Investing in Sports: The Next Trillion Dollar Market?
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For years, owning a professional sports team was, in some form or another, a very personal investment. When a team was sold and ownership changed hands, the new owner was usually just one person. Sometimes that ownership would also include a few friends and family members.

Institutions like hetch funds or private equity firms were not allowed to participate in buying a team. And those were still the rules in the national football league. When a pollo co founder, josh Harris, bought for washington commanders in twenty twenty three.

the nfl was quite restrictive as to the only would allow with certain number of owners. And then obviously, the rules in our since vest all of the power, the control of you one person, because they want to make sure that someone can make decisions on behalf of the teams.

But these teams are a lot more expensive than they used to be. And the nfl alone, valuations have tripled in just ten years.

In two thousand and fourteen, the buffo bills traded for one point four billion. The pandas traded for two and change. And then I think twenty, the broke is traded for high force. And i've see we bought the commanders at six.

eighteen months ago. So buying or investing in a team now requires, quite simply, a lot more capital. And over the past fifteen years, the professional sports leagues in the U.

S. And europe have slowly loosened ownership rules to allow private equity and other institutional money to provide this capital. And some leagues institutions can buy a minority stake, while in other leagues, IT allows for full leadership.

But when josh Harris was preparing a bid for the washington commanders, the N. F, L, was the hold out. IT was the only major league that didn't allow privates equity and team ownership. So Harris assembled a group of individual investors to raise and invest approximate five billion dollars of equity for that deal.

I think that everyone realized that that was very hard to do and that they thought that I was time to allow for more capital going into the business.

And about one year after the commanders still close, the nfl finally embraced the trend and made IT possible for a select group of institutions to invest in its teams. When the nfl made that choice, IT meant that private equity now had access to every major sports league across both the us. And europe.

IT marked a new era in the business of sports, one that is already changing how teams are run, how athletes are paid, how games are watched and even the very nature offending M. This is investing in sports and many series from the golden sex exchanges podcast about the changing dynamics of the intersection of sports and finance. I'm a copal and ross.

I lead the private wealth management business for the new york region at golden sex. And I also had our sports and entertainment offering for golden sex private wealth management. Over the next four episodes, i'll be speaking to my colleagues who work across the business of sports for goldman sax. I'll also have the opportunity to hear from team owners and leaders who are at the forefront of the transformation happening across the industry, will cover the new ownership landscape and how streaming is changing the way we watch sports.

The disruption we're seen, the whole business model has an effect been turned upside down.

The take address market for sports is population of the world.

They are recognizing. They've gotta make the product interesting. They have to make a vital to the user, to the viewer.

what IT takes to build the fan experience of the future. This was gonna be a basketball m. maka. IT was going to be all .

about the game, it's arena.

the growth and women sports and what all of this means for investors. I think that needs be patient capital, but I think that capital will see a return.

The evolution of the sports echo system continues to expand. What is going to be in five years? Just put your seat elt down and get on for the right.

Welcome to the revolution. In our first episode, i'll be sitting down with commanders, owner josh Harris, to ask how his approach to sports is so much different than his other investments. But before that, i'm pleased to be joined by two of my golden sex colleagues from our sports investment banking team.

Dave dassie, who's the global coherence of sports investment banking, and Alice Jones are head of sports advisory, will talk about how sports became big business, the way institutional investors are thinking about sports as an investment opportunity, and what's the scale of this opportunity could look like over the next few years. Dave, Alice, we spend a lot of time together given our shared client base. IT is a pleasure to have you both here today.

It's great to be here. nico.

Thank you, nico.

So Alice, we work with clients who explore a broad range of investment opportunities. Sports can be different. What is unique about sports as an investment?

I S. C, right? The reality is the sports market has addressable market of joshi. Eight billion people. IT touches every corner of the world. And over the last fifteen, sixteen years, the penetration of that distribution network has grown immeasurably. I mean, is only two thousand and seven that the iphone was introduced.

If you think about our transition from three g to four g to five g networks and the ability to transferred data at much lower latencies has meant that, that we can access more people. We're able to touch all four corners. The world sport touches almost everyone in some form.

Another is a hugely important pillar to society. And that was most evident through covered, not only in the ABS have not being able to watch, but also participate in sport. And I think the spotlight was shown on the industry as a non secure, high revenue generating industry that people wanted more of.

