73 episodes

Bringing you fresh perspectives beyond commercial real estate from the popular Walker Webcast series. Walker & Dunlop CEO Willy Walker taps into a diverse network of leaders to share wisdom that cuts across industry lines. His guests are experts in their fields – from leading economists and CEOs to Harvard and Yale professors, and everything in between. Our one goal is simple: providing our listeners with unique insights, unparalleled data, and real-time market analyses.

Driven By Insight Walker & Dunlop, Willy Walker, Walker Webcast

    • Business
    • 4.9 • 72 Ratings

Bringing you fresh perspectives beyond commercial real estate from the popular Walker Webcast series. Walker & Dunlop CEO Willy Walker taps into a diverse network of leaders to share wisdom that cuts across industry lines. His guests are experts in their fields – from leading economists and CEOs to Harvard and Yale professors, and everything in between. Our one goal is simple: providing our listeners with unique insights, unparalleled data, and real-time market analyses.

    Michael Bennet, Colorado Senator

    Michael Bennet, Colorado Senator

    In today’s episode, Willy welcomes Michael Bennet. Holding public office as the U.S. Senator for Colorado since 2009, Michael is driven by “an obligation to create more opportunity for the next generation.” He has built a strong reputation as a source of pragmatic and independent thinking, uniting Democrats and Republicans in tackling the country’s toughest issues, such as early childhood education, climate change, healthcare, and national security. His unfailing heart for service began even before his senatorial stint, helping to restructure failed businesses and creating the world’s largest movie theater chain, AMC.

    Starting off, Willy asks Michael about the reasons behind his career choice as a politician. Michael expresses gratitude to have contributed to Denver Public Schools as a superintendent, describing his past work experiences have widened his perspective on business and service. Being born in New Delhi, he disbelieves it to be a hurdle in his 2019 presidential campaign. He fondly talks about his father, Douglas J. Bennet, and his term as an editor for Yale Law Review, describing it as “the most luxurious three years of his life.” Michael then retells his experience working with Dick Celeste and how he reached the conclusion, “I wasn’t put on this earth to practice law. I just didn’t enjoy it.” He continues his journey by buying up Regal Cinemas, creating the largest motion picture exhibitor in the world.

    Michael reminisces on the day he was sworn in as senator, describing how former Colorado governor Ben Ritter made the historical appointment possible. He characterizes Colorado as “a crucible of American politics” as he relentlessly strives to protect the honor of Ritter’s decision. Michael remains firm on his stance on exerting more efforts on climate change and how the West is suffering from a water shortage. “One of my great frustrations is that we’ve done a terrible job,” he says. Another pressing issue is the negative effects of inflation on the current U.S. economy as the average American citizen works tirelessly yet is still unable to afford housing, healthcare, and education. He urges the market to consider onshore manufacturing to maintain ethically-run supply chains.

    As one of the powerful forces behind the Build Back Better Act, Michael laments that “it’s going to be very hard to get it over to the finish line.” He also provides his two cents on the Russian-Ukrainian conflict, stating it as solid proof that democracy will always win over totalitarianism. He believes underestimating the Ukrainian people was a huge mistake on Putin’s part and that balance in leadership is needed to figure out the best strategy for overcoming nationwide attacks. As a qualified lawyer, Michael gives his perspective on the Roe v. Wade leak and the importance of voting for people who believe in women’s rights and are pro-choice.

    Even as a gun owner himself, Michael supports the move for universal background checks in connection to Colorado’s dark history with gun violence. Despite this, he voted against Dianne Feinstein’s legislation as he believed it was “an obsolete approach.” For the 2024 presidential elections, Michael predicts Joe Biden and Donald Trump running once again. Willy and Michael end the episode with Michael looking back on his viral speech on the Senate floor in 2013, speaking against Ted Cruz’s call for a government shutdown.

    Tune in to this new episode of the Driven by Insight — Next Steps for Democracy with Senator Michael Bennet, U.S. Senator for Colorado.

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    Lotfi Karoui, Chief Credit Strategist and head of the Credit Research Group at Goldman Sachs

    Lotfi Karoui, Chief Credit Strategist and head of the Credit Research Group at Goldman Sachs

    In today’s episode, Willy welcomes Lotfi Karoui. Lotfi joined Goldman Sachs in 2007 and was promoted to managing director in 2015. Currently, he is the Chief Credit Strategist and head of the Credit Research Group at Goldman Sachs, one of the world’s leading investment banking, securities, and management firms. His research covers a wide span of topics, including income markets, interest rate models, and macro-finance. His work is published in various academic journals, including the Journal of Financial Economics, Management Science, the Journal of Derivatives, and the Journal of Economic Dynamics and Control.

