state and democratic system and the Constitution. He was the brains behind all that. He'd studied all the government civilization things from Greek and Locke and all the philosophies. And he came up with this checks and balances thing that worked so well for America for so many years. It's amazing to learn of the intellectual firepower that he had and how he really was fundamental to putting this whole country together”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably a great sense of humor, number one, and you have to have shared values. And like any partnership, you have to be willing to sacrifice for each other. My wife has been amazing in terms of she was a fund manager of Fidelity and Harvard MBA has taken large responsibility for managing four kids as well as do all the business things in biotech. I think the key is mutual respect and shared values and follow-up feels a great sense of humor.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Changed a bit over time. I've always believed in being diversified. And so I'm highly diversified and I don't have a large burn rate in my lifestyle. So I have tolerance for more risk because I can feed my family. But where do you spend that risk? I'm looking at things like biotech at this phase of my career that's highly risky, but that can do great things for mankind. So our family office has done about over 50 biotech investments. And the game there is you have to do a diversified portfolio, hopefully two or three of them. So that's very gratifying to see that you can actually invest and have a good return on your money and then save lives. So we're skew our investment towards these riskier areas that can actually be very exciting. Same thing in technology, artificial intelligence, the space world. There's a whole area out there that I'm investing in now that I probably wouldn't have invested into unless I had a diversified base.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“The hardest thing is your duty when you own a club is to try to win a championship. I'm a huge fan as well as an owner. I love all the players atalanta. I love all the players in Celtics and I get to know these players personally and we help each other with various things. And then the general manager comes in and says, look, we can't win the championship unless we have a new center or we need a striker. And then they have to trade other players or sell other players. And that's very emotional because these are people, these are people you've been friends with. And it's hard. The good news is, oh, there's a lot of the selfies. We take a lot of care in trying to take players' input. We tell them, look, our duty is to win here and all the players are great. So, for example, we trade at Al Jefferson. He was a rookie that we drafted. And I love the guy. I still love him today. But he got traded for Kevin Garnett. Kevin Garnett was one of the best players in the history of the NBA. So we said, Al, we have an opportunity. They want young players, Kevin Garnett wants to come here. So it's an honor for you to be traded for one of the best players ever in the NBA. And out went on to have a great career at Minneapolis and Sims.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“No, because a piece of investment advice that was given to me by someone very early in my career was the only thing worse than losing a deal is doing a bad deal. And if you feel like there's not going to be the capital there, you're going to struggle with it in the plan. You probably ought to back off and I don't regret that. Although it could be a very good investment, it's an iconic franchise. Everyone has a different view of price of where their limit is and where their capital is. We just felt for our strategy it didn't work.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Of two to three billion pounds with no debt. And we had a group that came up with that money. And what was a very rich price. And unfortunately, at the last minute, they went away from that model and they allowed debt to go in the business and they asked for a much higher price than what we were talking about. So we had to drop out. And our issue was we wanted to and could be a very good investment, but the way we do business is we want to prepare for the worst and hope for the best. And we thought there'd be a big investment in the stadium. There need to be big investment into improvement of the facilities. We wanted investment players and we just determined that at the price that it was at, it was going to be hard to make the kinds of investments that we wanted to do. That was our strategy. And the folks that bought it, their strategy could work and maybe a different strategy, but it didn't work in the context of what we were trying to accomplish.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm a Chelsea fan. This is why I became a Chelsea fan because I spent so much time with the people there, and I loved meeting people representing the women's team and the pitch association. It was a fantastic process and met great people in that process. I'll be a Chelsea fan as well. Chelsea was an iconic asset. And what we do with the PAX groups is my sports organization is we want to buy iconic assets that have really like the Celtics that have a strong fan base that have potential to grow. And we view ourselves as stewards of these assets. You're really a steward. It's not buying a company where you're trying to make more widgets. It's a company that is so ingrained in the community. So we really take a stewardship approach to this and we believe good things will happen. So I really love Chelsea for that aspect. I mean, I had an apartment in London, as I said, in the early days of Bain. So I was very excited about it. And we thought we had a great chance to win because the original RFP came out to say that they were only going to have a few groups and they want a great steward. And they don't want any debt on the business, zero debt. That's a high hurdle because you're talking about purchase price.