YouSaid · the spoken record

Thomas Wagner

lines on the record: 134
first: 2023-07-14
most recent: 2023-07-14
sittings or episodes: 1
sources: podcast

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“Premium on liquidity in the market today. There has been since the global financial crisis. I think the premium for illiquidity today is as high as I've ever seen in my career. So I think in those investments, the common thread is value. In our real estate lending business, that's a function of what we do on behalf of the insurance company that we manage assets for, which is a related entity in real estate lending. That's all about avoiding loss. It's just super conservative.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“And whether it's the turnaround situation or a private loan or even a private equity situation or growth capital for a smaller company in each of those situations, we're trying to structure the investment where we believe that if our thesis is wrong, that we won't lose money. And the way that these all fit together is that the duration of capital that we manage is quite long. So most of our capital is either permanent capital, meaning we are the manager of it forever or it's very long dated in the case of a closed end fund where we have five, seven, or ten years to invest the capital. And that affords us an advantage versus a number of other firms in that we can take a long-term view or we can make a commitment that requires a long-term time horizon. And there's a lot of extra return to be had if you're willing to take a longer view. There's still a huge...”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“I think at our core, we're value investors. So we're looking for situations where we believe in virtually any scenario, we have no or a very, very low risk of impairment, meaning we won't lose money. That's the goal.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm sure that No, it's an area where there's a distinct business case for the manufacturers to be involved in endurance racing. It does showcase exactly the things that you're speaking to. Each of these manufacturers is going to develop a motor and a drivetrain. They're all hybrid cars, which we love. But if you look at the endurance series, you've always had GT cars in there, although I think for next year, because of the number of hypercars that Luxury brands is really interesting. And I have to say, having attended Lamas this year, it is an unbelievable event. To have 24-hour long race, you know, there's all kinds of things that happen. You're always going to experience problems. It's a fascinating thing to watch.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“As a sponsor as well. So we're really excited about that. We're looking at other opportunities in motorsport or expanding our existing investment and trying to think about how it fits within the ecosystem of investments we have in the portfolio. Anything that we do in sport, we try to think about how does it fit within other investments in our longer-term thesis around a given industry or sector.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“It's actually a 963, so it's a purpose built car for endurance racing. It looks like an F1 car with an enclosure over the driver because they're in some cases driving the team of drivers is driving for 24 hours in any weather condition. And so Porsche is involved. We've got Ferrari, Lamborghini's entering next year, BMW's entering next year, Alpines coming in, Cadillac has a very competitive team, Poejot. So if you look at all these great manufacturers are getting back into endurance racing, it's really exciting. And we are tickled to be involved with it. And so we've brought in some of our partners, Brady brand, not surprisingly, is involved with the team, a couple of other companies that were invested in, one being Singer Vehicle Design, was responsible for putting together delivery or the paint scheme on the car.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we have an investment in motorsport. We own a world endurance championship racing team. So endurance racing is think 24 hours of Lama, 24 hours of Daytona. We have the only private team in the WEC or World Endurance Championship race this season. That is a series that is run one race in the US and a series throughout. Europe, Middle East, and Asia. And we're quite excited about it. World Endurance Racing used to be more popular than F1 if you go back into the 60s and 70s and has re-emerged with a new class of hypercars that were introduced. And you've got all these luxury brands getting into it. So Porsche, which manufactures the car that we're racing and we're thrilled.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a good size. I think we've got to look at the infrastructure there. And decide what's best for the long term needs of the team and the community. And so we're early days. And so all those things will be looked at. I think for us, the immediate focus is let's make this more fun for the fans.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“80% of the English population will be within a one hour train ride of Birmingham. Really? When HS2 or high-speed rail 2 is completed, looking out eight, ten years from now, that's an extraordinary thing. Birmingham could end up being a location that folks visit for football matches, concerts, other sporting events, whether it's football or rugby or what have you, motorsport. There could be a whole series of things that could occur in Birmingham. And quite frankly, if not Birmingham, then why anywhere else? It will be so accessible to so many people, such a huge percentage of the population, that why not make it a center for sport?”