Best of 2025 Replay: Main Street Capitalism, Industrial CRE, and the End of Fake Equity ft. Russell Gray

Jan 1, 2026

In this enlightening discussion, Russell Gray, a seasoned LP investor and co-host of the Real Estate Guys Radio Show, explores crucial themes in today's economic landscape. He shares a compelling tale of his 2008 crash experience and highlights the shift towards Main Street capitalism. Gray critiques financialized markets and emphasizes valuing investments based on real income. He also reveals strategies for LPs, advocating for tangible, income-producing assets while stressing the importance of demographic and geographic factors in deal evaluation.

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ANECDOTE

Personal Crashes Shaped His Thesis

Russell Gray lost his family's fortune after the 1987 crash and later his mortgage business in 2008, which forced deep study of macroeconomics.
Those personal wipeouts reshaped his investing style toward macro-driven, real-asset focus.

ADVICE

Always Include Macro In Underwriting

When underwriting, include macro, demographic, geographic, property, pro forma, and operator analysis.
Prepare for policy and rate shifts because aggressive Fed moves can crush equity and trigger cash calls.

INSIGHT

Credit Fragility Quickly Hits Real Assets

Fragility in the credit market propagates quickly into real estate and equity through leverage and margin calls.
Gold often signals that investors are fleeing risk-on assets and seeking safe-haven liquidity.

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