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Definitely a potential strategy. People are doing that and looking at certain system in Europe where you can buy a Division III or Division II team and move it up. There's a lot of”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Been really high up and to the right for now. So the question is can you go up 10 times from a 3 billion valuation to 30? It may be possible, but I think they'll still have a good run, but you run into this multiplier effect with that much money. Is there that much capital to buy a team? How many people can buy a team for 30 billion? It's the same thing with artwork. Scarcity is only driven by the amount of money that can come in to buy the asset. So is it inconceivable? No. Will it keep going up? I think it'll keep going up because there's fundamental globalization and more modernization and more fan base being created as long as the leagues can keep that competitive balance and keep the product exciting. And so that's going to be the dynamic tension.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's an issue and what the organizations, the leagues have to do, and they are doing this come in with a set of rules to have competitive balance. So the real issue is competitive balance. You're going to get that concentration if you have no competitive balance. And eventually that, I think, diminished the value of all the teams because no one wants to see one team win everything every year. So you've got to have some competitive balance. And so they're putting in financial fair play rules in football. And Scott, that's going the right direction. The NBA has a fantastic partnership with the players where the players are guaranteed half the revenues and the owners get half the revenues. That's been a very successful deal because every time we increase revenues, the players benefit by that. So we've had very little strikes and we've had pretty good competitive balance. But that's the key for these leagues. For the long-term value is to come up with systems that are fair to players and fair to fans, but allow every team to compete.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“The great performance and technology that's allowed to have a bigger fan base, more modernization, higher revenues, and that ongoing plus money coming into the system that's caused scarce assets to go up in value has been a very attractive way to invest in sports.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Think they recognized and spent probably over the last 10 years, or they recognized the growth potential. I would call it the globalization of sports. So the new media, Instagram, Twitter, the ability to stream on demand, it's changed the whole landscape so that a fan can be a global fan. You're used to measure fan counts in the hundreds of thousands or millions, and now they can be measured in hundreds of millions. And Chelsea has four or five hundred million Manchester United, four or five hundred million fans out there. And you're especially seeing that in the global sports like basketball, and you would call it football slash soccer. And that dynamic has led to more revenues, giant increases in media contracts, and more value. And those investment firms have invested behind that successfully. Secondly, there's been a dynamic with so much money coming into the system, all what I'll call artwork type assets, scarce assets of many scarce assets really going up in value because there's a lot of money out there chasing those scarce assets. So a component of the value of sports teams have been”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question here, and absolutely, we've had that. I have a very vivid memory of that three years into our ownership, so 2006 or 2007. One of our star players, Paul Pierce, got hurt, and he was 30% of the offense. And so we ended up losing over 50 games that year. So we won 30 games out of 82. The media, the fans were calling for us to fire Duck Rivers, to fire Danny Aes, the general manager of the coach. And we had a meeting and we looked at the metrics and how the coaches were coaching and how Danny was doing his job. And we said, these guys are A plus players. And so they said, there's no way we're going to fire them. Then he look up a year and a half later, we win the championship. Had we fired those guys, we'd be nowhere. And those guys went on to be in the conference finals. They're two of the best people in the business. So I always remember that when there's a big headline, these guys are idiots, fire the coach. And I said to the media, if we keep losing like this, we should fire the owners, not the coach, and not the general manager, because if they're doing an absolutely fantastic job.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“A lot of similarities. One of the similarities is we went into the Celtics, we had a strategic plan, and it had three components. The first component was fundamental to build a championship team because Boston wants championships and that's how you drive engagement. The second to be the best community asset that it could be. And so we formed the Boston Celtic Sharemot Foundation and used the power of sports to actually give millions.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Work for us, I think it's like a basketball team, you make a decision, you call applying, sometimes it works, and sometimes it doesn't, but you have to go out there and execute the play.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“For how you're going to build the company going forward, so people that could poke the holes in it, if we're going to still do the investment, it's good to identify those holes and then fix them as soon as you can.