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“It is in many respects for a substantial part of the population the cultural hub of the community. And if you can make that a better experience, not just on match day, but beyond that and bring the community into the organization. Now you've really started to achieve success. And one of the things that we love about Birmingham is it sits in the middle of the country. It'll be the hub of the new high-speed rail system in the sense that”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“It's all part of the calculation. So if the two are owned in the same entity, which ours will be the team, our stake in the team and our ownership of the stadium will all be in the same entity. So we're focused on doing all kinds of things that will lead to additional revenue generation, but taking a step back from that for a moment, it's about creating a culture of success around that organization. And that goes beyond the bottom line, if you will. It's about creating the right types of events that draw the community in. So this becomes a focal point for the community. Cultural sense. Cultural center. And if you think about English football,”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Pretty consistently appreciating assets over time. And there's a variety of reasons for that. We don't think that that changes in the near or intermediate term. So from that perspective, we believe there's a tailwind there. However, what we see in Birmingham is a unique opportunity to fix some things that have been done incorrectly, to invest appropriately in the infrastructure, and to position the team to achieve the level of success that it had had looking back a couple of decades ago. If we get all those things right, obviously we've created a lot of value for our investors. And I think we have the right team of people to help us do that, both internally and externally. So I think our focus in Birmingham is let's not worry about how much money we make. Let's worry about getting it right.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Cool, for lack of a better word to the team, right? This is a team that should be viewed differently than it has been, and we're trying to demonstrate by way of drawing sponsors in that have never been associated with being attached to a particular sports franchise into the realm to raise the profile. All of those things matter in the context of helping to improve the overall performance of the team because it helps to improve your overall revenue. So those are all things that we're working on. But when you ask a question about prospective returns, look, sports franchises have proven to be”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you've touched on something, right? I grew up outside of Boston and I was a Red Sox supporter and I go to Fenway and that experience in the 70s is very different than when you have today. It's much better. Same stadium, but a much better, much different experience, more engaging for the fans, particularly on the weekends when you have a lot of family activities. And so I think the whole fan engagement needs to change. And some of what we're doing in Birmingham is bringing in different... That bring an element of”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Every element of the team, its different sponsors, it's different partners, it's different oversight, it's different management, it's different talent acquisition. All of it has to be changed. And certainly we won't be able to do that overnight, but we're going to start the process immediately and get to a place where our hope is to field an immediately competitive team and then ultimately do all of the things that we need to do to make it permanently competitive.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you have to have, that's why I say it has to be a partnership with the fans. You have to create an experience where people want to support the team and then ultimately you have to be prudent in allocating those pounds to the players that will perform in the field. And that's obviously incumbent on our team to get that right. But it's not one thing, Barry, it's everything. We have to work on every element of this and turn around.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“English Football League rules, which require that you not spend more than the revenue that you make. So you can't just go out and say, I'm going to spend an ungodly sum of money. So wait a sec.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, for in recent past, almost a third of the seats in the stadium were not fit for use because of some structural issues in the stadium. That's being remediated. The pitch was in disrepair. The concessions, the quality of the seats, the overall look of the stadium, the electronics, Wi-Fi, everything was either not there, not working, or in a state of disrepair. And so I think improving all of those things and more will really improve the fan experience. And that's important, right? It's not simply what's going on on the pitch. It's the overall experience, particularly if you're going with friends or family or what have you. We need to make that experience commensurate with the legacy of the team. The second thing is, obviously, the competitiveness on the field. That is something that is constrained by the”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“They are just amazing people. And, you know, we felt that one, there was an opportunity where we could turn the team around and we can talk a little bit about that. And two, Where we could connect with the folks that are so passionate about this and effectively partner with them to make this a much better experience and hopefully a much more successful team.