Invest Like the Best with Patrick O’Shaughnessy
Business:Investing
My guest today is Bill Lenehan. Bill is the CEO of Four Corners Property Trust, a listed REIT and one of the leading owners of restaurant real estate in the US. Their portfolio is made up of 982 properties across 47 states. Real estate is something most of us own, whether as an investment or a home, and Bill’s insight into the asset class at this particular moment in time is fascinating to hear. Please enjoy my conversation with Bill Lenehan.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes.
Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.
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Show Notes
[00:03:19] - [First question] - Recent increases in mortgage rates and a frozen housing market
[00:08:55] - Projected real estate trends over the next decade
[00:13:38] - How a company’s ROI can be more consistent with backing from a real estate firm
[00:16:41] - Risk-return rate and risk exposure in real estate compared to other asset classes
[00:20:09] - The skills, traits, and circumstances that make a top-level real estate investor
[00:22:38] - Stand-out learnings from his time at Farallon Capital Management
[00:33:20] - The value of shopping malls and offices in a post-COVID, e-commerce US
[00:39:27] - Pros and cons of different types of real estate investments, including REITs
[00:43:22] - The impact of climate change on the real estate market
[00:45:39] - The role of modern technology in investing and in real estate infrastructure
[00:51:10] - Hard costs of building and renovating for the future
[00:54:20] - How hard costs and supply levels impact rates of return and housing costs
[00:57:17] - How the retail industry is adapting to consumer trends
[01:01:23] - Why retailers need to adapt to a changing economy and how they’ll do it
[01:04:03] - The relative magnitude of change in today’s real estate market
[01:06:51] - The role health and wellness plays in real estate and finance
[01:09:28] - What it feels like to be investing in 2022
[01:12:23] - The kindest thing anyone has ever done for him
Renata Quintini and Roseanne Wincek - Investing at the Supercritical Stage - [Invest Like the Best, EP. 240]
Max Simkoff - Redesigning the Home Buying Experience - [Founder’s Field Guide, EP. 47]
Suzanne Ciani - Exploring the Creative Process - [Invest Like the Best, EP. 239]
Sameer Shariff - Breaking Language Barriers - [Founder’s Field Guide, EP. 46 ]
Sridhar Ramaswamy - The Past, Present, and Future of Search - [Invest Like the Best, EP. 238]
Ernie Garcia - Disrupting the Auto Buying Experience - [Founder’s Field Guide, EP. 45]
Karen Karniol-Tambour - All Things Macro - [Invest Like the Best, EP. 237]
Sebastian Mejia - Mastering On-Demand Convenience - [Founder’s Field Guide, EP. 44]
Carl Kawaja - Wisdom from Decades of Investing - [Invest Like the Best, EP. 236]
Stewart Butterfield - We Don’t Sell Saddles Here - [Founder’s Field Guide, EP. 43]
Steve Mandel - Investing Behind Change - [Invest Like the Best, EP. 235]
Spenser Skates - Challenging Big Ideas - [Founder’s Field Guide, EP. 42]
David Sacks - How to Operate a SaaS Startup - [Invest Like the Best, EP. 234]
David Vélez - Building the Branchless Bank - [Founder’s Field Guide, EP. 41]
Balaji Srinivasan - Optimizing Your Inputs - [Invest Like the Best, EP. 233]
Michael Mayer - Business Boss Battles - [Founder’s Field Guide, EP. 40]
Marc Andreessen - Making the Future - [Invest Like the Best, EP. 232]
Will Ahmed - Optimizing Human Performance – [Founder’s Field Guide, EP. 39]
Howard Marks - Embracing the Psychology of Investing - [Invest Like the Best, EP. 231]
Christina Cacioppo - Building the New Standard in Security – [Founder’s Field Guide, EP. 38]
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