OP #263: Summer Siesta, NBA Season Reflections, Jobs

The last Operating Partner letter before the summer siesta.

Author

Darren Herman
June 25, 2024

Happy Tuesday. This is the last OP Letter until end of August which is a tradition that I’ve always followed. Taking the summer off from writing to recharge is helpful and healthy and I always come back stronger. Thank you for reading.

My ask to you: please respond back to this letter (just hit REPLY) and let me know a topic or two that you’d like me to cover in the back half of this year. I ask that everyone do this - please flood my inbox. I promise respond to you.

🎥 Last week, one of my angel investments, Augie Studio, launched out of beta and has received some solid press. VentureBeat calls them The Canva for AI Video Creation. If any of you are interested in accessing Augie Studios or talking to their CEO Jeremy, please let me know and I’d be happy to connect you.

🎨 I enjoyed scrolling through this X/Twitter bait of 15 Most Creative & Iconic Ads. I hadn’t seen that Tesla print ad before and I enjoyed it. Speaking of ads, for a list of 2024 Cannes Lions winners, check out this list.

🍎 One of the better takes on Apple and it’s Apple Intelligence product suite by John Gruber at Daring Fireball.

Here are some good reads to get us started.

Again, please reply back to this email and let me know what you want to hear more of. I’m also going to clean up this subscriber list a bit (healthy master data management!) so make sure to respond back.

Last, if you are part of Silicon Alley and play tennis, consider joining us on July 24 in Westchester County, NY. There are ~8 slots left and all genders, race, and ethnicities welcome. Learn more here.

Darren

NBA Season Reflection and Personal Highlights

I waited until now to comment on the NBA season, allowing the full experience to sink in. In case you missed it, the Celtics clinched their 18th NBA Championship, their first since 2008, with Jaylen Brown earning the NBA Finals MVP title. Although I didn't attend the Celtics parade last Friday, friends who went had a fantastic time.

Owning the NBA League Pass has been one of the most valuable purchases for me. During basketball season, I rarely watch anything other than basketball. The League Pass lets me keep up with my Knicks even though I now live in Boston, and I can watch any game on TV, any night of the week. On any given night, we’ll watch parts of 2-3 games, regardless of Knicks, Celtics, or any other team. My wife, incredibly supportive, enjoys watching with me but her patience starts to wear thin during the second half of the regular season. So now that the season is over, she’s excited to start catching up some non-sports shows that y’all have enjoyed.

Here are some of my season highlights:

  • I watched parts of approximately 130 regular season games via NBA Season Pass.

  • I attended 10 in-person games including my first ever NBA Finals game (Game 1).

  • I saw games at TD Garden (Celtics), Madison Square Garden (Knicks), American Airlines Arena (Mavericks), and United Center (Bulls).

  • Of the 82 regular-season Knicks games, I caught at least 68 live.

  • I didn't miss a single Knicks postseason game, whether in-person or on TV.

  • For the first time since 1993, I wore a basketball jersey out of the house (2024 Jalen Brunson All-Star Jersey).

  • I bought four new Knicks clothing items this year, including pajamas I've been told I wear too much.

I love basketball for its pace and excitement. Growing up, I played recreationally but that was about it. Hockey was the sport I grew up loving (and playing) but basketball really took over post-2007 for me.

Thoughts on the NBA and This Season

  1. Gambling: I'm surprised by how much the NBA has pushed sports betting this season. While it’s clearly about revenue under the guise of fan engagement, I think they went too far. As an angel investor in Underdog Fantasy, I’m not against gambling, but I don't believe pre-game shows need to discuss live betting lines.

  2. Podcasts: I've enjoyed "The Roommates Show" podcast with Jalen Brunson and Josh Hart of the Knicks. Hearing directly from the players brings me closer to the game. The episode featuring Knicks coach Tom Thibodeau was particularly enjoyable. I love listening to Shaq’s podcast too. This plays into my direct-to-fan thesis which I talk a lot about in the Operating Partner letters.

  3. Knicks: Before the season, I told my Knicks text group that reaching the second round of the playoffs would feel like winning a championship. The team exceeded expectations, and Tom Thibodeau maximized the players' potential. I gave the Knicks a solid A for the season, and Jalen Brunson stood out, shifting the league's perception of him. I also enjoyed watching Hartenstein excel at Center, Hart’s hustle, and the next-man-up mentality.

  4. Fantasy: I've played fantasy basketball since its online inception. Recently, I launched a family league involving four different families. It's a fun way to add another dimension to the game and it involves our children. My brother won this year as his gamble on Wemby paid off. I think there is a stigma around Fantasy Basketball as it’s more involved than say, Football, but it’s actually not too much more time-intensive and is a ton of fun.

  5. League Rights: I’m excited about the forthcoming financial growth of the NBA. The increased revenue will likely enhance the league, its athletes, and the venues, providing an even better experience for fans. What exactly is that experience? I have no idea, but I have to imagine that if Media Rights 3x over the next few years, then those dollars will trickle into the experience.

Closing Thoughts

I had never been to an NBA Finals game before. I have been to US Open Mens & Women Finals, MLB World Series games, The Masters (Golf), Stanley Cup (hockey), invited to Super Bowl (never went), but never the NBA Finals. It’s kinda crazy as I watch so many NBA games but then again, the Knicks have not really given me a chance to do so.

Well that changed this year when my teenage son asked me to take him to an NBA Finals game as he had a solid year at school, to which he did. Together we went and I was probably the only person in the building who did not wear a Celtics shirt - but was wearing a hat! I realize how fortunate we are and I do not take this for granted.

Sports is fun - but what I remember most about sports is who I was with at each of these events. For tennis it has been my father. For hockey & baseball, it’s been my closest friends from growing up.

And for my first NBA Finals, it’s my son, David. For me, sports memories are always some of the best memories.

2024 NBA Finals Game 1 Celtics vs. Mavericks

Job Opportunities

As of writing, Bain Capital has 3,091 jobs across 47 companies in our PE portfolio. Click this link to see them sorted by portfolio company.

You can also access the Bain Capital Tech Opps Fund and Venture Fund jobs.

The below links are articles that I read during the past week. I am sharing them because I think they are interesting. I may not agree with everything in every article. If you come across an article that you might think I or the OP community would like, I encourage you to reach out and share it. I reserve the right to select whether or not it gets shared in the OP.

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