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 

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