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“We understand it to be the youngest city in Europe. It's one of the fastest growing cities in Europe, youngest professional population in Europe, very, very diverse population, and a city that is going through what I would characterize as sort of urban renewal, where a lot of investment is coming in alongside a lot of new folks that are moving into the city. And so all of those demographics were really, really interesting to us. Then you have the named team in the city that had been underinvested in and had gotten a lot of things wrong in our opinion in the preceding years. The fan experience was really subpar and candidly not fair relative to the incredibly passionate fan base that Birmingham City has. You go there and you spend time with these folks and you talk to them.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we were really, really excited about the prospect of investing in Birmingham. There were a few things that drew us to that particular opportunity that were unique to Birmingham. So first, it's England's second city.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no, I think there's a level of, you know, when you're running to anybody who's incredibly successful in a given profession, they tend to be hyper competitive. And so, you know, I think we saw the demographics and were attracted to it and are quite excited about that opportunity. I think there's a long way to go to get the league to the point where it's really connecting on a commercial level. But we think that there's a great tailwind there.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“He's very good. People forget, by the way, his athleticism is a guy that was drafted in two different sports. And so he's a super competitive human. That's the thing.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Fastest growing sport. We liked the idea of a league with teams that are based in or connected to cities. So you bring in a tribalism element to it, which has proven very successful in sport over the years. We liked The idea that this would be something that would continue to grow. It's an early, early stage investment. It was not a particularly large investment, but it was something that we were excited about. And Tom and I have played pickleball and enjoy playing pickleball. Is he any good?”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Because I don't want to affect my Well, I don't think that pickleball would damage in any way your swing. I think what we found interesting about pickleball is the enormous explosion in popularity in the U.S.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“His fame as a springboard to bring attention to a sport or an opportunity. So we've done a handful of things together and I think there'll be more to come.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. A 23 year career and set just about every record that could possibly be set. And I think did it in a way that left his legacy unlikely to be paralleled. And what I mean by that is he brought others up. If you look at the performance of his teammates when they were with him vis- ⁇-vis their performance elsewhere or the teams when he was with them versus when he wasn't, it's pretty clear that he is a key component of success. So we wanted to understand that and tap into it. And I think a lot of it has to do with nutrition and recovery. And that's a big area of Tom's focus. And so, you know, we've looked at investments where we can partner together and bring some of that to bear. Also where we can use his.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, Tom and I have known each other for a long time, and we met through some mutual friends and our boys actually, his eldest son and my son, were classmates for a number of years together at the school here in New York City. And so we get to know each other and then became friendly and then opportunities arose where we saw some pretty interesting things to do in sport. And if you're going to invest in sport, Why not do it with somebody who has had unparalleled success in sport, not simply insofar as winning or winning percentages or statistics, but in the persistent performance at the highest level over an incredibly long period of time in a sport that is absolutely not known for longevity?”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“So, restaurants, hotels, office buildings, homes, that's critically important. And I think one of the big initiatives that I love that Stevens pursuing at Hurts is to bring charging infrastructure into underserved communities. And that's something that he's working on with British Petroleum and Uber and state and city municipalities and kind of bringing that opportunity to areas where it's a little tougher to have charging infrastructure in the home. So that's all of this is spurned by the initial foray of Tesla and EVs and then ultimately these other great companies following.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And what it does is it begins to reduce the range anxiety that people ultimately feel. Look, one of the things that we looked at, it hertz, and I have to credit Stephen Scherer, our CEO, for being really unbelievable in his pursuit of the objective of electrifying more of the fleet. But one of the things that his team looked at was the percentage of trips that are greater than 200 miles. Single digits, something like that. It's a very low percentage. Most rental days are less than 200 miles. Most rental total rental experiences over a multi-day period, less than 200 miles. So this idea of range anxiety accounts for a very small percentage of trips that people ultimately take. And as we have access to more charging and particularly charging in places where cars reside at rest.