    To start, Willy asks Lotfi about Paul Tudor Jones’ opinion in a recent CNBC interview, in which he stated, “You don’t want to be in bonds or stocks right now. I can’t think of a worse macro-environment...” Lotfi points out the paradigm shift of the newfound ability for investors to park their cash, decreasing the urgency of putting money in bonds and stocks. The built-up risk premium also becomes a factor, citing widened corporate bond spreads as an example. Lotfi continues to explain that “anything that has a little bit of duration risk has probably its worst start ever,” encompassing investment-grade and treasury bonds. The terminal value of the fed funds rate is set to peak at 3%, which coincides with Goldman Sachs view of the ideal target to dip one’s toes into bonds.

    Lotfi noticed a significant trend in the past five economic declines: The slope of the yield curve has done a fantastic job at predicting future recessions. However, he enumerates two caveats – correlation is not entirely causation, and the current cycle has proven to be more nuanced since the onset of the Great Moderation in the early eighties. He also emphasizes the imbalance in the labor market, with the federal government slowing down the economy without pressuring businesses to lay off employees. He presents his definition of a soft landing in terms of the ongoing inflation and status of the employment market and rates – the slowing down of the economy below potential while avoiding recession that causes companies to overreact. He states that the odds of a recession happening over the next two years are 35%.

    As gas prices are climbing, Lotfi highlights that demand destruction is the only way to rebalance the energy market instead of shrinking the demand side of the equation. He compares the effects of oil shocks on the United States and the European markets. The US economy is protected from the negative consequences due to a meaningful offset. Whereas Europe, they heavily rely on Russia to import their commodities. Lofti defines the current cycles as unpredictable and having more complex qualities. While the credit cycle is fairly young, the general business cycle is far ahead in its lifetime, making it impossible to tell if it is currently in recovery.

    Regarding inflated housing prices, Lotfi says the average monthly mortgage payment in the U.S. has increased by 41% in 2022. This is largely caused by tight inventories and real estate companies building fewer structures than needed.

    The episode ends with Lotfi’s interpretation of why companies are choosing to hire local talent rather than investing in foreign labor. The slowdown of globalization to regionalization has resulted from varied factors, such as the COVID-19 and the Russian-Ukrainian conflict. The pandemic has brought to light previously hidden weaknesses in how companies manage their supply chains. This connects to the urgency and significance of implementing ESG programs as consumers and employees are more socially vocal. Lotfi’s predictions on the future of the credit market are fairly optimistic, suggesting considering risk and price of risk, de-escalating conflict, and a reversion in inflation.

    State of CRE with Kris Mikkelsen, EVP of Investment Sales, Aaron Appel, SMD of Capital Markets, and Ivy Zelman, EVP of Research & Securities - 2nd Appearance

    State of CRE with Kris Mikkelsen, EVP of Investment Sales, Aaron Appel, SMD of Capital Markets, and Ivy Zelman, EVP of Research & Securities - 2nd Appearance

    Power is in the hands of the ones with cash – that’s the general prediction of the corporate real estate market moving forward post-pandemic. With multi-family companies throwing money at more rental housing and inflation numbers at an all-time high, the future is uncertain as consumers struggle to afford a place to live.
    Research and Securities Executive VP Ivy Zelman, Investment and Sales Executive VP Kris Mikkelsen, Capital Markets Senior Managing Director Aaron Appel join Willy Walker on this week’s Walker Webcast as they dissect the current condition of the corporate real estate industry, why money is king, the probability of a soft landing versus a hard landing, and their thoughts on the best areas to invest in right now. Ivy Zelman sheds light on how rentals are unsustainable as more capital is flowing into the space, and a backlog of properties without leases exists. She also points out the disconnect between buyers’ willingness to pay and sellers’ expectations. Kris Mikkelsen lays out where he would put on his dollars – capital assets where rates can be reset and capital in markets with strong growth fundamentals and low risk. He emphasizes a lower leverage point and the ever-changing cost of homeownership in the past three months. Aaron Appel believes the future of CRE isn’t completely bleak, as time and time again, we’ve witnessed the market adjusting when there’s enough distress. But with the country’s escalating debt, inflation comes as a result of working to overcome it.

    Tune in to this new episode of Driven By Insight — CRE State of the Union with Ivy Zelman, Kris Mikkelsen, and Aaron Appel.

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    Mo Gawdat, Former Google X Executive and Author

    Mo Gawdat, Former Google X Executive and Author

    Tesla and SpaceX CEO Elon Musk has said, “Finding a way to ensure that the advent of digital superintelligence is symbiotic with humanity is the single biggest existential crisis we face.”

    This quote encapsulates Mo Gawdat’s views and opinions in his best-selling book, Scary Smart, a roadmap detailing and predicting how AI can inevitably take over the human race.

    Mo Gawdat joins Willy Walker on this week’s Walker Webcast as he breaks down the evolution of AI, humanity’s cognitive limitations in controlling AI’s rapid growth, his biggest fears for the future of AI, its use in war and prevention in future disasters like COVID-19, and our responsibility as users in teaching AI to have “our best interests in mind”.

