YouSaid · the spoken record

Cathy Marcus

lines on the record
68
first
2024-01-11
most recent
2024-01-11
sittings or episodes
1
sources
podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

  1. “We have a very, very broad investing mandate. We invest in the US, in Latin America, which is really primarily Mexico at this point across Europe, the UK, and across Asia. So we really hit all the major markets and all the major geographies. And also we invest in pretty much all the major food groups and even some of the alternative food groups in real estate. So everything from very traditional office, which I'm sure we'll talk more about, all kinds of residential retail, data centers, industrial, manufactured housing, seniors housing, you name it, and we probably have a bucket of capital for it.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Exactly. And I do hope that younger women in business broadly and in finance can learn from those lessons. That's why I, as embarrassing of a story as it is, I always tell it, especially to younger women, because I don't want them to make that same mistake. I was very fortunate that I had a boss who really pushed me because I wouldn't have taken it necessarily of my own volition.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “And interestingly, you would certainly not be the first man to mansplain sexism to me. It happens all the time, which just kind of goes back to the self-awareness, right? That's hilarious. It happens constantly. But I will say things have gotten a lot better, but somewhere in the middle is probably, you know, a much better place to be because I will say that women have a tendency if there are a hundred things that you need to have for a job, if they have 99, they think they're not qualified, myself included, right? I think I've gotten better. But, you know, if there are 100 things and a man might say, you know what, I could do 60 or 70% of that, that's probably good enough, right? I think you're being generous.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “And he was 100% right, learning how to keep the trains on the tracks. When you're an investment professional and I was the worst, I was a massive primadonna. I had no appreciation for what went on behind the scenes if there was an error in a report or a number. I went ballistic. I had no understanding of what it takes to deliver operationally. And I learned quite a bit about that. And it's really been terrific. And I recommend it to all investors who want to ultimately run a business take on an operational role because you will be shocked by how much you learn.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “It was much more complicated transition than I had expected it to be. You know, it's an interesting story that I tell, which is that our CEO at the time came to me. This is when I was running our largest fund. I had only been an investor in my entire career. And he said, I'd really like for you to be my chief operating officer. And I actually said, which is embarrassing, but it is unfortunately something that women, especially of my age, do, I said, oh, actually, I'm not qualified for that job. I only took three accounting classes and I don't think I'm your person. And he said, if I wanted an accountant, I wouldn't have come to you. I'm looking for a partner. I'm looking for someone who wants to learn how to run a global business. And I said, well, you know, I feel like I kind of know how to run a business. I'm running the largest fund. You know, there's lots of people working on this fund, huge revenues. I know what I'm doing. And he said, you know what? I tried for three years and I bet you're going to learn a lot.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “It's amazing. Exactly. Well, you see that now. You can tell who missed the party because it took a lot of people who had 10 or 12 years of experience in our business. It took them way too long to figure out that the world had changed because they hadn't experienced the world changing. And those of us who've been through it a few times, you start to get that spidey sense that things are not as they should be. And you kind of go right into that mode of like, okay, stop spending money. shut down all the deals and that's much more difficult for someone who hasn't experienced it before”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Notorious for see through buildings. See through buildings, exactly. So that was very different. And you're right. It felt like real estate wasn't freeful and clearly the banking system wasn't free fall. But the government was there with the big RTC bailout. And it didn't feel like the world was falling apart. The GFC felt like the world was falling apart. And it was very difficult to understand. I think that the SNL crisis, you could understand that the banks were just lending, lending, lending, and building, and we had empty buildings. Even if you're not in real estate, you understood what that was about. The GFC was really a lot of esoteric financial products that, you know, the average person didn't understand. It actually ended up that a lot of financial professionals didn't understand them either. We didn't know that at the time, but it really felt so much more systemic. And it felt like this giant thing that was almost not understandable to many people had gone awry.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Very different, right? Yeah. And in particular, in real estate, because the SNL crisis, you could certainly make an argument that we shot ourselves in a foot in the SNL crisis”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Had rolled over. Well, in the SNL crisis, I was doing primarily workouts, both debt and equity workouts, and I learned so much doing that and was also in a big disposition's role in terms of real estate owned that have been foreclosed upon, but also performing and unperforming loans, commercial mortgage securitization, and even residential mortgage securitization. So I was very, very distressed oriented during the S&L crisis. And I would recommend to anyone who wants to learn about a business, work through a major crisis and you're going to get 15 years of experience in three years. That was my experience.