One of Warren Buffett’s famous quotes — “Only when the tide goes out do you learn who has been swimming naked” — aligns with the sage advice of Bozzuto Group CEO Toby Bozzuto’s father, company founder Tom Bozzuto. If you think long term, the best opportunities come out of recessions.
The current times call for “intestinal fortitude” as opposed to panic, the Bozzuto CEO said. “Real estate, as you know, is a very long-term business. … So many people, particularly the capital markets, respond understandably to the current state of affairs and not the future state of affairs.
“We’ve seen this movie before,” he said of the company, which has weathered a few storms since its 1988 founding. “In that 35 years, we’ve seen three or four recessions, and-or a pandemic, and we have found our most explosive moments of growth came from those troughs, those down moments.”
The $2.79 billion private company doesn’t consider the current economic uncertainty as a time to sit on the sidelines. Bozzuto said. In fact, it is charting a course to grow the 3,038-employee development and property management firm’s reach, stating with a new fund aimed at more residential construction.
