What does a fund organized around participants actually buy?

The written argument for this episode publishes here when the episode ships, in full, as crawlable text. It states the position before the interview tests it.

The $150B Americans spend every year to compete, train, and recover — from youth sport through masters competition. The Executive Athlete who spends $5–50K a year on an athletic identity. Longevity and performance as a capital category. Why nobody built for this audience, and what changes when someone does.