Latin America’s IPO Market, How to Mentor Young Men, and Scott’s Stake in La Equidad Football Club

Summary

The Prof G Pod with Scott Galloway: January 29, 2025 Episode Summary

In this episode of The Prof G Pod, Scott Galloway delves into three compelling topics: the state of Latin America’s IPO market, effective strategies for mentoring young men, and his personal investment in La Equidad Football Club. Hosted by the Vox Media Podcast Network, Scott combines his sharp business acumen with heartfelt advice, offering listeners both professional insights and personal reflections.

---

1. Latin America’s IPO Market

Timestamp: 02:07 – 07:28

The episode kicks off with a poignant question from Ana, a listener from Mexico residing in Chicago, regarding the underperformance of Initial Public Offerings (IPOs) in Latin America. Ana highlights her experience working for a unicorn startup in the region and wonders why more promising companies aren’t going public.

Scott Galloway responds by outlining the fluctuating IPO landscape in Latin America post-pandemic. In 2021, the region saw a significant influx of capital, primarily driven by Brazil, which accounted for about 85% of the $19 billion raised. In stark contrast, Mexico experienced a sluggish IPO market with only one listing that year. By 2024, the entire Latin American and Caribbean region had registered just four IPOs in the first half of the year.

A key factor contributing to this downturn is the surge in interest rates. Prof. G explains:

"Interest rates in Brazil rose from seven points to nine and a quarter points, and in Mexico, from five and a half percent to ten and a half percent. By the end of 2022, the average policy rate in Latin America stood at 18.9%." [03:34]

Higher interest rates typically lead to a shift in investor confidence from volatile equity markets to safer fixed-income investments. This capital flight makes the IPO environment less conducive, as access to large pools of public capital becomes more challenging.

Additionally, the rise of left-leaning populist governments in the region has stifled private investment, leading to stagnant GDP per capita growth. Despite these challenges, Prof. G remains optimistic about Mexico’s prospects, citing its political stability and strategic proximity for supply chain diversification as significant advantages. He shares a personal anecdote about his experience on the board of Chemical Durban Outfitters during the COVID-19 pandemic, emphasizing the critical need for supply chain resilience beyond China.

Prof. G also addresses the structural decline in IPOs, noting that the evolution of private markets has provided ample liquidity options for companies, reducing the necessity to go public. He states:

"The number of public companies has been reduced by two-thirds over the last 30 or 40 years... Mergers and acquisitions have taken a lot of public companies off the rolls." [06:44]

This shift means that many companies now prefer remaining private to avoid the scrutiny and regulatory burdens of public markets, often trading at premiums in private markets instead.

---

2. How to Mentor Young Men

Timestamp: 07:45 – 11:48

The conversation transitions to a deeply personal and societal issue with Kevin from Colorado seeking advice on mentoring young men. Kevin, a father of three and a business owner, expresses his desire to positively influence the many young males in his life without overstepping boundaries.

Scott Galloway commends Kevin for his commitment, emphasizing the importance of role models in fostering confident and responsible young men. He critiques societal attitudes that often distrust men who engage with young boys, blaming historical influences like the Catholic Church and cultural scandals for this mistrust.

Prof. G offers practical strategies for effective mentorship:

1. Active Participation in Groups: Engaging with organizations such as scout troops, church groups, volunteer initiatives, or sports leagues allows mentors to connect with young men in structured environments. He advises:

   "Getting involved in groups, being a scout leader, teaching Sunday school... sharing some of that confidence, being a male role model in groups." [09:24]

2. Fostering Peer Relationships: Prof. G highlights the significance of peer interactions among young men. He shares his approach of involving his own sons' friends in activities, ensuring that young mentees have the opportunity to build friendships with their peers. He notes:

   "Seeing a healthy father-son relationship, seeing you trying to occasionally ask a few questions, them asking you a few questions, it's really powerful." [10:37]

3. Creating Inclusive Opportunities: Encouraging young men to engage with others outside their immediate circles, especially those from single-parent families, can provide valuable experiences. He suggests:

   "Invite other boys their age from your friends... single mothers are very open to their sons spending more time in the company of men." [11:16]

Prof. G also shares insights into the behavioral patterns of teenage boys, who often become more receptive to advice from peers rather than their fathers. This underscores the importance of creating environments where mentorship can occur organically and without imposed authority.

---

3. Scott’s Stake in La Equidad Football Club

Timestamp: 15:07 – 20:38

In a heartfelt segment, Marcela Teran from Miami reaches out to Scott with excitement about his recent investment in La Equidad Football Club, Colombia's second-best football team. Marcela praises Scott for blending vulnerability and entrepreneurial spirit, highlighting how his approach serves as a model for young men.

