- 52 minutes ago
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00:00I'm joined now by Ari Emanuel,
00:02the Executive Chair and CEO of TKO Group Holdings,
00:05and Mark Shapiro, the company's president
00:08and chief operating officer.
00:10We're back where we always are.
00:11I'm in the same seat.
00:13You guys are always together.
00:14Yeah.
00:14It's very nice, very sweet.
00:16But you wrote a book, you're promoting the book.
00:19Why do you need him?
00:20Well, I'm a fact checker.
00:22Yeah, and I can't believe when I walked in
00:25he took the leash off, so I appreciate that.
00:28Well, we're going to talk a bit about TKO as well,
00:31which is one reason why, of course, we don't mark here.
00:33But, you know, I have, I'm not fully through the book.
00:37Great.
00:37But it's a really good read.
00:39And I wouldn't say it if it wasn't true.
00:41But why?
00:42Why do it?
00:43Well, I would say there's two reasons.
00:46One, being a parent of dyslexic kids,
00:50understanding the anxiety that brings
00:52and having seen my mother go through it with me
00:54because I'm dyslexic,
00:55and coming out on the other side of that,
01:00I think it's important for parents to read it,
01:02understand what it takes to help your kids,
01:05the anxiety you have.
01:06But coming out of it, I think if you do the right things,
01:10your kids can be incredible and free thinkers
01:14and have emotional endurance.
01:15And then for kids, just generally starting out in business,
01:20hopefully I was really honest.
01:22And I hope you see that, that it's not easy.
01:26And this is their Thomas guide or ways,
01:30if you're speaking now,
01:32because I had a Thomas guide when I was in the mailroom.
01:34You talked about that.
01:34And it's very tough.
01:35But if you have agency for yourself,
01:41it's an incredible ride.
01:42And I go through all the ups and downs of what it takes to be successful.
01:47And it is difficult, but it is really satisfying.
01:49Yeah.
01:50I haven't gotten to the, I mean, I've been on the up part.
01:53I know there's also some down parts to come.
01:55Yeah.
01:55Of course, now you're at the height.
01:56I mean, sitting here with me, really nothing gets better than this.
01:59I completely agree with that.
02:00This may be the moment.
02:01I'm sorry, it's not going to be in the book.
02:02And you're not surprised how raw and candid it is, direct, right?
02:05Not at all.
02:06I mean, you expected that.
02:06I did.
02:07And in fact, it would have, if you hadn't,
02:09if you'd toned it down, it wouldn't have been you.
02:12Yeah.
02:12The writer, J.R., who wrote Tender Bar,
02:15who wrote the Agassi book, Phil Knight,
02:17is one of the incredible writers, incredible human beings.
02:20So he did an incredible job with me.
02:22Yeah.
02:22I mean, you seem, I don't know.
02:23Now, I haven't seen you take,
02:25I haven't gotten to a part where you really take somebody apart.
02:27Nobody, you know, you sort of talk about everybody's foibles,
02:30but you seem to have treated Ovitz okay so far.
02:34Right.
02:34This guy Haber, who you worked for,
02:36who seemed to have taught you a lot as well.
02:38I don't know, Mike, is there something later in the book where you just push people?
02:40It's coming.
02:40But I would say, you know, Mike is, you know, he's on Mount Rushmore.
02:45Yeah.
02:45And that being said, we had a nice interchange,
02:49and we got together afterwards.
02:51And I think you'll enjoy all the ups and downs,
02:55me personally and people.
02:57Shapiro wanted to interrupt there, but it's not his book.
02:59This is the one thing that's not Shapiro.
03:01I assume you've read it.
03:01You've read it.
03:02Yeah, several times.
03:03And he's been working on this for years.
03:05Right.
03:05What I was going to say for you is, not to interrupt him, was the Ovitz stories, the
03:10anecdote of him almost throwing a chair at Ovitz, wrecking his entire office as he's quitting
03:16and leaving for another agency is one of the greats.
03:19That's one of my ways.
03:20If the damn book had gotten delivered on time, I would have been finished with it.
03:24I'm going to finish it this weekend because it really is actually a really great read.
03:29I don't know.
03:30A lot of people write books, though, when they're kind of done.
03:32Are you done with your career?
03:33Well, I would say the following since we just, Mark and I, started Mari together.
03:38I'm far from done.
03:40I think we've accomplished a lot now at TKO.
03:43We have a lot more to do, which maybe we'll get into now.
03:46Yeah.
