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Welcome to the Durable Value Podcast! Host Joe interviews Matt LeDucq, CEO of Forum Mobility, about the electrification of trucking, the evolving power grid, and the impact on real estate and logistics. Dive into technology, policy, and the future of industrial development in the Western US. Timestamps: 00:00 – Introduction & Matt’s background 02:00 – The intersection of real estate, power, and logistics 06:40 – How utilities work and why it matters 12:00 – The economics of electrified trucking 17:30 – Global trends: Electric trucks and battery costs 22:00 – Warehousing, population movement, and affordability 27:00 – Automation, autonomous vehicles, and the future of work 33:00 – Urban mobility and the future of car ownership 38:00 – Regional winners and losers in the Western US 44:00 – Analyst perspectives: Real estate vs. power costs 49:00 – The future of logistics and location strategy 52:00 – Final thoughts & takeaways

In this episode of Durable Value, we explore the concept of real estate—especially multifamily and industrial properties—as essential infrastructure. We discuss how these asset types function as a public good, their role in the economic grid, and why secondary and tertiary markets are becoming increasingly important. Tune in for insights on market dynamics, institutionalization, and the future of real estate investment. Timestamps: 00:00 – Introduction 00:51 – Real estate as a public good: Housing and industrial as community essentials 01:15 – The “capillaries” of commerce: Small businesses and last-mile industry 01:36 – Real estate as a quasi-utility; the Western US grid analogy 02:30 – Institutionalization of secondary and tertiary markets 02:57 – Infrastructure as an investible asset class 03:22 – Needs-based assets: Comparing real estate to bridges and utilities 04:08 – Asset desirability vs. discretionary assets 04:31 – Monopoly vs. competition: Utilities and real estate supply 04:55 – The economics of new construction vs. existing apartments 06:34 – Demographic shifts: Millennials, Gen Z, and housing demand 07:21 – Post-COVID trends: Remote work and changing lifestyles 08:23 – Owning the grid: The I-5, I-15, and I-25 corridors 09:02 – The network lens: How properties reinforce each other 09:21 – Data-driven conviction and deal flow 09:42 – Building alpha through authentic data and off-market deals

In this episode, we break down the recent real estate downturn, what caused it, and the key lessons for investors. We cover interest rate impacts, the importance of cash flow, fixed-rate debt, and how to find opportunity in uncertain times. Whether you’re an experienced investor or just curious about real estate, you’ll find actionable insights here. Timestamps: 00:00 – Introduction & Market Overview 02:00 – Lessons from the Downturn 05:00 – Cash Flow, Value Add, and Investment Strategy 08:00 – Debt, Risk, and “Pencils Down” 11:00 – Building Resilience & Optionality

In this episode, we dive deep into the concept of "the data is in the drywall" and how hands-on, property-level insights drive better decision-making in real estate. Ryan and the team discuss the importance of vertical integration, boots-on-the-ground intelligence, and blending physical experience with data analytics to gain a competitive edge. Whether you’re an investor, operator, or just curious about real estate, this episode is packed with actionable insights! Timestamps: 00:00 – Introduction: What does "the data is in the drywall" mean? 00:46 – Real estate vs. financial trading: The physical difference 01:19 – How property-level data informs conviction and decisions 01:42 – Using big data sources vs. on-the-ground insights 03:09 – Making sense of signals: Applying experience to data 03:51 – Real-world examples: Move-ins, rent increases, and concessions 04:11 – Integrating third-party data with internal intelligence 04:58 – The intersection of data and physical real estate 05:25 – The balance: Unique assets vs. data models 05:46 – Real estate’s slow adoption of technology and data 06:16 – Embracing technology for better decision-making 06:36 – AI, local trends, and the future of real estate data 06:55 – The advantage of a manageable portfolio and boots-on-the-ground 07:23 – Training AI models and the ongoing value of human intelligence 07:48 – How actionable data drives decisions across the portfolio 07:56 – The ultimate goal: Creating edge through data in the drywall 08:16 – Less downside, more safety, and seeing what others don’t 08:45 – Why edge matters and how Durable Value keeps winning