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a really great question. The worst thing you can do in investments is plentifulize it so that you say, I don't want to upset that partner because I want to vote for his investment. So we hammer that in the culture. I know one investment that I brought to committee that I thought we were going to do. I will mention the name of it, but one of the principal analysts in the room raised a question about how we were looking at the valuation and that if you looked it on a cash EPS basis versus the EPS basis, it would be shaky. And he was compelling enough that we basically shut the whole investment down. And I thought when I walked into that thing, there was about a 90% chance we were going to do it and we didn't do it. And that upset a few people on the team. I was on that team as it upset me. But actually, it turned out to be a very good decision. And we use that as an example to say, you know, the speaking up and saying the right thing, that's what we want you to do. We want to set you. You also don't have to have 100% of the people before the investment because you don't want to have a situation where one view dictates. But we want those one views because they actually help us also in designing the plan.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question. Unfortunately, that involves a lot of late night work and a lot of work at Bain Capital has a huge work ethic. And I would honestly say that we have never lost a deal because of an IC bottleneck. And if we need to have an IC at 2 in the morning on Monday morning or Sunday night, that's what we do.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Is maintaining the investment discipline and the culture of the firm and the way we've done that is we have a investment committee that basically looks at every investment. It's the kind of the top partners, the company look at every investment, whether it's an investment in a company in Rhode Island or a company in Malaysia. So we try to maintain that discipline and the culture of really trying to do good investments and build companies that have a high performance culture. You don't want to view yourself as an asset gather. If you measure yourself by the amount of money you put out the door, we believe it causes real trouble. You want to measure yourself by the performance and the value that you create investing that money.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we maybe could have done is applied the model earlier globally. We recognize the value of a global network. Bain capital started at 84, and we really didn't take the model globally until 2000 or so, where we opened up in London. So we formed an office in London. And we thought the model of improving companies and building companies would apply to other geographic areas. And it turns out it did. I think we could have done it earlier.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the first element was the idea of taking the consulting skills developed at Bain Company and applying that to actually owning the businesses. Bain& Company have been a very successful consulting firm, growing great businesses and great clients globally. And the idea that Bill Bain had was if we could own those companies, we could do that even faster and better and help them with these analytic resources. We're a huge tool to these companies. It turns out that that philosophy worked really well. In fact, most of the industry is adopting that now. They hire Bain& Company and McKinsey to do what we do internally at Bain Capital. The second critical piece was alignment with investors. So when Bain Capital was formed, a lot of the investment came in from the Bain partners and the people themselves. We've really helped firm to that today where, let's say, our last $12 billion fund, over a billion of capital has come from all the people in the company. That is 100 times more in terms of percentage than most investment firms out there. So high alignment with our investors was a second aspect of it.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Wouldn't call it market timing, I would call it stepping back and saying, What is the macro trend? What's the macro trend? Bank capital, we've always been micro economists, and I think we've learned in the last 20 years we've been much more looking at, okay, that's what we can do for a micro basis, but what's going to be the macro effect upon it?”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Invested in a company back around the period, maybe a little after Gartner called PQC, which was physicians quality care. And we had done a study and found there was a market developing where physicians would band together and you could deliver a better service or better quality to patients if you centralized the equipment and the x-ray equipment you needed, if you centralize purchasing. The physicians would do better. The patients would do better and you could schedule that with software use. So the economy of scale of putting physicians together was, I thought, a great idea. We thought a great idea. We did a white paper on it. And we found a group in Baltimore to invest behind. But it turned out back in the day, whatever that was, 1992 or 93, they really couldn't work together. They couldn't decentralize things. The software wasn't there to make it. And so it was basically venture investment going bad. So what I learned from that is it was a great idea, but it was ahead of its time and it was really hard to execute that idea. In fact, 20, 30 years later, now there are large doctor collaborates, all the things that were in that paper true. It just took another 20 years.