The good, the bad, and the unknowns of athlete investing

Illustration: Getty/Shutterstock (Getty Images)

Whenever I hear about a cryptocurrency crash, I think about it The Simpsons In this episode, the tech bubble bursts and a young startup nerd gives Lisa Company stock with a roll of toilet paper. (The joke is that tech stocks are so plentiful and worthless that their only concrete value is to wipe their butts with them.) I don’t think we have cryptocurrencies yet – I say this mainly because the shows I watch haven’t arrived yet. That degree to make fun of Bitcoin – but as the market dives again, Ethereum or TerraUSD supporters are sweating.

When the last dip happened in January, my colleague Grace McDermott Wrote the hypothesis of adventure athletes like Odell Beckham Jr. and Aaron Rodgers When they choose to be compensated in cryptocurrency rather than cash in recent contracts and transactions. Back then, Bitcoin’s low was $36,000, down from a peak of $96,000 in November.

Now, it’s hovering above $30,000, a key figure Analysts say further declines likely If it can’t stay there. That’s how much I know about cryptography – or at least as far as I read before I got confused.

So instead of repeating what Grace wrote in a different way, or joking with a colleague of choice in our Slack channel “What’s the bigger stake: James Harden’s expansion or Bitcoin?” I’m going to look at three different of athlete investments, they have either succeeded, failed, or are still in progress. (I’ll omit fraud scams, because illegal losses are not real investments.)

Good: Viola Cannabis in Al Harrington

The former NBA player is assembling a $100 million team of black entrepreneurs in the cannabis industry to try to bring more diversity to the $25 billion industry, where only 2% of business owners are of color race.exist Interviewed by ForbesHarrington brings up how his community has been negatively and disproportionately impacted by drug regulation, and how it is difficult for black and brown people to get involved in the industry — or jailbreak to marijuana on related charges.

Viola’s president has numerous current and former NBA player investors, including DeMarcus Cousins, JR Smith, Kenyon Martin, Ben Gordon and Josh Childress. The future of cannabis is safer than anything I’ve seen from cryptocurrency. Marijuana is out of the bag (now available in child-safe cans), marijuana is smoked, and the government isn’t putting kibosh on a business that could generate $65 billion in sales by 2030.

Bad Guys: Dennis Rodman’s Bad Boy Vodka

This eccentric athlete was seen drinking Mind Erasers during ESPN practice last dance, following in the footsteps of vodka pioneers such as P Diddy and 50 Cent in his own spirit. Unlike Ciroq or Effen vodka, Bad Boy Vodka doesn’t appear to be profitable — it doesn’t even exist. is dead urland I couldn’t find a bottle to buy anywhere on the internet.

Perhaps Kim Jong-un, Rodman’s former drinking partner, bought the supplies and stocked up for the former Detroit Pistons bad boy’s next visit. Or Rodman, People who have recovered from alcoholism in the pastHe allegedly kicked Bad Boy Vodka off the carriage after he jumped into it drunk driving in 2018It’s unclear if he’s still sober, but hopefully he’ll be free from this lifestyle during his failed vodka adventure.

Unknowns: NBA players and wine

That’s very appealing to me because everyone is an NBA wine lover these days.LeBron James longing for a drink After losing to the Blazers this season.Carmelo Anthony On the cover of Wine Spectator. I personally tasted a glass of Dwyane Wade’s rosé Wade Cellars, hand-watered by the Finals MVP himself, at Food & Wine a few years ago. CJ McCollum loved the Willamette Valley wine scene so much during his time in Portland that he Bought my own vineyard.

There’s nothing wrong with wanting to get into the lucrative alcohol industry, but it’s hard to gain legitimacy in wine, especially when it’s dominated by white people with an overwhelmingly dominant view of the industry.

Carlton McCoy, one of three black sommeliers in America’s 500 sommeliers, put it succinctly: he told the New York Times“The wines are called luxurious, even entry-level Pinot Gris, but that’s not an association of people of color.”

Maverick Carter, LeBron’s business manager, was one of McCoy’s mentors, which is why I find this topic so interesting. (I was lugging McCoy’s wine around the hotel on the loading dock when we were both in Little Nell, Aspen, Colorado, and he was one of the most charismatic and hard-working people I’ve ever met. One, so also plays a role in my curiosity.)

Ideally, McCoy could help NBA players shake off the arrogance that seems to be ingrained in the DNA of wine drinkers, and if that happens, it will turn an uncertain investment into an impending profit.


Leave a Reply