ON INDUSTRY SHIFTS – PHILIP ANSCHUTZ
Connector: Railroads, Qwest, Entertainment

I’ve always been intellectually curious. I like to research how and why things are, and imagine how they might change. Specifically, I look for industries in transition and try to anticipate opportunities that could arise from changes in underlying fundamentals. So far I’ve had decent timing when it comes to certain businesses, such as energy, railroads and telecom. Deregulation changed the railroad and telephone industries.

When I was running Southern Pacific, we realized that railroad rights-of-way were perfect paths to lay fiber-optic cables. So we started Qwest to lay important portions of the early backbone of the internet. I got a little nervous when Qwest had over $1 billion of fiber in the ground and no customers, but it wasn’t long before we went from selling voice by the minute to selling data by the gigabyte.

With the rise of the digital world, I believed demand would grow for live analog entertainment like sports and music, so we started building and acquiring more than 100 unique venues, like the L.A. Staples Center and the O2 London, along with music, entertainment and teams to play in them like the Kings, Lakers and Galaxy. While the underlying concept was developing well-located real estate, the critical strategy was content.

A sector about to undergo transformational change is the power industry, driven in part by the rise of renewable clean energy, . I’m currently building what could be America’s biggest wind farm.
Not everything of course always works as anticipated, but it helps to get into the habit of being curious and developing a willingness to accept the concept of risk.

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