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Investing in companies that have a growth path. And our thesis in investing into Gartner was that technology was going to get more and more complicated, that people would need more information. We thought it could expand globally. We thought it should have thousands of Salesforce people instead of the 25 that they had. And so that thesis panned out. And there's a misnomer about private equity because I think way back when it first started in the 70s, it wasn't called private equity. It was called leverage buyouts. A lot of those deals were taking companies that had generous pension programs and were way too fat companies that had jets and cost reducing. There was a mental model that that's what private equity was. Actually, it's really hard to do that because companies are well run today.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Depends on how you measure a biggest wind. But one investment that I'm very fond of and I'm still involved with today, it was actually this, I think, the second or third investment I did in my career in 1991. It's called the Garger Group. And you may know it's an information services company that provides data about technology and which technology you should buy and how they work. And back in 1991, that was a $60 million sales company. It was owned by an advertising agency in the UK, Satchi and Sachi, a non-core business, and it was losing money. And they had their own issues, so they had to sell it. And we actually came in and information partners being bought the company with the management team. Today, that company is basically gone from a 70, I think we bought for 70 million. It's worth over $20 billion today. And I'm still on the board. So it's been an incredible run. And because technology has grown, the need for technology information has grown. We've basically built that business from 70 million in sales to multiple billions now and over 20 billion market cap. It really taught me that there's huge value to.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Positive side of that this is all equity dollars mainly invested where you go into a real problem the crash of 2008 was based on just too much leverage everywhere when a leverage gets pulled out you have a crisis equity dollars are just lost you're not loaning it into somebody else you just lose your equity dollar so there'll be a carnage of some firms that overinvested in this over exuberance but that will not move the needle like the crash did in 2008 because that was driven by debt which has a multiplier effect”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Of the success of some of the unicorns, Amazon, and there was an investment mentality that said we can lose lots of money forever and there'll be a pot of gold in the other rainbow. Unfortunately, that is for a very few specific circumstances. There are not that many unicorns that will be created. And so now you're seeing a lot of companies that have to go back to basics and figure out how to deliver profits or have a plan that will deliver profits. There's just been a lot of overinvestment in that philosophy saying a horde of cash and buying market share could get you a great business at the end. And that is just not true for 90%.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“I've been doing this for close to four decades now, and the crash of 87, the 99 tech crash, the internet back in those days, the financial crisis. And it just seems like the world goes through periods of exuberance and then periods of doom. And we certainly had an exuberant period here where the model was slipped on its head. And in fact, it worked. It worked in several cases. A company like Amazon lost money for years and years until it made a lot of money. But then in capitalism, sometimes there's that over-exuberance and irrational. You never say, okay, every company can do that. And we basically have come out from a phase of that happening for probably the last 10 or so years. And it reminded me back in 99 with the internet, people would come in with a term sheet and say, you have a day to decide, here's our terms, and we're going to the other people. So you have 24 hours to decide. And many venture firms back to companies like that, some were successful. Most weren't. And there were free winners. So we're really coming out of a period now where over a long period of time because of low interest rates, because”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Performance means leaving it all out in the field as they say doing the best you possibly can, going the extra mile, the high performance teams at Bay and at the Celtics, the teams we've had. They look at every detail. If you ask them for a two-slide presentation, they bring you a five-slide presentation. High performance teams go above and beyond.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“That was a labor of love. There was a community asset, the Celtics, and they weren't doing that well. And Wick Grossbeck, who was a good friend, called me and said, you had a line into buying the Celtics would I like to be his partner. And I've been a lifelong basketball fan and sports fan and all of sports. And so I thought that was a potential dream come true. And I did struggle with the decision. I talked to my wife, Judy, and said, should we do this? Should we invest in this team? And I decided I was passionate about it. Then they overcame that fear. I invested in the team. And it's one of the best things I've ever done. It's just been a fantastic run. It's been 20 years now.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, we're two peas in a pod in that respect. I struggle sometimes to spend money because it's highly ingrained that you really got to feed your family and you got to be secure. That definitely has affected my life.