Goals

In the past 30 days I’ve been approached by three groups asking if I’m interested in joining a consortium to bid on European football clubs. The prospect violates two of my core investing tenets: stoicism, and boring > sexy. I try to remain unemotional and avoid investments with sex appeal (i.e., things that sound cool). They attract too much capital, which drives down returns. However, I also thought I’d never go on a cruise, and I just returned from one. Aging changes you, and my midlife crisis wants to sit next to me in the owner’s box.

I’m not alone in this. There’s a gold rush for sports franchises right now, with buyers coming into the market and valuations rising. Some thoughts on the sports team market:

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