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