Billionaire's WARNING: The Housing Market Will NEVER Be The Same (Do THIS Now)

**Graham Stephan** (0:00)
59, 60, 60, oh hey, I didn't see there. I was just getting a quick little bicep workout in, and technically I didn't even need to be counting my reps. This thing counts for me. Six, seven reps in, it won't forget. Great timing though, because AMP is actually sponsoring today's episode, and they sent one over for our new warehouse gym. This is AMP, the smartest home gym on the market. Think of the cable setup you'd find at a commercial gym, but in your house. It counts your reps, remembers your weights, and when you walk up and hit start, it's already loaded from your last session. All the guesswork is gone. You can run it in fixed mode for a standard cable feel, or flip it to eccentric mode for extra resistance on the way down. Every fitness expert that we've had on the podcast says that time under tension is key, and this gives you exactly that. It comes with a full set of attachments that lets you do over 500 movements. It's basically like having an entire gym, but in the corner of your room. And if you don't know where to start, it picks a trainer, builds your plan, and tracks everything automatically, and you're not paying $100 an hour for a personal trainer. And on top of all of this, a white glove crew installs it. Ours was up and running in 30 minutes, and there's a 90-day free returns policy. AMP handles the whole pickup, but less than 1% of people send it back, so that should tell you something. The link is down below in the description, guys. I could not recommend this equipment more. Check it out at amp.ai, or also link down below in the description. Use code Iced Coffee for 10% off.
It truly gets a great workout in. Thank you so much to AMP for sponsoring this episode, and back to the podcast. What is the total value of all of the businesses you own?

**Richard Baker** (1:28)
If you put them all together at any given time, we're worth between 10 and 20 billion dollars.

**SPEAKER_3** (1:34)
Canada's iconic Hudson's Bay company is snapping up luxury American retailer, Saks Fifth Avenue.

**SPEAKER_4** (1:40)
Richard Baker, the head of Hudson's Bay, has told analysts he plans to move quickly.

**Richard Baker** (1:45)
And by the way, I bought each company for almost no money. I bought the companies and borrowed against the real estate assets that were inside the company.

**Jack Selby** (1:54)
Is recreating this harder in 2026 than it was 10 years ago?

**Richard Baker** (1:58)
We're going through an unbelievable period in the next 10, 15 years, where folks are aging out and these families are selling these properties, and Blackstone doesn't want to buy them. These are great properties and they can buy them efficiently.

**Jack Selby** (2:12)
Where do you see the economy heading over the next 10 years?

**Richard Baker** (2:15)
If you believe in a world that's going to have a lot of inflation, you want to buy as much real estate as possible, with as much non-recourse debt as possible, and you're going to make a lot of money.

**Graham Stephan** (2:31)
Richard Baker, thank you so much for coming on The Iced Coffee Hour.

**Richard Baker** (2:34)
Nice to be here.

**Graham Stephan** (2:35)
So you spent nearly two decades buying and reshaping some of the most iconic names in retail. You acquired Lord & Taylor for $1.1 billion.
You purchased Hudson's Bay Company in 2008 and took it public in 2012, and you later bought Saks Fifth Avenue and Neiman Marcus together in one of the largest luxury retail deals ever attempted. What do you understand about money that most people do not?

**Richard Baker** (2:58)
So I had a premise in 2005 The premise was that there were a whole series of operating companies that owned their own real estate, and the financial markets didn't understand or appreciate the value of the real estate that was hidden in these companies. So in 2005, I literally put together a memo where I wanted to buy Lord & Taylor, Hudson's Bay, Galleria Kaufhoff in Germany, of all places, Sakswith Avenue in Neiman Marcus. And my goal was to buy all of those businesses because they were all dying department stores, but underneath, hidden in those dying department stores, were these huge real estate portfolios that were worth tremendous amounts of money.

**Jack Selby** (3:41)
Why did no one else see what you saw?

**Richard Baker** (3:43)
I don't know, because I grew up thinking there was something wrong with me, because I always walked around and saw things differently than everyone else saw them. And by the way, this didn't just happen in one day. I bought them over a series of 10 years. So people knew exactly what I was doing, but for some reason, other people couldn't do it the same way I was doing it. And by the way, I bought each company for almost no money. I bought the companies and borrowed against the real estate assets. They were inside the company.