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