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#238 - Reeves Wiedeman - The Catastrophic Story Of WeWork
Modern Wisdom
The Elephant in the Room
The crux of the story that we work was positioning itself as a tet company. It was telling people it was a tet company, but it was the oldest of old time real estate. And once you get below your minimumoccupancy, to hit break even point, which is inherently risky,. when you allow this hyper flexible, month minimum, no month minimum, rolling contract bauchet, you are left holding 400 plus properties across six continents. If there is ever a down turn, if there's ever a reason for people not to go to work, or just generally a recession, our costs are going to go up. Our income is going to completely disappear off the face of the earth
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