The Human Performance Premium
Clément Faydi@cfaydi
+1.1%
since Sep 30
The idea
As AI makes content abundant and cheap, the things it can't generate become more valuable, and nothing is harder to fake than a real human performing in real time, whether you're watching it live or doing it yourself. My portfolio is built around that idea. On the watching side, I own the assets behind live sports, plus the betting and data businesses that monetize live attention. On the doing side, I own the gear and training infrastructure serving the surge of amateur athletes taking on marathons and Hyrox.
What it owns
- Leagues, teams, and venues own the one thing AI cannot generate: the live moment people pay to witness. · TKO Group HoldingsIt owns live fight product that cannot be generated by AI and grows more valuable as scarce real performance commands a premium., Liberty Media Formula OneIt owns Formula One, a global live spectacle where the whole point is real humans doing something dangerous and unfakeable., Live Nation EntertainmentIt runs the venues and ticketing behind live events, the toll booth on people paying to witness real performance in person., Madison Square Garden SportsIt owns scarce team assets in the largest US market, positioned for rising valuations as live sports become irreplaceable., Atlanta Braves HoldingsIt is one of the few ways to own a major league team directly through the stock market, positioned for rising team valuations., Sphere EntertainmentIt is a venue people must physically attend, an experience that cannot be copied to a screen or generated by AI.28%
- People training like professionals buy the shoes and apparel the professionals wear, and pay full price for it. · On HoldingIt sells premium running shoes to amateur athletes who want pro-level gear for serious training., Deckers OutdoorIt owns Hoka, the shoe seen across marathon start lines as amateurs train like professionals., Amer SportsIt owns technical gear brands serious amateurs buy when they want what professionals use., Lululemon AthleticaIt dominates training apparel for studio fitness participants, so its growth depends on whether the habit persists and it maintains pricing power.24%
- Betting and sports-data companies earn more from every extra minute people spend watching real games. · DraftKingsIt monetizes every minute of live sports attention through betting, earning from rising engagement with real games., Flutter EntertainmentIt owns the leading US betting platform and profitable sportsbooks worldwide, turning live sports attention into revenue., Genius SportsIt holds official data rights from leagues and sells them to every sportsbook, earning regardless of which platform wins., Sportradar GroupIt is the data infrastructure behind global sports betting, a rails business earning as betting volumes grow worldwide.20%
- Wearables, clubs, races, and fuel are the recurring spend behind every amateur athlete's training block. · GarminIt makes the watches endurance athletes and amateurs train with, the pro-grade tools serious participants now want., Life Time GroupIt runs the athletic clubs and events where amateur athletes train, a direct read on spending on performance., BellRing BrandsIt makes the recovery fuel that pairs with professional-grade training habits., Dick's Sporting GoodsIt is where most Americans buy performance gear, so it collects on the entire participant wing regardless of brand winner.18%
- Companies and assets that don't fit neatly into other categories but support the take's focus on human performance. · It supplies the chips powering enhanced stats, camera tracking, and broadcast technology that improve live sports viewing experiences., Its watch and fitness ecosystem capture and analyze training data for serious amateur athletes seeking performance improvements.8%
- Cash2%