The league entered talks at a time when the sports rights market was tightening, economic headwinds were rising, and TV ratings were flattening. Before negotiations started, some thought the NBA would struggle to achieve a significant increase over its current nine-year, $24 billion deal. Instead, as Front Office Sports has learned, the league coul... See more

But that doesn’t particularly matter if the other 1% turn out to be the work of someone like Picasso. Berggruen could be wrong most of the time and still end up stupendously right. A lot of things in business and investing work this way. Long tails—the farthest ends of a distribution of outcomes—have tremendous influence in finance, where a small n

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