And whether that was demonstrated with the non scripted media that came through the streamers through that period, whether was the all or nothing series with amazon or indeed drive to survive with netflix, IT should not lie on how important IT was. But in many incenses, sport is not moved. The sam Epace o f c hange o f o ther i ndustries, particularly tech. And so the opportunity to grow and the opportunity invest and the opportunity increase value at different particle system has been very evidence people. And that's why I think all of the capital has spent time in an increasing meantime on the industry.

It's quite a lot that set sports apart from other investments. So dave, what have you observed in the us. In terms of institutional capital looking to get exposure sports.

I think this in the large parts, very consistent with what we ve seen in terms of the booming growth of the private capital markets in the evolution we've seen across other sectors as well. But if you think about returns and what they're focused on, these returns historically been very uncorrelated to other returns in the marketplace, which is attractive. These are very long duration or in a type assets.

And so these are twenty five, fifty, seventy five, one hundred year assets. And so a lot of this institutional capital or family office capital and quite Frankly, sovereign alth or insurance capital is very, very long data. So there's some align of interest there. In north america, the leagues have very strong governance, which makes IT restrictive in terms of how much capital can come in today.

But IT also sets these businesses up such that you actually know what you're buying, you know the Operating model, you understand what the cost can be and you certain ly understand the revenues which come in on a consistent basis, you know the large part what those are going to be. And history, ally, those revenues are grown very, very aggressively through cycles. From digital rights distribution perspective, like the scarcity element to IT is still very, very appealing.

It's historically been a billionaire club in terms who can buy these. But the number of deca billionaire around the world, the number of billionaire around the world is growing much faster than the number of north american franchise in the major sports. Will talk about women sports in some of the address and areas as well because there's a lot of capital that moving in to those areas.

And I think people have a fundamental sense that is capital comes in. There's going to continue to be this evolution in terms of how do you capitalize these entities today. The capitalised, very conservatively, very low, long to value rates given the franchise value of these.

And over time, I suspect that will change. There will be more creativity in terms of what you can put into how you finites the purchase of an asset or how you owner asset, which will drive down the cost of capital, which in theories should help drive up valuations. And so there's definitely .

a lot of leg from that perspective. Yeah, Alice, the picture outside of north amErica can be a little different. They've talked about governance ability to capitalize as themes that are president in north american markets, for sure. How would you characterize the rest .

of the world different in the irony of the galilaean opposition of the midst, leagues to ownership and distribution of revenues in a more equal fashion is, Frankly very different to the other leagues and propositions around the rest of the world. And as a result of that, we've seen a far greater mix of capital come into european sports. If we look at the socket premier league in the U.

K. You know, have a real mix of equity owners and capital providers across the ecosystem ready. We have ultra high net worth, and that has historically been the case.

We've seen the success sovereign alth coming into ownership of franchise first day with man city most notably, and then latterly with the P F. In newcastle to nights or two. But we've also seen institutional capital.

So when we look at the likes of you, liverpool, with their ownership by a firm way, this has been around for some time. It's not new and most notably, IT in a majority position. And so that story has been there.

unfortunate. The real differences. Not all of those business generate free cash flow and have had the same success as the us. And that has been demonstrated by the difference evaluation perspectives. And so actually, you get a far greater differentiation in values and a lot more uncertainty. But it's right to say that there is an element of greater maturity of different forms of capital in non us sports then we've seen in us ports today who've been far more thoughtful perhaps at times, is to have to introduce that capital.

okay. We've touched on a few of the major changes that have made sports and attractive investment opportunity. So let me sum them up.

First, scarce. There are limited number professional teams, yet the number of billionaire has increased. Second, the growth in media rights revenue.

Take the N F L, for example. The annual value of the nfl s media rights contract was two point two billion in two thousand. Today, the annual value of its current contract is ten billion dollars.

Third, leagues have slowly opened up to private equity and institutional capital and for as a result, there has been substantial growth and team valuations for major U. S. Mens leagues.

Compound annual growth rates between ten and fourteen percent. That's the broad picture. What's been most interesting .

to you like from my perspective, I think these assets were under appreciated in terms of them being true businesses, and we're thought of more as they sports franchise today. And many the others who thought in over the last ten, fifteen years have thought of these as Operating businesses, which not only are games and content, but also have all the insulating elements to IT.

