Pink Polo Shorts @PinkPoloShorts Twitter profile

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Pink Polo Shorts

@PinkPoloShorts

2 years

Saluting the real heroes

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Pink Polo Shorts

@PinkPoloShorts

4 years

Every single real estate guy has way less cash than you think

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Pink Polo Shorts

@PinkPoloShorts

4 years

Free cash outflow is an amazing term

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Pink Polo Shorts

@PinkPoloShorts

10 months

If Ackman’s research into plagiarism is as deep, layered, and correct as his research into Herbalife, JCP, Target, or Valeant, higher education has nothing to worry about

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Pink Polo Shorts

@PinkPoloShorts

4 years

I remember being a junior guy and working on a deck, a model, a summary email for days and sending it out and not getting any response and it being devastating. If you've got junior people working for you remember the Twain quote - "I can live for two months on a good compliment"

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Pink Polo Shorts

@PinkPoloShorts

4 years

Got married today. Highly recommend it!

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Pink Polo Shorts

@PinkPoloShorts

3 years

You know how owns a lot of real estate? Blackstone. You know who's really good at financial modeling? Blackstone. You know who I've heard use the terms IRR and leverages to the hilt? Blackstone.

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Pink Polo Shorts

@PinkPoloShorts

2 years

Buddy passed away last weekend in his early 30s. This gig is short, kiddos.

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Pink Polo Shorts

@PinkPoloShorts

6 months

@mu2myoc The attempted dunks from people who think you run a public equity fund and are idea farming really are making my morning

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Pink Polo Shorts

@PinkPoloShorts

2 years

@mrkorangy This, unfortunately all too common, talking point is a racist dog whistle. Dallas has markedly higher crime rates than Chicago, as an example.

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Pink Polo Shorts

@PinkPoloShorts

4 years

A billionaire I used to work for always said "it's about capital flows. The in-place P&L doesn't matter .Figure out where capital is flowing and put yourself in the middle of it." Happy New Year

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Pink Polo Shorts

@PinkPoloShorts

1 year

@buccocapital Maybe I’m just an idiot but isn’t their entire job figuring out if they’re getting lied to?

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Pink Polo Shorts

@PinkPoloShorts

3 years

Saw the single greatest indoor pool in multifamily history today

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Pink Polo Shorts

@PinkPoloShorts

3 years

One of our partners asked me about a sensitivity table that I built in a model for a deal we are looking it. Emails me, "what is CAGR?". That firm owns 10k apartments and absolutely crushes it. Modeling is overrated.

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Pink Polo Shorts

@PinkPoloShorts

3 years

So can confirm this

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Pink Polo Shorts

@PinkPoloShorts

3 years

Not sure if you knew, but McDonald's was actually a real estate company. Did I do it right? Do I get 10k new followers now?

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Pink Polo Shorts

@PinkPoloShorts

5 years

Shot: Saw a Tony Robbins Instagram ad about how he helped the Fruit of the Loom CEO decide not to sell the company for $1.9b bc he knew the CEO could grow it even bigger. Chaser: In 1999...Fruit of the Loom lost $576 million, filed for bankruptcy protection, and fired the CEO.

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Pink Polo Shorts

@PinkPoloShorts

2 months

PinkPoloDad

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Pink Polo Shorts

@PinkPoloShorts

8 months

To be a good acquisitions guy you have to be realistic enough to know you'll only do 1 out of every however many deals you see, but brain-damaged enough to get incredibly excited every time you see a deal and sprint into a brick wall to chase it

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Pink Polo Shorts

@PinkPoloShorts

3 years

Three guys who belonged to a friend's golf club got hit by a drunk driver last night and died. Don't forget this can all be gone in an instant.

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Pink Polo Shorts

@PinkPoloShorts

2 years

“Translation: I’m a serial overpayer,” Langone said. “How did I get so rich? Paying people lots of money when they worked their asses off. And I just had a piece of it. That’s all I want.” PAY YOUR PEOPLE

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Pink Polo Shorts

@PinkPoloShorts

4 years

If you want to build an eight figure net worth you’re much better off going to a small town and being the number one home builder or landscaping company than working at BX in NYC

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Pink Polo Shorts

@PinkPoloShorts

3 years

You know, people did real estate deals in rising rate environments in the past and made a ton of money. Just a fun fact.

