In this episode, Ryan and Joe talk about an intriguing philosophical concept relevant to both life and investing: 'The Map is Not the Terrain.' The discussion touches upon creating mental models, the importance of conservatism in investing, psychological biases, misidentification of market cycles, execution friction, and much more.

00:00 Introduction to the Concept
00:30 Mental Models and Instagram Illusions
01:28 Mapping in Investments
02:49 Psychological and Mindset Factors
09:49 Execution Friction
13:25 Market Depth and Tenant Demand
18:12 Future Market Assumptions
21:29 Concluding Thoughts on Maps and Reality