關於這一集
This week Chris sits down with Michael Levy, CEO of Crow Holdings, one of the largest private real estate firms in the country.
This one goes far beyond real estate. Michael runs a major firm, but he opens on the big macro picture and works his way back down to real estate. They start with where the economy and the country are heading, and they end on what it means for how investors should be thinking today.
They discuss:
• The reindustrialization of America, and why national security and supply chains are driving what gets built
• Getting out of the online bubble, and why travel, long-form media, and real conversation matter more now
• The data center power wall, where deposits run a million dollars a megawatt for power that may not arrive for years
• Why Michael believes a country's wealth comes down to the cost and abundance of its energy
• Whether college is still worth it, and why the master electrician may be the new Google engineer
• The future of the allocator model in real estate, and why scale and consolidation are reshaping the industry
• Where real estate goes now, and why this could be a slow decade before it turns
Timestamps:
(00:00) Intro
(00:50) The Big Arc of History Has Swung
(07:09) Following the Capital Into Defense and Infrastructure
(13:22) Getting Out of the Bubble and the Rise of New Media
(21:18) How Power Deposits Reset the Data Center Game
(25:34) Crow's Data Center Power Strategy and the Dallas Project
(30:58) What If We Stop Needing Big Data Centers?
(36:22) The Wealth of a Country Is Its Energy
(39:26) Why College Debt Buys Classes You Never Needed
(44:22) The Master Electrician Is the New Google Engineer
(49:23) Is the Allocator Model Done?
(55:33) You Don't Get Fired for Hiring IBM
(59:29) Why the Local Friends-and-Family Fundraiser Survives
(1:05:37) How Crow Competes Against the Big Consolidators
(1:12:04) How Co-Invest and Breakpoints Quietly Erode Fees
(1:19:43) The 2020s Could Be a Lost Decade in Real Estate
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