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Transcript:
Chris Bounds 00:00
your educational background, you got a lot background in finance and accounting and, and both education and your corporate background. So how did that play in to earn expand a little bit how that played into your investing career?
Randy Langenderfer 00:14
Yeah, so as I mentioned, I’m a I’m an undergraduate accounting information systems MBA in finance, CPA, etc, etc, that means nothing for real estate and I took a bunch of tests in life. But having worked in the corporate world for a long time and been a finance person at heart, you know, finance people I always say are risk adverse to begin with, they say no four out of five times as compared to the marketing mindset that says, Yes, six out of five times. And I’m not picking on my marketing friends, but I am a little bit. So I’m risk adverse to begin with, and I’m analytical nature.
So my, you know, my wife gives me a hard time she goes, you know, just just go spend some time in your spreadsheets and enjoy yourself. And there’s some truth to that, that I am the analytical type that likes to understand that, but I think that’s truly a detriment. And starting out, because, you know, I always say, there’s the, you may have heard the illustration of Ready, aim, fire. So I’m ready, aim, aim, aim, aim, and then fire until I got through it once or twice.
And I think I’m much more comfortable with the risk profile now and the variables that I need to understand to make an investment decision. But you know, you get your engineers, your IT technical types, your finance, accounting types, and I’m not disrespecting any of them. But they all tend to be very analytical in nature. And that’s what their education has taught them. And so they want to fully understand every risk before they invest in it. But I think, you know, it’s back to the 9020 rule, or 8020 rule, whatever you want to call it, that if you understand 80% of it, you’re probably good enough to go. Just don’t spend your last $50,000 on an investment, make sure it’s disposable income.
Chris Bounds 02:10
I think that’s where teams come in and play so standalone, someone who’s heavy analytical like you are and, yeah, so they tend to move slower, maybe risk or miss opportunities, which that has opportunity risk, right opportunity cost risk. Versus someone who’s on the complete opposite spectrum, who’s Go, go, go go make some huge mess, maybe wins at the end, probably got a lot of bumps and bruises on the end. But when you combine those two into a team like that, balance each other out. That’s where a rock solid, like CFO and an operator, especially if you have an operator, CFO and a visionary, all three combined, like, that’s that’s what you see in some of the most successful businesses and Teton and how you help companies grow from zero to 500. And a couple years,
Randy Langenderfer 03:05
well, you hit it on the head, you hit it on the head, and that think as there’s your audiences out there listening, you know, when I talk to people about building teams, you don’t want to find people that are just like you. So I don’t want to attract other analyticals although that’s probably the place where it starts and I can build a conversation with other analyticals easier than I can a marketing type. But some of my best partners have you said have been on the marketing types where they’re the visionaries, and I’m the analytical type. And if you throw in a third person with an operating history there, I think you hit on the head, you’re dynamite. And those what your audiences should be looking for somebody to complement your own skills wherever you are.
Chris Bounds 03:47
And I’m a weird breed because I’m both. I’m definitely very much a visionary. I can operate. But I’m also analytical, and it’s weird. I’ve got this and I pulled myself all the time, I can get bogged down in details. But then and complete other situations. I don’t care about the details. Give me the bullet proofs. The bullet points, give me the highlights. Like once you start going into details, like I’m tuned out, like but I’ll nerd out on weird things like something Oh, come on, tick tock or whatever. And then like boom, the next thing I’m learning about is I don’t know, black holes and quantum physics and whatnot. And I’ll spend like the next 45 minutes learning about new things I can’t even pronounce so. I don’t know it’s it’s we don’t know I think we agree.
Randy Langenderfer 04:37
No, you’re not weird. You’re called a generalist. And and if you ever taken any personality test, you know Myers Briggs or others, if you should, you know, people should do that for themselves. They can do them online easy today, but I was just gonna say the, I think in my own area, I’m very analytical and very detailed. The first investment when I go with a new group or a new market, you know, but I also conversely have on the limited partnership, I don’t do this with other people’s money, but in my own money if a guy that I’ve known and I’ve done four or five deals with calls me, I don’t even look at it anymore.
I’ve got spendable cash, it just goes in there. Because I know, I know, like and trust the group or the person. And, you know, that’s where I think everybody wants to get to where you really trust them in the guy. I’m thinking to to particular that haven’t done me wrong and in 10 years and return very handsome returns to me. And so I’m not nerding out on those at all. But conversely, I’m looking at a new group in Phoenix right now and the deal and I’m turning over every rock that I can including getting on a plane and going there and driving the comps and talking to the property management company and etc etc.