His main premise is that NBA franchise valuations grow 4%a year during economic downturn, and 8-9% otherwise.
Which I just don't think is true.
It used to be true 10 years ago.
2003-2008, prices have been pretty much the same.
Since the crisis they might even be lower.
I mean, NBA had to buy out a team for 300 mil because there weren't any buyers who wanted to be in that market. Another small market team sold for 275. Lower than the expansion fee in 2003. Where are the 4-9% a year?
Sure, there was GSW at 450 mil and Washington at 490 or 495.
But those were big market teams.
If a small market team was 300 mil in 2003, then I'd guess 450 mil for a profitable team in Silicon Valley is very reasonable both today and in 2003.
So I just don't see his essential facts being true.