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
