TIP671: Unconventional Value: Contrarian Thinking and Outperformance w/ Larry Connor

You're listening to TIP. Today, I have an unconventional guest on the show who has returned 30.4% per annum since 1992. He's unconventional in many ways. But the primary reason he's different from many of the other guests that I've spoken to is because he comes from the real estate industry. Since inception, his returns have outpaced those of some of the best asset management businesses in the entire world, such as Brookfield and Blackstone.

Now what drew me to Larry was his ability to think about investing in real estate as distinct business units. Instead of considering the Connor Group's apartments as kind of, you know, set it and forget it investments. He and his team actively improve the underlying business inside of each apartment complex. He successfully increases the operating margins of the apartment complexes. by an astounding sixty to eighty percent within just a few short years of ownership.

This is tremendous value creation and I think it's worth researching a little bit more how he does it. Larry considers himself an investor in real estate, not simply a real estate investor. He's used his past knowledge and experiences, including his successes and more importantly his failures, to design his business in his view. He is a contrarian, which I greatly appreciate. as a value investor.

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