Scott Galloway reveals the motivations behind his foray into football club ownership. Initially dreaming of investing in Rangers, the premier team in Scotland, Scott found himself drawn to La Equidad through an investor he met at a conference. This investor, likened to a “Yoda of investing in teams,” seeks out economically viable football clubs with robust player academies and untapped media rights.

Key points from Scott's discussion include:

• Economic Viability: La Equidad presents an attractive investment due to its strong player development program and potential for unlocking unique media rights. Scott explains:

  "Sports teams typically have a natural monopoly... The TV contracts will go up, which means the value of the teams will go up in concert with the number of buyers, specifically very wealthy people." [19:21]

• Market Potential: With the rise of wealthy demographics, sports teams like La Equidad are poised to appreciate in value. Scott believes that the limited supply of high-quality teams combined with increasing investment from billionaires will drive demand.

• Personal Fulfillment: Beyond the financial incentives, Scott expresses genuine enthusiasm for engaging with Latin American culture and creating community through sports. He shares his excitement about spending time in Colombia and fostering connections through the football club.

Scott candidly discusses his personal motivations, humorously attributing his investment to a mix of economic savvy and midlife aspirations:

"I just think it's going to be so much fun... I love Latin American culture. I love the idea of spending more time in Colombia." [20:15]

He concludes with a light-hearted remark about potentially attending a La Equidad game, showcasing his enthusiasm for this new venture.

---

Conclusion

In this episode, Scott Galloway adeptly navigates complex economic landscapes, societal challenges, and personal endeavors. From dissecting the precarious state of Latin American IPOs to offering heartfelt guidance on mentoring young men, and finally sharing his passion project in the world of football, Prof. G provides listeners with a blend of insightful analysis and personal reflection. His multifaceted approach not only informs but also inspires, reinforcing his role as a thought leader in both business and personal development.

---

Notable Quotes:

• Scott Galloway on Interest Rates Impacting IPOs:

  "Interest rates in Brazil rose from seven points to nine and a quarter points... creating a less hospitable market for IPOs." [03:34]

• Advice on Mentoring Young Men:

  "Getting involved in groups, being a scout leader... sharing some of that confidence, being a male role model in groups." [09:24]

• On Investing in La Equidad Football Club:

  "Sports teams typically have a natural monopoly... The TV contracts will go up, which means the value of the teams will go up in concert with the number of buyers." [19:21]

---

This comprehensive summary encapsulates the essence of the episode, providing valuable insights and highlighting Scott Galloway’s expertise and personal experiences. Whether you're interested in international markets, mentorship, or sports investments, this episode offers a wealth of knowledge and inspiration.

Transcript

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[Prof. G]

Welcome to Office Hours with Prof. G. This is the part of the show where we answer your questions about business, big tech, entrepreneurship and whatever else is on your mind. If you'd like to submit a question, please email a voice recording to office hoursopgmedia.com again that's office hourspropertymedia.com I have not seen or read these questions. Question number one hi Provg, I'm Ana.

[Ana]

From Mexico currently living in Chicago, Illinois. First of all, thank you for all your hard work. I listened to your podcast during my commute to school and it always makes the ride more enjoyable. My question is about APOs in Latin America. One of the predictions you did for 2025 was that emerging markets will become more attractive to investors. I had the chance to work for a unicorn in the region and ever since I have wondered why we don't see many IP the IPOs in Latin America. I truly believe that there are amazing companies led by talented entrepreneurs, but not many of them go public. What do you think this is the case? And what do you think could be improved to help more companies in the region to take that step? Thank you so much and thank you for choosing that question.

[Scott]

Anna from Mexico, I love your accent.

[Prof. G]

And the IPO market.

[Scott]

Since the pandemic, the IPO market in.

[Prof. G]

Latin America has has really fluctuated.

[Scott]

In 2021, the region raised about $19.

[Prof. G]

Billion, mostly due to Brazil, which accounted for about 85% of that capital. Mexico in comparison, had only one IPO in 2021. So basically the IPO market in Mexico could best be described as kind of like dead.

[Scott]

Other than that, it's fine.

[Prof. G]

By 2022 and 2023, IPO listings came to a complete halt in Brazil.

[Scott]

In the first half of 2024, the entire Latin American and Caribbean region registered only four IPOs. Why?

[Prof. G]

Essentially boring.

[Scott]

It's the boring stuff.

[Prof. G]

Interest rates rates in Brazil rose over.

[Scott]

Seven points to nine and a quarter points.

