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🏈 A Super Bowl contender owes $6B

The Hustle

SpaceX reportedly lost 40 Starlink internet satellites – worth an estimated $20m – a mere day after being launched into space, all because of a geomagnetic storm. Good luck explaining that one to the CFO.

In today’s email:

  • Loss leader: The LA Rams might be Super Bowl champions come Monday — but they still owe $6B.
  • Morgan Housel: Tips on how to weather a tumultuous market.
  • Forbes SPAC: A crypto billionaire is taking Forbes public.
  • Around the web: Cool email signatures, a dad joke library, and more wild internet finds.

🎧 On the go? Listen to today’s podcast. We’re talking abysmal Olympics ratings, inflation, and Snoop Dogg’s latest acquisition.

The big idea
Rams player

The LA Rams are winners in football. They’re ‘loss leaders’ in economics

The Rams, who play in and host Sunday’s Super Bowl, owe a boatload of money for moving to Los Angeles.

The team privately financed SoFi Stadium, the most expensive stadium in history, for ~$5.5B. And in 2020 the Rams had an operating income of ~$37m, per Forbes. That’s 0.7% of the cost of the stadium.

How did this move ever make sense?

Because football didn’t bring the Rams to California

Owner Stan Kroenke pitched the Rams relocation and SoFi Stadium as part of a massive redevelopment of Hollywood Park, located in the Los Angeles suburb Inglewood.

Hollywood Park, 3x the size of Disneyland, features ~500k square feet of retail, 2.5k homes, and commercial office space.

Inglewood politicians wanted a revived Hollywood Park. And Kroenke wanted the land.

As for the football team?

Stanford economics professor emeritus Roger Noll tells The Hustle to think of the whole thing as a deal on tomatoes at Safeway:

  • Kroenke is the Safeway
  • Inglewood is the Safeway customers
  • The Rams are tomatoes being sold at less than cost

“The Rams facility is the tomatoes in the Safeway ad,” Noll says, “the loss leader that put (Kroenke) in control of developing the biggest swatch of undeveloped land inside a major metropolitan area in 50 years.”

The Rams are just a component of Kroenke’s LA empire

The team makes good money, but his real bounty comes from the entire SoFi Stadium/Hollywood Park development. Kroenke cashes in off:

  • Offices, apartments, and retail he owns and leases
  • Concerts, festivals, film shoots, and huge events like this year’s Super Bowl and potentially the 2026 World Cup

Meanwhile, economic benefits have not trickled down to Inglewood’s middle-class residents. Many have been displaced by skyrocketing rents.

SoFi may represent the future of sports

Many cities no longer want to subsidize the cost of NFL stadiums.

So Noll expects more owners to go the Kroenke route: move to the exurbs, develop apartments and retail, and build a planned community around a stadium that pays for the stadium.

Game of Homes: Washington University in St. Louis sports business professor Patrick Rishe tells The Hustle “a lot of professional sports ownership these days has become partly about being a real estate mogul.”

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SNIPPETS

Adidas garnered lots of attention by tweeting a collage of bare chests to announce its new SS22 Bra Collection. It comes in 43 styles and 72 sizes to find the perfect fit for every body. #ecommerce-retail

Bummer: Supply chain issues and inflation are hurting many industries, including the makers of wind turbines, the key to wind power. #clean-energy

Trouble in meta-dise: Samsung tried to host an event in Decentraland, a virtual world where users explore via avatars. It was kind of a disaster. #emerging-tech

Uh-oh: A new report indicates that in the past 2 years, hackers have been able to nab $1.3B in ransomware attacks. #privacy

“The Enigma,” a billion-year-old, 555.55-carat black diamond, was auctioned for $4.3m in crypto. Entrepreneur Richard Heart tweeted he’s the new owner and it’s now called “the Hex.com diamond.” #fintech-crypto

Chirp, chirp: Twitter revealed it’s reached 217m daily users, up 13% YoY. Its revenue was $1.57B, shy of analysts’ $1.58B predictions, but still up 23% internationally. #big-tech

Opinion
time and money graphic

Morgan Housel: How to be a genius when everyone is going crazy

Dwight Eisenhower liked to say that Napoleon’s definition of a military genius was “the man who can do the average thing when all those around him are going crazy.”

It’s the same in investing — especially as markets get wild, as they’ve been in recent weeks.

Doing well over time doesn’t require exceptional insight or complex strategies. What it requires is maintaining a level head during brief periods of upheaval.

The biggest secret in investing…

… is that average returns sustained for an above-average period of time lead to extraordinary returns.

Billionaire investor Howard Marks once talked about an investor whose annual results were never ranked in the top quartile, but over a 14-year period he was in the top 4% of all investors.

