"[Music] hi i'm jim o'shaughnessy and welcome to infinite loops sometimes we get caught up in what feel like infinite loops when trying to figure things out markets go up and down research is presented..."

"thanks for joining us now please enjoy this episode of infinite loops jim o'shaughnessy is chairman and co-chief investment officer of o'shaughnessy asset management where jamie catherwood is an assoc..."

"and leeds united board member massimo welcome thank you jamie since you are the axe here i'm going to let you start because we're a finance podcast i think before we get into the sports side of your c..."

"whether he was in new york or in london i was doing news for the likes of comcast viacom sky but also formula one motogp and i also saw the previous business of the founder of andrea sunny who is in h..."

"i'm happy to answer that taking a step back and say you know looking at a soccer or sports professional team investments you can either look at opportunities that have got a significant equity increas..."

"period of time so let's say you know significant option equity value and oh instead you can look at opportunities that are a little bit more potentially yielding a stable return there are clubs that a..."

"the whole culture our new management you know both on the football side and on the business side commercial side also added an important part of 49ers in two transactions and basically managed to brin..."

"franchise it might be helpful for our american listeners who might not be familiar with the geared system of english football where you have the premier league championship which is the second divisio..."

"mind that there is that sport in performance that could significantly impact your revenue opportunity so it sounds to me like there's more of an arbitrage opportunity in european teams than say an nfl..."

"very much bring the academy i mean there's a little bit specific but our academy didn't you know used to be topographic academy which is now is what is called a category one academy meaning that we ca..."

"process that you use for scouting talent we have a you know our scouts and so obviously there is a good scout component it's led by director of football victor arthur who is united you know he has his..."

"have a manager that builds that cohesive culture and i think you know in marseille players united as exactly who we had right we had somebody that basically took a team that was already in existence a..."

"professional sports owner you need to be able to address and understand who can be the guy in charge of it sometimes it's something that you have in-house or sometimes you need to write to hire the ri..."

"continue to upgrade the facilities and do everything right we also have to upgrade facilities for the stadium because obviously we had a higher requirements for production that is required in the you ..."

"requirements and what is coming to the team is strong or needs more support i'm interested in the fixed first variable cost because that sounds a lot different than we're facing here in the u.s for ex..."

"bug abigail perhaps so the merchandising and i'm fascinated by that because it seems to be the way things are moving and not only sports and things like music etc the ability to get meteorites merchan..."

"you know that is very good event for the big big superstars and not many of them for which you know they're particularly relevant so as uh football continues to go as uh the importance of social media..."

"could you talk a bit about after relationship with the 49ers enterprises and the deal that was the 37 stake and that deal from a few months ago in the spring but just kind of what astr's relationship ..."

"them in terms of how to improve and grow the opportunities for the club we obviously have a very strong presence in europe we also have presence through israel and our other assets in the u.s and in a..."

"and build on that particular i would say at the moment on the commercial side eventually you know perhaps also see what can be done in terms of sporting not necessarily obviously you know of course we..."

"49ers and leads might pursue now as well something where like 49ers games in london will be played at ellen road and that is kind of another way to get some overlap and interest i don't think that the..."

"happen in due course i think we will see more of that i think it's very interesting obviously to see the nfr teams coming over the nba teams coming over perhaps even more sports and for us vice versa ..."

"interests engage fans and have fans that continue to return and want to be involved with us want to come to the stadium want to wear the right t-shirt and so on and so forth one of the things that i'm..."

"interested to see how that symbiotically might go together we're definitely trying to apply any earnings in everything we do we are not a financial investor per se rather you know we see ourselves as ..."

"tools and more some tools i probably don't even know that you know the use but sometimes i find out i'm looking at these companies or we partner with united so you know it's definitely a key component..."

"data is definitely at the core what we do and we will continue to invest in it in the us of course the very famous story was moneyball and there was a huge reticence on the part of the old school scou..."

"and it seems to me also that in listening to you that there is an opportunity which is still very much present in terms of the arbitrage opportunities between say operating in the united states operat..."

"in fact you know we recently made a relatively big acquisition for us by 11 sports in the us which we bought a company called team wizard interesting so i'm also interested in the crossover learnings ..."

"opportunities i think that's true from the previous asset that andrea used to run there was you know a sports rights agency very much looking at building out outside of the mainstream sports into new ..."

"amazon weren't you yeah we were definitely one of the first and that's sort of a bigoty to offer new services that right soldiers are not really exploiting that however can be very very useful to crea..."

"covered it became very clear that like we did for the studio 54 dualipa concert and uh stream it worldwide in a short period of time what kind of contrast are you seeing between what i would call a su..."

"the life cycle of the farm base i'm curious what you thought of the acquisition from ryan reynolds and the other actor whose name i'm forgetting of i think it was wrexham football club which is i thin..."

"how to create a football team and i think for a professional sports franchise is going to be very important to have a constant content access during pre-season during the season after the season just ..."

"industry fascinating fascinating fascinating well it looks like jamie we are coming up on your time limit so massimo thank you so much for joining us we always have a final question that we ask all of..."