The Discipline of Betting Against the Crowd — Bill McMorrow, CEO of Kennedy Wilson

Bill McMorrow, CEO of Kennedy Wilson, joins Brandon Sedloff on The Distribution to trace the firm's path from a small real estate auction business in 1988 to a global investment firm managing nearly $38 billion in assets. He describes how relationships with early banking mentors, George Graziadio and Fairfax Financial's Prem Watsa shaped that trajectory, and how the firm found opportunities in Japan in the 1990s, in Ireland and the UK after the Great Recession, and in US multifamily housing when regional banks pulled back in 2023. McMorrow also explains why the firm now concentrates exclusively on housing across the US, Ireland and the UK after having owned every asset type.

1. Kennedy Wilson began as a $57,000 real estate auction company in 1988 and now manages nearly $38 billion in assets.
2. McMorrow describes a half-hour conversation at a Berkshire Hathaway meeting that led to $20 billion in joint ventures over sixteen years with Prem Watsa and Fairfax Financial.
3. The firm identified opportunities in Japan in the 1990s and in Ireland and the UK following the Great Recession, including a Bank of Ireland deal.
4. After owning every asset type, Kennedy Wilson now focuses exclusively on housing in the US, Ireland and the UK, including multifamily acquisitions made as regional banks retreated in 2023.