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Bloomberg Audio Studios, Podcasts, Radio News.

This is Masters in Business with Barry Rittholz on Bloomberg Radio.

This week on the podcast, what a fascinating conversation. with Barry Rittolt on Bloomberg Radio.

This week on the podcast, what a fascinating conversation.

Bob Moser is founder and CEO of Prime Group Holdings.

They're the largest privately held self-storage owner-operator investor in the country. Fascinating conversations started acquiring

properties in college, eventually started doing RVs and mobile homes. Just really

fascinating methodology of identifying undervalued properties. I thought the conversation was fascinating,

and I think you will also, with no further ado, Bob Moser of Prime Group Holdings.

Thanks for having me. So let's start out with your background. Bachelors with honors and economics

from Union College. Yes, sir. What was the original career plan? To tell the truth, it was always real estate. So I've always had an affinity for real estate. Really? My mom tells the story that when I was like 14 or 15, she'd drop me off at the local real estate broker's office. And I would drive them nuts for a couple hours. And it was either that or just to get rid of me, out of her hair probably. But I always had it. Got my real estate license before college.

I got my brokerage license while at college and actually started the business, basically

my sophomore junior year while at union. Wow, that's amazing. So your college thesis focused on

how to value income producing real estate investments by comparing demand and value. So you really knew exactly what you wanted to do by your senior year. What was the outcome of that college thesis? It's a good question. So it was on the valuation of income producing properties using hedonic and non-hedonic regression analysis.

So when we say hedonic, you're adjusting for quality and location, attributes of the property, taken away basically the revenue stream. What else adds value to the asset? And I was really hyper-focused on fragmented real estate assets. So basically every real estate

asset, when you look at it, goes through the same life cycle. When they're originally owned,

...