Back when I was in grad school studying real estate, we used to refer to the below book as the “blue bible.” It is a comprehensive look at real estate finance and investments, and also development. But perhaps more importantly, it is written in a way that is clear, direct, and immensely practical to the actual world of real estate.

The reason I mention this today is because the fifth edition is out and my friend Bruce Kirsch is now an author, along with Peter Linneman. Thankfully the cover is still blue, otherwise I might be a little sad and this post wouldn’t make a lot of sense.
Bruce has an MBA in Real Estate from Wharton (at Penn) and is the founder and CEO of Real Estate Financial Modeling, LLC, which I recommend to absolutely everyone who wants to get better at financial modeling and deal underwriting.
I have a lot of people who reach out to me on a regular basis and want to ask me about getting into real estate, and in particular, development. I try my best to make time because I was once in their shoes. Usually that means an early morning coffee in Toronto’s PATH.
My advice is fairly consistent. You have two options. Try and get your foot in the door at a shop or, if you’ve got the gall, go out and try and do it on your own. I have friends who have successfully done the latter with very little in the way of formal real estate training.
Whatever your decision, knowledge of the industry will obviously serve you well. Oftentimes I’m meeting with design and/or planning professionals who bring a lot to the table, but usually lack the finance and investments knowledge. That’s when I remind them of my story: Don’t screw up the numbers.
This is also when I suggest taking one of Bruce’s classes. I’ve taken a number of them. Because to learn how to model something in Excel you have to understand how it actually works and Bruce helps you do exactly that. Garbage in, garbage out. That’s how models work.
But the other thing one should consider doing is picking up a copy of the blue bible. I have a copy sitting on my desk right now and will tell you that it’s a “must read”, whether you’re a designer and just want to learn more about the other side of the business, or you’re an experienced real estate professional.
For more on the book, click here and then on Textbook at the top. Oh, and Bruce, congratulations on the new book!
Lately I’ve been finding that I need to divide my time between multitasking and blocks of uninterrupted time. The multitasking phase is doing calls, responding to emails in 3 seconds, going from meeting to meeting, and so on. It’s a mode that many of us probably exist in virtually all of the time.
But I can’t stay in this mode all of the time. I think of it as short attention span mode. There are times when I need blocks of uninterrupted time so that I can “go deep.” One example would be to review drawings. I really need to focus so that I can think of all of the externalities associated with the decisions being made.
This is related to my post about managers and makers, but it’s also the focus of a recent book by Cal Newport called, Deep Work: The Secret to Achieving Peak Productivity. You can read more about the book here at Knowledge@Wharton, but I wanted to highlight two concepts. The first is this equation:
High-Quality Work Produced = (Time Spent) x (Intensity of Focus).
Obviously the argument here is that if you want to maximize your output, you need to increase the intensity of your focus. Minimize distractions. Ratchet up the intensity. There’s only so much time in the day.
Newport gives the example of Adam Grant. He is a New York Times bestselling author and the youngest tenured professor at the Wharton School at the University of Pennsylvania.
He is so committed to intensity of focus that he batches all of this teaching into the fall semester, allowing him to truly focus on the students. He’s the highest rated teacher at Wharton. At the same time, this lets him focus on research and writing during the spring and summer semesters. He’s also known to regularly use auto-of-office responders when he’s in the office, but needs to focus.
The second concept is that of “attention residue.” The idea here is that when we switch from some Task A to some other Task B, our attention doesn’t immediately snap over. A portion of our attention remains on the original task and distracts us from fully focusing. There’s residue.
An example of this would be when you’re working on something and you see an email come in. As soon as you turn your attention to that notification, your attention gets divided. And even if you don’t immediately respond to that email, a portion of your attention now remains with that uncompleted task. It lingers in the mind.
The above probably makes intuitive sense to a lot of you, but in many ways our work culture today does not encourage intensity of focus.
Thanks for reading today. There’s lots of evidence to suggest that the best way to learn new things is to not simply read about it, but to share it with others. That’s one of the reasons I blog and hopefully you find that valuable.
In a knowledge and innovation economy, new ideas matter a great deal. But it seems to be a lot easier for existing companies to come up with sustaining, incremental innovations, than it is for them to come up with new, disruptive innovations.
New can be hard.
That’s why I was interested in a recent New York Times article by Wharton professor Adam Grant called, How to Raise a Creative Child. Step One: Back Off.
The article starts by arguing that many “child prodigies” rarely become adult creators who go on to the change the world:
The gifted learn to play magnificent Mozart melodies, but rarely compose their own original scores. They focus their energy on consuming existing scientific knowledge, not producing new insights. They conform to codified rules, rather than inventing their own. Research suggests that the most creative children are the least likely to become the teacher’s pet, and in response, many learn to keep their original ideas to themselves. In the language of the critic William Deresiewicz, they become the excellent sheep.
To become creators Adam argues that children need to be given the freedom and independence to develop their own sense of self:
When psychologists compared America’s most creative architects with a group of highly skilled but unoriginal peers, there was something unique about the parents of the creative architects: “Emphasis was placed on the development of one’s own ethical code.”
Yes, parents encouraged their children to pursue excellence and success — but they also encouraged them to find “joy in work.” Their children had freedom to sort out their own values and discover their own interests. And that set them up to flourish as creative adults.
I firmly believe in this approach. But of course, this doesn’t just apply to children; though that is certainly an important takeaway. I also think that if you want the best work out of people in the workplace, you also need to: back off.
Creativity needs freedom.