03:46So, I'm still kicking until Shapiro kicks me out.
03:52He's got a lifelong seat.
03:53It's all good.
03:54I would assume so.
03:55Would you think anything less, especially after you finish rolling the calls, you'll say
03:59to yourself, how is this guy ever taking the exit door?
04:02It's not going to happen.
04:03You're not going to stop, right?
04:04Yeah.
04:05You won't ever stop.
04:05Well, I would say the following.
04:07Would you like to have a life of meaning or a life of pleasure?
04:11I think if you have a life of meaning, it is pleasurable.
04:14Most people think, oh, I just want pleasure.
04:17I enjoy what I do.
04:18It gives me great meaning.
04:19It gives me great purpose.
04:22I'm having a great time.
04:24And I have a great partner.
04:25Yeah.
04:26You guys have been partners for a long time now.
04:28And they said it wasn't going to work.
04:29Wait till you read what happened in the book and how we met.
04:32I'm looking forward to that as well.
04:34All right.
04:34Let's talk a bit about that partnership.
04:35I want to get to Mari, which obviously is your private effort.
04:38You two are our partners on.
04:40But let's talk about the public effort that our viewers care about as well.
04:44Mark, we saw each other very briefly at Goldman Sachs' conference last week.
04:47You presented.
04:49And, you know, there was a moment, I think, where you pushed back a lot on this Wall Street
04:54narrative, in particular around WWE, UFC, WWE, obviously two of the key components of TKO, that
05:02sponsorship momentum is decelerating.
05:05But you did say partnership revenue grew 2% in Q1 and 8% in Q2 versus the prior year.
05:11It was a sharp slowdown.
05:12So what's the pushback?
05:1424 to 25, we grew 90 plus percent because WWE was new to TKO and we took the playbook from
05:20UFC.
05:21We applied it to WWE and we took down the low hanging fruit.
05:24This year, what you've seen is 2 and 8% respectively in the first two quarters because we have so
05:30many
05:30international events this first half of the year, which don't allow us to sell as much as many global
05:36partnerships as we otherwise would.
05:38But it's back loaded.
05:39The second half, a ton of global partnership deals take effect.
05:43Many multi-year, all high margin, all recurring.
05:47And we will finish over 20% year-over-year increase on WWE partnership revenue for the year.
05:54So it's more to come.
05:56So it's really the calendar.
05:57You got it.
05:57It's a story to tell.
05:58This is all timing.
06:00On your last call, I think your CFO also did quantify the margin hit you took from the
06:05big extravaganza for the president's birthday around the 250th anniversary of the country.
06:1030 million bucks.
06:11Was it worth a 30 million dollar margin hit?
06:13That was actually in plan.
06:14We actually knew it was one of the great brand experiences of all time for us on a global
06:19basis.
06:19So we had it in plan.
06:21And so from our perspective, it was already pre-baked.
06:25One of a kind.
06:26I mean, this is a one of a kind.
06:28Everyone else would kill to have something like that.
06:30That kind of stage.
06:31That kind of backdrop.
06:32Well, you're talking about like a billion dollars.
06:33You got a billion dollars in promotion.
06:35One billion dollars in earned media.
06:36Yeah.
06:36How do you quantify that?
06:38There are companies that we pay a lot of money to do this, right?
06:40I mean, at the end of the day.
06:42Do you think that's a real number of billion dollars earned media?
06:43Oh, yeah.
06:43I think it's actually conservative.
06:45And do you think that will actually were down to your benefit in the future in terms
06:49of.
06:49For sure.
06:49We're growing our audience.
06:50We're growing our reach.
06:51We're growing our engagement.
06:52We're taking UFC all over the world.
06:54We're seen in over 200 countries and territories right now, either live and in person to come
07:00and see the actual fight card or on on television with our new deal Paramount Plus.
07:05And, you know, we have our kind of site fees are up all over the place.
07:11People are calling us from all over the world wanting us to come.
07:14We're kind of regulating that as it relates to our domestic and our international, both
07:18for the WWE and the UFC.
07:20So, again, back to this idea of sort of one time that there was a segment hit.
07:24Margins went down at UFC.
07:26That's one time as a result of this event.
07:28Absolutely.
07:29And we forecast that it is one time.
07:31If we could do another fight at the White House next year, we would.
07:35You would do it.
07:35Yes.
07:36This kind of exposure.
07:37David, we had news outlets covering it, not just sports.
07:40We broke out into the mainstream.