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Pink Polo Shorts

@PinkPoloShorts

3 years

A true work of art.

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Pink Polo Shorts

@PinkPoloShorts

2 years

If Bloomberg did business 30 for 30-style documentaries what is your short list of docs? A few for me: - Bass Bros. / Rainwater - Reginald Lewis story - Battle for Disney in early 80s - Battle for the GM Building - Blackstone’s 2007 (Hilton and EOP)

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Pink Polo Shorts

@PinkPoloShorts

2 years

I mean, how good can A16Z's returns be if Andreesen is this worried about his primary home value

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Pink Polo Shorts

@PinkPoloShorts

4 years

"How are you such a good negotiator?" "I have 100 deals going on. No single one means anything to me."

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Pink Polo Shorts

@PinkPoloShorts

4 years

For all you “real estate is passive” folks one of my buildings caught on fire last night

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Pink Polo Shorts

@PinkPoloShorts

3 years

NYC and Miami condo developers sweating bullets over any oligarch sanctions

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Pink Polo Shorts

@PinkPoloShorts

3 years

Played golf with my cousin who works at a L/S shop Me: "what're you covering?" Him: "Generalist, but spend 80% of my time on shorts, which is rough. Hey Jason (caddie), do you own any Gamestop?" Caddie: "Oh yeah, big time. Him: "Exactly."

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Pink Polo Shorts

@PinkPoloShorts

4 years

I mean, come on.

Rob Friedman

@PitchingNinja

4 years

If you were curious about how much ground May's Demon Two Seamer and his Curveball cover... Here's an overlay of May's 99mph Two Seamer to Machado and May's 87mph Curveball to Tatis.

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Pink Polo Shorts

@PinkPoloShorts

4 years

I know I make fun of value-add a lot, but it's a great investment strategy when I do it.

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Pink Polo Shorts

@PinkPoloShorts

5 years

Talking about investment firms, big law, consulting, etc the other day and a friend made the point that they’re designed to make you believe there’s no way to succeed outside that framework. If you take a step back and you see there are unlimited paths to success and happiness

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Pink Polo Shorts

@PinkPoloShorts

4 years

Nobody: Every Real Estate Executive: "I don't know ANYONE who likes working from home. I HATE it."

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Pink Polo Shorts

@PinkPoloShorts

1 year

Real estate is so passive that one of my tenants fell into a second floor garbage chute, got picked up with the trash, and was taken by a garbage truck to the dump. I swear to god this happened last week.

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Pink Polo Shorts

@PinkPoloShorts

2 years

Normal lawyer conflicted out. Told new lawyer "don't want to over-lawyer this" and they said "you've come to the right place". Not sure how to react to that, to be honest.

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Pink Polo Shorts

@PinkPoloShorts

3 years

I think about Bill Ackman buying that $90m apartment at One57 as investment like, once a week.

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Pink Polo Shorts

@PinkPoloShorts

5 years

Spoke with buddy at Wells MF Capital. Takeaways: -No cash out refi's for a long, long time -CMBS dead for at least six months, maybe rest of our lives -6 months up front escrow for interest for < 65% LTV, 12 mos for < 65%. -Class C, C- stuff absolutely getting smoked

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Pink Polo Shorts

@PinkPoloShorts

2 years

Realistically how big a net worth do you need to have to live in Monaco?

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Pink Polo Shorts

@PinkPoloShorts

3 years

Thinking about why the fees we all saw yesterday bothered me so much, and wanted to share some quick thoughts on fees in general.

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Pink Polo Shorts

@PinkPoloShorts

3 years

Coinbase subleasing from P72 at 55 Hudson Yards is a metaphor of some sort

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Pink Polo Shorts

@PinkPoloShorts

3 years

The real reason I came back was so I could tweet this screenshot.

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Pink Polo Shorts

@PinkPoloShorts

3 years

"At the time of exit, the project delivered a more than a 15x multiple."

