
The markets are coming off of a volatile week, and Comcast is spinning off NBCUniversal and Sky. Evercore founder Roger Altman discusses both. As the Round of 32 begins, donor to the US Men’s National Team Scott Goodwin explains why he’s helping to pay the salary of the head coach, Mauricio Pochettino. A hedge funder and a soccer fan, Goodwin believes in the unifying power of a national sports team. Plus, market indices are undergoing a reshuffle. Roger Altman 12:02 Scott Goodwin 26:52 In this episode: Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY
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This is Squawk Pod up and Becky Q.
Becky Quick
You're a watching Squawk Box right here on cnbc. I'm Becky Quick, along with Joe Kernan and Andrew Ross Sorkin.
Andrew Ross Sorkin
The U.S. men's National Team playing Wednesday night at 8 Eastern against Bosnia in the first round of the World cup elimination round. And key factor for the US Team success has so far been Argentine coach, you told me Colin Poch, but it's Pochettino.
Scott Goodwin
Yes, sir.
Andrew Ross Sorkin
Is that okay? I just want to make sure I get it right. A key factor in hiring him. The man with us with the US Here with us. I said with, with the US with us this morning is Scott Goodwin. He runs Diameter Capital Partners. He's helping pay for the US Team's coaching staff. How did that happen?
Scott Goodwin
So I was, I was in July, summer of 2024, they lost in the Gold cup, which is the regional tournament. And I was venting to some friends who are big soccer guys and are
Andrew Ross Sorkin
you just holding back up? Are you just like a crazy soccer person to be big soccer fan? Because how did that even happen?
Scott Goodwin
I was born in Europe. I lived in France and Spain for a while growing up and was around the Real Madrid Galacticos air in the early 2000s and have had friends involved with the U.S. soccer team forever and venting to them in 2024 that we needed a better coach. The World cup is going to be here in two years. This is an opportunity. And I saw in the press they were talking to some big names and these guys who are involved with the team said, well, we can't afford Them. I said, well, we've just hired this amazing women's coach, Emma Hayes, who's the top women's coach in the world and went on to win the Olympics hiring her. So I said, what about if I pay? And they thought I was kidding. So the next thing I know, I'm meeting with the head of U.S. soccer, J.T. batson, who I think you guys have had on at some point in time. And he said, well, here's what we want to do. Here's what we want to build around having a really elite coach. I'd love to have you involved. And I said, sure, if you can get one of these top two or three guys, I'd love to be involved.
Commercial Narrator
What do you.
Becky Quick
What do you get from this? Do you get tickets? You get.
Scott Goodwin
It's patriotic pride. Patriotic pride. I want to win. I hate losing. And for me, the opportunity to put a competitive team on the field with a real leader that we have. We had good players, but we lack leadership and lacked culture. And what Mauricio has brought is culture, leadership, intensity, passion.
Andrew Ross Sorkin
So is this right? You're. So you're paying 6 million bucks a year?
Scott Goodwin
It's not public what. What we are paying.
Andrew Ross Sorkin
That's what they're. Some of the reports, though.
Scott Goodwin
Yeah. I'm not going to get into the numbers, but. But I'm pricing.
Andrew Ross Sorkin
This is not. Ken, this is not cheap.
Scott Goodwin
Not cheap. Not cheap. Very expensive.
Becky Quick
Coach, is it worth it so far?
Scott Goodwin
Absolutely.
Andrew Ross Sorkin
How will you measure that, actually?
Scott Goodwin
Well, the cultural change is the most important thing that happened first. The culture has been changed, and I think the bar for what we're going to have from a men's national team perspective has been raised. Women's have. We've done well for a long time. The bar needs to be higher for the men, which is winning real large tournaments. You know, the chalks, so to say, is probably that the team makes the round of 16, so wins on Wednesday and makes the round of 16. That's what the pundits have been predicting. Tournament. I hope we can do better than that. We have. We have a lot of momentum. We are on home soil. The country's buying in. The fans are buying in, and Mauricio has got a team that is really a family. So let's see if we have other investments in soccer.
Andrew Ross Sorkin
No, none. So you're not like, in Major League Soccer, something.
Scott Goodwin
Is this what I just focus on my business?
Becky Quick
Yeah. Is this an investment or this is just a philanthropic.
Scott Goodwin
It's philanthropic. It's not an investment. It's A it's a gift to, to help the country. And the trickle down effect of soccer if we do well and we can start winning on the men's side just like we are on the women's. The trickle down effect of growing the game in the country, changing the pay to play at the well.
