Webinar hosted by GRI
Watch Date: 9/2020
- Liquidity = Value
- It’s not valuable unless it’s liquid. RE is starting to get more liquid
- Operating companies attract the most value because they are liquid – that’s why our REITS have been historically so successful in attracting capital
- “I couldn’t be a real estate guy if I wasn’t optimistic.”
- Emerging markets are starting to develop but the old guard will not want to give up their power positions; however, growth cannot happen in these markets without them giving it up to allow other people in (increased liquidity)
- Institutional investors in emerging markets will need to lead the way with this change (trade off of centralized power for industry growth)
- Emerging markets has not been hit by e-commerce like the US but it will in another decade
- “My preference is a monopoly but I’ll settle for an oligopoly.” LOL
- “The great successes of the world comes from collaboration and not isolation.” The world needs to get back to work in personal and social settings while taking the correct precautions. Zoom and digital cannot replace human interactions.
- cannot establish culture and who people “really” are and their personalities without being in the office
- Stimulus accommodations have been necessary and appropriate. More is needed but not at the same level as before.
- If the US dollar is no longer the reserve currency then our standard of living will go down. We need disciplined leadership and we cannot keep with deficit spending.
- We are at an enormous advantage that most commerce around the world is transacted in US dollars
- We need to stay focused on GROWTH because we don’t have the discipline to reign in our spending. As long as we keep growing or grow faster then the spending to growth (GDP) ratio will stay in balance.
- “It’s critical that businesses be a collection of people and not a collection of screens.”
- “We’ve overbuilt retail.” Commodity retail spaces will be repurposed. It’s not the end of retail but the definition will be smaller in the future.
- “Retail is in a state of change and it will be very different 10 years from now just like it was different 10 years ago.”
- NYC is resilient. He has seen it die at least 3 times in his life and come back. People want interaction and NYC is the Mecca of that.
- Be wary during this time of dislocation of savant predictions that never come true. This uptick in predictions always happens during times like these.
- Big Cities are that way for a reason and throughout time so they will come fully back.
- Suburbanization is a current trend but civilization is built on urbanization. People will go back to big cities after we get a vaccine and they get more comfortable.