In this episode of Durable Value, we dive deep into one of the greatest paradoxes in investing: the tension between detachment and conviction. How do you balance making data-driven, unemotional decisions with the need to act decisively and believe in your thesis? Join us as we explore real-world examples, investment committee dynamics, and the strategies that set world-class investors apart. Timestamps: 00:00 – Introduction: The Paradox of Detachment vs. Conviction 00:24 – Defining Detachment and Conviction in Investing 00:47 – Risk, Conservatism, and the Two Schools of Thought 01:42 – The Power of Conviction and Attribute Scoring 03:13 – Data-Driven Decision Making vs. Gut Instinct 05:14 – Investment Committee: Balancing Conviction and Detachment 07:17 – The Reverse Funnel: Creating Opportunities 08:07 – Avoiding Auctions and Broker Funnels 09:14 – Building a Network for Inbound Deals 12:06 – The Ferris Wheel: Managing Multiple Offers 13:52 – Discomfort and Optionality in Deal-Making 15:32 – The Key to Success: Detachment Creates Conviction 16:53 – Acting Decisively and the Value of Detachment

Join us for a special anniversary episode of Durable Value as we reflect on five years of podcasting and 17 years in business together. Hosts Joe and Ryan share candid insights on personal growth, leadership, and the evolution of their company. From navigating market cycles and scaling a team to the enduring power of friendship and core values, this episode is packed with wisdom for entrepreneurs, investors, and anyone interested in building something that lasts. 00:00 – Introduction: 5 Years of Podcasting 00:24 – How We’ve Changed: Personal Growth and Reflection 01:52 – Building a Team and Shifting Roles 02:31 – The Value of Long-Term Partnership 03:08 – Lessons from 55 Acquisitions and Market Cycles 03:29 – Navigating Market Downturns and Building Resilience 03:55 – Embracing Leadership and Overcoming Imposter Syndrome 04:38 – The Spark of Joy in Building a Business 05:17 – From Surviving to Scaling: Process and Evolution 06:01 – The Importance of Boldness in Business 06:37 – The Story of the Podcast Chairs 06:57 – The Power of Showing Up and Leadership 07:18 – Market Shifts: Secondary Markets and Industry Recognition 08:24 – Scaling a Local Strategy to Institutional Level 09:03 – What Hasn’t Changed: Core Values and Company Purpose 09:59 – Improving Buildings, Neighborhoods, and Lives 10:46 – The Enduring Friendship Behind the Business 11:11 – How Relationships Evolve Over Time 11:36 – Looking Ahead: The Next 5 Years of the Podcast 12:35 – Staying Reflective and Visionary 13:05 – Final Thoughts

In this episode of Durable Value, we take you behind the scenes of our recent acquisition—the Elk Grove Industrial Complex in Sacramento, CA. Discover how we sourced the deal, why this property stood out, and the strategies we use to unlock value in multi-tenant industrial assets. We discuss market dynamics, the importance of fresh eyes, and how private ownership creates ongoing opportunities for value-add investors. Whether you’re a real estate professional or an investor, this episode is packed with actionable insights and real-world examples. Timestamps: 00:00 - Introduction 00:19 - The Power of Marketing: How We Source Deals 00:37 - Building Broker Relationships & Off-Market Opportunities 01:29 - First Impressions: The Pitch and Initial Call 03:03 - Underwriting and Offer Process 03:21 - Seller Background and Property Condition 04:01 - Buying from Private Owners vs. Institutional Sellers 04:24 - Rent Growth and Market Opportunity 04:50 - Business Plan Execution: Managing Lease Rollovers 05:23 - Maintaining Occupancy in a Softening Market 05:50 - How to Find Great Deals in Secondary Markets 06:16 - The Perpetual Value-Add Cycle in Industrial Real Estate 06:37 - Navigating Market Complexity: Tariffs, Inflation, and Supply 07:03 - The Value of Vertical Integration and Property Management 07:43 - Closing

In this episode of Durable Value, we dive deep into a real-world case study: the acquisition, turnaround, and rebranding of The Lofts at Stadium Square in Fresno. Join us as we break down the sourcing, negotiation, due diligence, and execution that turned a struggling student housing property into a thriving multifamily asset. Learn about the challenges, strategies, and lessons from one of our most successful investments to date. Timestamps: 00:00 – Introduction 00:22 – The Lofts in Fresno: Background & Rebranding 00:47 – Sourcing the Deal & Initial Challenges 01:35 – Appraisal, Pricing, and Negotiation 02:01 – Negative Cash Flow & Seller Motivation 02:46 – Our Approach to Buying & Negotiating 03:12 – Due Diligence: Process & Findings 04:34 – Repairs, Discounts, and Final Purchase Price 05:00 – Rebranding and Property Upgrades 05:25 – Creating a Resort-Style Experience 05:44 – Due Diligence: Uncovering Value 06:28 – Insurance Hurdles & Solutions 07:03 – Execution: Building the Right Team 08:09 – Turning Around Occupancy & Performance 09:04 – The Importance of In-House Management 09:40 – Stabilizing and Repositioning the Asset 09:59 – Value Creation & Broker Opinion 10:27 – Results: Cash Flow, Upside, and Lessons Learned 10:56 – Closing Thoughts