Andrew Ross Sorkin
That's why you guys have kids, you have a stake in or want to have a stake in Major League Soccer or anything else in the U.S. not right now.
Scott Goodwin
I'm focused on my business, you know, investing in credit and bonds, not soccer.
Andrew Ross Sorkin
In terms of the US Team, what do you, what do you put the chances are if you look. We were looking at cows you this morning. Yeah, it's. It's unclear.
Scott Goodwin
You can never know what happened in a game. The random red card, like what happened in 2024 that created the opportunity for us to get Mauricio when Tim Waya got a red card. But you know, I feel good about Wednesday and I feel good about things moving forward.
Becky Quick
What's the, when you talk about the culture at the team, what was lacking before, how is it different?
Scott Goodwin
So what Mauricio does is whether you're the kit man or the athletic trainer or you're the star player, everyone's the same. So he came in and there was a group of kind of 7, 8, 9, 10 players who played in Europe that had been playing all the minutes. And the other people, the younger people, people on the outside didn't really feel like they had a chance. He tried out 70 players over 18 months and found this group of 26 that's come together. And some of the players that were playing before and some are new players like Antonio Freeman, you guys will remember from the, from the Green Bay packers winning Super Bowls. His son, I can see of a picture of him right there is a 21 years old star player right back. Mauricio basically discovered him. He was barely playing in MLS when he took over the US team and now he's playing in Spain in a Champions League team.
Becky Quick
So he's basically Ted Lasso.
Scott Goodwin
Culturally, he might be Ted Lasso. His soccer knowledge is a little bit better than Jason Sudeqis.
Becky Quick
But what you said, like treating everybody
Scott Goodwin
equally across the table, it's really important that lesson. And also he comes from a culture in Argentina where football is religion, soccer is religion there, and here the NFL is religion. So trying to bring that idea that this can be religion for the fans, this can be religion for people in the country is something he's trying to instill in the team. And I think what you've seen in the game so far in L A and Seattle and back in L. A, the fans are really engaging nationally, which is great. And hopefully on Wednesday, we'll have something similar in San Francisco.
Becky Quick
Back to Ted Lasso against Soccer is
Scott Goodwin
Life Football is Life Soccer.
Andrew Ross Sorkin
There's been a bunch of articles about this, though. How much of the fandom around World cup in the US do you think is US Fans versus corporates? And the reason I say that is the price tag, obviously MetLife or anywhere else is astronomical. It is a lot of corporations buying into this, either through boxes or seats or whatever. You know, in a way that's somewhat different. It's almost like the way the Super. The super bowl has become a corporate event.
Scott Goodwin
I've been to a lot of games so far. I went to the US games. I've been to some games at MetLife. I went to the Brazil Morocco game there, and I didn't see a lot of corporations. I saw a huge amount of Brazil fans, Morocco fans that had traveled from around the world. Listen, are the tickets expensive? Yes.
Joe Kernan
But this is a.
Andrew Ross Sorkin
Well, no, no. I mean it more in the US Sense. By the way. I agree. People are flying in from all over. I'm saying, do you think that the. To the extent there are, quote, unquote, there's a big question about U.S. fandom for soccer and how much U.S. fandom for soccer is actually being driven at the corporate level?
Scott Goodwin
I think it's driven at the grassroots level. We marched to the stadium in Seattle with thousands of fans that were banging on drums. What, me, J.T. cindy and Dan Helfrick, who's the CEO of U.S. soccer. And I really think it's. What's needed here is more of those kind of people coming in as fans of the national team. People are used to having their New York team, their Boston team. But if we can all become Fans of the U.S. we talk. I talked to him recently about Miracle and what that did in 1980 for the US bringing the country together. I think he and this team can have a similar impact in terms of bringing the US Together if we continue this run.
Andrew Ross Sorkin
It's very cool. Scott, thank you for coming in.
Joe Kernan
Thank you for supporting the team affecting us all. I spent quite a bit of time yesterday trying to understand exactly, you know, if. If your fingernail is off sides, it doesn't count. And they try to see that, don't they? They've got good technology and it's sort of. It's not arcane, but it's not immediately. Implicit how it works. Right?
Andrew Ross Sorkin
Yeah.
Scott Goodwin
I haven't gotten too into it. I spent some time with how the US is using AI around penalty kicks.
Joe Kernan
Yeah.
Scott Goodwin
And trying to see which players deal with.
Joe Kernan
It's a huge bummer for me when it doesn't count.
Scott Goodwin
Imagine if you're the guy who scores the goal.
