Somewhere to Go
Ryan Nguyen@nguyen
−0.4%
since Oct 10
The idea
I believe digital content keeps getting cheaper and more unlimited, which makes real-world experience the actual scarce thing, so this take owns the businesses that control that supply rather than ones just adding capacity. It splits evenly across sports teams and leagues, live event venues and promoters, irreplaceable destinations, and clubs and access gatekeepers. Live Nation is held at a smaller weight while its antitrust remedy plays out, and the rest stays broad with a modest cash cushion since this is meant to play out over years, not months.
What it owns
- Arenas and promoters that control iconic venues and concert calendars capture value from experiences people travel to attend. · Madison Square Garden EntertainmentIt operates irreplaceable New York venues including Madison Square Garden and Radio City Music Hall, profiting as bookings fill and per-show revenue rises., Sphere EntertainmentIt operates Sphere in Las Vegas, a singular venue with no competitor anywhere, and profits when shows keep seat occupancy high., EPR PropertiesIt is the landlord behind theaters, ski areas and entertainment venues, profiting when tenants pay rent and maintain dividend coverage., Live Nation EntertainmentIt is the largest concert promoter and owns Ticketmaster, controlling the door to live music and profiting as concert demand remains strong.23%
- Exclusive memberships and reservation systems profit when demand exceeds supply and members pay more to secure their spot. · Life Time Group HoldingsIt operates premium fitness and wellness clubs that typically open with waiting lists and raise membership dues as demand strengthens and new locations fill., American ExpressIt controls access through Resy and Tock reservation platforms, airport lounges and presale tickets that help cardmembers reach hard-to-get tables and seats., Acushnet HoldingsIt makes Titleist golf equipment and apparel, benefiting as more people play rounds at clubs and courses.23%
- Franchises and leagues with fixed seating and global followings represent scarce experiences that cannot be created anew. · Liberty Media Formula OneIt owns Formula One, a singular motorsport where each race weekend represents a scarce in-person experience and profits as track attendance and hosting fees rise., TKO Group HoldingsIt owns UFC and WWE, one-of-a-kind live sports brands that fill arenas and profit as ticket revenue and television deals grow., Madison Square Garden SportsIt owns the Knicks and Rangers, teams playing in a fixed number of seats at Madison Square Garden, profiting as ticket demand and team valuations climb., Atlanta Braves HoldingsIt owns the Atlanta Braves and their ballpark district, turning game days into full-day destinations and profiting from attendance and local spending growth., Manchester UnitedIt owns Manchester United, a global sports brand with a fixed stadium capacity, and profits from matchday revenue and sponsorship growth.23%
- Ski resorts, casino real estate, and signature annual events draw visitors to places that cannot be replicated or built elsewhere. · Vail ResortsIt owns ski mountains that cannot be built again and sells most capacity ahead through season passes that lock in revenue regardless of snow conditions., Ryman Hospitality PropertiesIt owns the Grand Ole Opry and Gaylord resort destinations that anchor travel plans and profits from group bookings and rising attendance., Churchill DownsIt owns the Kentucky Derby, a one-weekend-a-year destination event that cannot be replicated, and profits from ticket and sponsorship revenue growth., VICI PropertiesIt owns the real estate beneath much of the Las Vegas Strip and profits as casino and resort tenants pay rent and visitor volumes stay strong.23%
- Cash8%