    Mo Gawdat describes AI not as machines but as “digital beings with experiences, fears, consciousness, and emotions”, capable of deep learning. He likens them to infants, absorbing every piece of knowledge being fed. “The more data you give them, the more they can see and observe patterns,” he adds.

    He emphasizes humanity’s refusal to take accountability in raising these “artificially intelligent children”, waiting for the government to control the inescapable doom of them disrupting our lifestyles, economies, political landscapes, and overall welfare.

    Mo Gawdat continues to warn us of the machine’s ability to sway public reasoning and opinions through social media algorithms.

    “They’re doing that in billions of recommendations every day…and then you start to realize that we are already in a place where we’re dominated. We’re already being told by the machines what to do.”

    Tune in to this new episode of the Walker Webcast — The Future of AI with Mo Gawdat, Author of Scary Smart and Former Google X Executive.

    GET NOTIFIED about upcoming shows:
    » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw
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    Mary Callahan Erdoes, JP Morgan's CEO of Asset and Wealth Management

    Mary Callahan Erdoes, JP Morgan's CEO of Asset and Wealth Management

    There’s never been a better time for women leaders than now. That’s what Mary Callahan Erdoes believes as the opportunity for remote and online work has provided the flexibility for family time and career growth.

    As the CEO of J.P. Morgan’s Asset and Wealth Management, she has brought one of the largest and most reliable investment banks to $4 trillion in client assets. Philanthropy is also close to her heart as she serves as a board member of New York City’s Robin Hood Foundation.

    Mary Callahan Erdoes joins Willy Walker on this week’s Walker Webcast as she gives her two cents on the unpredictability of the global market, her advice on investing in cryptocurrency, how more competition keeps the economy booming, and her close working ties with CEO Jamie Dimon.

    She emphasizes appreciating and recognizing both one’s milestones and empty tombstones – as any downturn is a chance to reevaluate methods and strategies. This optimistic outlook has set J.P. Morgan to be ready in handling any catastrophic situation.

    “Our job is to always prepare for the worst and hope for the best,” she adds. “If you do it the other way around, you’re going to get yourself in big trouble. That’s how we’re wired.”

    Diversity and inclusion have always been a priority for Mary Callahan Erdoes. J.P. Morgan’s efforts in investing in low-income housing and more poverty-stricken areas and opening doors to recruiting a wide slate of talent prove their stance on making a bigger difference in today’s work culture and society.

    Tune in to this new episode of the Walker Webcast — How to Manage $4 Trillion with Mary Callahan Erdoes, J.P. Morgan Asset & Wealth Management CEO.

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    Amor Towles, Three-Time Best Selling Novelist

    Amor Towles, Three-Time Best Selling Novelist

    Musician Keith Richards once said, “I’ve imagined it all. I just didn’t think it would happen.” It’s a quote that sums up Amor Towles’ feelings after the unforeseen success of his work.

    Being a New York Times’ Best-Selling Author of three noteworthy novels, Amor Towles has also juggled being a professional banker with family members in the finance space and a tennis player to further cultivate his creative juices.

    Amor Towles joins Willy Walker on this week’s Walker Webcast as they flip the pages of his childhood love for fiction, how novels are writer’s symphonies, his profound interest in Russian literature, and why the need to be historically accurate should come second in the writing process.

    He attributes the refinement of his books to the caring attention and assessment of his wife, his fiction-loving friends, his agent, his editor, and his adoring readers who are never afraid to point out any logical oversight in his stories.

    A thesaurus definitely isn’t handy nor useful - as much as most people would believe. For Amor Towles, it’s impossible to draw out the multi-dimensionality of a character with the reliance on outside resources.

    “I have to trust what sounds right to my ear,” he says. “The vocabulary has sprung in a way from my sense of their [the character’s] personality and upbringing. What would they say? What would sound right to them?”

    Guesting on Late Night with Seth Meyers was a humbling opportunity as the host was an enthusiastic fan of his work. The appearance opened the door for Amor Towles’ to fulfill what he truly set out to do.

    “The biggest satisfaction is knowing that the book is finding an audience, resonating with people, and has made an impact in their lives in some interesting way,” he adds.

    Tune in to this new episode of the Walker Webcast — Penning a Best-Seller with Amor Towles, New York Best-Selling Author.

    GET NOTIFIED about upcoming shows:
    » Subscribe to our YouTube channel here: https://www.youtube.com/channel/UC5jhzGBWOTvQku2kLbucGcw
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Customer Reviews

4.9 out of 5
72 Ratings

72 Ratings

mission530 ,

The best show for CRE investors

This show is unique in that it brings on only the highest tier of guests to break down industry trends. With these high profile opinions, I am able to learn more than I ever have before about CRE. Recommend this show for any sophisticated CRE investor looking to broader their horizons.

maddie@podcastingyou ,

Great podcast!

Each episode is an incredible deep dive into a real estate topic (and beyond!). Willy and his guests are highly knowledgeable and experienced and provide invaluable advice and insights!

Jawst6 ,

High Quality Content

Finally a podcast for sophisticated real estate investors!

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