Joe Kernan
That's what I mean.
Andrew Ross Sorkin
Because.
Scott Goodwin
No, I mean you have to wait to celebrate.
Joe Kernan
I watched and I don't regret it, but I watched Colombia, Portugal.
Scott Goodwin
Yep. That was close.
Joe Kernan
00,000. I spent four.
Commercial Narrator
Four hours.
Scott Goodwin
I liked it.
Joe Kernan
I ended up liking it, though. I did. But it was 00.
Scott Goodwin
What's great so far is the best players in the world are performing. Messi, Mbappe, Alain, these top players.
Joe Kernan
You're telling me he's still hot, he's still ticking.
Scott Goodwin
And he played for Real Madrid, which is my club team. So, you know, I like Ronaldo.
Joe Kernan
All right. But people say, what is he, 40, 30?
Scott Goodwin
Yeah. I think 40 ish.
Roger Altman
Yeah.
Joe Kernan
40 ish.
Roger Altman
Ish.
Scott Goodwin
That's old, huh? Yeah, I love that. In soccer terms, it's old. Not in finance terms.
Podcast Host
That does it for Squawkpod today. Thank you for listening and thanks for starting your week with us. Squawk Box is hosted by Joe Kernan, Becky Quick and Andrew Ross Sorkin. Tune in weekday mornings on CNBC at 6am Eastern to catch them live. You can always get the best takes and analysis from that three hour TV show right into your ears. If you follow Squawkpod, wherever you get your podcasts, we'll meet you right back here tomorrow. Have a great day.
Andrew Ross Sorkin
We are clear. Thanks, guys.
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Chase Sapphire preferred the card that's preferred for a reason. Cards issued by JP Morgan, Chase bank and a member FDIC subject to credit approval terms apply. Welcome back to Squawk POD from CNBC with Joe Kernan, Becky Quick and Andrew Ross Sorkin.
Becky Quick
Joining us right now to talk the markets and the economy is Roger Altman. He is founder and senior chairman of Evercore. And Roger, it's great to see you this morning.
Roger Altman
Thanks for having me, Becky.
Becky Quick
So there are a lot of people wondering this morning what to make of the sell off last week, chip stocks in particular. But technology has been what's been driving the market to these levels. I realize when you look at it at the end of the quarter, we're still doing phenomenally well. Gains of better than 12% for both the Dow and the S&P 500, up 17% for the Nasdaq, up 22% for the Nasdaq 100. How do you look at this as how you would take this measurement in time, what you would tell people?
Roger Altman
Well, I think like many people say, you can think of it as two markets, big tech and everything else. Everything else I think is doing fine. It's strong, it's stable because it's underpinned by the remarkable resilience of the US Economy. We can come back to that. And corporate profits, I mean, they're just strong. And I don't see anything out of whack between the non tech side of the market and the underlying economy and corporate profits on the big tech side. There's good news and other news. The good news is most of the big names are strong, very profitable companies, Alphabet, Amazon, Apple and so forth. And there's no.com side to this. And you know, there may be and there will be, I think regular price gyrations, corrections, but that's fundamentally healthy when companies are valued at those levels. I don't think anybody understands, at least I don't, how to value companies like Space X or Anthropic. And they're probably going to be some pretty probably very volatile prices like we're seeing on Space X right now on that side of it. But the companies are fundamentally good, impressive companies and that is the right the important thing for the long term. But people who own them have to be ready for a lot of volatility. Now for example, the chips chip sector you mentioned last last week down 8 to 9% but the index had been up 100% for the year.
Becky Quick
Correct.
Roger Altman
So it's just normal, it's healthy. Now do I think the valuations on a lot of big tech are very high by historical standards? Objectively they are but I think the underlying businesses are good ones.
Becky Quick
There's this running debate and obviously it takes two sides to make a market. David Bondson his point was that we're only one of the major spenders in capex for I we're only one step away from one of them saying that they were going to spend less money and that that would trickle down that he doesn't necessarily believe the forward earnings numbers, not that he doesn't believe valuations for these companies aren't out of whack. But you know, if you have one of these superscalers saying that they're not going to spend as much money and then that brings into question the earnings for any of these companies down the road that that's how it might start.
Roger Altman
Well there is a giant debate, as you know better than me because it plays out every day here on your show, whether these gigantic amounts being invested in all aspects of AI are going to generate strong returns. And I don't know anybody who truly knows the answer to that question. But the amount of spending has so much momentum behind it that I think if even one of the of the important participants, the hyper scale back I'm not sure that alone would change the dynamic. I mean these are astonishing sums by the way, all around the world in various places in the Persian Gulf, for example, not just America. And there's a lot of momentum behind that spending.