07:41That kind of awareness for the UFC is truly unprecedented and something we'll capitalize
07:47on in terms of business growth going forward.
07:49And when you think about it, it was in the zeitgeist conversations here.
07:54Every newscast, as he said, around the world, social was through the roof.
07:58So, yeah, it was an incredible experience and an incredible opportunity for the brand.
08:02I want to come back to TKO, but let's talk a bit about Mari.
08:04Because it's gotten some attention.
08:06You guys did a very large deal, certainly, recently.
08:09ATG.
08:10Yeah.
08:10You're buying a bunch of theaters, essentially.
08:12In the regulatory review process right now.
08:14Understood.
08:15In both London and here and here.
08:17That was not for you.
08:17That was for me to keep me under wraps.
08:19Okay.
08:20What is it about live events?
08:22Obviously, we just talked about two.
08:24WWE and UFC.
08:25But what is it that you feel you want even more exposure?
08:28And now we should say, not in the public company, but in your private vehicle.
08:31Well, we've been on this train for a long time.
08:332016, we saw where sports was going to go, live entertainment and sports.
08:38I think a lot of people on a team basis is doing it.
08:41That because of AI and kind of where all the streamers were going, that live sports was
08:47going to be important.
08:47We then shifted as AI and other things have been happening.
08:52We realized that live events were going to be happening as we get a shorter work week,
08:56four days.
08:57A lot of people are saying Bernie Sanders wants to do 36 hours.
09:01So with that development, we have believed for the last year and a half that live is going
09:08to become even more important and more valuable.
09:11And, you know, we're in the sports area with our tennis portfolio.
09:15We're in the collectible business with Freeze and Bear Jackson, our car auction and other
09:19things.
09:20And then another great experience is live theater.
09:24And I think we got involved with one of the great live theater companies in the world.
09:30Again, we are under review with ATG and we're very excited about it.
09:35Yeah.
09:35This is to set the table on ATG.
09:37Ambassador Theater Group is what we're talking about here.
09:40We have seven.
09:41They have 70 theaters that they own and operate across Germany, Spain, 10 in the West End,
09:47seven in Broadway.
09:48Theater is a premier destination.
09:50It will continue.
09:51In fact, it is back in terms of attendance and spend.
09:55It's back to pre-pandemic levels.
09:57Last year in the West End, they did over 2 million more patrons than the Premier League did.
10:04So it will continue to flourish.
10:06And we are coming in to be entrepreneurs.
10:09We're coming in to be long term custodians.
10:11We want to improve the theater going experience for theater goers.
10:15And we want to continue to diversify content for content creators.
10:19And we're going to invest more in the theaters.
10:21You know, you guys are wading into an interesting time though.
10:22I know a bit about it here on Broadway because the cost of productions has gone up so much.
10:27In part because theater owners are charging a lot.
10:30There's other things.
10:30The unions, so many different things involved.
10:32But to mount a major musical production these days can be 20 to 30 million bucks.
10:37Correct.
10:37A lot of investors don't get their money back.
10:39You guys are wading into the middle of that, particularly as theater owners.
10:43Do you have any ideas in terms of how everybody can benefit here?
10:46Well, we're sitting right now, we're listening to a lot of people.
10:48We have met with a lot of people that are in the theater business here, in the theater business
10:52and West End and all over the world.
10:54We're going to analyze it and invest in the process.
10:58I mean, West End has a different model.
11:00They have a different economic model.
11:01They're making money over there than New York.
11:03Correct.
11:03Which is such an important economic engine for the city, by the way.
11:05But like sports and like content overall, demand is outstripping supply.
11:10There's real scarcity here.
11:11And what's the definition of theater?
11:13I mean, these are tremendous physical structures that we will improve, by the way.
11:17And physical experiences.
11:19So it won't just be musicals, David.
11:20It'll be plays.
11:21It'll be influencers.
11:23It'll be live podcasts.
11:24It'll be music.
11:25And it'll be anything that content creators can bring to us.
11:28We want to experiment and grow the experience.
11:30The other thing that we have that is not in the ATG deal.
11:34Yeah.
11:34That we just made a deal with Disney.
11:36We have an incredible, with this company we own, TodayTix, this immersive business.
11:41We just did Grease.
11:42Secret Cinema.
11:43Secret Cinema.
11:43We're just launching Pirates of the Caribbean.
11:46That is also another experience that we think is important for how this business is going
11:51to change and adapt.
