Trade-Offs in Monte Carlo

Monte Carlo Heather and Gary Carmell

Sometimes the Place Trumps the Play

On Trade‑Offs, Tennis, and the Economics of Time

Thomas Sowell famously defined economics not as money, markets, or math, but as the allocation of scarce resources that have alternative uses. Strip it down far enough and economics becomes a philosophy of choice. Life works the same way—and nowhere was that clearer to me than at the Rolex Monte Carlo Masters.

Time, after all, is our most scarce resource. And every hour we spend somewhere is an hour we’re not spending somewhere else.

Heather and I had the great fortune of attending the tournament in Monte Carlo, a setting so beautiful it almost distracts from the tennis itself. The venue is nestled between shimmering Mediterranean water and steep hills dense with elegant homes and winding roads. Even before the first ball is struck, the place itself makes a case for your attention.

Rolex Monte Carlo Tournament Monte Carlo

Heather Rolex Clock Monte Carlo

Day one set the tone.

The opening match ended abruptly when Spaniard Roberto Bautista Agut retired after just 23 minutes, handing the win to Matteo Berrettini, who was playing beautifully. Given Monte Carlo’s proximity to Italy, the Italian fans were out in force—energetic, vocal, and joyful. Even shortened tennis can be redeemed by the right atmosphere.

Next was world number two Jannik Sinner, fresh off winning the Sunshine Double at Indian Wells and Miami. He dismantled France’s Ugo Humbert with surgical precision. Watching Sinner right now is a privilege—but it comes with a predictable outcome. When someone is playing at that level, a massacre is part of the ticket.

Then came Carlos Alcaraz. Fresh legs. Clay court joy. Total control. He dispatched Sebastian Báez with ease and put on an absolute clinic. World number one doing world number one things.

The final match of the day was the most competitive: Alexander Bublik versus the endlessly entertaining Gaël Monfils. Bublik sent Monfils off in what turned out to be his final Monte Carlo appearance. As a footnote of coincidence, Heather and I had also seen Monfils’ final match at Indian Wells earlier this year.

Alexander Bublik versus Gaël Monfils Monte Carlo

Gaël Monfils Monte Carlo

Day two promised more competitive tennis.

There was real anticipation around Berrettini versus Daniil Medvedev, who had been playing outstanding tennis and arrived with a sharp new look—clean cut and confident. Unfortunately, the haircut had the opposite effect. Medvedev played terribly while Berrettini played solid, steady, and relentless tennis. The result: a stunning 6–0, 6–0 loss.

Medvedev’s frustration crescendoed into the total destruction of his racket—continuous carnage until it was reduced to debris and tossed into the trash. His wife exited in a rush, visibly embarrassed. A brutal unraveling.

Monte-Carlo Masters_ Daniil Medvedev 6-0 6-0 defeat

Medvedev destroys racquet in 6-0 6-0 loss

Here’s a video of his tantrum:

Daniil Medvedev April 8, 2026 Monte Carlo 6-0 6-0 loss

Throughout the matches, Rolex repeatedly ran their ad narrated by Roger Federer:

“Be free in your head. Be free in your shots. Keep going for it—because the brave will be rewarded here.”

I’d already written a blog about it. By the end of Monte Carlo, it was etched permanently into my memory. It aligns perfectly with one of my guiding principles: growing with courage.

Then came the trade‑off that made the whole trip crystallize.

Alexander Zverev—one of the game’s great servers—lost the first set to Cristian Garín after being broken at 4–5. Mid‑match, I got a text from Heather asking me to join her at a nearby bar. She had met the coach of the Norwegian Davis Cup team. She showed him a picture of The TenniSphere, and he was genuinely impressed.

We hit it off immediately. Numbers were exchanged. Invitations flew in both directions: Norway and California. He’s close with Casper Ruud. A meaningful connection formed in minutes.

Meanwhile, Zverev clawed his way back. By the time Heather and I returned, he was serving at 6–5 in the third. I had missed large chunks of what turned into a nearly three‑hour thriller. Zverev even missed two sit‑down volleys—one on match point—before finally pulling it out.

Was it worth missing parts of the match?

Absolutely.

It’s not every day you meet the coach of a national Davis Cup team in a bar in Monte Carlo. I went from never having seen Zverev play in person to seeing four of his matches in a matter of weeks between Indian Wells and Monte Carlo. The marginal value of one more set was lower than the value of a real human connection.

Later that day, we watched a solid but slow match—players taking forever between serves—before witnessing a fantastic first set where local wildcard Valentin Vacherot stunned crowd favorite Lorenzo Musetti in a thrilling tiebreak. Unfortunately, we couldn’t stay for the second set, which Vacherot won 7–5 in what most called a true upset.

Instead, we went to dinner with friends at a wonderful spot—great food, laughter, and shared experience.

And that’s the point.

Life is economics.

Every choice is a trade‑off. Every “yes” crowds out another “yes.” The more we accept this, the more content we become. As Sowell reminds us, the heart of economics is choosing how to allocate scarce resources among alternative uses—and time is at the top of that list.

I saw some uninspiring tennis and some unforgettable tennis. I stayed for certain massacres and left early for potential classics. In exchange, I met an inspiring person, deepened friendships, and soaked in one of the most beautiful environments in the world.

Sometimes the place trumps the play.

And sometimes missing the match is exactly the right use of time.

Our final day had one of the biggest surprises of all. Jannik Sinner‘s 37 set unbeaten streak in ATP 1000 Masters tournament came to an end when he was uncharacteristically broken twice and lost quite handily in the tie break.

Sinner Records Set Monte Carlo

I must admit that was not on my bingo card.

Being a real estate guy I thought I would sign off by showing a building that’s in view of the stadium.  As someone who is not a fan of heights this would be far from my first choice but I’m always amazed at some of the ingenious engineering and construction creativity and skill required to pull off such amazing structures. This is definitely one of those.

Monte Carlo Building


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