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Endorsements of Commercial Real Estate Investing

  • Patrick Barber, Chairman, Barber Partners, LLC.  Randy’s deep insights and expertise shine through every page as does his ability to communicate complex, wealth-enhancing ideas.  He is a recognized expert in applied risk analytics, a tool that the industry has largely ignored to its detriment.  The interviews make this book highly informative and engaging.  This book will soon become an essential industry resource for the novice as well as for the expert. 

 

  • Jason Benderly, CEO, Benderly Economics and former Chief Economist, Goldman Sachs & Co.  

        Starting at Goldman Sachs, I have collaborated over the years with Randy, who is one of the very best real estate                economists I have ever met.  Creative, erudite, and very pragmatic, he blends $6 billion of Wall Street transactional              and research experience with his insights as a former Princeton professor.  His book, which is packed with novel                    ideas, should be required reading by every institutional investor, money manager, and consultant.

 

  • Richard F. Burns, Former CEO, now Senior Advisor & Trustee, The NHP Foundation.  Randy has created a seminal book on real estate. He exposes myths, reinforces sound investment principles, and backs up his theorems with supportive econometric models. I found it provides innovative ways to think about real estate investment risk.  An important book for anyone either directly or peripherally involved with real estate investment.

 

  • Michael Fascitelli, Founder, MDF Capital; former CEO of Vornado; former partner, Goldman Sachs & Co.  Randy combines his intellect, academic and analytical frameworks, market and product knowledge, and practical experience to the world of real estate investing.  It’s a unique background and provides a unique perspective and advantage to those of us in the real estate investment business.   

 

  • Professor Joseph L. Pagliari, Jr., Ph.D., CFA, CPA; John Mazarakis and Chicago Atlantic Clinical Professor of Real Estate, The University of Chicago, Booth School of Business.  The nature of private markets lends itself to exaggeration of loosely knitted anecdotes. Dr. Zisler provides the antidote – seamlessly melding his experiences from the halls of academia to Wall Street and rigorously examining important issues facing commercial real estate investors. He eruditely synthesizes data, theory and practical insights into actionable investment strategies, pushing the frontiers of our knowledge in essential ways.

 

  • Ethan Penner Founder and CEO, Mosaic Real Estate Partners; Founder and CEO of Nomura Asset Capital Corp/Capital Company of America.  Randy is a true scholar in the real estate industry, which makes him a bit of a unicorn. I’ve long been asked by students and practitioners to recommend a book that serves as a strong primer for the industry and have always said that it doesn’t exist. Thanks to Randy, now it does.

 

  • Russell Platt, CEO, Forum Partners and former Managing Director, Morgan Stanley.  Randy Zisler has written the definitive critique of commercial real estate investing.   He offers his readers a narrative guide to the industry's remarkable journey, its evolving financial principles, and some of the people who made it happen.  Perhaps aptly sub-titled, “A Random Walk Down Main Street”, Randy’s timely book is a perfect bookend to the seminal study, “A Random Walk Down Wall Street”, by fellow Princeton faculty member, Professor Burton Malkiel.

 

  • Jonathan Schein, CRE, CEO & Founder, RELPI and Founder of Globe Street.  Iconoclast, radical thinker, outward bound, and a brilliant mind, Randy always brings a different point of view to this topic.   Whether or not you agree with his theories or conclusions, this book is a must read for any investor, manager, advisor, and those aligned with this exciting industry. And beyond that, he also brings a sense of humanity, humility, and humor in his writing. Pick up this book!

 

  • John R. Sischo, Managing Principal, Coretrust Capital Partners, LLC.  Randy’s book, a compelling challenge to the institutional status quo, offers valuable insights that elevate analytical rigor and deliver great value.  An important critique of entrenched thinking in real estate investment management, this book challenges industry conventions with evidence-based clarity and equips readers with practical, effective analytical tools.   A bold truth-teller—armed with decades of top-tier experience as a Princeton professor, Goldman Sachs strategist, and pension fund advisor—he exposes the hubris embedded in the real estate investment management world, while delivering an evidence-based approach to enhanced investment performance.

 

  • Susan L. Stupin, Managing Director, Prescott Holdings, LLC and The Prescott Group; and former senior executive of Goldman Sachs & Co.  Randy Zisler brings a robust framework to the sprawling topic of commercial real estate investment, leavening each chapter with wry humor and the personal experiences of industry leaders. Randy’s elegant analyses often defy conventional wisdom, but they are underpinned by his deep experience in the real estate capital markets and deft econometrics.  This book is destined to be the Samuelson Economics of real estate investing. 

 

  • Steven Wechsler, President and CEO, National Association of Real Estate Investment Trusts.  Randy Zisler makes an impressive and incredibly intelligent case for objective, clear-eyed, risk-based, long-term investments. Along the way, he skewers more than a few commercial real estate myths and sacred cows, and he deftly illuminates the true risks and rewards of real estate investing. This book is a must-read for anyone wanting to know why some experts miss the mark and often fail.

 

  • Alyson Worthington, Head of Capital Markets, Summit Development.  A must read for all investors, owners and capital providers in the industry, this book is crammed with personal stories and anecdotes.  Rooted in facts and deep analysis, the book is a fresh look at real estate risk, pathology and valuation.  Inquisitive minds, no matter how sophisticated, will discover surprising and valuable insights.   Anyone who takes the time to read this book will be a better investor, manager and consultant.

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