David Rosenthal: belief

Transcript context

…That's a bull case. They figure that out. Another bull case is actually around the European TV rights. The thing we were talking about, they more fully realize the value where you have actual competition bidding for those rights. And since so many of the viewers are there, moving the needle a little bit actually is a giant amount of revenue change for F1. The last bull case that I had thought of that we haven't really covered yet is a US driver or US team becoming world champion. That could really kickstart fandom here. I think there's a related bull case of a champion or champion level female driver emerging in the coming years. Feels like that's going to happen, has to happen, should happen. And given how much of the sports fandom has already shifted towards women thanks to Drive to Survive and the movie, that feels like it could be a further acceleration there. Yep. Bear cases. The biggest one that I just keep hearing is that it is more of a parade than a race. I mean, like NASCAR, you have aggressive overtaking lap after lap. It's just constantly exciting. And F1 is this beautiful competition, but so much of it is strategy, engineering, stuff that happens in qualifying, conserving resources, pitting at the right time. It takes away from the natural observability of the sport. And so the bear case is that despite everything they'll try to do in regulations to make it more competitive, these are really big cars because of safety that it's just hard to pass. And you're really incentivized to conserve fuel, not burn your tires when you don't need to, et cetera, et cetera, which puts a natural ceiling on the amount of fervor around it.…

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