Lay of The Land
Jeffrey Stern
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#222: Ivy Zelman (Zelman & Associates) — Non-Consensus and Correct in The Housing Industry
Ivy Zelman is one of the most respected voices in American housing, co-founder of Zelman & Associates, and now Executive Vice President at Walker & Dunlop, which acquired her firm in 2021 as the leading institutional research, advisory, and investment banking firm dedicated exclusively to the U.S. housing industry. Over the last three decades, Ivy has built a reputation for bold, contrarian analysis—famously calling the top of the housing market in 2005 and the bottom in 2012—moments that cemented her as a rare analyst unafraid to speak truth to consensus. That conviction has earned her numerous accolades, including recognition in Barron’s 100 Most Influential Women in U.S. Finance for four consecutive years and induction into the California Homebuilding Foundation’s Hall of Fame. In our conversation, we trace Ivy’s journey from falling into equity research to taking the entrepreneurial leap in 2007, founding Zelman & Associates amid the looming financial crisis. We explore her approach to research and analysis—blending proprietary surveys with a nationwide network of builders, brokers, and lenders—to consistently separate signal from noise. We reflect on her evolution as a leader and entrepreneur, the culture she has cultivated with a team that has stayed by her side for decades, her love of Cleveland, and what it means to pay it forward today through teaching and mentorship as an Adjunct Professor of Finance at Case Western Reserve University, her memoir Gimme Shelter, and much more. 00:00:00 - Catalytic Moments in Finance00:08:25 - Recognizing Blind Spots in Research00:11:27 - The Entrepreneurial Inclination00:11:55 - Building Conviction and Confidence00:15:54 - Vision for Success00:17:21 - Detective Work in Research00:18:45 - Cultivating a Strong Network00:22:20 - The Importance of Asking the Right Questions00:25:13 - Reconciliation with Reality00:26:35 - Navigating Market Sentiment00:28:13 - The Evolution of Zellman Associates00:30:38 - Personal Growth as an Entrepreneur00:34:06 - Leadership and Team Development00:36:01 - Maintaining Intellectual Honesty Post-Acquisition00:37:39 - Understanding the Value of Research00:39:15 - Cleveland's Unique Perspective00:42:10 - Paying It Forward and Mentorship00:45:38 - Lessons for the Next Generation00:47:23 - Contrarian Views on Market Trends00:49:17 - Balancing Work and Family Life00:51:20 - Hidden Gem ----- LINKS:https://www.linkedin.com/in/ivy-zelman-64304616b/https://www.zelmanassociates.com/https://www.amazon.com/Gimme-Shelter-Skills-Street-Trailblazer/dp/1737709929 ----- SPONSOR: Roundstone Insurance Roundstone Insurance is proud to sponsor Lay of The Land. Founder and CEO, Michael Schroeder, has committed full-year support for the podcast, recognizing its alignment with the company’s passion for entrepreneurship, innovation, and community leadership. Headquartered in Rocky River, Ohio, Roundstone was founded in 2005 with a vision to deliver better healthcare outcomes at a more affordable cost. To bring that vision to life, the company pioneered the group medical captive model — a self-funded health insurance solution that provides small and mid-sized businesses with greater control and significant savings. Over the past two decades, Roundstone has grown rapidly, creating nearly 200 jobs in Northeast Ohio. The company works closely with employers and benefits advisors to navigate the complexities of commercial health insurance and build custom plans that prioritize employee well-being over shareholder returns. By focusing on aligned incentives and better health outcomes, Roundstone is helping businesses save thousands in Per Employee Per Year healthcare costs. Roundstone Insurance — Built for entrepreneurs. Backed by innovation. Committed to Cleveland. ----- Stay up to date by signing up for Lay of The Land's weekly newsletter — sign up here. Past guests include Justin Bibb (Mayor of Cleveland), Pat Conway (Great Lakes Brewing), Steve Potash (OverDrive), Umberto P. Fedeli (The Fedeli Group), Lila Mills (Signal Cleveland), Stewart Kohl (The Riverside Company), Mitch Kroll (Findaway — Acquired by Spotify), and over 200 other Cleveland Entrepreneurs. Connect with Jeffrey Stern on LinkedIn — https://www.linkedin.com/in/jeffreypstern/ Follow Lay of The Land on X @podlayoftheland https://www.jeffreys.page/
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