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John Khoury

Founder & Managing Partner, Long Pond Capital · 1 appearance on the record.

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investorfounderexecutive

John Khoury is the founder, managing partner, and portfolio manager of Long Pond Capital. He specializes in publicly traded real estate securities and institutional investment strategies.

38statements → 19claims → 13claims resolved → 85%fully supported → 3.95/5average certainty → 1.74/5average debate potential → ≈4.5/5argument clarity, estimated →

11 supported 2 partly supported 0 contradicted 1 not yet assessed 5 not checkable as stated how the 19 claims stand · each chip opens the sources

3 predictions · 16 assertions · 4 opinions · 6 insights · 9 disclosures · every statement was checked. The predictions and assertions are the 19 claims: statements the public record can support or contradict. 13 are resolved, 1 is not yet assessed, and 5 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how John argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Khoury: REIT Price Movements Are Now Double Long Pond's Early Years
“When we launched the fund, the first three years of the fund's existence versus the last three years of the fund's existence, the average move in the REIT space is literally two X today than it was then.”
John Khoury Dec 1, 2025 ▶ 12:55 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
none yet certainty 3
92% certainty 4
100% certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of John Khoury on measured tape to publish a rate. This says nothing about how they speak.

Everything John Khoury said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Supported
Khoury: Pod shops have grown 4x since Long Pond's founding
“And the pods have grown four X since Long Pond has existed.”
John Khoury Dec 1, 2025 ▶ 13:34 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Assertion Not checkable as stated
Khoury: REITs total under $1.5T; Long Pond tracks 325 companies
“REITs are just under a trillion and a half, and the non-REIT side is actually larger than that. The companies are generally much bigger. In aggregate, we cover about 325 companies in our coverage model.”
John Khoury Dec 1, 2025 ▶ 19:31 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Disclosure
Khoury: Long Pond Rotated Into Hard-Hit Compounders Like Hyatt
“In the case of Liberation Day, A lot of what we did was sell stocks that were down a little to buy stocks that were down a lot that had these compounding characteristics like Hyatt.”
John Khoury Dec 1, 2025 ▶ 24:51 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Disclosure
Khoury: Long Pond maintains 30 longs and 30 shorts portfolio structure
“30 longs by 30 shorts, with the longs almost always being larger.”
John Khoury Dec 1, 2025 ▶ 28:47 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Disclosure
Khoury: A 3% position is a large short at Long Pond
“For us, a short being a three percent position is a big position for us.”
John Khoury Dec 1, 2025 ▶ 30:31 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Insight
Khoury: Real estate deliveries reflect capital markets from three years ago
“Real estate deliveries are never reflective of current capital markets. They're reflective of capital markets from three years ago.”
John Khoury Dec 1, 2025 ▶ 36:05 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Disclosure
Khoury: Long Pond holds no long exposure to office real estate
“We don't really have exposure today in the long side.”
John Khoury Dec 1, 2025 ▶ 40:24 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Assertion Supported
Khoury: Hilton Cash Flow Quadrupled While Park Hotels Declined Post-Spinoff
“Interestingly, both of those companies did two dollars and 19 cents in free cash flow in 2017. This year, Hilton is going to do over nine dollars in free cash flow. Park Hotels is going to do less than the two 19 they did in 2017. Over that time period, Hilton…”
John Khoury Dec 1, 2025 ▶ 44:58 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Assertion Supported
Khoury: Hyatt Shifted from 70% Owned Real Estate to 80% Management Fees
“Hyatt, when they came public, they owned 70% real estate and generated 30% of their income from management franchise. Today, it's 80% management franchise and 20% owned and leased.”
John Khoury Dec 1, 2025 ▶ 45:44 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Assertion Not yet assessed · timeframe Dec 2025
Khoury: Equity LifeStyle grew earnings through every modern recession
“This is a business that's grown earnings in 99, 2002 1001, 2007, 2008. You name the year, it's grown earnings. And their business is simple, but incredibly safe. They own the land underneath manufactured homes. They don't actually own the homes. It's an incred…”
John Khoury Dec 1, 2025 ▶ 47:05 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Disclosure
Long Pond's Active ETF Holds 20 to 25 Cheapest Among 80 Target Real Estate Firms
“What we've done is we've taken the data that we have over the last 15 years of analyzing these companies, and we've said, there are 80 high-quality real estate companies. These are secular winners, compounders like Hilton. That will be the investable universe …”
John Khoury Dec 1, 2025 ▶ 53:38 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Disclosure
Long Pond's ETF Has About 50% Overlap with Hedge Fund Long Book
“It's about a 50% overlap at any given point in time.”
John Khoury Dec 1, 2025 ▶ 55:30 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Assertion Supported
Khoury: In 1999 REITs Traded at 20–25% Discounts to Private Value
“REITs were the antithesis of what anybody wanted to own. So the most impactful thing that I learned at Lazard, having been the grunt guy, running all the models in advance of the CEOs coming in to complain to my managing director why their stocks all traded at…”
John Khoury Dec 1, 2025 ▶ 6:34 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
Assertion Supported
Khoury: Four core subsectors previously comprised over two-thirds of REIT index
“They used to call it the four major food groups, office, industrial, retail, and residential, and those companies accounted for over two-thirds of the entire REIT index.”
John Khoury Dec 1, 2025 ▶ 9:44 John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)

Appearances (1)

EpisodeDateSpeaking time
John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474) Dec 1, 2025 43m
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