Bluey’s Big Deal
Everybody knows I am on record saying that Bluey’s not bad.
What continues to blow me away is how big a business “not bad” can become. Apparently Bluey is earning billions.
But here’s the kicker…not for anyone in Australia.
That’s because the Australian Broadcasting Company (ABC) handed over international distribution and merchandising rights to the British Broadcasting Company (BBC) to fund development of the show. Now Disney is involved and it’s a juggernaut. I learned that from this helpful and entertaining video (thank you to ScottP in Sydney for passing it along).
Eucalyptus Health cofounder Charlie Gearside is the storyteller in that video, and he makes some interesting points – and gives some decent advice – about risk, complacency, and upside. One of them is that despite the ABC giving up massive gains by making a deal with the BBC, no one got fired because of it.
That tracks.
People get fired for losing money all of the time. But the only people who seem to get fired for missing out on upside are athletic coaches.
And maybe I’m backtracking on myself here (it wouldn’t be the first time), but if your downside is a known, recoverable and capped loss and your upside is becoming a global phenomenon, then maybe that risk is always worth the reward?
I admitted recently that we here at Permanent Equity sold something. It worked out well for us. The buyer may end up doing even better. If that happens, are we idiots?
Not only don’t I think so, but I hope they do.
After all, if you’re selling for the right reasons, you should do well and leave something on the table for the next guy. That’s what makes a fair deal. And if you don’t do fair deals, you won’t do many deals. And if you don’t do deals, you don’t get liquidity – and then you’ve set yourself up to have a different set of problems.
But giving Bluey away is not the same as selling for the right reasons.
One requires judgment. The other suggests you may not have known what you had or what to ask for.
– Tim
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