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“It's amazing. And those things, those are going to have an extraordinary impact on humanity. I'm a big believer in the power of humanity when we provide. People with opportunity. I think all things being equal, they tend to respond really well”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“The largest rocket I'm blanking on the name. But that's going to be an unbelievable reduction in lift cost. I think it's 90% cheaper than the Apollo program, which is astounding. And then finally with... With the satellite business and what we can do for telecommunications to assess without getting into a kind of a deep rabbit hole how valuable it is to have thousands of satellites that are really hardened against strategic attacks and can serve the entire planet and provide fast communication and data is an unbelievable resource for humanity.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“It's shocking. It is shocking. And Farley's a big motorsport guy, and so I've got a soft spot for that. And obviously Mary's move into endurance racing with Cadillac is pretty interesting. So there's a lot of exciting things going on, but I think when you look at what Elon did and kind of kicking off that revolution, it's a good thing for the market. It's a good thing for society ultimately. We've got some things we need to get right as it relates to power generation, but that's good. SpaceX and what that will do for the cost of lift is with this new.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And I think that look, you've got some other great executives. What Mary Barr is doing at GM. And some of the products they have coming out, yes, they're behind Tesla. I don't think they're saying anything that's controversial there. They're spectacular products. I think that Ford is the world's largest commercial vehicle manufacturer will find its footing in EVs and come up with some pretty spectacular. They've been crushed.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Of those are problematic. That's right. And what you do with the batteries at end of life and making sure you recycle them, those things are all incredibly important and how we generate the electricity that charges those vehicles. All of those things need to be considered. But ultimately, the cost of running an EV over a long period of time is demonstrably lower than an ICE car, meaning an internal doubt about it.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“That doesn't really own anything other than his companies. He is not an acquirer of things. He's a builder of businesses, and that's all his focus is. And that for the markets in general, folks like that are good. They deploy capital. They grow businesses. They create jobs. Ultimately, if you take a step back and think about what he's doing with his three major companies, it's pretty astounding. Tesla, it's leading the Revolution EVs, and we believe enormously in the value of EVs, not simply because they're good environmentally, which they are, although I think there's a good, solid debate around just how beneficial they are environmentally.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“And it was. Completely wiped out. An enormous conviction. And I have to say that having done business directly with Elon by way of our investment in Hertz, I have an incredible amount of respect for his conviction as a business person. And I think that's probably informed some of his views generally. And ultimately, I just believe that that kind of disposition is important in society and it's important, particularly in a capitalistic society, to have risk takers and have people that are willing to really stick their necks out. Because if you don't take risk, you're not going to achieve reward. There's no two ways around it. And you need the incentive structure to be set up such that people are willing to take those risks. And interestingly, you have a guy in Elon.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“To build Ultimate three different companies. And whether you give him all the credit or some of the credit is irrelevant, he took the most risk.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“And I didn't really think I'd put it all in a line, but ultimately I did. And, you know, I'll tell you, it's really motivating. We did really well on a relative basis in 2008 and exceptionally well in 2009. And so, you know, I think it was incumbent on us. Recognize the moment in time we were facing and be willing to take that much risk. It's sort of like if you people today get frustrated when we see great wealth. But you have to stop and think about the risks that we're taking to attain that. Perhaps the best example today is Elon Musk, who achieved multi-generational wealth in the sale of his first big win. PayPal and PayPal and then risked every single penny.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“No, and it wasn't because there was something wrong with Goldman or any other bank. It was just that if confidence failed, it would have been very, very difficult for Goldman or almost any other bank to survive. And we've put in place measures now to help protect against that. But ultimately, no bank is really protected against a fallen confidence. We just built barriers around them to ensure that confidence remains high. And ultimately, that's what our fractional banking system and ultimately capitalism is based on. And I'm a big believer in it. But for the people out, you know, they're listening and thinking about this. If you think that going out and starting a hedge fund is a zero risk proposition, you're just wrong. It's not. And if you want to achieve great success, whether it's in the investing world or the hedge fund world or in any venture, ultimately it's rare to achieve great success without putting it all in the line.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“My funds cash was at Goldman, and it hit me that if Goldman went the way of Lehman, that I would probably, you know, be wiped out.