Loujaine AlMoallim (MBA ’24) interviews Nori Gerardo Lietz, Senior Lecturer of Business Administration in the Finance and Entrepreneurial Management Units.
Can you briefly tell us about your journey that got you to where you are today?
Gerardo Lietz: My journey has been anything but straightforward. Reflecting on my college days, the notion of teaching advanced finance at HBS would have seemed far-fetched, especially considering my only brush with finance was Economics 101 at Stanford. After graduating from law school in 1982 and working as a lawyer, a pivotal moment came in 1988 when one of the partners proposed starting a new venture together. This leap of faith led to the creation of what would become the world's leading advisory firm in real estate, coupled with a significant management component. In 2007, I took a significant step by selling the firm to a major PE firm in Switzerland, Partners Group. My journey into finance was self-taught, proving it's never too late to embark on self-education. And if I can do it, any of you can do it. This path led me to HBS.
How has your teaching experience been at HBS so far? What do you like most about the classroom experience?
Gerardo Lietz: The case method resonates with me because it mirrors real-world decision-making, demanding quick, thoughtful responses to complex scenarios. It's this practicality that I believe is underappreciated by students. In my classroom, I set high expectations from the outset, emphasizing the rigorous nature of the course and the commitment required, especially for a class at 8:30 in the morning. It's this environment that ensures every student present is engaged and eager to learn, which, to me, is what makes teaching so rewarding.
Your research focuses on real estate advisory and private investment. Could you provide more details about these industries and their importance?
Gerardo Lietz: My academic focus encompasses Venture Capital Private Equity and Real Estate Private Equity sectors that represent trillions of dollars and exert significant influence over public markets. Understanding the dynamics of these industries is crucial, given their impact and growth potential. To gain insight, one can work within these sectors, pursue relevant academic courses, or engage with foundational texts. Recommended readings include Howard Marks' "The Most Important Thing," Bernstein's “Against the Gods: The Remarkable Story of Risk”, and Taleb's "Black Swan." These resources provide essential knowledge for navigating the complexities of private investment and real estate advisory.
What recommendations would you give to current and future HBS leaders to excel in their careers?
Gerardo Lietz: To excel in real estate advisory and private investment, I advise the following: First, immerse yourself in the fundamentals of the market. A deep understanding of market conditions is vital for accurate investment analysis. Second, never underestimate the power of networking. Building a robust professional network can unveil opportunities that might otherwise remain hidden. Third, mastering the art of managing up is crucial for internal corporate success. Lastly, seize opportunities with both hands – carpe diem. When an intriguing prospect arises, embracing it can lead to unparalleled growth and learning.
Throughout your journey, what is the greatest lesson you believe you learned, and what is one piece of advice you would give people reading this?
Gerardo Lietz: My career has been marked by challenging experiences, including instances of assault. These moments taught me the importance of resilience and standing firm in one's convictions. My advice? Woman up! The investment world is a realm of creativity and opportunity. With an expansive mindset, it's possible to generate significant returns for both your investors and yourself. This is the aspect of the business I find most exhilarating.
Loujaine AlMoallim (MBA ’24) is a Saudi Arabian who spent most of her formative years in Canada. After completing her undergraduate degree at McGill University majoring in International Management, she moved back to Saudi Arabia and worked in Consulting.
Nori Gerardo Lietz is a Senior Lecturer of Business Administration in the Finance and Entrepreneurial Management Units. She presently teaches Real Estate Private Equity and Starting a Private Investment Firm. Nori Gerardo Lietz is the founder of Areté Capital, a real estate advisory firm. Until June 2011, Ms. Gerardo Lietz was a Partner at Partners Group, a Swiss based private alternative asset manager. At Partners Group she was Chief Strategist for private real estate, a member of the Global Investment Committee, and Chair of the private real estate Investment Committee. Ms. Gerardo Lietz co-founded Pension Consulting Alliance (“PCA”) in 1988 and developed its real estate investment management and advisory activities. PCA became the largest real estate advisory firm in the world in terms of client assets. Previously, she co-founded Public Storage, Inc., an institutional money management firm deploying pension capital to acquire real estate assets. She began her career as an attorney at Paul, Hastings specializing in SEC and ERISA matters on behalf of pension funds, real estate managers, and real estate pension consultants.