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b'In episode 253 we welcome our guest, Carl Chang, founder and CEO of Kairos Investment Management. In today\\u2019s episode, we\\u2019re talking real estate. It\\u2019s not every day I get a chance to talk with a pizza entrepreneur, successful real-estate investment management firm CEO, or Federal Reserve Bank of San Francisco Board Member. Carl is all three.\\nWe get into Carl\\u2019s backstory and kicking off his career in the real estate business as a steward of family money. We discuss his firm\\u2019s investment criteria, looking at the fundamental core value of bricks and mortar, and evaluating opportunities by understanding whether or not they think they can make money in downside scenarios and earn durable cash flow. Carl reminds us that real estate is not all about yield, and walks us through what he was seeing in the early 2000s that made him a net seller during that period.\\nWe talk about what the real estate landscape looks like going forward, from opportunities on the debt side of real estate to multifamily housing. As we wind down, we discuss Carl\\u2019s role as a board member of the Federal Reserve Bank of San Francisco and what it\\u2019s been like to launch an innovative spin on pizza with Pieology.\\nAll this and more in episode 253 with Kairos\\u2019 Carl Chang.\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'