Peter Chernin - Betting on Passion

**Patrick O'Shaughnessy** (0:00)
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. Invest Like the Best is part of the Colossus family of podcasts and you can access all our podcasts, including edited transcripts, show notes and other resources to keep learning at joincolossus.com.

**SPEAKER_2** (2:13)
Patrick O'Shaughnessy is the CEO of O'Shaughnessy Asset Management. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of O'Shaughnessy Asset Management. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.
Clients of O'Shaughnessy Asset Management may maintain positions in the securities discussed in this podcast.

**Patrick O'Shaughnessy** (2:38)
My guest today is Peter Chernin, who has had a Hall of Fame career in the entertainment business. Peter ran News Corp and Fox for 15 years between 1996 and 2009 before co-founding The Chernin Group, which has become one of the leading investment firms in the consumer space. Along the way, he has also produced a number of blockbuster films, including Titanic, Avatar, The Greatest Showman and The Planet of the Apes Trilogy. Please enjoy this wonderful discussion with Peter Chernin.
So Peter, thanks so much for doing this with me. I thought an interesting place to start, given the wide birth of your career would be with two movies that everyone will be familiar with, those being Titanic and Avatar. It'd be interesting to hear obviously James Cameron behind both of them, how Titanic first came to be or that partnership came to be, but what business and even investing lessons, if you think about the movie as a huge ally of capital to earn a return, what business and investing lessons stand out from the production of those two movies?

**Peter Chernin** (3:31)
Titanic was infinitely more influential because it was much more problematic.
I was at a different stage of my career. It had a huge impact on teaching things, et cetera, and was the nightmare of all nightmares.
Whereas by the time we got to Avatar, I lived through it. Trust me, still really challenging, but it wasn't as challenging. I had an insane amount of confidence driven by Titanic. So the Titanic background is, I had been made head of the movie studio when I was, I don't know, 41, I think.
I had no background in movies, I was a television guy.
And we had an overall deal with Jim Hamman at the studio, and he's already made Terminator 1 and 2, and they own them. So he was a big important guy. I didn't know what I was doing, by the way. I was completely trying to learn on the job really quickly, and I had no one to really help me. And I was the chairman and CEO, so it wasn't coming upon me to figure it out quickly. Probably in the first three months or so, I was there, Jim brought in True Lies.