Scarce Teams and Places
Jaap Vergote@jaapvergote
+0.1%
since Oct 8
The idea
I believe AI makes copyable content cheap, so what can't be copied gets more valuable: live sports and events, and land nobody can make more of. This take splits evenly between teams, leagues and live event operators built on limited franchises and dates, and irreplaceable land like ski mountains, Gulf coastline, master-planned communities and West Texas acreage. No single name dominates either side, a small cash reserve keeps it steady, and the thesis is meant to play out over years, not months.
What it owns
- Sports franchises and live shows exist in limited quantities and cannot be replicated by artificial intelligence, making them structurally scarce as digital goods become cheaper. · Madison Square Garden Sports Corp.Operates two of only a few dozen major league teams in the largest city in the country, representing the core of scarce sports franchises., Atlanta Braves Holdings, Inc.Owns a fixed-supply MLB franchise plus the land and buildings surrounding its ballpark, touching both scarce teams and scarce places., TKO Group Holdings, Inc.Promotes live fights and shows that occur once and cannot be replicated by technology, making them resistant to commoditization., Live Nation Entertainment, Inc.Operates concerts and owns the ticketing platform, capturing value as people pay more for the experience of being in the room as screens become cheaper.46%
- Ski mountains, coastline and large land parcels are finite resources that retain value as artificial intelligence makes other goods and services abundant. · Vail Resorts, Inc.It owns some of the world's best ski mountains, which cannot be built anew and represent scarce land that resists replication; weather patterns pose the primary operational risk to visitation and pass sales., The St. Joe CompanyControls a significant stretch of Florida Gulf coastline and is selling custom homesites in new communities on land that cannot be replicated., Howard Hughes Holdings Inc.Controls master-planned communities where ownership of remaining land creates value as new homes and offices are developed., Texas Pacific Land CorporationOwns a vast amount of West Texas acreage and receives royalties from drilling, piping and development without significant capital expenditure.46%
- Cash8%