Louis: So, Doug, it’s well known that in addition to investing in resource stocks, especially gold juniors, you also have a passion for playing the real estate market. What can you tell us about real estate in today’s world?
Doug: Real estate has been very, very good to me. The reason that’s true is that I buy only things that I like myself. I don’t try to second-guess what other people may want. If you do that, you’re guaranteed to wind up with mediocre stuff that nobody really wants. I have an inclination to buy unique properties, as opposed to commodity-type stuff. That approach is not for everyone, but it’s worked for me.
L: We’d expect no less from the original International Man.
D: You wouldn’t, I know. But most people still think like medieval serfs, tied to the land of their birth. People say that real estate is a local market, and of course that’s true. Location, location, location—you have to know enough to pick good locations, so you should deal in an area you know well. But at the same time, if you take a global view, with over 200 countries in the world to look at, you have 200 times the chances of finding an anomaly, either on the buy or the sell side. Those anomalies make for exceptional deals—exactly what you want to capitalize on. It also gives you ...