Becky Quick
You talked about the economy and being really strong. We do have a jobs number that we're going to get later this week. What's the key to the economy at this point? It's withstood higher oil prices, it's withstood
Roger Altman
all kinds of U.S. economy. Becky is a marvel. I mean it really is a marvel. So first quarter GDP growth 2.1% real consumer spending right now, 2% unemployment, very low corporate profits, strong business fixed investment investment as we just discussed, very strong inflation is an issue, but we think that underlying inflation is running at about two and a half percent and You've got these three extraneous factors, oil tariffs and AI, and they're keeping it above its underlying rate. And we think inflation will abate maybe slowly, but it will. And I personally don't think the Fed's going to hike in late July, but who knows? But this is a model of resilience and it's. There's a reason it's the envy of the rest of the world. And as you say, it's shaken off tariffs, it's shaken off higher oil prices, it's shaken off the Iran war, it's shaken off turmoil in Washington, at least so far, which is pretty amazing.
Becky Quick
What do you think of Kevin Warsh so far? Last time we had him on you on was before his first speech.
Roger Altman
I'm impressed with Kevin Wash. I'm impressed with the way he started, which I think is a self confident way. I'm impressed with his emphasis on price stability. He's going to be an inflation hawk. And I'm impressed with the sense that I think he's conveying in effect through his body language of independence. So. And I also think we're fortunate to have him because of all the other names that were bandied about during the pre selection process, there were a lot of people who wouldn't have the capabilities that I think he has. So I give him. I mean, I'm impressed with him. He's just starting but I think he's a good choice.
Becky Quick
Let me ask you from your investment banker perspective, what you think about this news we heard this morning, Comcast splitting into two new companies. That make sense to you?
Roger Altman
It does. I think you could argue that that might have been better done a while
Becky Quick
ago when Versant was still part of.
Roger Altman
Well, just, just in general because Comcast share price obviously in recent months has done very poorly, but it's the right step. I commend Brian and Mike and the others for taking it. And I think it gives them now a lot of optionality once they complete the split on both sides of the company in terms of additional combinations and other things. So it's the right move. You could debate the timing of it. Maybe they should have done it a year or two ago, but it's the right.
Andrew Ross Sorkin
What kind of transactions, when you start to think, think about could play out as a result of this? Do you look at any of the businesses and say they stand alone and just continue for the next decade like this, or do you think that it only creates genuine value if there's a transaction related to each?
Roger Altman
Well, they're both perfectly solid companies financially. And I don't know what may happen. But as an example, if this split had happened two years ago, I mean, actually effective, not just announced, the NBCU side of the company could have made a much more serious run at Warner Brothers Discovery. Right. And as you know, they tried to do that, but had they been separate and separately valued, they could have really been a serious competitor and maybe gotten that done. I don't know what particular, you know, transactions might occur. I think on the Comcast side, and you were talking about this this morning,
Andrew Ross Sorkin
I think a Charter is sort of the natural.
Roger Altman
Well, but I mean, the whole impact of Starlink directory device, I mean, that is going to be profound. So I think that whole industry, you know, not just, not just Comcast and Charter, but Verizon and T Mobile and so forth, is, is, is facing a little bit different future. So I don't know what will happen there, but there's some obvious possibilities on the NBCU side. Not sure, but the company just has more flexibility.
Becky Quick
What else are you watching in the markets these days? Because you sound pretty, I don't want to say complacent, but you sound pretty relaxed about what you see.
Roger Altman
Well, what is the one thing I worry about? I worry that there's going to be pressure against free and fair elections this November and efforts to disrupt them. President Trump talks about this all the time. And if they really were disrupted, and I hope that won't be the case, I think you could see some real coming apart in this country, which would be really bad. And those elections are only four months off. If I was an investor and I really thought they were going to be interrupted, prevented, curtailed, I wouldn't like it.
Becky Quick
But that's the only thing you worry about at this.
Roger Altman
Well, I mean, you worry that Iran, the Iran war goes the wrong way, but I doubt it because neither side wants a resumption of real hostilities. I think it's the whole thing is unfortunate, Iran. And I think every day that goes by, it becomes, it becomes more clear that it is unfortunate or was. But I do think that'll be essentially steady as she goes for the foreseeable future. And, you know, the economy and the markets are just ignoring the turmoil on Washington. And the turmoil in Washington is really unbelievable. I mean, you look at what's going on among the Senate Republicans and President Trump, you look what's going on and all this stuff around the filibuster and the SAVE act.
