Update #1 01/18/14: Magic Johnson:
… Look what Pat Riley did in Miami … If Pat Riley’s not there, you don’t get LeBron to buy in.
The Miami Heat and Pat Riley don’t do WTF’s. For them, it’s more about the ETF’s.
The Miami Herald’s Barry Jackson reported on an interview Pat Riley gave recently to Index Universe [see it here], his first since June 2013. Great I thought, as a degenerate Heat fan I need … wait … who … why Index Universe?
Here’s the who. Index Universe is a company designed to promote exchange-traded funds. ETF’s are sold mainly to large broker-dealers, institutional investors, the big boys. They have an annual conference coming up. Un-coincidentally, Pat Riley will be a speaker at that conference.
Here’s the why. The Heat are owned by the same family [Arison] which owns Carnival Corporation [CCL], the largest bank in Israel [Hapoalim Group] and Ecuador [kidding about EC, I think]. Due to the bad publicity associated with the problems on their cruise ships, Carnival has much work to do to repair their brand name. Enter Pat Riley and likely good vibes for Carnival among the type of people who decide whether CCL is part of their managed mutual funds portfolio.
Not unlike the good vibes Riley generated in a Cleveland meeting circa 2010. And of course, there was the heretofore unreported Wade meeting in Schenectady which made it all possible. Many people have seen the light in Schenectady.