翻石头系列#3

争取每周一篇，elevator pitch，绝非推荐。

昨天写好的一篇$NATH 巧的是当晚就出消息被SFD收了, 可惜收购价格比我预期低很多...

$Liberty Braves C(BATRK)$ 是个很稀有的上市的职业球队资产.

• 北美的四大职业联盟是个很独特很有趣的asset class. 120家职业球队，billionaires们的玩具，新钱变老钱的敲门砖/status symbol，家族的传承资产。交易通常发生在家族第三代分家背景下。由于僧多粥少, 每次实际交易价格都远超Sportico的估值。

• Beats inflation and S&P 500 over long stretches with low correlation.

• Atlanta Braves: Major League Baseball (MLB) powerhouse. Baseball renaissance and ratings surge thanks to LA Dodgers & Shohei Ohtani (大谷翔平). New National broadcast rights bid in 2028 a potential windfall.

• Valued at $3B by Sportico and real estate value worth $1B+, vs. market cap of $2.5B.

• Controlled by Legendary Investor John Malone, who added $5m in 2025.

• Passed 2 years of spin-off from Liberty – can be sold tax free now.