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hi my name is John bagdasarian with the pro manas group I was so excited the other day when I received the annual report from Berkshire Hathaway that I just had to get online and read it right away I downloaded the report I've printed it out and today I'm going to share with you a few things that Warren Buffett rights to us about what he learned from his real estate investments this is exciting for me because I've tried to emulate Warren Buffett's investment philosophy for a number of years and to see it crystallized in these comments is really really exciting I hope you enjoy it as well the first one is you don't need to be an expert i'm going to paraphrase these a little bit but you don't need to be an expert in order to achieve satisfactory investment returns he goes on to say that you have to you have to understand your limitations and you have to stay within those if somebody's promising you quick returns and a quick profit you just respond with a quick no thank you and move on number two focus on the future productivity of the asset you are considering what will that stock or that piece of real estate or that company you are buying a piece of generate in terms of earnings going forward if you don't feel comfortable making an estimate of what it will generate predictably and you can't quantify that for five years out then don't make the investment not everybody has the time to evaluate every investment possibility it's just not possible so you have to understand what you're getting into or get rid of it and only make the moves that you can make that you clearly understand we've made more money on the deals we've passed on than deals we've done what I mean by that is we say no 99 times for every time we say yes and the reason for that is because a loser costs us time energy and a lot of dollars in a lot of cases so we try and limit the downside and eliminate the properties that don't make sense or the stocks that don't make sense number three and I'm going to read this one if you instead focus on the perspective price range of a contemplated purchase you are speculating there is nothing improper about that I know however that I am unable to speculate successfully and I am skeptical of those who claim sustained success at doing so I couldn't say that better myself or I would have said it myself Warren Buffett says this so accurately half of all coin flippers will win their first toss none of those winners has an expectation of profit if he continues to play the game and the fact that a given asset has appreciated in the recent past is never a reason to buy it so if you're speculating if you're doing a development deal if you're throwing money at things and hoping that it works out you may get it right but you're just getting lucky and if you stay in the game you're eventually going to get it wrong and that's when you get wiped out especially in real estate we're often times we use leverage to buy buy assets number for this is Warren Buffett's words with my two small real estate investments I thought only of what the properties would produce and care not at all about their daily valuation games are won by players who focus on the playing field not by those whose eyes are glued to the scoreboard and I believe that's true you watch these teams that focus on the scoreboard they don't do as well as the team to just focus on playing a good solid game making the shots making the free-throws stick into the fundamentals number five and the final one I'd like to point out and one of my favorites forming macro opinions are listening to the macro or market predictions of others as a waste of time I love this comment because to me I don't watch the news I don't read about what's going to go up or what's going to go down I don't even pay attention to whether the real estate market is going to collapse I don't read the commercial reports I don't care frankly it doesn't matter at all if i buy solid assets least two stable companies and I pay less than the replacement value of those assets okay so if i can buy a building for thirty dollars a square foot and it costs 70 to build a new one and i've got a solid company in there that generates a profit and they sign a long-term lease with me to stay in that building at a below market rate i have all the advantages i have everything i have almost no risk of downside if that tenant goes under I have below-market lease rates I can lease it to somebody else as long as I don't over lever and borrow too much money against it I should I should be just fine to be able to return in a building and get my income stream going again time is our most precious asset and I've taken enough years today I appreciate you tuning in if you have any questions or if I can ever help you with the real estate investment feel free to give me a call or email me anytime thanks a lot have a great day
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