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Chicago Cubs Chairman Tom Ricketts on Major League Baseball’s new labor contract and efforts to improve Wrigley Field.
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Ball players and owners signing a five year labor contract today extending -- what has been more than twenty years of labor peace -- Unlike the -- being wrong on that Apple's.
-- Knicks games but top -- -- says there will be cubs games he's chairman of the Chicago Cubs and chairman of fixed income firm in capital so.
We've got -- on both issues here Tom good to see you thank you for being here with us exclusively.
-- and I see this -- I'm sure you've you've picked through the deal the labor deal with him LP and the players tell us what you like about it and what your little concerned about if there is anything.
Well you know I really haven't had a lot of time to go through it any type of detail the -- -- really just came out earlier today.
And I haven't had a chance had to go in debt.
But I think the good news for everyone is that there will be no work stoppage.
I think we have a you know I don't know how many twenty years in -- -- or 21 years in a row without a work stoppage so that's great for fans and it's great to have -- behind us so we're looking forward it's frank.
Tom I have the NBA he stalled whatever you wanna call they're not talking anymore as -- can call talk has has what's happened there.
Affected labor talks in the at Major League Baseball.
-- I don't know I think.
Think that the -- discussions -- baseball -- began a while ago with with really two parties there understating getting getting something done.
And I'm not sure the NBA.
Work stoppage has any effect on.
On on what we've been doing.
Well let's talk about what you've been doing you've had some some big upper tier management changes bringing -- Theo Epstein from the Boston Red Sox -- the Red Sox fans watching him walk away.
How you lord of the LME's he's he's had a great gig over there of -- tell us what you expect him to do and the other changes if you will really pay -- -- the -- Yeah we're very very excited about where we expect him to do he's our president baseball operations -- be in charge of all the baseball decisions.
Don't match up with Crane Kenney who is our president of business operations.
And really the three of us will work closely together to it to.
Yet to make the -- -- best team in baseball.
We're very exciting he's he's already hired a good team the Missouri -- a good team of people around him.
We're gonna you know.
You know I think they were -- the right direction on the baseball side and and we've been heading there right direction on the business side and so I think we'll we'll be -- good chance.
What did ever seen do it at Boston and so impression that you'd like to see in -- in Chicago.
While there there's a lot of things I think they -- the most important thing.
Is the the consistency with which the the Boston Red Sox delivered players out of their drafts.
Every year they seem to -- a guy contributed in a major way at the Major League level.
Obviously behind that consistency of winning.
Either -- that was in the ninety's and wins on a regular basis and then of course we can't -- cup World Series -- for those things add up to really make.
To make him that I'm extremely highly qualified candidate.
Right -- -- that you know and taken him away from the purple shamrock commenced Daniel hall they had Elissa I love Chicago.
Actually let's talk about Wrigley Field in the the efforts that you put in to rehabilitate some of it.
What are you gonna do with the the the boxes are you going to do anything more poured some more money -- to make it sort of kicking and screaming into this millennium when it comes to some of the yeah.
Extra special things that you could do.
Why is it's one of the goals that the family it out on day 14.
If our ownership was to preserve and improve Wrigley Field.
We have a lot of good people working on the project in terms of architects and designers we're still working on exactly how we're gonna finance all those improvements but.
But I it it'll get better may I know we need some decent work there but it's still -- best place like baseball.
Top what about the economy in general I mean -- -- investors well as as well as an owner -- what what do you see happening with the economy.
Black in that I really don't know I'm at it it doesn't feel like.
Anything on the horizon.
It is going to.
-- -- jumpstart the economy I think everyone.
Has probably just got got -- in maybe a year or two or three of just kind of going sideways -- for the economy really gets on its feet gets back up again.
What do you think is right now the best way to invest in bonds and you're looking -- corporate bond specifically but -- -- we can't let you go away without asking the best ways that that you feel an investor can kind of protect themselves from all this volatility of we've seen treasuries plain Vanilla treasuries.
Of people pouring into something like that but what do you have any rules that when it comes to what kind of corporate bonds you feel investor should be yeah.
Well all this and obviously the the you know that the basic blocking and tackling your bond portfolio never changes.
I'm regardless of the the volatility in the markets or or the or the current issues -- you really have to do is focus on diversification.
Both in terms which credits -- which issuers which companies you buy and what the maturities are on those bonds.
With interest rates slowly wanna be careful not to have volume bonds and in into longer maturities.
So I think you know I just really the -- -- it's the same basic story that.
That that I would have said 34510 years ago.
I mean what you have to do is really focus on diversification diversifying.
The credits -- your portfolio I would probably stick toward investment grade or may be an improving.
-- -- a very close to invest another job -- credit like afford to do -- I'd just be very careful.
Typically not not too much junk would be I would that is -- careful when Begin -- get into that because I'm obviously a risk exposure goes up.
But you know focusing on.
Improving credits or.
Or investment grade credits I think he'll be all right just make sure you latter those out and comfort to me eggs in one basket.
Tom I gotta be honest if I had a baseball team and any other business I'd give up that other business and just focus I think -- still do the other business we have a baseball team.
Can't can't leave it in exciting capital -- the company other than a starter with a few of the folks that are there and it's.
It's -- very very you know very very close to my hard and and I still love it but frankly almost all my time has been taken into the baseball world right now so I'm.
So it's.
It has kind of taken over and I love that too I mean obviously being chairman of the cubs is is just a dream come true -- -- Nothing wrong with the baseball taking over your life that's perfectly all right as an America that -- -- a Yankee fan and I listen.
I like good basis for all period -- like debates I used to live in Chicago I used to be in one of those roof apartments.
That could see -- -- RBI is still idol is still have some of the hell they do.
We gather their -- to live across street from Wrigley myself when I was a some good to see Intel thanks -- very much guys got.