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “I had seen other crises, I mean, the SNL crisis in the real estate business was something that was a very pivotal learning experience for me. And I came into the GFC with some of those skills from working through the SNL crisis, but every crisis is different. And, you know, when I was working through the SNL crisis, I was much more junior. So someone else was worried about what would happen. They just told me what to do. And now this time I had to worry about what would happen. And it was a great experience.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “I did it for longer. It was over 10. And it was a tremendous experience. And actually, you had asked whether that was my first stop at PG&E Real Estate, formerly Prudential Real Estate Investors. And it wasn't, but it was the job that I wanted. When I took my first job at PGM, essentially the person who was running the core fund at the time was someone who I sought out as a mentor because I knew that that was the job that I wanted. And I worked toward that. So I was on that fun team for over 10 years, spanning kind of the run-up to the GFC. So lots of good times for only about two to three years of my first couple years there. And then I worked on it throughout the GFC and then became the senior portfolio manager during the recovery period. It was quite a time to be running that kind of a fund or even just working on that kind of a fund.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Did I worked my way tour that I had two stops before then? I worked in sort of a quasi portfolio management role for like a single client account type business. And then I went to be the chief underwriter for the US investments and really got to underwrite all new investments in the US all across the country, all asset classes. It was a tremendous experience for me. Something that we often have had as a rotational position. So I did it for three years and it was a really great growth experience.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Sure, essentially you buy assets. It could be all kinds of assets. The company that I worked for was called Integrated Resources. And we did a lot of real estate, but also things like airplane leasing and movies. In fact, dirty dancing was one of the big movies that we financed while I was there. And so they needed people to help acquire the real estate. And then also one of my primary jobs was to help capitalize it and find financing for it because the idea of syndication is that you make a giant purchase and then you sell it off in smaller units to really more of a retail investor. And in those days, it could be as small as like a 25 to 50,000 dollar unit that would be sold through a broker dealer or a Sheerson Lehman. Lots of people who are no longer in the game. And it was a way for individual investors to A, own assets in a small slice they could never access themselves. But in those days, there were very”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “I had a very traditional start. I started off as an analyst and I worked initially. My first two jobs were with syndicators, essentially, in a business that doesn't exist anymore as it did. I worked for a very large syndicator right out of school, which was right around the time the tax laws changed. And so that whole business was upended. Before you go further,”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Pretty much. I mean, my dad was a small entrepreneur and did invest in some commercial real estate, but really not in a primary way. And my mom is a speech pathologist. So our dinner table conversation definitely had a business orientation, especially a small business owner. And so I definitely learned a lot there. And I think it also my dad's business was global. And so it peaked an interest in me in working internationally. But the real estate thing was kind of out of the blue.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Studied more about urban planning. I like placemaking. So, really, if you combine wanting to be an investor with liking architecture, design placemaking, it really leads you to real estate.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “And I'm very fortunate that it worked out because there's no plan B there. You can see I did not study anything else. So people often ask me how at the age literally of 17 I knew that I wanted to be in real estate. And I think that I kind of triangulated on it. I have no family history. I have no knew a real estate developer I thought was really great. I knew I wanted to do something in business. I was always good at math. But I really, I just didn't relate to things that were more esoteric bonds, options. It just wasn't doing it for me. And I always really loved the built environment. I like architecture. I like as a real estate person you walk through your assets. You can touch and feel things. I love to see things developed. I like the idea of kind of urban planning. I always say if I hadn't been a real estate investor, I would have loved to have”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Subscribe to Bloomberg News Now Today on Apple Podcasts, Spotify, or anywhere you listen. Masters in business with Barry Ritholtz on Bloomberg Radio.”

    2024-01-11 · Masters in Business · Cathy Marcus on Commercial Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source