Episode summary
Most People Win the Wrong Game w/ Thomas Mueller-Borja (TIP790)
We Study Billionaires
· · Hosts: Stig Brodersen · Guests: Thomas Mueller-Borja
Summary
Thomas Mueller-Borja describes a career that combines running BlackRock’s real estate platform with the daily work of raising capital, evaluating deals, and managing investment processes across regions. He explains that the role is both business-building and investing: leading a large real estate franchise while also overseeing the global value-add business and its performance.
A major theme is how private real estate capital is actually raised and deployed. Thomas says fundraising is a slow, relationship-driven process that can take months or years, with funds usually built from 40 to 60 investors and average ticket sizes around €60 million. He also walks through the mechanics of closed-end funds, capital calls, and how investments are reviewed by an investment committee designed to reduce groupthink.
The conversation broadens into macro thinking, where Thomas argues that public debt levels in developed markets matter because they can affect cap rates, term premiums, and relative value across countries. He says lower-indebtedness markets such as Sweden and Germany may offer better upside than more fiscally strained places like France or the UK.
The back half of the discussion is more personal: Thomas emphasizes value alignment, humility, and “ethical seriousness” in relationships, and he credits William and the broader investing community with changing how he thinks about money, purpose, and spirituality. He closes by describing his own flow state as something built from sleep, exercise, meditation, and intentional space.
Key takeaways
- Thomas says BlackRock’s real estate business has about $100 billion in assets, and he manages roughly a quarter of it through a role split between business building and investing.
- He says raising a new fund can require 200 prospects to produce about 40 investors, with the process often taking months or years because private-market commitments are built relationship by relationship.
- Thomas argues that developed-world debt matters for real estate because higher term premiums can keep cap rates from falling even when policy rates are cut.
- He says his team tries to reduce committee bias with autonomous voting and a protected challenger role designed to surface the most pessimistic case.
- Thomas says the best relationships come from a mix of talent, drive, teamwork, humility, and value alignment, not just ambition or social chemistry.
- He says his best flow state depends on sleep, exercise, meditation, and relational stability, and that he tries to build his life around those conditions.
Notable quotes
“I think we managed today $13.5 trillion, and real estate of that is about 100 billion of which alone I manage a quarter”
“I think particularly in private markets, it takes time. And from a first meeting with an investor to an actual investment in the fund, you know, it can take months”
“we keep on reviewing our process and asking ourselves like, is this the best process to avoid the typical biases is and the the group think”
“If we want to participate in that potential upside. And, you know, we underwrite in a market neutral way”
“I think for me to answer your question around, you know, that quality aspect, it is really the it's a combination of talent and, ethical seriousness”
How the episode opens
00:00:00:00 - 00:00:26:07 Unknown Like a kindness. Really believe I can do anything. And because I have the you know, I am an optimist by nature.
And I think as an investor, you you have to be an optimist in order to want to take risk and sort of coping with the uncertainty. 00:00:26:09 - 00:00:52:20 Unknown Before we dive into the video, if you've been enjoying the show, be sure to click the subscribe button below so you never miss an episode. It's a free and easy way to support us, and we'd really appreciate it.
Thank you so much! I'm very happy to welcome my friend Thomas Porter Miller as today's guest. The investing world knows him as the global co-head of real estate and global CIO for value add Real estate at Blackrock, where he manages $25 billion to our mastermind community.
00:00:52:22 - 00:01:19:16 Unknown He's simply Thomas, a fellow member of a tribe and someone we deeply enjoy spending time with, especially when the conversation moves to the intersection of investing life and business. And I think I speak for all of us when I say that Kim assist with Thomas, tend to make all of us a little wiser. For the first time, I was lucky enough to turn on the recorder, invite you to listen in as we explore these ideas together.
00:01:19:18 - 00:01:43:14 Unknown Since 2014, and through more than 190 million downloads, we break down the principles of value investing and sit down with some of the world's best asset managers. We uncover potential opportunities in the market and explore the intersection between money, happiness, and the art of living a good life. This show is not investment.
Advice is intended for informational and entertainment purposes only. 00:01:43:16 - 00:02:02:09 Unknown All opinions expressed by hosts and guests are solely their own, and they may have investments in the securities discussed.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- real estate investing
- value-add real estate
- ai capex
- public debt
- high-quality relationships
Companies and tickers mentioned
- BLK
- BlackRock
Watch the episode
Watch “Most People Win the Wrong Game w/ Thomas Mueller-Borja (TIP790)” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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