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Part 6 of 8
Part VI — The Operator
Buildings don't keep theses. Operators do. The operator is the longest-lived asset on the cap table.
6 min · 75% through the series
A thesis without a steward is a press release with a five-year shelf life. The operator is the one human commitment that determines whether the sentence still means anything in year ten.
Underwrite the operator before the asset. The asset will inherit whatever the operator believes.
The right operator will make a modest building extraordinary. The wrong one will make a brilliant building feel like a hotel.