So he talked about the sports rights in the significant growth introduction tory from that perspective, the ability to aggregate audience, which is made the live programing that much more scarce, which is driven up the advertising in terms of really wanting to get exposure and get access to this live content. We talk about social and these viral moments. The twenty four seven nature of IT the players is stars and personalities, not only in sports room, that increasingly crossing over into music, entertainment, acedera.

We've got to a point where I think that S A plus or minus in that zone of being fairly valued today. The returns will still continue be very, very good. But it's been incredible terms of what these returns look like, like over the last decade or so.

I'd love to flip for a minute, forward a page and look at the implications of the trends that we've seen and the changes that we've seen. Dave, you talk a little bit about how some teams owners have really let these teams in various leagues and the leagues themselves to be Operating businesses. And I think some would argue that for many years, to your point, these assets have been looked at as generational assets.

And so we're starting to hear more and more this concept, how sports is becoming more professionalized, if you will. And so if we think about conversation you're having following the capital, where are clients focus right now? Where are you seeing capital most deployed at this point?

I increasingly capitals looking for multiple pass to potentially make money, not inconsistent with how investors look or how private equity firms look at other businesses.

And so buying a team, but is there potentially a stadium alternative, you know building a city around the stadium or the arena? Is there the ability to invest? Or is IT a platform that could be multisport team ownership Price seven ten that are multi I team ownership and having multiple teams owned? Is that attractive? Do you get diversification? Do you get access to more fans, more data, more analytics, which are allowed you to build on these direct consumer models?

So like there's that certainly one theme and then own calm secondary sports, but the smaller sports, the sports of Jason stuff the game in the ticket, in the dating analytics, the health care businesses that are around supports, there's a lot of really interesting capitals going in. New sports is a big potential growth area, roll up opportunity. And so I think the capitals looking to go into, quite Frankly, the entire ecosystem.

I add to that with the guards to, if you'd take formula one, for example, liberty media took that business on in two thousand and sixteen, Frankly speaking, have taken that to a whole new place, with the entertainment factor bringing effectively twenty four races around the world, on average, watched by seventy million people per race. When you compare that to the super bowl of the one hundred and ten million, it's quite staggering.

When you think of the forms of capital coming into that, you have people looking at the teams, both in equity and credit. But furthermore, what is quite interesting is the commercial opportunity. So the commercial upside on sponsorship and worst that isn't direct ownership that is huge with the gaza capital helping the teams fun themselves and growing out perform. And of course, that's driven higher valuations. When I talked about entertainment earlier, this is the case study one, or won. We had covered, we had netflix, we had drive to survive, taking that sport to a completely different audience, lowering the age of the eyebrow, which gives them a much bigger consumer opportunity for everyone, whether it's the teenager who is never watched in north amErica to those who followed IT for decades, but are able to get more data and analytics delivered to them through the content that is provided.

Yeah, it's a really great example of how leagues and teams have become media brands and how, in an error of direct consumer contents storytelling by these brands, we'll be really important. We're gonna cover that a lot more in our next episode for now. Alice, from your perspective, what are some other areas for growth?

You know, the key point here is about increasing revenues. Managing costs and finding different ways to deliver greater utility. And of course, more of them that comes at a cost to the consumer or A A Price to the consumer.

And so when we think about the ecosystem as a whole, you know whether you at the league lever the franchise level or otherwise, finding new ways to make money gonna be critical to that success. And the sports jacket market and the sports jacket business market is gonna be critical. We've already seen IT in many aspects.

When you look at the successive fanatics in its distribution of merchandise and otherwise, we've talked about the convergence with the entertainment industry, but the producers and how that impacted by the influence of the streamers and so forth. And then, of course, the big thing in the amErica right now is the growth of the us. Sports betting market.

Now interestingly, that is a mature market, particular the U. K. Or elsewhere in the world.

There's a markets where IT doesn't existence more about fantasy. But if you think about the proliferation of betting in the U. S. Market over the last few years.

it's been huge. So given that how an investors think about the scale of all of that, if you put the various pieces altogether, I mean, i've heard estimates ranging from six hundred and thirty billion dollars to a trillion dollars. Some recent reports put IT at three trillion dollars. How do you get there? Give us a little bit of perspective on how big this can be from your vantage point.

