Office Hours: The Lab-Grown Diamond Boom, Investment in Women’s Sports, and Deciding Whether to Quit Your Job | The Prof G Pod with Scott Galloway

Intro

In this episode of “The Prof G Pod with Scott Galloway,” Scott discusses the growing popularity of lab-grown diamonds, the investment potential in women’s sports, and provides advice on deciding whether to quit your job and explore new career opportunities. He shares insights into the diamond industry, the value of women’s sports, and offers guidance to a listener seeking career advice.

Main Takeaways

The Lab-Grown Diamond Boom

• Lab-grown diamonds are becoming increasingly popular due to their visual and chemical similarity to natural diamonds but at a fraction of the cost.
• Lab-grown diamond global sales reached $12 billion in 2022, showing a 38% growth, with mainstream retailers like K-Jewelers and Pandora selling lab-grown diamonds.
• Luxury brands like Gucci and Breitling are integrating synthetic diamonds into their high-end collections, and lab-grown diamonds are now selling at an 80% discount compared to natural diamonds.
• De Beers, a major industry player, anticipates further price drops in lab-grown diamonds due to increased supply, while overall diamond demand is falling.
• Natural diamond prices are down 18% from their all-time peak in February 2022, and they are expected to continue on that trend.
• Lab-grown diamonds are putting pressure on the natural diamond market, but truly fine naturally grown diamonds will always hold value due to their scarcity and millions of years of formation.

Investment in Women’s Sports

• The value of women’s sports, particularly soccer and basketball, is on the rise.
• Women’s sports are attracting record audiences, with significant increases in viewership.
• Live sports remain a valuable platform for advertisers to reach a large audience.
• Traditional advertising methods are struggling to reach younger, cord-cutting consumers.
• Sports licensing fees have skyrocketed, making sports teams a lucrative asset class.
• The number of billionaires investing in sports teams has quintupled in the last 10 years.
• Women’s sports, such as the NCAAW basketball championship game and the Women’s National Soccer Team’s opening game, have seen substantial increases in TV viewership.
• The value and appeal of women’s sports are growing rapidly, making them a promising investment opportunity.
• The broadcast rights for the 2023 Women’s World Cup are around $300 million, with the men’s likely being more.
• The WNBA has seen a 67% surge in viewership compared to the previous season.
• Female athletes get twice the social engagement compared to male counterparts, indicating potential for growth in women’s sports.
• There is a prediction that there will be more women billionaires in the next 20 years, potentially leading to increased investment in women’s sports.
• Co-ed soccer at a young age can create a positive experience and foster interest in the sport.

Deciding Whether to Quit Your Job

• The listener, Robert, seeks advice on quitting his job and traveling to explore his next career move.
• Scott emphasizes the importance of finding a job that is both interesting and rewarding, rather than just high-paying.
• Scott shares his experience in investment banking, highlighting the stress and lack of fulfillment in the job.
• Scott advises Robert not to spend too much time traveling, as it may hinder his job search and career prospects.
• He suggests finding a job or figuring out the next career move before embarking on a travel journey.
• Scott warns against expecting a life-changing epiphany while traveling and encourages focusing on skill sets and career opportunities.
• He recommends considering consulting, given Robert’s background in investment banking.
• The speaker advises a young individual to consider leveraging their investment banking skills in a growing industry rather than pursuing traditional finance roles.
• Emphasizes the importance of making career moves sooner rather than later, cautioning against letting perfect opportunities slip by.
• Warns about the potential consequences of being out of the job market for an extended period, highlighting the impact on skills and pay.
• Encourages building a network, making contacts, and having a clear plan before taking off to pursue new opportunities.
• Acknowledges the value of investment banking skills, even if the individual doesn’t necessarily enjoy the field, but suggests leaving if it becomes soul-crushing.

Summary

The Lab-Grown Diamond Boom

Lab-grown diamonds are rapidly gaining popularity in the jewelry market. With their visual and chemical similarity to natural diamonds, but at a fraction of the cost, they offer an attractive alternative for consumers. Major retailers like K-Jewelers and Pandora have started selling lab-grown diamonds, and luxury brands such as Gucci and Breitling are incorporating synthetic diamonds into their high-end collections. The growth in lab-grown diamond sales has put pressure on the natural diamond market, leading to price drops in natural diamonds. However, truly fine naturally grown diamonds will always hold value due to their scarcity and unique formation over millions of years.

Investment in Women’s Sports

Women’s sports are experiencing a surge in value and popularity. Record audiences and increased viewership have made women’s soccer and basketball attractive investment opportunities. Advertisers recognize the value of live sports as a platform to reach a large audience, especially as traditional advertising methods struggle to engage younger consumers. Sports teams have become a lucrative asset class, with a significant increase in billionaires investing in such ventures. The rising value and appeal of women’s sports, along with predictions of more women billionaires in the future, make investing in this sector promising. The growth potential is evident in the increased TV viewership of women’s sports events and the surge in social engagement for female athletes.

Deciding Whether to Quit Your Job

When contemplating quitting a job and exploring new career opportunities, it’s important to consider various factors. Scott Galloway advises finding a job that is not only high-paying but also interesting and rewarding. He shares his own experience in investment banking, highlighting the stress and lack of fulfillment in the field. While traveling can be a valuable experience, Scott cautions against spending too much time away, as it may hinder job search efforts and career prospects. Instead, he suggests finding a job or determining the next career move before embarking on a travel journey. Consulting is recommended for individuals with a background in investment banking, as it allows for leveraging existing skills in a growing industry. Making career moves sooner rather than later is emphasized, along with the importance of building a network, making contacts, and having a clear plan before pursuing new opportunities.

Conclusion

The podcast episode covers the rising popularity of lab-grown diamonds, the investment potential in women’s sports, and provides valuable advice on deciding whether to quit your job and explore new career paths. Lab-grown diamonds are disrupting the natural diamond market, but truly fine naturally grown diamonds will always hold value. Women’s sports are attracting record audiences, making them an attractive investment opportunity. When considering a career change, it’s essential to find a job that is both interesting and rewarding, and to make career moves sooner rather than later. Building a network and having a clear plan are crucial steps in pursuing new opportunities. Overall, the episode delves into fascinating topics and offers practical insights for listeners.