In this episode of 'Durable Value,' host Ryan sits down with Larry Hass, a seasoned partner at DRB Law Firm, specializing in real estate law. They speak about Larry's extensive career, his transition from government roles at the SEC and Department of Labor to private practice, and the evolution of real estate investments over the last 50 years. The discussion covers the emergence of pension fund investments, the impact of regulatory changes, and the shifts in investment landscapes and property types over the decades. Larry also shares insights on the Pension Real Estate Association's role and offers advice for new entrants into the industry.

00:00 Introduction
00:28 Larry's Entry into Real Estate
01:17 Evolution of Pension Fund Investments
03:03 Impact of Regulatory Changes
04:47 Investment Banks and Opportunity Funds
08:22 The Role of Pension Real Estate Association
13:57 Globalization of Real Estate Investments
17:39 Changing Asset Preferences
19:25 Impact of Technological Advancements
20:33 Real Estate Cycles and Market Efficiency
25:30 Advice for Young Professionals in Real Estate
27:08 Conclusion