I think I have touched upon IT earlier when I said the total addressable market for sports is the population of the world in some former another. When I think you look at the U. S.

And you look at the average revenue per fan per franchise within the affair, IT is already pretty high. And if you then break down and where they're consuming and where they're spending their money at each point, it's pretty demonstrable in that effect. When you look at that across other sports, they still relatively nation is still in mature in many ways around how they monetize the average revenue per user.

If you look at the premier league alone, IT said that over three billion of the world's population engaged in the premier league on a regular basis. The premier league runs for some between thirty eight, forty weeks of the year. IT sits on times one zero.

So is watched actively in asia, very actively across europe and now increasingly in america. And that's demonstrated by the increase evaluation in major rights, particularly outside of the U. K. But those media rights are still less than half the annual media rights of the nfl, a sport that has half the number of weeks in which he Operates in. And when you then dissect where the fan is actively consuming and paying to consume, you'll find that the average revenue per fan is much, much lower. So as an investor and you'd sect the ecosystem, what you're really looking for, those opportunities that can really drive that revenue increase and where IT can be done in a profitable way as opposed to where in the past there's been a higher cost relative to the revenue.

You all have painted a very vivid picture around the entire ecosystem and the opportunity that exists speak for a minute about some of the chAllenges that investors should be considering. What do you worry about giving, where valuations are? What are some of the flashing yellow lights that investors should be considering?

Like, I think media rights have Spiked dramatically. Rights, you've seen two, two and half three times step up each time we've gone through this. The disruption that is taking place in these business models, the legacy media companies aren't the position that used to be the technology companies.

They've been coming into the sports ecosystem. I think that dynamics sets up very, very well for those rights and those distribution rights to continue to grow at an accelerated pace. But there may be a world where you don't get as much competition from that. And so you get a more modest step up or increase in terms of those distribution rights. I think to the extent you're going into a league or a team, governance is critically, critically important in terms of what's the decision making body, how does that make decisions, what is the growth plan for the league as well for the teams? Because I can really put guard rules around what could go poorly from that perspective.

One thing I spent a lot of time thinking about and else talked a lot about formal one, but how many sports are really going to be able to punch through to the next level? And we are living in the world today where the strongest from a sports perspective, I think you're getting a stronger the biggest brands in those leagues are getting bigger and stronger. And so the days of a sports scene being local, they didn't went to regional, international and the biggest investment and in our global brands.

And there is about fifteen or twenty teams across all different sports around the globe that are truly global. So how much shell space is there really for some of y's other sports to punch through? And I think for them to get these dramatic step function increases in valuations, they're going to need to garner some of that eight billion people. That doesn't mean many of the smaller emerging leagues women sports success. There's huge website, huge opportunity and huge runway before they have to worry about the essence ce punching throw and taken on some of the big three.

I was anything you'd like to add in terms of chAllenges on the horizon to be on the look out for .

the derivation. Sports were as community assets, they belong to people. They belong to the fans. You need capital to grow and you need capital to compete. What really matters, the fans, is the performing on the pitch.

But the reality of that is there are legal decisions and governance, particularly outside of the united states, that more chAllenging to overcome. You know, so when people are looking at investing in sport and where they're going to invest in sport, the type of capital they're investing, they've got to understand the sport. They're to understand the asset they're buying.

They go to understand the fans and ultimately, those who investing need to be mindful of how quickly they can make a difference, how they quickly they can implement difference, and what is the real return. People are not necessarily gonna be lovely, happy if a team is under performing, but there are returns being paid out in dividends to owners. They want to see their teams before, and you need those people to turn up to the stage of each week.

What I do think is important and will drive the continue thoughtfulness around investing is more important. People are getting greater utility from engaging in the sport ecosystem that brings the happy factor. And if there are people that can facilitate that growth and facilitate people's enjoyment of going to a game, watching a game, watching a game within a century, a weekend, those will be the winners because they'll have taking what's raddy makes the fan enjoy the opportunity of watching sport great.

Dave, Alice, thank you for a very enlightening conversation. Will look forward to continuing the discussion.

Thank, thank you.

I'm a value investor. I buy thinks at seven times to have flow or I try to create mid ten's yids in sports. You're never gonna that.