Joe Kernan
Talk about the SAVE act because you talk about election integrity and being disrupted. If it's 83% of the country thinks that you should have a voter id.
Roger Altman
Why can't a voter ID is different. I favor voter id.
Joe Kernan
Okay, but we're talking about an election integrity because people don't. People do not trust elections in this country right now. So it's an overall problem from both sides, from your side and from the other side. Why is it so hard to get a single Democrat besides John Fetterman to say that. That we should have voter id?
Roger Altman
Well, actually, I think there are quite a few Democrats who support voter id.
Joe Kernan
Then it could pass.
Becky Quick
What's different in this bill than voter id?
Roger Altman
Well, wait a minute. There's a big difference between the SAVE Act. Okay, explain voter idea. Okay. Voter id. I really think most Americans support it. I think a lot of Democrats support it. Yes. Some don't, but that's a very reasonable thing and we should have it. SAVE act says you must produce proof of citizenship. Now, proof of citizenship means effectively a passport or a birth certificate. So only half of Americans, a little less maybe, have a passport. Half of Americans, yeah. Now, could you find your birth certificate on short notice?
Becky Quick
Yeah, I know, exactly.
Roger Altman
Well, okay.
Becky Quick
I couldn't.
Roger Altman
I couldn't.
Andrew Ross Sorkin
I couldn't.
Roger Altman
Yeah, most people couldn't. So if you don't have a passport.
Becky Quick
Only because I had to get it when I changed my name.
Roger Altman
Okay, but if you don't have a passport, which is half of Americans. Yeah. And therefore the only way you can vote is to produce your birth certificate. That's crazy. Yeah, that's just crazy. Voter id. That makes sense. We should do that.
Becky Quick
Just show a license or something.
Roger Altman
Yes. Any government. Any government id. New York City issues, you know, various levels of id, and obviously we have now national driver's licenses that you can use in many places instead of passports.
Joe Kernan
You. You can get a driver's license if you're. If you're not a citizen, obviously. Do you think only citizens should. Should be able to vote?
Roger Altman
Well, yes, only citizens should be able to vote, but.
Joe Kernan
Took you a while.
Roger Altman
But no, I had to think it through for a second in terms of who gets. Who gets driver's licenses. But. But most forms of voter ID as proposed make sense. I don't think that's the issue. That's not the issue in the SAVE Act. Okay.
Joe Kernan
I just, I'm. I think about a lot of things that could go wrong with the market and whether these elections come off. I mean, maybe some prior elections, I worry about whether they came up.
Roger Altman
Well, let me give you one. Let me give you one that's be
Joe Kernan
like, dead last for me. You know, climate change. I mean, what if there's a hurricane?
Roger Altman
Well, let me give you an example of what could be bad. Okay, so you know, the conventional wisdom is that the Democrats will win the House by a narrow margin. Well, then when it comes to early January, the existing House has to certify the new House. And let's just imagine that President Trump directs Speaker Johnson not to do that, and speaker claiming fraud and Speaker Johnson refuses to do it. You are going to see some really, really serious chaos. And maybe the markets ignore it. If I was an investor, I wouldn't. And that's a realistic scenario, Roger.
Becky Quick
It gives us a lot to think about. Thank you for joining us.
Joe Kernan
Always a pleasure.
Roger Altman
Thanks for having me.
Podcast Host
The US May be having its soccer moment. At least Scott Goodwin thinks so. Investor by day, huge soccer fan by night. The hedge funder has donated to the men's national team to bring on the best possible head coach.
Scott Goodwin
We had good players, but we lacked leadership and lacked culture. And what Mauricio has brought is culture, leadership, intensity, passion, the tightest games of
Podcast Host
the World cup, and financing the US Team. Right after this,
Commercial Narrator
It only happens every four years. And this time it's here. The biggest tournament in the world. Stadium shaking, flags waving. This is history and you want to be there. But real life can make it tough. Work busy schedules and the price. That's where Priceline comes in. Priceline has millions of deals on flights, hotels and rental cars. So you can go see it live. So find a great deal and make the trip happen. Rally the crew. Go see the game live. Turn your dream trip into reality. Book now with Priceline.
Scott Goodwin
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Roger Altman
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Becky Quick
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Scott Goodwin
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Scott Goodwin
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Scott Goodwin
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Andrew Ross Sorkin
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Becky Quick
You're watching Squawk Box right here on cnbc. I'm Becky Quick, along with Joe Kernan and Andrew Ross Sorkin.