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“If I had a little luck, who's great in that regard, but there was one very scary day, which is the day that... Goldman stock, so it's kind of all time post IPO low. And we're a new fund. We weren't that large. We had, I think we launched with 413 million in a capital. So it was a fine launch. We had a billion and change in commitments a few months earlier before the Bear Stearns unwind. When it changed the world, we launched with far less than what we thought we'd launch with And as a result of being new, you know, you don't have multiple prime brokers, you don't have multiple relationships. So our only prime was Goldman. I stole a Goldman stock. My wife was a Goldman MD. She had Goldman Stock. We both had our cash at Goldman.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“We launched right into the disaster June 2nd, 08. So we just passed our 15 year anniversary. So we launch and the world comes to an end virtually a few months later.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“This is what's going to happen. So, well, what if it doesn't? And I said, Well, then everything will fail, and I'll lose some money, and I'll have to go out and find a job. And, you know, but that's okay. I'm like, you know, geez, dad, like, don't you think I can do this? And he said to me, he goes, I'm not asking you because I don't think you can do it. I'm asking you to make sure you'll be okay if it doesn't. you know striking moment where i was like wow how lucky am i to have a father who didn't grow up in this industry and certainly wasn't an expert in it in any way, but was definitely an expert in the things you have to consider, you know, at that time, I was married, I had two kids and I was taking a substantial risk. And he just wanted to be sure that if it didn't go well, that I'd be.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Those are the things that pushed me there. A conversation I had with my dad really stands out in my mind. I was like talking through with him how the fund economics worked and what the upside was. And I'm like, you know, if we raise X dollars of capital and we put up a Y return, then pay is Z. And here's all the things that can go right. And he said, well, what if it doesn't go that way? And I said, Well, you know, I got kind of off. I'm like, what do you mean?”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Equity, kind of the whole gamut was positioned on one desk. We crossed over between equity and fixed income, which meant I reported to people in both divisions, which was challenging, to say the least. But I sat back one day and recognized, well, if I were doing this on my own and I had this many people and I had this much capital, my pay scale would be very different. And so that's a pretty significant motivator. I felt that that I would be capable of doing that. So that was one that was one of the big reasons. Secondly, I think I always wanted to be an entrepreneur. I've always been a little bit taken with entrepreneurs. I'm fascinated by them. There's a lot of great entrepreneurs in the world today that are doing amazing things. And I'm always fascinated by how they've achieved success, particularly those that I think are really changing the world. So I think.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Know there are a number of things that occurred. I would say I had another unique advantage, which is that my wife was in the business as well and had an incredibly successful career. And so I always joke that I had a really valuable backstop at home, meaning that I had the ability to take some risk where personal bankruptcy was maybe less likely. And so that's a huge advantage and not to be understated. And having somebody in your corner that's very supportive, whether it's a spouse or a significant other or friend, parent, whomever, that's an important element of achieving success in any new venture. But I think a couple of things really stand out to me. One, I was managing or co-managing. I had a co-head of my last business that I ran at Goldman, a team of 21 people. We had about $4 billion in capital across everything that was non-investment grade rated. So all junk-rated instruments other than bank loans. So every bond CDS contract, convertible bond preferred.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, there are a few assets that persistently appreciate for a long period of time, the very, very best companies. If you buy them consistently, this whole idea of your retirement account, right, where you're buying every month, that's great. That will work for you. You'll earn a very solid return because you're not selling until you're presumably much older. But for an idea, trade a moment in time, you got to know when to sell.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“That is often lost on the non professional investing public is buying is half of it and you can buy right. But I've seen lots and lots and lots of examples of buying right where it looks good for a period of time and ultimately fails because you didn't sell right.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, 100%. And your total return is what matters. And ultimately, buying right is half of the game. The half that no one ever talks about is selling right, which is why I always tell people come to me and say, what's your great idea right now? I'm like, I don't give out ideas. And they think that I'm withholding something. I'm not withholding anything. But I got to remember to call you back when it's time to sell. And that's the hard thing. So whenever you're taking a tip from somebody, it's not just a tip to buy. You need a tip on when to sell. And particularly if it's not your idea. And so I think that's one of the things.”
2023-07-14 · Masters in Business · Thomas Wagner on Sports Investing With Tom Brady · IDENTIFIED FROM THE TRANSCRIPT · source