I'm very excited about my next guess, who might be best known to our listeners as one of the most prominent private equity investors of our time, josh Harris cofounded Apollo global management and recently found IT alternative investment firm twenty six north. And prior to that, in two thousand seventeen, he in long time business partner, David blitzer, found IT Harris blitzer sports and entertainment over the past fifteen years. He is also assembled a very impressive portfolio, a professional sports teams he's acquired in N B A team, in an a til team, a stake in an english primarily team, and most recently, an N F, L team with his record setting purchase of the washington commanders. I started by asking him how important IT was to have a personal connection to the teams he's invested in.

I think sports is A A community endeavor. Some of my greatest memories, you know, in washington to the, I remember literally being eight years old and watching one thousand nine hundred and seven two super world and then going up japan as a freshman and watching, you know, the sexes when the MBA title with doctor jam six. And I witnessed all of that, and I saw the community come together in washington filly. And so I share, i'm a fat so I understand the frustration when the teams that winning understand you know what that means to be able to own the teams. I grew up with a dream come true.

I'd love to go back to your first investment in sports back in twenty eleven when you did the deal for the philadephia seventy six years. Talk to us a little bit about the catalyst for that and kind of what sport that initial .

investment look to go back to two thousand and eleven, two thousand and ten. The six years were owned by comcast spectacle, which is obviously a huge important company, and they were cable business. And I just literally call cop cat and you to start a dogg.

In the eighty months later, I I was able to acquire the sectors we did in in a so called corporate carve out and the N. B. A. That comes going into a lack out.

And the six years were losing twenty five to thirty million hours a year, and they were low twenty years out of thirty teams in the MBA at that point terms of revenue. But I just felt that this was something I wanted to do. I wanted to do bring the sectors back to where I had witnessed during their glory years.

I just say that we got to do this. I put together group by the day of lizer, who's now we own this company together. And we bought six xers, and basically fast for the six years are now like fifth in revenues and league. And we reconnect the city or to lead team would really hopeful. But and so much fun doing that, that we then went on to do other things in sports was a live changer for me.

I love that it's interesting to hear you share the perspective of where the revenues were when you start IT and how much they've grown over time. IT wasn't that long ago where a lot of investors thought about owning a sports team really as a trophic asset. The Price to oman was obviously much different than IT is today.

I'd love to get your perspective as a relates to how you navigate the emotional side of investing in a sports team and the financial side. A read and interview that you did with the washington post, and that was about your first year as owner of the washington commanders. And in that interview you said, i'm typically unemotional about funny title decisions, but here IT was more emotional. So i'm curious, what made running a team more emotional than making other financial decisions? And how did your experience help you approach that?

yes. So I mean, obviously, people do things for different reasons. For me personally, I was always emotional. I started off emotionally in sports with the sexes, and I ended up emotionally involved with the washington commanders.

But for me, when I involved in these sports teams, and I have partners in all of them, I say to people, look, we're in this to win IT. The currency in private equity is ebata and stocked race and value equation. The currency sports, to me is creating memories and championships, right? And that's about experience.

It's about having great stadium and you're serving great food and all that. And then it's about engaging with the cities in a positive way. And so all of those things are my currency and sports and year and you're out you know it's not the same as a financial as you wanted.

Have eva dog or no, you're gonna what you have to do to win. And if the cities think that you're enter for them, they support you, right? Like they think you're enter for money, they don't support you.

You ve got to be in this for the right reasons, which I think are even though I know own these assets, i've be myself as a start for the cities. And you can't do this on the cheap. You've got to be all in and basically invest to grow and gold plater for the players, for the fans, for everyone, so that you set yourself up to have the best winner.

okay. So how do you think of sports as an investment?

You can't worry about cash flow. You have to invest and you have to be in for the right reasons. But the investment case for sports, particularly the major sports, is that, you know, depending on the sport, but I would use about seventy percent of the team is media, right?

It's coming from the globalization, the fact that, like international, everyone in the world wants to watch the best audiences. So the onions are globalizing the fact that you media contact cannot be delivered everywhere in the world. In many cases, more people watch the sectors in china and works in filly.

I mean, there's just a massive following around the world and that has propt the revenues of and it's a correlated, right? So if you look at the nfl in two thousand and fourteen, the buffalo bills traded for one point four billion, and then the cancer traded for two and change and then twenty, twenty two, the brokers trade high force. And I see, see, we bought the commanders at six, eighteen months ago, so it's tripled in ten years.