[Prof. G]

Similarly, interest rates in Mexico increased from five and a half percent to ten and a half percent in the same period. At the end of 2022, the average policy rate in Latin America stood at 18.9%.

[Scott]

Rising interest rates usually decrease investor confidence.

[Prof. G]

Which typically means an outflow of capital from equity markets into safer fixed income investments. In short, when you're getting paid a.

[Scott]

Lot of money just to put your.

[Prof. G]

Money in bond bonds or what feel like less volatile or safer investments, the bar to go public gets much higher and money flows out of equities and into fixed income instruments, thereby creating a less hospitable market for IPOs. Additionally, the rise of populist left leaning governments in Latin America has deterred private investment in the region, resulting in a nearly flatlined GDP per capita. I'm actually quite bullish on Mexico I think for a few reasons. One more political stability I would argue than the us. Two Proximity as we try and divest away from China. China one because of geopolitical tensions, but.

[Scott]

Also just because of supply chain diversification.

[Prof. G]

I was on the board of Chemical Durban Outfitters. We woke up one day in middle of COVID realized that a disproportionate 60 70% of our tops are being manufactured in a 5 mile radius of Shenzhen and basically all 550 of our stores couldn't get tops in time and said, okay, even if it costs us a little bit more, we need some supply chain diversification.

[Scott]

Basically, up until Covid supply chain was.

[Prof. G]

Run for lowest cost, full stop.

[Scott]

How do we eke out more and more costs? And it ended up we had absolutely.

[Prof. G]

No slack, meaning any interruption at all. And everything from your refrigerator to your garage door, they couldn't find parts and the whole thing just kind of collapsed on itself. So essentially the biggest threat to these.

[Scott]

Companies is no longer consumer demand, which.

[Prof. G]

Has been really strong for the last 16 odd years, but supply chain interruptions, where basically consumers can't get what they want. So there's this amazing or this incredible inspired effort towards supply chain heterogeneity, and that is supply chain diversification moving stuff out of China into Vietnam, other Southeast Asian countries. And also the big beneficiary has been Mexico, which is now our largest trading partner. So I'm actually quite bullish on Mexico. IPOs in general seem to be in.

[Scott]

Are they in cyclical decline or structural decline?

[Prof. G]

And that is. It used to be if you wanted a company to be worth more than a few hundred million dollars, you had to access this deep pool of capital.

[Scott]

Called the public markets. There just wasn't enough capital available in the private markets.

[Prof. G]

The biggest VC funds only had two or $300 million funds. So you went public to access these big pools of public capital. That's no the case. People have gone further downstream and when they see opportunities, when they see the company accelerating in value, they want to.

[Scott]

Squeeze more and more juice in the.

[Prof. G]

Private markets as institutional investors. So they're like, we don't need to go public. As a matter of fact, if the existing shareholders or employees want some liquidity.

[Scott]

We can give it to them.

[Prof. G]

We can do secondary offerings. We don't want the scrutiny, the regulation of the public markets.

[Scott]

So we'll just stay private. And oftentimes the private markets are actually trading at a premium to the public markets. So what do you have? The number of public companies has been.

[Prof. G]

Reduced by 2/3 over the last 30 or 40 years.

[Scott]

One, it's harder to go public.

[Prof. G]

Two, there's more regulation. Three, it's expensive. And four, mergers and acquisitions have taken a lot of public companies off of the rolls.

[Scott]

And finally, finally being private is kind.

[Prof. G]

Of equivalent or maybe even more ideal than going public.

[Scott]

And typically, I think also what's hurt the public markets is by the time.

[Prof. G]

A company decides to go public, it's.

[Scott]

Sort of the last stop on the full train.

[Prof. G]

And that is Google when they went public, enormous upside.

[Scott]

Same with Meta. These companies still had enormous upside left. Now most of the again the juice is being squeezed in the private market. So by the time it gets to the public markets, it's sort of like.

[Prof. G]

Well, we've run out of people in the private markets who will bid us up.

[Scott]

Let's see if we can find stupid retail investors.

[Prof. G]

And some of The Public Market IPOs have underperformed and it's made a less hospitable environment. But yes, the IPO market in Mexico is dead. I hope it comes back for all of us. Thanks for the question. Question number two hey Scott, this is.

[Kevin]

Kevin from Colorado, longtime listener of the pod, and want to tell you how much I appreciate your insights on helping young men. Although I'd still like to consider myself young in 2025, I'm turning 40 and I'm increasingly feeling the responsibility to make a positive impact with the abundance of young men I interact with in my life. I have three young boys, a younger brother, four younger brothers in law and eight young nephews. Outside of my family, I own two businesses, each having many young male employees, and I am also active in my church where I help mentor dozens of young men under 18. I'm finding it hard to get involved and help these boys that aren't my sons because I don't want to overstep my bounds. My question, Scott, is this. With no shortage of opportunities, how do you recommend I be more proactive in helping mentor these young men, especially those I can see are struggling without being overbearing or coming off as weird boss?

