Mellody Hobson on Investing in Women's Sports & Lessons from Lewis Hamilton

The Genesis of Ariel Investments

• 🤝 Mellody Hobson reflects on her 20+ year partnership with John Rogers at Ariel Investments, emphasizing their complementary skills, mutual respect, and genuine affection.
• 💡 She highlights Ariel's origin as a minority-owned firm specializing in small-cap value investing, with her career being uniquely dedicated to this single company.

Strategic Investments in Sports

• 📈 Hobson details Ariel's long-standing involvement in publicly traded sports entities like Madison Square Garden and Manchester United, viewing them as media businesses.
• 🤫 She shares her personal, discreet investments in the Chicago White Sox and the Denver Broncos, initially kept secret to avoid confusion with Ariel's public market focus.
• 🚀 The conversation pivots to the burgeoning opportunity in women's sports, identified through a deep dive into attendance, sponsorships, and media rights, revealing significant growth potential.

Project Level: Investing in Women's Sports

• ⚽ Hobson explains the strategic rationale behind launching "Project Level," a fund dedicated to women's sports, likening these teams to the "small caps of sports" due to their high growth trajectory compared to established men's teams.
• 🎟️ The Denver NWSL expansion team deal is discussed, highlighting favorable market demographics, stadium potential, and an unprecedented 5,200 season tickets sold in three days.
• 🌐 Future investment areas include emerging leagues, junior sports, and ancillary businesses that benefit from the growth of women's sports, with an eye on European markets as well.

Leadership and Deal-Making Philosophy

• 🌟 Jason Wright, former president of the Washington Commanders, is introduced as the leader of Project Level, bringing invaluable operational expertise and industry connections.
• 🧠 Hobson emphasizes the importance of asking original questions in boardrooms, advocating for a "learn it all" approach over a "know-it-all" mentality.
• ⏳ She shares lessons on saying "no" to opportunities, valuing time over money, and the wisdom of Warren Buffett and her husband, George, in prioritizing a blank calendar.

Personal Growth and Mentorship

• 🏎️ Lewis Hamilton is presented as a profound influence, teaching Hobson about the power of positive self-talk, the importance of language, and the discipline of never giving up.
• 💡 She recounts Hamilton's lesson on distinguishing between "can't" and "choose not to," encouraging a mindset of possibility.
• 🤝 Bill Bradley's advice on not being a "ball hog" and avoiding sucking the oxygen out of a room is highlighted as a transformative lesson that shaped her approach to engaging with others by taking genuine interest in them.