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Respectful of the client. I think ethic has stuck and even translated over to bank capital. It's a lower key. People oriented private equity”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Have an ego just in any of us. You can't be successful in this business without an ego. But I would say that my grandfather was a shoemaker. He made $8 a week and came out and worked on our yard, worked with my father. So I grew up in kind of an Italian family, immigrant family. I don't think I've ever left that mentality. They had a depression mentality. The reason I was an accountant was because my father and grandfather said, you have to be an accountant when you go to school. And I didn't like accounting because they were the only people employed during the depression. So every year of my life, probably until they died, they thought the depression was coming. They thought the depression was right around the corner, but I would be employed because I was an accountant. So when you come from that background, I think it's hard to think you're better than everybody else. It's a world of opportunity. And Harry told me the same thing. There are so many smart people out there that they're just as smart as we are, but we've just had opportunities and serendipity and luck. And I think the main culture, the Bane and Company culture when I came to Bain& Company, we always treated the clients. Bill Bain always said, you need to treat the clients with great respect from the person who opens the door all the way to the CEO. You got to be very”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Harris Draken said to me, and one thing you really have to learn about it is that all the world's a stage. I've given that advice to generations of bank capital. People judge you by how you treat other people. So when people come in and talk to your assistant and they don't talk to them in a great way, people are watching that. So I advise all of my mentees that they have to cherry themselves with respect and”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“A really important problem request I still call both of them and say, What do you think about this? Because they were incredible mentors.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Clearly, my biggest break was in the summer of 81. I applied for a summer job at Bain and Company, the consulting firm at the time. There was no Bain Capital at the time. And I did that because I was actually trying to get a doctorate in economics at Harvard. I was going to try to be a teacher, but I couldn't afford it. So I needed to get a summer job or looked down at the list and the highest paying job was banning a company. I didn't even know what it did. So I did the interviews. They were great people and they hired me for the summer. And that was really transformational for me because the folks at Bain really opened my eyes to business transformation, the latest techniques. Back then it was very exciting, the experience curve, growth share matrix. And so I really had a fantastic summer and they convinced me to come back and said they would help fund my doctoral program later. I could work there for three or four years and then go back and get a doctor and just get the MBA. And so I accepted that offer. So that was very transformational to me. I had two fantastic bosses who are still mentoring me today, Harry Straken and Mike D'Amano. So I feel very blessed. They taught me all the ropes. And I still call them today when they're.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely, both my parents did, and that's a crazy business of investing engine since you are an investor. Things don't always go to plan and you have to be certain places and be all over the place. But I think the major thing I tried to do is get back on the weekends at least. And I'm most proud of the fact that I think I've been to almost every 99% of my children for children's basketball games, soccer games, hockey games, school plays. I have a great track record of that. And I'm actually coached over 100 teams that they've been on. You really have to make it a priority and be there. I think I could have done better looking back because you get wrapped up in this crazy deal world, but I've tried very hard.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Not clear that I'm a success yet, so I think that's only measured when you're gone, and it's probably measured by the people who you impacted. But I would say that my mother was very fundamental influence on me, and she believed I could do anything. And that's a great lesson learned. She gave me a lot of confidence. So I didn't know I'd be successful, but I thought I had a chance and they got me a great education. And she was always supportive to the day she died and everything that I was doing, whether it was vain capital or charity benz or anything like that. It's great to have a mother like that.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, that seems like yesterday is a long time ago, but it was a very sunny day. I'd never been to Duke University, and I was amazed when we pulled up. I had offered to loan up a truck, a moving band with furniture. I'd worked there in the summer, and they said they would give me a ride to college. So we loaded up the truck 45 foot truck, all sorts of furniture. And the very last thing was my one duffel bag that was 100% what I owned at the time. I think I had a lamp in there and three pairs of jeans and the top kit and green duffelbeck. And so we pulled up to Duke and all these people were pulling up. My family had moved to Tokyo, so I was on my own and he opened up the back of the truck and people were staring at us. It was a 45 foot van and I pulled my duffle bag out and they looked around and I said, I'll get the rest of this stuff later. And I proceeded down to the dorm. So that was my grand entry into Duke on a movie.”
2023-02-10 · The Twenty Minute VC · 20VC: Boston Celtics' Steve Pagliuca on The Future of Sports Team Ownership; What Happened with the Chelsea Acquisition | Why More Money is Pouring Into Sport Than Ever & Do These Assets Keep Increasing in Value · IDENTIFIED FROM THE TRANSCRIPT · source