The animal has such master media presence. But if you look at the Amber, the nh, l, and you look at the growth and forms or sports co, whatever, you'll see that these have been good investments. And other people might say, OK, I want to match about how we do IT.

I'd like them as part of a portfolio. But I said everyone, because we have partners, you look not everyone feels the way that I do. And I said, like this is my investment case.

We might spend the one we might we're going to spend, invest and make everything. But here's you know the story around a global media that elma existence for us. I think IT is quite a good investment.

Tell me a little bit, as you talk about the commanders, you made the decision to accelerate capital deployment there. What did you see? What sort of things does that make sense to invested in that way versus areas where you'd be more cautious?

yes. So when we got there, obviously, IT had been a complicated situation. We saw a lot things that we should could invest.

And the way I look at IT is I view the stadium, is our house right? Like and this what I say to my partners and I view our fans is on our guests, right? And so we've come in and try to do a lot of different things that wants to upgrade the fan experience.

I mean, obviously, the best thing we can do is win football g games. Know what? There is thirty one other teams that also have that same go. So we're really hard to work at that.

But what we're doing that what we're doing is hitting the stadium really hard right now, everything from fixing infrastructure and elevators and stairwells and concrete and bathrooms to creating Better premium experiences to try to get Better at ingress and egress into the stadium. So it's a broad program. We're spending about eighty million dollars on IT.

And then the other thing we're doing is in the training ground right in Virginia, an aspirin. There's a small eternity of antipho players. It's truly elite, right? So what we want to be is a place where they say, wow, this owner ship really cares.

It's a good place to play. And so I want to make their life as easy as possible. And so like you know, we're fixing the way room and showers and sending a player areas.

And you know, look, we have a ways to go. We have a lot of work to do and IT doesn't happen overnight. And then obviously, we do the best.

We came with our old stadium, but three out is it's an old stadium, right? And everything has changed so much since I was built that the fan experience is just Better in some of these newer stadiums, right? And there's only so much you can do. So we're looking at we're working hard at that, obviously. But like you know, that's what we're doing right now.

okay. Josh, my final question for you, and I really think there are a few Better position to answer this question. I'd like to talk about private equity in sports, particularly in the N.

F. L, of course. And after much anticipation, the nfl was ultimately the last league in the us. To allow institutional capital. And IT happened not long after you complete with the deal to buy the commanders. What do you expect to see given this new introduction of capital? And where do you expect to see the most significant impact?

Listen, the N F, O was quite restrictive as to the only would allow with certain number owners and then obviously their rules and all the sports, you know, in essence, vest all of the power, the control, if you are one person, because they want to make sure that someone can make decisions on behalf of the teams. So that made IT a harger investment case.

And I think them going through the process with us when we bought the washing pinners, they figured out that forget about the forms one hundred and that IT was the forbes fifty, right, where the ability to write a five billion, our check wasn't there. And what separated us was the fact that we had being good stewards, both financially to our partner, but also to the cities, and also the strength of washington, right? And the strength of the end of va is on the money.

But I think that everyone realized that that was very hard to do, and that they thought that I was time to allow for more cap going into the business. Increasingly, these are big businesses right there, big global businesses. And the purchase Price on sport teams is exhorting and sport teams because they don't make a lot of cash.

They make some. In some cases, you can put out leverage on sport team. So they're really equity driven investments for us to do what we need to do, which is a stadium cost three to five billion dollars now.

And in the purchase Price of the commanders we had to raise in best five billion of equity. So what private equity allows for is capital, right? IT is capital.

And then also, as you move towards the technological innovation, whether to be understanding how to serve your customers Better, there's an arms race, if you will, in the front office. If you want to win, you got to be involved with analytics and investment and technology. And you don't want anyone to get an angry you there, right? Sport is a very innovative place. And so I look at IT as capital for investment to allow for the continuation of the growth and sports and doing what we do best, which is creating memories.

Well, thank you, josh, for what you do. And thank you for taking .

the time my pleasure to be here and thank you for taking your time to do the center of.

The sports ownership landscape has changed considerably over the past ten to fifteen years, with private equity and other institutional capital now involved in every professional league across the U. S. And europe. This larger pool, a diversified capital, is expected to play a significant role, and the evolution of the sports industry and as a theme will return to throughout this series. Coming up on our next episode.

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