Back when I was in grad school studying real estate, we used to refer to the below book as the “blue bible.” It is a comprehensive look at real estate finance and investments, and also development. But perhaps more importantly, it is written in a way that is clear, direct, and immensely practical to the actual world of real estate.

The reason I mention this today is because the fifth edition is out and my friend Bruce Kirsch is now an author, along with Peter Linneman. Thankfully the cover is still blue, otherwise I might be a little sad and this post wouldn’t make a lot of sense.
Bruce has an MBA in Real Estate from Wharton (at Penn) and is the founder and CEO of Real Estate Financial Modeling, LLC, which I recommend to absolutely everyone who wants to get better at financial modeling and deal underwriting.
I have a lot of people who reach out to me on a regular basis and want to ask me about getting into real estate, and in particular, development. I try my best to make time because I was once in their shoes. Usually that means an early morning coffee in Toronto’s PATH.
My advice is fairly consistent. You have two options. Try and get your foot in the door at a shop or, if you’ve got the gall, go out and try and do it on your own. I have friends who have successfully done the latter with very little in the way of formal real estate training.
Whatever your decision, knowledge of the industry will obviously serve you well. Oftentimes I’m meeting with design and/or planning professionals who bring a lot to the table, but usually lack the finance and investments knowledge. That’s when I remind them of my story: Don’t screw up the numbers.
This is also when I suggest taking one of Bruce’s classes. I’ve taken a number of them. Because to learn how to model something in Excel you have to understand how it actually works and Bruce helps you do exactly that. Garbage in, garbage out. That’s how models work.
But the other thing one should consider doing is picking up a copy of the blue bible. I have a copy sitting on my desk right now and will tell you that it’s a “must read”, whether you’re a designer and just want to learn more about the other side of the business, or you’re an experienced real estate professional.
For more on the book, click here and then on Textbook at the top. Oh, and Bruce, congratulations on the new book!
Lately I’ve been finding that I need to divide my time between multitasking and blocks of uninterrupted time. The multitasking phase is doing calls, responding to emails in 3 seconds, going from meeting to meeting, and so on. It’s a mode that many of us probably exist in virtually all of the time.
But I can’t stay in this mode all of the time. I think of it as short attention span mode. There are times when I need blocks of uninterrupted time so that I can “go deep.” One example would be to review drawings. I really need to focus so that I can think of all of the externalities associated with the decisions being made.
This is related to my post about managers and makers, but it’s also the focus of a recent book by Cal Newport called, Deep Work: The Secret to Achieving Peak Productivity. You can read more about the book here at Knowledge@Wharton, but I wanted to highlight two concepts. The first is this equation:
High-Quality Work Produced = (Time Spent) x (Intensity of Focus).
Obviously the argument here is that if you want to maximize your output, you need to increase the intensity of your focus. Minimize distractions. Ratchet up the intensity. There’s only so much time in the day.
Newport gives the example of Adam Grant. He is a New York Times bestselling author and the youngest tenured professor at the Wharton School at the University of Pennsylvania.
He is so committed to intensity of focus that he batches all of this teaching into the fall semester, allowing him to truly focus on the students. He’s the highest rated teacher at Wharton. At the same time, this lets him focus on research and writing during the spring and summer semesters. He’s also known to regularly use auto-of-office responders when he’s in the office, but needs to focus.
The second concept is that of “attention residue.” The idea here is that when we switch from some Task A to some other Task B, our attention doesn’t immediately snap over. A portion of our attention remains on the original task and distracts us from fully focusing. There’s residue.
An example of this would be when you’re working on something and you see an email come in. As soon as you turn your attention to that notification, your attention gets divided. And even if you don’t immediately respond to that email, a portion of your attention now remains with that uncompleted task. It lingers in the mind.
The above probably makes intuitive sense to a lot of you, but in many ways our work culture today does not encourage intensity of focus.
Thanks for reading today. There’s lots of evidence to suggest that the best way to learn new things is to not simply read about it, but to share it with others. That’s one of the reasons I blog and hopefully you find that valuable.
In a knowledge and innovation economy, new ideas matter a great deal. But it seems to be a lot easier for existing companies to come up with sustaining, incremental innovations, than it is for them to come up with new, disruptive innovations.
New can be hard.
That’s why I was interested in a recent New York Times article by Wharton professor Adam Grant called, How to Raise a Creative Child. Step One: Back Off.
The article starts by arguing that many “child prodigies” rarely become adult creators who go on to the change the world:
The gifted learn to play magnificent Mozart melodies, but rarely compose their own original scores. They focus their energy on consuming existing scientific knowledge, not producing new insights. They conform to codified rules, rather than inventing their own. Research suggests that the most creative children are the least likely to become the teacher’s pet, and in response, many learn to keep their original ideas to themselves. In the language of the critic William Deresiewicz, they become the excellent sheep.
To become creators Adam argues that children need to be given the freedom and independence to develop their own sense of self:
When psychologists compared America’s most creative architects with a group of highly skilled but unoriginal peers, there was something unique about the parents of the creative architects: “Emphasis was placed on the development of one’s own ethical code.”
Yes, parents encouraged their children to pursue excellence and success — but they also encouraged them to find “joy in work.” Their children had freedom to sort out their own values and discover their own interests. And that set them up to flourish as creative adults.
I firmly believe in this approach. But of course, this doesn’t just apply to children; though that is certainly an important takeaway. I also think that if you want the best work out of people in the workplace, you also need to: back off.
Creativity needs freedom.
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