John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Capital Allocators – Inside the Institutional Investment Industry
Ted Seides – Allocator and Asset Management Expert
4.8 • 806 Ratings
🗓️ 1 December 2025
⏱️ 59 minutes
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Summary
John Khoury is the Founder and Managing Partner of Long Pond Capital, a hedge fund that specializes in publicly traded real estate securities. After 15 years in the business, Long Pond is one of the few remaining firms in the niche. Long Pond recently launched an active ETF, ticker: LPRE, which invests in the most attractively priced stocks from Long Pond's list of the highest-quality real estate businesses.
Our conversation covers John's path into public real estate investing, changes in the investable universe, and the impact of passive flows and pod shops on the sector. We turn to Long Pond's investment process, focused on identifying and exploiting asymmetry, and cover John's perspectives on the major real estate sub-sectors. We close with a discussion of Long Pond's new actively managed ETF.
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Transcript
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| 0:00.0 | Real estate is cheap and it's great risk, but it's not loved. |
| 0:04.0 | The only gick sector in the S&P that's still materially down since 22. |
| 0:08.2 | The Gick and Reitz is down almost 20% while the S&P is up 40. |
| 0:12.5 | What do I look forward to in the next two years? |
| 0:14.6 | Not swimming against a current. |
| 0:16.7 | I'm excited to stop talking about it and watching it happen. |
| 0:26.1 | Yeah. I'm excited to stop talking about it and watching it happen. I'm Ted Sides, and this is Capital Allocators. |
| 0:32.1 | My guest on today's show is John Corey, founder and managing partner of Long Pond Capital, a hedge fund that specializes in publicly traded real estate securities. |
| 0:44.2 | After 15 years in the business, Long Pond is one of the few remaining firms in the niche. |
| 0:49.8 | It recently launched an active ETF, ticker LPRE, which invests in the most attractively priced |
| 0:56.3 | stocks from Long Pond's list of the highest quality real estate businesses. |
| 1:01.1 | Our conversation covers John's path to public real estate investing, changes in the |
| 1:05.6 | investable universe, and the impact of passive flows and pod shops on the sector. |
| 1:11.5 | Return to Long Pond's investment process focused on identifying and exploiting asymmetry |
| 1:16.6 | and covered John's perspectives on the major real estate subsectors. |
| 1:21.0 | We close with the discussion of Long Pond's new actively managed ETF. |
| 1:25.9 | I hope you enjoy the show, and if you do, this week, why not reach out |
| 1:30.0 | to that friend of yours? You know the one I'm talking about. There's someone you've known |
| 1:34.0 | forever and trust and love so much. You probably only see each other maybe every year or two |
| 1:39.4 | these days, but whenever you get together, it's like no time had passed at all. Go ahead, |
| 1:46.1 | reach out to them, and just say hi. |
| 1:52.4 | When it comes up what inspired you to reach out, just tell them you thought of them while listening to the Capital Allocators podcast. |
... |
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