Ryan Dobratz, from Third Avenue Funds, stops by The Business Brew to discuss Third Ave’s real estate strategy. Ryan discusses the benefits of focusing on real estate operating companies over REITs, the potential of investments like CBRE, challenges in the office market, and the outlook for residential real estate. They also discuss investment strategies in the residential market, opportunities in Fannie Mae and Freddie Mac, and Dobratz's personal career journey.
00:00 Welcome to the Business Brew
00:03 Introducing Ryan Dobratz and Third Avenue Funds
00:39 Disclaimer and Financial Advice Warning
01:44 Starting the Conversation with Ryan Dobratz
02:46 Ryan's Career Journey and Early Influences
05:51 Joining Third Avenue and Moving to New York
08:24 Strategic Move to Austin and Real Estate Insights
09:38 Challenges and Opportunities in the Office Sector
13:10 Investing in Real Estate Services Companies
15:02 Philosophy on NAV and Investment Strategies
23:55 Preference for C Corps Over REITs
28:11 Prologis and Industrial Real Estate
35:21 Public vs. Private Real Estate Investments
39:46 Incentives and Behavioral Finance in Private Markets
40:18 Active vs Passive Investing in Real Estate
42:57 Third Avenue's Real Estate Strategy
46:27 Residential Real Estate Investments
59:46 Fannie Mae and Freddie Mac: A Deep Dive
01:18:01 Challenges and Opportunities in Tower REITs
01:22:06 Conclusion and Final Thoughts
Om Podcasten
Welcome to The Business Brew
This podcast’s mission is to dig deep into the thought patterns and analysis of investors and business people. The podcast stemmed from Bill Brewster consistently feeling like he was listening to prepackaged material while listening to podcasts. Instead, he wanted long form, in depth, discussions about finance, capital allocation, and the psychology of investing/business.
Bill is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.
While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.
We are interested in interviewing portfolio managers, Wall Street sell side analysts, buy side analysts, private investors, owner operators, and anyone that is willing to go in depth about running a company/division. So, if you are interested in participating please email us with the subject “Guest Appearance.”
Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.
Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.
This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.