11:53I'm going through my notes here because I wanted to come back to something, guys.
11:56It's back to the public markets.
11:57And it's Endeavor, of course, which was once a public company went private with your partner,
12:02Silver Lake.
12:03There's something called appraisal rights.
12:05It gets somewhat complicated, but people will say, hey, you guys are paying too little.
12:08We're putting in appraisal rights.
12:10It was kind of a record number for a deal of this type that we saw.
12:14I think it's still at Delaware.
12:15It's still in court.
12:16It is.
12:16Where do things stand with the appraisal rights and when we may get a decision in terms of
12:20whether you guys didn't pay enough and therefore owe these people who asked for these rights?
12:25Right.
12:25Look, here's what I'd say.
12:26It's running through the process right now.
12:27We're proud that Endeavor shareholders got a 60% premium when we signed the deal with
12:33Endeavor.
12:34Silver Lake.
12:35Let's start.
12:36Let's start right there.
12:36So those shareholders got a 60% premium.
12:38At the same time, we know our long term stockholders are quite happy that they received the highest
12:45ever free cash flow multiple for immediate take private.
12:51What you have here is when the deal was signed, frankly, long after the deal was signed, a bunch
12:56of hedge funds piled in hoping they could make a case and kind of don't look over here.
13:02This wasn't such a great deal.
13:04Courts not to be.
13:05In fact, when they piled in and did that, we believe they actually broke the law.
13:10Many of them, some of them broke the law and we'll see how it plays out.
13:14We don't think Delaware is going to reward breaking the law, but we'll see what happens.
13:18Listen, you'll see if there was collusion and we're not here to decide that.
13:23The courts will decide that.
13:24But I do think you'll find out with the hedge funds.
13:27There was some funny business going on.
13:29Playing in the arbitrage.
13:30If the judge decides that you guys paid too little, it does represent a potential liability
13:34for you guys, right?
13:36We'll let the process play out.
13:37We'll let the process play out.
13:38Do we know when, by the way?
13:40We're subject to the court's schedule.
13:43Yeah.
13:43Their calendar.
13:44All right.
13:45Some content questions, sort of broader questions as well.
13:47I mean, obviously, you're talking about a memoir here where you talk about the growth
13:51of the TV industry, for example.
13:53You sort of started learning about it under this guy.
13:56Bill Haber.
13:56Bill Haber.
13:58ABC and Aaron Spelling being a big client.
14:01You know, it's funny.
14:02We were just on air because we're taping this on Friday.
14:05We should say, we are not working Monday.
14:07You're going to see this Monday, but we're somewhere else.
14:10Thank you.
14:10We don't want to start off the new year with some bad stuff in the book.
14:14But we were just talking about a Netflix downgrade where they're basically making the point
14:18that time spent with Netflix is not going up and YouTube is the beast, essentially.
14:22Those are my words.
14:23What are you guys seeing in terms of how it's evolved?
14:26So we were actually listening to you and Mark and I turned to each other.
14:29When we all go on streaming now, right?
14:32Appointment diligence.
14:33The first one you plug in and look at is Netflix.
14:35Coming up, they have David Fincher's new movie with Brad Pitt.
14:41They have Mosquito Bowl.
14:43They have Ink with Danny Boyle.
14:45The gentleman was incredible.
14:47Their football situation that they just had on launch, I thought was unbelievable.
14:54There are ups and downs in the television business.
14:58They are appointment television.
14:59You have to check in with them.
15:00And right now, okay, people can point to it.
15:03I think there's incredible content coming up.
15:05That being said, I think at all the places there's competition.
15:10I think at all the places there's great television.
15:12And they have great television.
15:14I don't understand the conversation.
15:17Wait, what part of the conversation don't you understand?
15:19I don't understand the downgrade.
15:21The downgrade.
15:33Look, this all started.
15:34You know this.
15:35This started when they went after Warner Brothers and it didn't work.
15:38Stocks never recovered, Mark, when they went after Warner Brothers.
15:40Because it shows people wonder, well, what do they think they need that they don't have?
15:44What am I missing?
15:45What's not under the hood?
15:46The truth is, to Ari's point, they have great premium quality content.
15:51In the same way you're going to go to ESPN or you're going to go to Paramount Plus, if you're
15:56looking for sports, you're going to go to Netflix first and foremost when you turn on the tube.
16:01It's long form.
16:02Now they're getting into the influencer space and the podcast space and the talk space and the sports space.