[Prof. G]

You're doing it, you know, raising good men, raising confident, loving, patriotic boys. That's kind of 90% of what you're supposed to be doing in terms of helping other boys. One I can't stand the gestalt in our society where we suspect men who want to get involved in other boys lives. I think that is one of the terrible things about our society that is largely the fault of the Catholic Church and Michael Jackson, which I will not go into. But your inclinations are the right ones. 1. Getting involved in groups, being a scout leader, teaching Sunday school, whatever it might be, but sharing some of that confidence, being a male role model in groups.

[Scott]

Also recognizing or what I think is a great trick or not a trick.

[Prof. G]

But I do this sometimes with my boys. One my boys are 14 and 17.

[Scott]

So no matter how wonderful or fat the vacation is, unless they're with other.

[Prof. G]

Boys or other people their age, they're just not gonna have a good time and they're gonna get bored and angry and make our lives miserable. So I bring friends and what I find is I try and find or.

[Scott]

Encourage them to invite boys that may.

[Prof. G]

Not have the opportunity for whatever, to hang out or do the kind of things we do.

[Scott]

So I like to bring my boys friends with them, and I find you.

[Prof. G]

Don'T need to do that much. I think just seeing a healthy father son relationship, seeing, you know, you trying to occasionally ask a few questions, them asking you a few questions, it's really powerful because the reality is, and this is sort of, I don't know, disappointing, hurtful.

[Scott]

As the dad, what you're going to.

[Prof. G]

Find is with your sons, they withdraw.

[Scott]

A little bit or they're just less inclined. I have young men asking me for.

[Prof. G]

Advice every goddamn day. My boys don't ask me for advice because they have this very healthy instinct that says I need to break away from the pride. And in order to make that a little less painful, I start thinking my parents are idiots. And what's interesting is there's research that.

[Scott]

Shows with teen boys, they're more apt.

[Prof. G]

To listen to their friends fathers than their own fathers. So what I would say is, in.

[Scott]

Addition to just doing the good work you're doing, to get involved in groups.

[Prof. G]

Where you might have an audience of more young men or young people that you can influence, whether it's either a.

[Scott]

Church group or, as I said, the.

[Prof. G]

Boy scouts or volunteer groups or coaching.

[Scott]

Or sports leagues, you really feel like.

[Prof. G]

You have that ability to connect with young men. But also on a very basic level, when you do stuff with your boys, encourage them, ask them, or just invite.

[Scott]

Other boys their age from your friends especially.

[Prof. G]

I think it's doing God's work to kind of do a little bit of.

[Scott]

Poking around and find out where there's.

[Prof. G]

Single mothers in your universe and say, hey, I'm taking my kids to the football game, or I'm taking my kids to whatever it might be to the beach with John. Like to join us. And I think you're going to find a lot of single mothers are very open to their son. Spending more time in the company of men, trying to lead a good life and around other boys. But thanks for the question. We have one quick break before our final question. Stay with us.

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[Prof. G]

From what you love most.

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[Prof. G]

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[Prof. G]

Welcome back.

[Marcela Teran]

Question number three Hi Scott, this is Marcela Teran from Miami. I am a Colombian immigrant and just when I thought I couldn't love any of your content anymore, I find out you have bought a football team, not soccer, football from my beloved country Colombia. Was just curious what motivated you to join this group that is making the purchase and if you have any plans to visit my country, I'm just so excited. Thank you so much for all your wonderful content and keep up the good work. In another non football note, just wanted to thank you for showing up vulnerable and emotional and loving and caring and also being a baller because I think that's your very own brand of healing the world and helping young men know that those two things can coexist. By sky thank you.

[Prof. G]

I'm going to print this out and read it to myself every night. This is one I oftentimes think my producers hate me and are just so.

[Scott]

Sick of me because I know me.

[Prof. G]

And I know how difficult I can be. Actually, I'm not difficult. I don't think I'm difficult. Am I difficult? But I'm shocked that they let this get through. So thank you for the really kind words. So La Ecuidade the second best team in Bogota, Colombia. This is, I don't want to say it's a dream of mine, but I had always toyed with the idea of I really wanted to buy or to make an investment in Rangers, the best team in Scotland because my dad used to go to Rangers games. I absolutely love football. I love the idea of investing in a community and I think it would just be a lot of fun. Also, quite frankly, it's sort of a, I don't know, a symbol of your success. Midlife crisis. I'm worried I'm going to die soon. Arrested adolescence I mean all of that less admirable shit too. And I met. So how did this come about? I met this guy at an investor conference who's sort of the Yoda or the Svengali of investing in teams. And he scans the world for teams.

