October 10 - Office work (6 hours)

This day was following the èpath of the previous one, where I investigated the perceived value of sport clubs, influenced by the entertainment industry. Especially in the United States, many managers who come from large companies or private equity funds have invested in sport. How come? for the audience and the sponsors, but also for the tangible assets such as the players (in any case linked only until the expiry of the contract) and the owned stadium (in most cases) in the center of large cities. The stadium initially consisted of a parking lot and some refreshment points. Over time, the stadium has become a real "experience"; the infrastructure has moved to less central areas and gyms, a medical Center, a shopping center or even - as Juventus did at Continassa - hotels and residences have been built nearby. Over time, therefore, sports clubs have become a set of intangible and tangible assets, which have stabilized their value". Sports clubs perhaps represent the best of the universe of "value" stocks (generally they are more stable companies that generate annual profits, therefore more attractive to investors with less propensity for risk) and of "growth" stocks (the market price is much higher than expected earnings, which may or may not be there, are more suitable for more risk-tolerant investors). In fact, on the one hand, the shares of sports clubs have physical assets that are often not valued correctly in the so-called "sum of the parts" and, on the other, growth prospects on the web and with globalized followers.