16:08They really have it all and they're making the investment, spending more money and they're listening to their viewers.
16:14And we think the engagement is incredibly strong and they're willing to experiment with new models and new creators and
16:21new models.
16:23So it's really first stop for us.
16:25I mean, we have the WWE with them.
16:27I know you do.
16:28And it's, I don't know, it's up significantly with them on an international basis.
16:34We're happy about that relationship.
16:35They've been incredible partners.
16:37I don't know.
16:38I think they're an incredible platform.
16:40And that's the kind of chance we're talking about.
16:42Like they actually went in on WWE Raw.
16:45That was a completely new space for them.
16:48Right.
16:48Which is on Monday nights and it's global and they're also in our-
16:50They have been the dominant provider.
16:52That's not really the question.
16:53The question is simply how much can they actually grow if the time spent with them is not growing at
16:58all.
16:58I mean, Reed Hastings famously said this years ago where our, you know, our competitor is time.
17:03It's nothing else.
17:04Look, they're growing their business with the Avod platform.
17:07Yeah.
17:07They're continuing to commit to more premium content.
17:10They're getting significantly into the sports space.
17:14Yeah.
17:14I think the engagement thing is getting blown up.
17:16Yes, YouTube's a great player.
17:18Yes, YouTube's mostly short form by the way.
17:20It is.
17:21And it's creator economy.
17:22What they're doing is completely different from what Netflix is.
17:25And also they're combating that with their, now they're putting podcasts on.
17:28They're going into the space that needs to happen.
17:31Do you think they'll go into news in a more official way at some point?
17:34Potentially.
17:35It would be good for you.
17:36We think that would be good for you.
17:37It would be good for me, yes.
17:38Potentially.
17:39But, you know, I do wonder whether as well, and I'm curious whether they will consider another acquisition.
17:44At some point NBC is going to be its own public company as well.
17:54You guys talked about that today.
17:57They're going to be doing on Prime where Comcast has its space inside Netflix.
18:03They haven't done that.
18:04Yeah.
18:04In the model that Amazon has where it's a platform and a destination and then you can go to different
18:09players.
18:10They don't run from competition, David.
18:11You know that.
18:12I mean, they're energized by it.
18:13Netflix is.
18:14Slow Horses, Apple's on the move with a whole bunch of series that are actually getting traction.
18:19They're much more than just Ted Lasso and Severance these days.
18:22That just fuels Netflix.
18:24They're extremely competitive.
18:25They understand the landscape and they want to conserve the consumer.
18:28Yeah.
18:29Well, you mentioned obviously WWE with Netflix.
18:31Paramount has the UFC.
18:33You have been vocal in your opposition to the opposition from the state AGs led by California.
18:41Any thoughts or sense that there might be a settlement coming anytime soon on this?
18:45My thoughts.
18:46I have no idea.
18:47My thoughts are the following.
18:48You have every theater chain that has agreed to the deal.
18:51David has committed to, Ellison has committed to 30 movies, 45 day windows on a theatrical basis.
18:58170 series committing $30 billion.
19:02California, I don't know, for the last six years between COVID and the writer's strike has really been hurt.
19:08If, I think this is, if you, and also the cable guys, a bunch of the cable guys have thought
19:16this was a good deal.
19:17I think if, and if you look at all the numbers, there's no monopoly.
19:20The EU, they're not doing any favors for the gentleman in the White House.
19:26No, 67 regulators.
19:26I know.
19:26All right.
19:27And so we're now, this is truly about potentially some of the AGs in politics for them, personally, and about
19:34CNN.
19:35I have come out and said, on behalf of this deal, one, I think it's great for the state of
19:39California.
19:40But two, you know, we need to keep on going.
19:44And we need to invest.
19:45And if it's about CNN, I've said it.
19:47We need to put an editorial board together that actually is bipartisan so that everything is covered in the AGs,
19:54quote unquote, issues that they're not discussing.
19:56No, but the bottom line, though, is that it's absurd in the sense it's debilitating for the industry.
20:02Yeah.
20:03David Ellison is pragmatic.
20:05David Ellison is reasonable.
20:07David Ellison wants to get to the deal and get to the table and do what he does best, which
20:11is cut deals.
20:12So just get to the table, figure this out, come up with the remedies, and let's all move on.
20:17Yeah, no, he's going to have plenty of challenges once they do close the deal.
20:20Plenty.
20:20And then the debt load and all the pressures that we talk about so often.
20:24Do you take them seriously on their threat to leave California?
