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The big story
BEFORE!
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Harvard University alumni, Goldman Sachs partners, Birkin bag owners – these exclusive groups are nothing compared to a membership to the Augusta National Golf Course.
The club is for the 0.1% of the 0.1%, with around 300 members who do not accept applications and cannot be bought, no matter how rich you are.
But one week a year, Augusta opens its doors to the public. The Masters Tournament, the first of four major men’s golf tournaments, it starts todaywrite Madeline Berg and Taylor Rains of Business Insider.
This is no ordinary golf tournament, however. The Masters is for billionaires what the Waste Management Open is for brothers. Since it is almost impossible to visit Augusta National otherwise, the Masters has become a must-have of the billionaire’s social calendar.
Ordinary people are not entirely excluded from the event, but This is not an easy ticket to grab.. Augusta National runs a lottery system for them. The price isn’t too high (last year’s tickets were $100-$140) but they are incredibly hard to find.
On the secondary market, you can expect to spend more than 10 times that price. As of Wednesday afternoon, tickets for the first day of the tournament were going for more than $1,500 each.
There are also user badges, which give you lifetime access, but no one really knows how you get one.
P.A.
The great thing about being the most exclusive golf club in the world is not having to worry about making money.
The Masters concession price are incredibly low. You can get a chicken sandwich, a soft drink and a bag of chips for less than $7. Even in the face of rising inflation, Augusta National prices mostly remained firm. (A beer now costs $6 instead of $5. The horror!)
You won’t be inundated with advertising either. The Masters only has a handful of sponsors and does not allow on-course signage from them. Sponsors also only receive four minutes of advertising per hour during the broadcast. And if you’re watching from home, don’t worry about paying for the stream.
(BI’s Cork Gaines has already compiled a list of other things that make the Masters so unique.)
But patrons (TV commentators are not allowed to refer to them as “fans” or “spectators”; yes, Augusta National is that special case) have other opportunities to spend sums of money.
THE course pro shopwhich is the only place to buy official products, would have done so nearly $70 million in revenue in 2022 for Masters week.
While mind-blowing, it’s not entirely surprising. Like BI’s Joe Ciolli, who attended Monday’s practice roundsaid: If you went to the Masters and didn’t buy a mountain of gifts to show off, did you really go?
3 things about the markets
Chelsea Jia Feng/BI
The economy simply cannot stop inflation. The consumer price index was higher than expected, with an increase of 3.5% over one year. That’s likely to spell trouble for those betting on lower interest rates, but a JPMorgan strategist said lower rates could reduce inflation.
The quantitative fund bulletins have arrived. DE Shaw’s Valence fund leads the pack, with a 9% gain this year. Safer how the Renaissance Technologies and Two Sigma funds worked.
Stocks enter a “dead” zone. Investors cheering this year’s rally should be ready for the good times to end, said longtime Bear Bill Smead. “Investing in growth stocks is too popular and is about to enter a ‘dead ball’ era,” he recently wrote in a note to clients.
3 things in technology
Brad Porter, CEO of Collaborative Robotics Collaborative robotics
The former boss of Amazon Robotics has raised $100 million for his startup. Collaborative Robotics, which makes robots that can move boxes in warehouses and factories, reached a valuation of over $500 million. Founded by Brad Porter, the startup rolled out its first product earlier this year.
Elon Musk’s new AI startup attracts investors via special vehicles. Musk is raising funds for xAI with a pre-money valuation of $15 billion. According to an email sent this week, some investors are being offered access to transaction via SPV with high fees.
AI-written emails tend to include this word. The word “search” appears in more academic articles. It’s a sign that something was happening written by a smart language tool like ChatGPTsaid Paul Graham, co-founder of Y Combinator.
3 things in business
Getty Images; Alyssa Powell/BI
Forget homeownership. Millennials tend to renovate their rentals. Unable to buy a home, millennials believe they may be renters forever. They are renovate their rentals as much as possible — security deposits be damned.
Can Larry Ellison help save Paramount? Ellison’s son, producer David Ellison, is trying to take control of the struggling media company. Some people think that Larry Ellison’s technology background, or his company, Oracle, might end up helping his son. But that seems exaggerated.
Workplaces are getting cooler. Startups are looking for unusual locations and large companies like Google and JPMorgan have invested in luxury offices. This is good news for employeeswho can connect from more interesting locations.
In other news
What’s happening today
The Insider Today team: Dan DeFrancesco, associate editor and presenter, in New York. Jordan Parker Erb, editor-in-chief, in New York. Hallam Bullock, editor, in London. George Glover, journalist, in London.
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