Andrew Ross Sorkin
The U.S. men's National Team playing Wednesday night at 8 Eastern against Bosnia in the first round of the World cup elimination round. And key factor for the US Team success is so far been Argentine coach, you told me Colin Poch, but it's Pocatino.
Scott Goodwin
Yes, sir.
Andrew Ross Sorkin
Is that okay? I just want to make sure I get it right. A key factor in hiring him. The man with us. With the US Here with us. I said with the US with us this morning is Scott Goodwin. He runs Diameter Capital Partners. He's helping pay for the US Team's coaching staff. How did that happen?
Scott Goodwin
So I was. I was. In July, summer of 2024, they lost in the Gold cup, which is the regional tournament. And I was venting to some friends who are big soccer guys, and are
Andrew Ross Sorkin
you just holding back up? Are you just like a crazy soccer
Scott Goodwin
person to begin, Big soccer fan?
Andrew Ross Sorkin
Because how did that even happen?
Scott Goodwin
I was born in Europe. I lived in France and Spain for a while growing up and was around the Real Madrid Galacticos air in the early 2000s and have had friends involved with the U.S. soccer team forever and venting to them in 2024 that we needed a better coach. The World cup is going to be here in two years. This is an opportunity. And I saw in the press they were talking to some big names, and these guys who were involved with the team said, well, we can't afford them. I said, well, we've just hired this amazing women's coach, Emma Hayes, who's the top women's coach in the world, and went on to win the Olympics hiring her. So I said, what about if I pay? And they thought I was kidding. So the next thing I know, I'm meeting with the head of U.S. soccer, J.T. batson, who I think you guys have had on at some point in time. And he said, well, here's what we want to do. Here's what we want to build around having a really elite coach. I'd love to have you involved. And I said, sure, if you can get one of these top two or three guys, I'd love to be involved.
Becky Quick
What do you get from this? Do you get tickets?
Scott Goodwin
It's patriotic pride. Patriotic pride. I want to win. I hate losing. And for me, the opportunity to put a competitive team on the field with a real leader that we have. We had good players, but we lack leadership and lacked culture. And what Mauricio has brought is culture, leadership, intensity, passion.
Andrew Ross Sorkin
So is this right? So you're paying 6 million bucks a year.
Scott Goodwin
It's not public what what we are paying.
Andrew Ross Sorkin
That's what some of the reports though.
Scott Goodwin
Yeah, I'm not going to get into the numbers, but.
Andrew Ross Sorkin
But I'm pricing. This is not. Ken, this is not cheap.
Scott Goodwin
Not cheap, not cheap. Very expensive.
Becky Quick
Coach, is it worth it so far?
Scott Goodwin
Absolutely.
Andrew Ross Sorkin
How will you measure that, actually?
Scott Goodwin
Well, the cultural change is the most important thing that happened first. The culture has been changed and I think the bar for what we're going to have from a men's national team perspective has been raised. Women's have. We've done well for a long time. The bar needs to be higher for the men, which is winning real large tournaments. You know, the chalks, so to say is probably that the team makes the round of 16, so wins on Wednesday and makes the round of 16. That's what the pundits have been predicting pre tournament. I hope we can do better than that. We have. We have a lot of momentum. We are on home soil. The country's buying in, the fans are buying in and Mauricio's got a team that is really a family. So let's see if we can have
Andrew Ross Sorkin
other investments in soccer. No, none. So you're not like in Major League Soccer? No.
Becky Quick
Is this.
Scott Goodwin
I just focus on my business.
Becky Quick
Yeah. Is this an investment or this is just a philanthropic gift?
Scott Goodwin
It's philanthropic. It's not an investment. It's a gift to help the country. And the trickle down effect of soccer. If we do well and we can start winning on the men's side just like we're on the women's. The trickle down effect of growing the game in the country, changing the pay to play at the well, that's why
Andrew Ross Sorkin
you guys have kids, have a stake in or want to have a stake in Major League Soccer or anything else
Scott Goodwin
in the U.S. not right now. I'm focused on my business, you know, investing in credit and bonds, not soccer.
Roger Altman
Do you.
Andrew Ross Sorkin
In terms of the US Team, do you. What do you. What do you put the chances are? If you look, we were looking at Cal State this morning. Yeah, it's. It's unclear.
Scott Goodwin
You can never know what happened in a game. That random red card, like what happened in 2024 that created the opportunity for us to get Mauricio and Tim way I got a red card. But, you know, I feel good about Wednesday and I feel good about things moving forward.
