1. My real estate development background taught me the value of financial statement analysis and identifying durable competitive advantages; 2. Transparency is crucial, and my negative experience with a dishonest business partner led me to prefer REITs over private real estate; 3. Avoid highly specialized properties and focus on 'fungible' assets; 4. Diversification is key, and I now spread investments across various asset classes to mitigate risk and enhance long-term returns.