Shaq once bought Ring cameras from Best Buy and was shocked he could watch his home from China — so he invested in the company. Then Jeff Bezos bought it for $1B

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Shaq once bought Ring cameras from Best Buy and was shocked he could watch his home from China — so he invested in the company. Then Jeff Bezos bought it for $1B

‘I hooked it up myself’: Shaq once bought Ring cameras from Best Buy and was shocked he could watch his home from China — so he invested in the company. Then Jeff Bezos bought it for $1B

Despite being a multimillionaire, NBA legend Shaquille O’Neal balked when a private contractor quoted him a staggering $80,000 to upgrade his home security. Instead of paying up, Shaq did what most of us would do — he opted for a DIY solution.

He headed to Best Buy, bought a set of Ring security cameras, and took matters into his own hands. “I hooked it up myself,” Shaq

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during an appearance on the “Earn Your Leisure” podcast in July 2021. To his amazement, the Ring system allowed him to monitor his home remotely while traveling in China.

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Here’s how

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turned this experience into a massive windfall.

Pursuing a great product

Shaq’s experience with the Ring doorbell camera was so delightful that he was eager to meet the company’s CEO, Jamie Siminoff, when he spotted the Ring booth at the CES (Consumer Electronics Show) conference in 2015.

“So, I went to the conference and I told the guy, ‘Hey, my name is Shaquille O’Neal. I want to invest in your company and you’re going to pay me to do commercials and then whatever happens happens’,” he recounted. Siminoff took him up on the offer and Shaq became one of the earliest angel investors in the startup, deploying $1 million into the firm. He also received equity compensation for promoting the product on TV and online.

In 2018, Ring was acquired by

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for $1 billion, delivering Shaq a hefty payout from his early investment.

This successful venture capital deal wasn’t based on complicated market analysis or extensive research. Shaq was simply a fan of the underlying product and spotted potential for growth. In his book “One Up on Wall Street”,

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discussed why this simple strategy was so effective.

Read more: Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that.

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(it’s 100% free)

Invest in what you know

As the manager of the Magellan Fund at Fidelity Investments from 1977 to 1990, ****** averaged a 29.2% annualized return. He later credited his success to

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: Invest in what you know.

****** argued that ordinary investors who were not part of the inner circle on Wall Street had some strategic advantages. For instance, an engineer with years of experience working in oil and gas fields probably understood energy companies better than a stock picker with a degree in accounting.

Based on this philosophy, he advises people to focus on products and industries that they are well familiar with. “Know what you own, and know why you own it,” he says in his book.

Warren Buffett abides by this philosophy too. The billionaire has often talked about his “circle of competence” and how he prefers to invest in simple businesses that he understands.

To put this into action, you could create a list of industries that you have personal experience with. Perhaps list all the products and services you use frequently and dig into the companies that offer them. Ask friends and family about the new products they’re using and what they’ve experienced in their niche market. Also, look into your own industry to find companies or new innovations that may have been overlooked by financial analysts.

Focusing on your circle of competence could be one of the few ways to gain an edge while investing in the stock market.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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