Scarce Seats, Teams and Venues
Adam Folsom@adamfolsom17
−3.8%
since Sep 30
The idea
I believe AI will automate more of work and daily life, and people will redirect time and money toward being somewhere in person, live and irreplaceable. So this basket concentrates in scarce assets nobody can recreate: pro teams and leagues, marquee venues, destination experiences, and the real estate that collects rent on all of it. I avoid single-name concentration by spreading across several holdings in each bucket, and I keep a small cash slice ready to add if prices dip before the repricing plays out.
What it owns
- Pro teams and leagues are scarce assets that cannot be replicated; their value depends on rising franchise valuations and growing demand for live events. · TKO Group HoldingsOwns UFC and WWE, live spectacles that command both gate revenue and escalating media rights fees as demand for in-person events strengthens., Madison Square Garden SportsOwns the Knicks and Rangers, two of the most valuable sports franchises; the take holds as long as team valuations and seating demand keep rising., Liberty Media Formula OneOwns Formula One outright, a global league with a fixed calendar that cannot be expanded; growth depends on rising race attendance, hosting fees, and media rights., Atlanta Braves HoldingsDirectly owns the Atlanta Braves and surrounding real estate; it works if franchise values rise and the Battery venue keeps drawing crowds., Manchester UnitedA globally recognized club with a fan base that cannot be replicated, the kind of scarce team asset that gets repriced; it holds if club valuations and matchday revenue keep moving up.37%
- One-of-a-kind venues and signature events command premium pricing because they cannot be copied or moved; their economics improve as attendance and per-event revenue climb. · Madison Square Garden EntertainmentOwns Madison Square Garden and Radio City, iconic venues in the largest live entertainment market; the take holds if bookings and per-event revenue grow as free time shifts to live shows., Sphere EntertainmentThe Sphere is an irreplaceable venue that tests whether people pay up for one-of-a-kind in-person experiences; it works if Vegas shows stay sold out and the format expands., Ryman Hospitality PropertiesOwns the Grand Ole Opry, the Ryman, and surrounding hotels, collecting revenue when people watch shows and when they stay overnight; it holds if live music attendance and group travel keep climbing., Churchill DownsOwns the Kentucky Derby, an annual one-of-a-kind event that cannot be replicated; the take works if ticket prices, sponsorships, and attendance keep setting records.24%
- Mountains, parks, and cruises benefit from people shifting spending from goods to in-person activities; their growth depends on sustained visitation and pricing power. · Royal Caribbean GroupCruise bookings made a year ahead show early demand signals for destination spending; the take holds if forward bookings and per-guest spending stay strong., Vail ResortsOwns mountains with permits and terrain that cannot be replicated, scarce destination assets with pricing power; it stays in if pass sales and visitation hold up., United Parks & ResortsOperates SeaWorld and Busch Gardens, destination parks with live shows that only work in person; the take holds if attendance and per-guest spending keep rising., Six Flags EntertainmentRegional amusement parks offer affordable in-person days out; the take fits if attendance and in-park spending grow as people shift money toward experiences over goods.19%
- Real estate owners that collect rent on entertainment properties profit from the shift toward experiences regardless of which tenant succeeds; their returns depend on tenant health and occupancy. · VICI PropertiesCollects rent on Vegas Strip properties regardless of which show succeeds; it works as long as Vegas visitation stays healthy and tenants keep paying rising rents., EPR PropertiesLandlord to theaters, ski hills, and attractions that benefit from the shift toward experiences; the take fits if experiential tenants stay healthy and rent coverage holds.10%
- Cash10%