Becky Quick
What's the. When you talk about the culture at the team, what was lacking before? How is it different?
Scott Goodwin
So what Mauricio does is whether you're the kit man or the athletic trainer or you're the star player, everyone's the same. So he came in and there was a group of kind of 7, 8, 9, 10 players who played in Europe that had been playing all the minutes. And the other people, the younger people, people on the outside didn't really feel like they had a chance. He tried out 70 players over 18 months and found this group of 26 that's come together. And some of the players that were playing before and some are new players like Antonio Freeman, you guys will remember from the, from the Green Bay packers winning Super Bowls. His son, I can see of a picture of him right there is a 21 years old star player right back. Mauricio basically discovered him. He was barely playing in MLS when he took over the US Team and now he's playing in Spain in a Champions League team.
Becky Quick
So he's basically Ted Lasso.
Scott Goodwin
Culturally he might be Ted Lasso. His soccer knowledge is a little bit better than Jason Sudeq.
Becky Quick
But when you said like treating everybody equally across the.
Scott Goodwin
It's really important that you look at that lesson. And also he comes from a culture in Argentina where football is is religion, soccer is religion there, and here the NFL is religion. So trying to bring that idea that this can be religion for the fans, this can be religion for people in the country is something he's trying to instill in the team. And I think what you've seen in the game so far in L A and Seattle and back in L A, the fans are really engaging nationally, which is great. And hopefully on Wednesday we'll have something similar in San Francisco.
Becky Quick
Is back to Ted Lasso again. Soccer is life.
Scott Goodwin
Football is life. Soccer.
Andrew Ross Sorkin
There's been a bunch of articles about this though. How much of the fandom around World cup in the US do you think is US fans versus corporates? And the reason I say that is the price tag, obviously MetLife or anywhere else is astronomical. It is a lot of corporations buying into this either through boxes or seats or whatever. You know, in a way that's somewhat different. It's almost like the way the super, the super bowl has become a corporate event.
Scott Goodwin
I've been to a lot of games so far. I went to the US games. I've been to some games at MetLife. I went to the Brazil Morocco game there and I didn't see a lot of corporations. I saw a huge amount of Brazil fans, Morocco fans that had traveled from around the world. Listen, are the tickets expensive? Yes.
Andrew Ross Sorkin
But this is A. Well, no, no. I mean it more in the US Sense, by the way. I agree. People are flying in from all over. I'm saying, do you think that the. To the extent there are, quote, unquote, there's a big question about U.S. fandom for soccer and how much U.S. fandom for soccer is actually being driven at
Scott Goodwin
the corporate level, I think it's driven at the grassroots level. We marched to the stadium in Seattle with thousands of fans that were banging on drums. What, me, J.T. cindy and Dan Helfrick, who's the CEO of U.S. soccer. And I really think it's it that what's needed here is more of those kind of people coming in as fans of the national team. People are used to having their New York team, their Boston team, but if we can all become Fans of the U.S. we talk. I talked to him recently about Miracle and what that did in 1980 for the US bringing the country together. I think he and this team can have a similar impact in terms of bringing the US Together if we continue this run.
Andrew Ross Sorkin
It's very cool. Scott, thank you for coming in.
Joe Kernan
Thank you for supporting the team affecting us all. I spent quite a bit of time yesterday trying to understand. Exactly. You know, if. If your fingernail is offsides, it doesn't count. And they try to see that, don't they?
Scott Goodwin
They've got good technology and it's sort of.
Joe Kernan
It's not arcane, but it's not immediately implicit how it works. Right.
Andrew Ross Sorkin
Yeah.
Scott Goodwin
I haven't gotten too into it. I spent some time with how the US is using AI around penalty kicks.
Joe Kernan
Yeah.
Scott Goodwin
And trying to see which players do with.
Joe Kernan
It's a huge bummer for me when it doesn't count.
Scott Goodwin
Imagine if you're the guy who scores the goal.
Joe Kernan
That's what I mean.
Andrew Ross Sorkin
Because.
Scott Goodwin
No, I mean, you have to wait to celebrate.
Joe Kernan
I watched, and I don't regret it, but I watched Colombia, Portugal.
Scott Goodwin
Yep. That was close.
Joe Kernan
00,000. I spent four.
Commercial Narrator
Four hours.
Scott Goodwin
I liked it.
Joe Kernan
I ended up liking it, though. I did. But it was 00.
Scott Goodwin
What's great so far is the best players in the world are performing. Messi, Mbappe, Alain. These top players showing up.
