Randall Zisler, co-founder of Zisler Capital Associates and respected academic on real estate, shares insights on real estate valuations, REITs, public vs private investments, debunking real estate myths, risk management, building alpha with AI, and personal values in this entertaining podcast.
Real estate investing should be approached with evidence-based decision-making and rigorous analysis to gain a deeper understanding of the market.
Real estate investment trusts (REITs) exhibit characteristics more aligned with stocks rather than traditional real estate, highlighting the importance of considering volatility and risk factors.
The real estate sector should embrace change and introduce new ideas to benefit from the dynamic nature of capitalism and drive innovation.
Deep dives
The Importance of Ethical and Value-Creating Work
The podcast episode delves into the speaker's personal philosophy of work, emphasizing the desire to be ethical, create value, and make a significant impact. Rather than striving to be universally liked, the speaker is content with a select group appreciating the value offered. The focus is on creating something meaningful and working with inspiring individuals to achieve important goals.
The Mythology and Narrative-driven Nature of Real Estate
The podcast explores how real estate can be treated more like a religion rather than a science. The speaker highlights the need for evidence-based decision-making and challenges the popular narratives or myths surrounding the industry. The goal is to bring more rigorous analysis and scientific principles into real estate investing, cutting through the stories and providing a deeper understanding of the market.
The Risk Analysis and Fundamentals of REITs
The episode discusses the similarities and differences between public and private real estate investments, specifically focusing on real estate investment trusts (REITs). The speaker highlights the importance of considering the volatility and risk factors within REITs, demonstrating that they exhibit characteristics more aligned with stocks rather than traditional real estate. Additionally, the role of real estate fundamentals in REIT investments is explored, along with the potential benefits of incorporating REITs in portfolios for tactical shifts and exposure diversification.
The Importance of Evidence-Based Research and Critical Thinking
The episode emphasizes the significance of conducting research that is evidence-based and not driven by personal biases or popular narratives. The speaker discusses the need to challenge conventional thought and make use of quantitative analysis and scientific principles when evaluating real estate and market trends. By uncovering hidden assumptions and applying deeper analysis, investors can gain a better understanding of the value and risk inherent in various investment strategies and make more informed decisions.
The Role of Creative Destruction and Innovation in Real Estate
The episode touches on the concept of creative destruction and its importance in driving innovation. The speaker highlights the need for the real estate sector to embrace change and introduce new ideas, in order to benefit from the dynamic nature of capitalism. By focusing on innovation and embracing evidence-based approaches, the industry can enhance its ability to adapt and create value, ultimately leading to a more vibrant and robust market.
Phil sits down with Randall Zisler to discuss real estate and REITs. Randall is the co-founder of Zisler Capital Associates and a highly respected academic with a number of works on real estate investing, economics, and finance. In his conversation with Phil, he shares a wealth of knowledge pertaining to real estate valuations, REITs, public vs private real estate investment, and more.
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