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