In this episode of Durable Value, we talk about the science of failure—why even great companies and properties can drift off course, and how to recognize and prevent the subtle missteps that lead to bigger problems. We discuss the difference between luck and skill in investing, the dangers of narrative reinforcement, and practical strategies for building resilience in your business. Whether you're a real estate investor, entrepreneur, or leader, you'll find actionable insights to help you avoid common pitfalls and turn failures into stepping stones for long-term success. Timestamps: 00:00 - Introduction: The Science of Failure 01:26 - Luck vs. Skill in Investing 02:20 - Information Machines & Signal vs. Reality 02:57 - Luck as Skill: The Genius-Idiot Cycle 03:15 - Real Estate Market Cycles as Levelers 03:38 - Execution Engine: Buying the Right Assets 06:20 - Navigating Seller and Broker Dynamics 07:03 - Macro Understanding from Multi-Market Experience 09:05 - Short-Term vs. Long-Term Thinking 10:33 - Capital Pressure and Market Cycles 11:25 - Institutional Capital and Volatility 12:07 - Raising Capital in Down Markets 13:31 - John Boyd’s OODA Loop: Orienting to Reality 13:50 - Failure as a Path to Success 14:32 - Red Teaming & Pre-Mortems 15:12 - Building a Culture of Openness 15:39 - Rebuilding Systems for the Long Term 16:02 - From IRR to NOI: Adapting to a New Decade 16:22 - Building for Stability and Optionality 19:58 - Closing

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

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

In Episode 76 of Durable Value, hosts Ryan Swehla and Joe Muratore talk about the essential framework for real estate investing, drawing on their experience to provide invaluable insights. They break down the three key legs that support successful investing: mastering strategic vision, balancing risk and reward, and excelling through execution. With real-world examples and practical advice, this episode is a must-listen for anyone serious about real estate investment.  00:00 Introduction 00:30 Mastering Strategic Vision 06:46 Balancing Risk and Reward 12:31 Excelling Through Execution 19:29 Conclusion

 In this episode of Durable Value, Ryan discusses building resilient investment portfolios in unpredictable economic conditions. The discussion includes the impact of inflation and recession fears, key attributes of a resilient portfolio, the importance of geographic diversification, and strategies for weathering economic downturns.  00:00 Introduction  00:42 Economic Uncertainty: Inflation vs. Recession  01:34 Core Investment Foundations  02:29 Diversification for Stability  07:18 Debt Strategies for Resilient Investments  09:15 Controlling Assets in Downturns 

In this episode of 'Durable Value', hosts Ryan Swehla and Joe Muratore talk about the psychology behind risk and reward, particularly in the context of real estate investing. They discuss topics such as loss aversion, market cycles, and balancing caution with optimism, providing valuable insights and practical advice for investors at any stage in their career. 00:00 Introduction 00:17 Human Psychology and Loss Aversion 04:45 Market Psychology and Real Estate Cycles 07:15 Balancing Caution and Optimism 09:06 Advice for Younger Investors 10:01 Advice for Older Investors 12:00 Sensitivity Analysis in Investing 13:08 Strategy Over Tactics 14:28 Conclusion

In this episode of Durable Value, Joe Muratore and Ryan Swehla talk about the intricacies of portfolio composition and the vital role diversification plays within it. They explore various aspects, from balancing risk and opportunity to the importance of geographic and asset-type diversification. Whether you're invested in industrial, multifamily, or both, learn how to strategically navigate your investments in secondary and tertiary markets. 00:00 Introduction 00:11 Importance of Diversification in Real Estate 00:55 Market Strategies and Deal Flow 01:24 Balancing Risk and Opportunity 02:59 Metrics for Portfolio Construction 04:09 Market Focus and Brand Building 05:44 Cash Flow vs. IRR 07:48 Heavy Lift vs. Light Lift Properties 08:55 Portfolio vs. Deal Construction 09:59 Macro and Micro Diversification 10:59 Proactive Market Engagement 12:02 Conclusion