The Real Estate Trap: Why 'Built to Leave' Is Riskier Than You Think

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Michael Zuber (1:27)

All righty, folks, you've heard me talk about Dave Meyers' keynote, Day 2, Morning A Lot. Well, you know what? We've got the man, myth, the legend here, and we are going to riff on Build to Leave versus Build to Last. David Meyers, I think this presentation hit a home run, and I have poked at it a bunch. I think I've said many times that you spelled Leave wrong. It's supposed to be Build to Fail.

Dave Meyer (1:48)

I like that. I'm just a fan of alliteration. You know, Leave it Last, it sounded good. But I like Build to Fail. I mean, you could definitely swap it out.

Michael Zuber (1:59)

Well, what I told everybody is David Meyers is a lot nicer guy than I am, because I would have said Build to Fail. And you're just a nice guy. So how are you doing?

Dave Meyer (2:06)

Well, I work for a corporation, you know.

SPEAKER_4 (2:07)

That's right.

Dave Meyer (2:09)

I maintain certain errors.

Michael Zuber (2:12)

And I'm just some guy on the Internet that talks a lot. I can say whatever I want.

But but we're going to bring it up here for you guys so you can see it. But but I'm curious, right? When you're creating a keynote presentation for for a monster conference like this, how long does it take the kind of idea and the formation and how long were you working on this because it was so well done?

Dave Meyer (2:31)

Thank you. I really appreciate it. It means a lot coming from you. I I think I started doing it in July. The conference is in October, partially because my wife and I had a baby in July. So I knew I was going to be busy. But I like to start thinking about it three or four months ahead of time and really just start.

I just try and think about what do people really need to hear?

And not make it about me or any agenda, but how do you simplify all the noise right now so people can really understand what is going on? And I came up with this framework, and I just noticed, I think similar to you, Michael, I get the privilege of talking to a million investors. And I just noticed this big split, and it's like half the investors are like, everything sucks. We got to get out of here. Nothing is worthwhile. And then the other half are like, this is fine. This is just business. We're just doing what we always do. And I think I spent a lot of time trying to figure out what differentiates these two groups. And I think I came up with a good framework, but it probably took me three months to do.

Michael Zuber (3:44)

Now, did you also know that Morgan Housel was going to give a layup with his story about Warren Buffett, Charlie, and Rick? Did you know that was coming?

SPEAKER_4 (3:52)

Did you know that in advance?

Dave Meyer (3:53)

I was tempted to ask him what he was going to talk about, but I kind of want to just let him do his thing. But I'm a big fan of Morgan Housel.