If he keeps those mediocre returns up for another 10 years, he may be in the top 1% of his peers — one of the greatest of his generation despite being unmentionable in any given year.

So much of the focus in investing…

… is on what people can do right now, this year, maybe next year.

“What are the best returns I can earn?” seems like such an intuitive question to ask.

But if you understand the math behind compounding, you realize the most important question is not “How can I earn the highest returns?” It’s this: “What are the best returns I can sustain for the longest period of time?” Just staying in the game, consistently, through chaos.

If you:

  • Kept your head on straight when the market crashed in 2000, you’re an investing genius
  • Remained calm during the crash of 2008, you’re an investing genius
  • Haven’t panicked over the last few months of volatility, same thing

It doesn’t take much, but it makes all the difference in the world.

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New Media
Changpeng Zhao

Why is crypto’s richest person investing $200m into Forbes?

Forbes is a 104-year-old magazine and publishing brand.

It’s widely known for its Billionaires list (and also a source of endless jokes for its 30 under 30 list).

Well, one of those billionaires just invested $200m into the brand.

Meet Changpeng Zhao (AKA CZ)

He is the founder and CEO of crypto exchange Binance and — with a net worth of at least $96B — is the richest person in cryptoland, per CNBC.

Binance will put up the $200m as part of a financing deal to take Forbes public via a special purpose acquisition company (SPAC).

In addition to the aforementioned lists, Forbes says its audience is 150m, including a model that it pioneered: a “contributor network” of writers under its brand.

The Forbes SPAC…

… put the company’s value at $620m as recently as December. But markets have since cooled down. With CZ’s wealth, the Forbes brand — which also does ecommerce and licensing deals — may not have to be a big moneymaker.

The move is comparable to other big-dollar deals by crypto exchanges to raise mass awareness:

  • March 2021: FTX paid $135m to name the arena where the Miami Heat play
  • November 2021: Crypto.com paid $700m to name the arena where the LA Lakers play

It’s not just the NBA having fun: These crypto exchanges (including Coinbase) will spend millions on Super Bowl ads this Sunday.

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TRENDS

Rob Dyrdek’s Rhythm of Existence Playbook

Remember when we said Rob Dyrdek = human optimization?

If you missed out, we covered the man/myth/money-machine several times. And now, the skateboarding icon-turned-entrepreneur is back with more ridiculousness (wink).

Optimizing your 4 rhythms: Work/Life/Health/Sleep

The Rhythm of Existence playbook is comprehensive sh*t, not for casuals.

It’s Rob’s growth-tracking-and-hacking system to optimize the personal science of daily life. All the key docs are in the Trends Facebook group.

Get access to Bobby D’s growth playbook, hundreds of market trends, and a community of 17k+ people making very cool things.

Try Trends for $1 →
AROUND THE WEB

🇿🇦 On this day: In 1990, anti-apartheid activist Nelson Mandela was released after 27 years in prison. In 1994, he was elected president of South Africa.

📧 Useful: Make a cool email signature for free using this site.

📽️ How to: The 2022 Oscar nominees came out earlier this week. Here’s where to watch them all.

🧛 Cure boredom: The SCP Foundation is a robust wiki of monsters. Read a few before bed, we dare you.

🎧 That’s cool: Browse the Library of Congress’s vast collection of audio recordings for songs, speeches, interviews, and much more.

🙄 Haha: Here, have a repository of groan-worthy dad jokes.

IN CASE YOU MISSED IT

(A roundup of our best reads from the last couple weeks…)

🎵 A look into the economics of Spotify.

🚜 Would you take free land in rural America?

🎰 Some dude left Vegas without realizing he won big.

👞 Ugly shoes are taking over the world.

🚙 Chart: Do cars have a weight problem?

Shower Thoughts
  1. “Cellphones ended water balloon fights.”  SOURCE
  2. “A keychain is a ring invented so that you can lose all of your keys at once.”  SOURCE
  3. “If someday we get to a 3-day workweek, we’ll be defined by our hobbies, not our jobs. Instead of being a lawyer who games, you’ll be a gamer who laws.”  SOURCE
  4. “Vampires keep getting into relationships with mortals because they know they’ll eventually get their inheritance, which is also how all vampires eventually become wealthy.”  SOURCE
  5. “There’s absolutely no reason for the prey animals in The Lion King to be happy that Simba is born.”  SOURCE
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Hey, we see you. You’re out there spreading the gospel of The Hustle like it’s nobody’s business. Seems like you might be ready for a little more…

Get {75 – referral_count} more referrals and we’ll slide you a free subscription to Trends.

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