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, clearly defining what we do not value is as important as articulating what we do value. We believe that many hard problems are best solved when they are addressed backwards. As such, we reject the following ideals, as we believe they are a roadmap to where real estate operators perish: a transient enterprise that makes poor investment decisions. We constantly map our decision making processes against our anti-values to ensure that there is no overlap.
// Fee & Ego-Driven Investing
Allocate capital just because it's available; buy because we are able to, not because we should. Focus on enriching ourselves at the expense of our investors, and blindly follow the crowd into the latest "hot" asset class or market.
// Getting Rich Quick
Ignore the fact that compounding is the eighth wonder of the world, and that time is the elemental variable in compounding. Seek only to make as much money as possible, as fast as possible.
// Low Agency, Bureaucratic Thinking
Abdicate responsibility whenever possible and work with complacent professionals. Forget about the details and stymie progress with process. Value effort above all instead of concrete output.
// Possibilities Over Probabilities
Disregard probabilistic thinking and instead pursue everything that is possible. Focus only on upside potential, at the expense of mitigating risks and considering downside scenarios.