[Scott]

And he tries to find teams that.

[Prof. G]

Are economically viable because they have a great player academy and cultivate and gestate players and then sell them or they have kind of unrealized or unlocked TV.

[Scott]

Rights, whatever it might be, or they're.

[Prof. G]

Just not a well run team. This kid literally needs to kid who's in his 30s, scours the globe for opportunities.

[Scott]

And he came to me and said.

[Prof. G]

I'm putting together an investor group which.

[Scott]

Includes people much more famous than me.

[Prof. G]

Including Ryan Reynolds and Rob McElhenny. And I got to know Rob because of my work on Young Men.

[Scott]

And I was in welcome to Rexim.

[Prof. G]

I was in an episode and I just was so impressed with this guy. He's just such a lovely, talented guy. When I saw they were part of the investor group and it was also an opportunity to spend more time in Colombia, which I just think is such an incredible country. And also quite frankly this, this is a bite size.

[Scott]

I'm not buying Chelsea. Chelsea cost four or five billion dollars.

[Prof. G]

I'm not in that weight class.

[Scott]

This is a company that went for.

[Prof. G]

Dramatically, dramatically smaller purchase amount.

[Scott]

And I'm also a small owner or.

[Prof. G]

You know, I think I'm going to own something like 5% of the team. But anyways, this is one part investment I do believe. I think I'm going to make money here. Why?

[Scott]

The fastest growing demographic group isn't seniors.

[Prof. G]

Or Latinos, it's billionaires and the super wealthy. What does that mean?

[Scott]

It means the assets that super wealthy.

[Prof. G]

Buy, whether it's hotel rooms in Saint Tropez or Gulf Streams or Loro Piano or Brunello Cuccinelli or sports teams are going to go up in value. Sports teams typically have sort of a natural monopoly. And so kind of Colombia League 1 does not have only they sequester. We can't just start a football team. You know, MLS rights in the United.

[Scott]

States are going for several hundred million dollars. Now these are essentially regulated monopolies. Is that a good thing?

[Prof. G]

Probably that I'm taking advantage of it. So what do you have? You have an explosion in the customer base, specifically wealthy people who buy teams and two, you have limited supply.

[Scott]

I like my math here.

[Prof. G]

I like my prospects. Also you have this dynamic in terms of media where people can now avoid ads Advertising has become a tax that.

[Scott]

The technologically illiterate or the poor have to pay. Except for sports. And that is the only time I.

[Prof. G]

Ever see adverts, is they call them here in Britain, is when I'm watching Arsenal play.

[Scott]

And that is the only time I'll.

[Prof. G]

Endure ads, is when I'm watching live.

[Scott]

Tv, which is almost never.

[Prof. G]

I never watch live news anymore.

[Scott]

I don't watch.

[Prof. G]

I watch original scripted drama.

[Scott]

So I'm able to avoid almost every.

[Prof. G]

Ad except when I watch live sports. Meaning the TV contracts will go up.

[Scott]

In value because advertisers still need to reach people and there's fewer and fewer places they can reach them.

[Prof. G]

See above live sports, which means the.

[Scott]

TV rights deals will go up, which means the value of the teams will.

[Prof. G]

Go up in concert with the number of buyers, specifically very wealthy people, going up. But I don't want to pretend this.

[Scott]

Is also not consumption.

[Prof. G]

I just think this is going to.

[Scott]

Be just so much fun.

[Prof. G]

I can't wait to take my boys. I can't wait to go with my friends. I can't wait to have an excuse to spend more time in Medellin and Cartagena. I just think it's. I'm just so excited about this. I love Latin American culture. I love the idea of spending more time in Colombia.

[Scott]

I love the midlife crisis. Midlife me crisis.

[Prof. G]

I like the investor group.

[Scott]

So this was an easy one.

[Prof. G]

And it's not, you know, this is a lot of money, but it's not hundreds of millions, not even tens of millions. It's for someone like me, who is incredibly blessed and economically secure, but not a billionaire. So what is this? This is capitalism meets consumption. I just think it's going to be so much fun. So, famous last words, but I'm really excited about this and maybe I will see you at a la ecuidade game. Oh, my gosh. That's right. He's coming in. El Pedo's coming in. Muy ace calor moy hot. That's all for this episode. If you'd like to submit a question, please email a voice recording to office hourspropertymedia.com Again, that's officehoursoropertymedia.com.