Starwood Partnership Divests 9,500-Unit MF Portfolio - Connect CRE

Gaia Real Estate and Starwood Capital Group announced today that they have fully exited their PJ Portfolio investment. The portfolio consisted of over 9,500 multifamily units located in major...

www.connectcre.com

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Pink Polo Shorts

@PinkPoloShorts

3 years

Always fun when you drive 3.5 hours to see a deal and know as soon as you pull into the apartment complex you don't want to buy it

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Pink Polo Shorts

@PinkPoloShorts

3 years

I'm only about 1/4 through it but "How to Build a Car", Adrian Newey's (CTO at Red Bull Racing) biography, is the best thing I've read in a long, long time.

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Pink Polo Shorts

@PinkPoloShorts

7 months

A hidden danger about concentration is how much it can impact your mood. If you’ve only got one deal or one stock, you live and die with every little thing that happens. When you’re diversified you also diversify your emotions, can’t underrate that

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Pink Polo Shorts

@PinkPoloShorts

5 years

Thinking more and more that the most important thing in analyzing any investment is finding the one or two things that matter. Less modeling and more thinking

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Pink Polo Shorts

@PinkPoloShorts

3 years

You think you did work this year?

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Pink Polo Shorts

@PinkPoloShorts

1 year

@MickEnglewood Deadspin was on it

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Pink Polo Shorts

@PinkPoloShorts

4 years

This story from Dov Hertz is one of the wildest tenant buyout strategies I’ve ever heard and I don’t know whether to be impressed or horrified

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Pink Polo Shorts

@PinkPoloShorts

5 years

My friend who follows private jet listings on Instagram informs me that Dick's Sporting Goods' G650 is up for sale. Get short $DKS

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Pink Polo Shorts

@PinkPoloShorts

1 year

Sort of amazing in real estate how often you see a big exit and ping someone involved and go "awesome job, amazing execution" and they respond "what a total f'ing s***show, this was a disaster from Day 1 I have no idea how we made any money"

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Pink Polo Shorts

@PinkPoloShorts

3 years

@realEstateTrent Sounds like your deal.... *Removes sunglasses* Needs an adjustment.

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Pink Polo Shorts

@PinkPoloShorts

2 years

Culture is super important, I'm not trying to minimize that, but at the end of the day, you gotta f****** pay people.

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Pink Polo Shorts

@PinkPoloShorts

2 months

Remember asking a pal who’s close friend worked for Druck how Druck thought about taxes. “Does not give two shits because his mindset is he’s going to make so much it doesn’t matter.”

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Pink Polo Shorts

@PinkPoloShorts

4 years

The thing about real estate is that there are a ton of people dumber than you who've made fortunes, but a ton of people smarter than you who got their face ripped off.

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Pink Polo Shorts

@PinkPoloShorts

4 years

In Cable Cowboy there's a point where Malone looks at Brian Roberts, Murdoch, etc. being billionaires while he was worth a paltry $50m and goes "I'm smarter than all of them so I need to get mine" and does a bunch of specialized transactions designed to enrich himself

Moses Kagan

@moseskagan

4 years

In a real estate career, income & net worth are lagging indicators of skill, network & reputation. The trick is to focus on doing great deals & taking care of your clients & partners. Do that, and you will get rich... just takes a while.

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Pink Polo Shorts

@PinkPoloShorts

1 year

Email I got just now. Broker: The seller is very disappointed in your offer. Happy Fourth!

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Pink Polo Shorts

@PinkPoloShorts

10 months

Now we have some walls

Pink Polo Shorts

@PinkPoloShorts

1 year

Now we have 12 floors

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Pink Polo Shorts

@PinkPoloShorts

26 days

What if, and hear me out, instead of doing the most complicated thing you’ve ever seen in your life, John Malone just invested in companies that were good?

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Pink Polo Shorts

@PinkPoloShorts

3 years

Always hilarious to read 80s business books and hear about "the Blackstone Group, a small M&A advisory led by Pete Peterson with his junior partner, Steve Schwarzman".

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Pink Polo Shorts

@PinkPoloShorts

3 years

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Pink Polo Shorts

@PinkPoloShorts

2 years

Me: “hey we’re pretty far off so not going to submit” Broker: “could you actually submit anyway? We need to show traction and we have none” And that’s how I am hoping I bought a 12 year old multi asset for under $100k a door

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Pink Polo Shorts

@PinkPoloShorts

3 years

There's a huge difference between building a successful investment business and being a successful investor

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Pink Polo Shorts

@PinkPoloShorts

4 years

No joke, my first day in PE an associate sat me down and said "Polo, let me tell you all you need to know about how PE works. Alt-A-W-G. You're set."