Joe Kernan
You're telling me he's still.
Scott Goodwin
He's still hot, he's still ticking. And he played for Real Madrid, which is my club team, so, you know, I like Ronaldo.
Joe Kernan
All right. But people say, what is he, 40? 30?
Scott Goodwin
Yeah, I think 40 ish.
Roger Altman
Yeah.
Joe Kernan
40 ish.
Scott Goodwin
Ish. That's old, huh?
Andrew Ross Sorkin
Yeah.
Scott Goodwin
Well, love that in soccer. Terms. It's old, not in finance terms.
Podcast Host
That does it for Squawk Squapod today. Thank you for listening and thanks for starting your week with us. Squawk Box is hosted by Joe Kernan, Becky Quick and Andrew Ross Sorkin. Tune in weekday mornings on CNBC at 6am Eastern to catch them live. You can always get the best takes and analysis from that three hour TV show right into your ears. If you follow Squawk Pod, wherever you get your podcasts, we'll meet you right back here tomorrow. Tomorrow. Have a great day.
Andrew Ross Sorkin
We are clear. Thanks, guys.
Commercial Narrator
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This episode features two main segments:
Anchors Becky Quick, Joe Kernen, and Andrew Ross Sorkin lead the conversation with candor and insight, bringing in expert guests and probing for context, impact, and broader meaning.
“We had good players, but we lack leadership and lacked culture. And what Mauricio has brought is culture, leadership, intensity, passion.” — Scott Goodwin [03:00]
“It’s philanthropic. It’s not an investment. It’s a gift to help the country. The trickle-down effect of growing the game in the country, changing the pay to play…” [04:22, 29:58]
“I think it’s driven at the grassroots level. We marched to the stadium in Seattle with thousands of fans banging on drums… what’s needed here is more of those kinds of people coming in as fans of the national team.” [07:44, 33:19]
“He comes from a culture in Argentina where football is religion… here the NFL is religion. So trying to bring that idea that [soccer] can be religion for the fans is something he’s trying to instill…” — Scott Goodwin [06:12, 31:46]
“Culturally, he might be Ted Lasso. His soccer knowledge is a little bit better than Jason Sudeikis.” [06:05, 31:41]
“That’s old, huh? Well, I love that. In soccer terms, it’s old. Not in finance terms.” [09:33, 35:09]
“Everything else… is strong, it’s stable because it’s underpinned by the remarkable resilience of the US economy… On the big tech side, there’s good news and other news.” — Roger Altman [12:44]
“There is a giant debate… whether these gigantic amounts being invested in all aspects of AI are going to generate strong returns. And I don’t know anybody who truly knows the answer.” [15:07]
“The US economy… is a marvel. So first quarter GDP growth 2.1%, real consumer spending right now, 2%. Unemployment, very low. Corporate profits, strong.” [16:03]
“I worry that there’s going to be pressure against free and fair elections this November… If they really were disrupted…you could see some real coming apart in this country.” [20:04]
“It’s the right step. I commend Brian and Mike and the others for taking it. And I think it gives them now a lot of optionality once they complete the split…” [17:58]
| Time | Topic/Quote | Speaker | |--------------|----------------------------------------------------------------------------|--------------------------| | 01:42 | “I want to win. I hate losing.” | Scott Goodwin | | 03:14 | “Absolutely. [The coaching investment is worth it.]” | Scott Goodwin | | 04:22, 29:58 | “It’s philanthropic. It’s not an investment. It’s a gift to help the country.” | Scott Goodwin | | 06:12 | “Football is religion there…” | Scott Goodwin | | 07:44 | “I think it’s driven at the grassroots level.” | Scott Goodwin | | 12:44 | “You can think of it as two markets: big tech and everything else…” | Roger Altman | | 15:07 | “No one really knows if all this AI spending will generate strong returns.” | Roger Altman | | 16:03 | “The US economy is a marvel.” | Roger Altman | | 20:04 | “I worry that there’s going to be pressure against free and fair elections.”| Roger Altman | | 22:08 | “Voter id… that makes sense. The SAVE Act…that’s crazy.” | Roger Altman | | 17:58 | “It’s the right step. I commend Brian and Mike…” (Comcast split) | Roger Altman |
For Soccer Fans & Observers:
For Markets & Policy Watchers:
Notable Tone Points:
For anyone who missed the episode:
You’ll come away understanding the driving forces behind both the new look US Men’s National Soccer Team and the latest dramatic moves in Corporate America, balanced with inside views on the risks and resilience shaping the broader US economy and political landscape.