20:27I would not not take Larry Ellison and David Ellison seriously.
20:32What would that mean, by the way?
20:33I mean, would they, if they were to like sell the Paramount lot or something like that?
20:36More mess.
20:37More confusion.
20:38More destabilization.
20:40No jobs.
20:41I mean, California losing a lot of jobs.
20:44It's just a messy situation.
20:45It's right now a one company town.
20:48And you're going to break that up.
20:49A hundred years of a one company town.
20:51You're going to break that up in one fell swoop.
20:53Reach a deal.
20:54Figure it out.
20:54Get to a table.
20:55Be adults.
20:57Finally, when we talk content, I do want to end on sports with you guys as well.
21:02Mario, you have tennis in there.
21:04Where else do you have in Mario?
21:05We have participatory sports.
21:06Right.
21:07It's really all forms of culture.
21:08Sports and entertainment.
21:09It cuts across modern art.
21:11It cuts across sports.
21:12And it cuts across collector car auctions even.
21:15Right.
21:15And now, soon to be, if you close your deal, the theater as well.
21:18Yeah.
21:19But sports in general, you want to talk about?
21:21Well, you know, I'm curious.
21:22I mean, we continue to see prices for franchises obviously just skyrocket.
21:25TV contracts in certain areas.
21:27We've talked.
21:28We've had this conversation.
21:29You obviously worked at ESPN earlier in your career.
21:32Football is so important.
21:34But do we ever get to an end here?
21:35Or does this thing just keep going?
21:37It's so funny that you say that.
21:37It kind of reminds me of when we first had Endeavor.
21:40Everybody said, when are prices going to stop as it relates to and how much content
21:44is going to be made?
21:46It's on the trajectory.
21:48Mark says this all the time.
21:49It's the great reality show sports.
21:51You don't know the end.
21:52It's engagement.
21:52It's water cooler.
21:54It's everything.
21:55And for us at TKO, we have, I don't know, $15 billion worth of long-term contracts.
22:01He'll talk about all the kind of cash flow that we have and all the guaranteed contracts.
22:07But I would say to you the following.
22:10If the Lakers are selling for $12.5 billion, Mark and I are involved in four leagues.
22:18If the one team is worth $12.5, Mark will yank the chain on my leash when I say this.
22:26What is four leagues worth then?
22:29And I don't want to be the guy that sits here every day and says we're undervalued like every CEO.
22:33But I think our leagues are global.
22:36They're 365 days a year.
22:40And we're just getting started in global.
22:42And we have a lot of guaranteed contracts.
22:44So I'm very bullish.
22:45WWE, UFC, the boxing.
22:46And bull riding.
22:48And remember, the two of us just bought in as limited partners in the Las Vegas Raiders at a pretty
22:54healthy valuation of $9.5 billion.
22:57So that answers the question right there.
22:59We're believers.
23:00It's all still going north.
23:02Finally, back to the book.
23:03So again, I'm going to finish this weekend.
23:05It starts with you talking about rage, which you have a lot of apparently.
23:10I mean, as much as it used to, has it mellowed you at all?
23:14At all?
23:15You're asking me?
23:15Ask him.
23:17All right.
23:18Is it the same?
23:19Absolutely, it has mellowed.
23:21It has, right?
23:21He's not who he was when he's 30 years old running around town and threatening everyone from, you know, here
23:26to Sunday.
23:28The bottom line is he's definitely more even keeled.
23:33But he's high energy.
23:35He's frenetic.
23:36He's moving at a quick pace, right?
23:38He's not slowing down.
23:39And he's very curious.
23:41And that curiosity drives a lot of this high energy.
23:44Here's what I would say.
23:47Patience is better, right?
23:49Is your patience better?
23:50Barely.
23:50I wanted to interrupt you four times.
23:52So here's what I would say.
23:54I've kind of done the following.
23:55The rage has not stopped.
23:57There is times I understand when I'm on the field and it's pretty intense and I feel bad for him
24:03and everybody around me.
24:04And then I've realized also, as my beautiful wife, Sarah Staudinger, when you're not on the field, you should not
24:10be on the field.
24:10And that has permitted me to be more successful when I'm on the field.
24:14And then I'll get back to it like you're going to be on the field.
24:14I was going to have to take the right side of the field.
24:15My third one, I've done the field in the field.
24:15I'm going to have to take a look at it for a few minutes.
24:15It's the right side of the field.
24:15KONIEC
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