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Pink Polo Shorts

@PinkPoloShorts

3 years

If you don't let my best friend, who is the richest man in the world, get exactly what he wants with no formal process and competition, the game is rigged!

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Pink Polo Shorts

@PinkPoloShorts

3 years

Buddy at big RE fund - "was told to assume 4.25% for 10-year fixed last night. Super helpful when buying a 3.25% cap"

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Pink Polo Shorts

@PinkPoloShorts

3 years

Spoke with a buddy at a RE megafund and they are underwriting 4% portfolio exit caps five years out

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Pink Polo Shorts

@PinkPoloShorts

4 years

Unreal how many people don't read the docs even when big money is on the line.

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Pink Polo Shorts

@PinkPoloShorts

5 years

Fiancé asked what I was most excited about for 2020. Apparently “Top Gun: Maverick” is not the correct answer considering our wedding is in 2020.

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Pink Polo Shorts

@PinkPoloShorts

1 year

Stewy printing a casual 33% IRR and a 1.7 net on $3b equity check, not bad for a day’s work

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Pink Polo Shorts

@PinkPoloShorts

4 years

Anecdotal data point on NYC apartments. Mrs. Shorts and I went looking for a new place yesterday and got 4 months free plus a rent credit. I would like to think it is because I am a shrewd negotiator, but alas more likely a function of the current marketplace.

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Pink Polo Shorts

@PinkPoloShorts

4 years

Once in the minors I played golf with a guy who’s now been in the majors for a decade plus. He probably shot 105, and at the end of the round he goes “nice 83 today!” I honestly believe that level of confidence / delusion is helpful in almost every walk of life

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Pink Polo Shorts

@PinkPoloShorts

1 year

Long read of the weekend about the man, the myth, Trammell Crow himself. If you’re TC you also don’t need to read the docs. “Only way to lose in real estate is to sell because you’ve got the stork on your side”

The Eccentric Genius of Trammell Crow

He changed the face of Texas by building warehouses that looked like office buildings. Then he built office buildings that looked like warehouses.

www.texasmonthly.com

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Pink Polo Shorts

@PinkPoloShorts

3 years

Next 12-24 months could be the story of whether rates or sheer amount of dry powder is more powerful for determining direction of cap rates

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Pink Polo Shorts

@PinkPoloShorts

4 years

Everyone wants to be a bodybuilder but no one wants to lift these heavy ass weights

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Pink Polo Shorts

@PinkPoloShorts

3 years

Had a zoning meeting in rural PA this AM, meeting started by reciting the pledge of allegiance

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Pink Polo Shorts

@PinkPoloShorts

4 years

Reading, studying, and learning is really important, don’t get me wrong, but as some point you’ve actually gotta do stuff

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Pink Polo Shorts

@PinkPoloShorts

4 years

Top 10 suburbs with most supply since 2016.

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Pink Polo Shorts

@PinkPoloShorts

3 years

Heard that Whole Foods renegotiated a big lease on a mixed-use building in NYC with 10+ years on the lease and the developer had no choice but to bite the bullet. How does this not happen on the next lifecycle of industrial leases with Amazon?

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Pink Polo Shorts

@PinkPoloShorts

4 years

Another college for sale

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Pink Polo Shorts

@PinkPoloShorts

2 years

I don't think I've ever written an LOI, saved it as PDF, and then not found an error proof reading. It's uncanny. 100% of the time.

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Pink Polo Shorts

@PinkPoloShorts

5 years

Donnie pitching $AAPL to Axe in Season 1 of Billions was a helluva call, that's a three-bagger in four years. Axe really missed that one.

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Pink Polo Shorts

@PinkPoloShorts

2 years

Congrats on saying the biggest number, you fucking morons

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Pink Polo Shorts

@PinkPoloShorts

5 years

Second level thinking can sometimes be simply not overthinking. Met real estate guy who owns half a million shares of Apple at a $10 basis because “the iPhone in 2006 was the greatest thing I’ve ever seen”.

