Anti-Values
“Invert, always invert… where don’t we want to go, and how do you get there? Instead of looking for success, make a list of how to fail… avoid these qualities and you will succeed. Tell me where I’m going to die, so I don’t go there.”
– Charlie Munger
At DWREP, defining what we do not value is just as important as clarifying what we do. We believe many hard problems are best solved in reverse – by first identifying what leads to failure. That’s why we reject the following ideals that we consider fatal to long-term success in real estate. These anti-values serve as a constant reference point, helping us ensure that our decisions never align with the traits that cause operators to lose discipline, make poor investment decisions, and build fragile enterprises.
🚫 Fee-Driven, Herd Mentality Investing
We do not: Deploy capital simply because it's available, not because it's the right decision. Prioritize doing deals for the sake of activity or fees. Chase trends, follow the herd into overcrowded markets, and enrich ourselves at the expense of long-term investor outcomes.
🚫 Short-Termism
We do not: Ignore the power of compounding and the critical importance of time in wealth creation. Focus solely on maximizing short-term gains, chasing speed over durability, and treating real estate like a lottery ticket instead of a long-game.
🚫 Low Agency, High Bureaucracy
We do not: Abdicate responsibility, defer decisions, and surround yourself with complacency. Prioritize process over progress, and reward effort instead of concrete results. Obsess over inputs while neglecting output.
🚫 Possibility Driven, Not Probability Led
We do not: Disregard probabilistic thinking and chase what's possible without regard for what's likely. Focus solely on upside potential while ignoring risk, probability, and downside scenarios. Treat optimism as strategy and luck as repeatable.