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Pink Polo Shorts

@PinkPoloShorts

5 years

A cap rate isn’t a guaranteed yield, it’s a snapshot, a moment in time. Your risk is the stability of the cash flow that creates the yield. You as an owner run a business when you buy a property, and the cap rate can go to zero. Saying you’re buying a 6 cap is meaningless

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Pink Polo Shorts

@PinkPoloShorts

4 years

The mood in NYC right now is like in college when you roll someone in the Saturday day game to go up 2-0 in the weekend series and you’re blaring Levels in the locker room knowing you’re about to go hard at the bar because you know you’re going to wreck them Sunday anyway

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Pink Polo Shorts

@PinkPoloShorts

10 months

Few quick NYD scribbles about what I see right now. - Most assets in "distress" you don't wanna own - Good assets with capital stacks in distress are great r/r, but basically impossible to do programmatically or at scale. Lot of the dry powder is not going to get spent.

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Pink Polo Shorts

@PinkPoloShorts

4 years

Kind of tells you where the world is when a guy who made his fortune in printing is selling an NBA team to a guy who founded two businesses that lit money on fire, and a guy who cheated on JLO with the fifth female lead of the fourth best Bravo reality show

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Pink Polo Shorts

@PinkPoloShorts

4 years

And the most crazy thing is the product is terrible and anecdotally most people I know who use it absolutely despise it

Jon Erlichman

@JonErlichman

4 years

Salesforce was founded in 1999. Its first office was an apartment This year, sales will top $20 billion.

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Pink Polo Shorts

@PinkPoloShorts

4 years

We're all a 50% drawdown or a 200 bps interest rate hike away from serious humility

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Pink Polo Shorts

@PinkPoloShorts

1 year

One of my favorite quotes ever was from someone who's kid grew up playing youth soccer with Pulisic. "We all knew he was special, but we figured special meant like, scholarship to Clemson"

roger bennett

@rogbennett

1 year

Christian Pulisic. Just 21 minutes into his debut for AC Milan, thrashed this stunning poem of a strike. When the 24 Year-Old from Hershey, PA has certainty, stability, and knows he is loved, he is capable of footballing wonder 🇺🇸🇮🇹

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@PinkPoloShorts

2 years

Chamath claiming a 20% net IRR over a decade with a 1.1 DPI is just, chefs miss

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Pink Polo Shorts

@PinkPoloShorts

3 years

This may be a hot take, but the very aggressive PE firms like Sycamore have a Buffett (two t's!)-like strategy. They race to get a 1x return (via aggressive levered divi recap) then have a free call option on the future of the business. Mechanism is different but idea is the same

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Pink Polo Shorts

@PinkPoloShorts

3 years

If I ever owned a bar, it would be a total dive, it would have table shuffleboard, it would only be open 11am-3pm on weekdays, it would be called "Brothers" and the only music would be that album by the Black Keys. It would not be a successful bar.

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Pink Polo Shorts

@PinkPoloShorts

2 years

Seeing a lot of tweets about people who bought homes in last 12-18 mos with low rates not budging and staying in place. Well, tech's laying off. Law is laying off. Banking probably coming next. They still not budging?

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Pink Polo Shorts

@PinkPoloShorts

6 months

I've said it before, but this may be the best example. Single. Family. Home.

Nightingale Associates

@FCNightingale

6 months

AUCTION April 16-18 Starting Bid $1,500,000 100 N CHARLES ST, BALTIMORE, MD 345,663 SF 23 Floors Year Built/Renovated: 1963/1994 Occupancy: 32.8% #commercialrealestate

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Pink Polo Shorts

@PinkPoloShorts

4 years

1) It's my birthday today so here are some random things that I've learned or thought about a lot this past year.

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Pink Polo Shorts

@PinkPoloShorts

2 years

@mrkorangy Doesn't make it any less racist

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Pink Polo Shorts

@PinkPoloShorts

3 years

Every LinkedIn post: "After 10 years of working at (insert traditional bank / lender), I'm proud to announce that I am moving to (insert FinTech)! I am so thrilled to be changing the world of finance by doing the exact same thing, but with more 'tech-y' marketing collateral!"

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