Alan Smolinisky - Housing At Usc

Alan Smolinisky (born November 28, 1979) is an American entrepreneur/investor who began his career in commercial real estate in the late 1990s while attending the University of Southern California. Smolinisky partnered with his landlord Brian Chen after observing a large shortage of student housing around USC. Together through their company Conquest Student Housing, they went on to build and renovate many buildings around the campus, eventually becoming the largest provider of private student housing at USC, and later at the University of California at Santa Barbara. Conquest became so dominant at USC that the University sued them under the Sherman Antitrust Act for "monopolizing the student housing market around USC's University Park Campus".

The company was sold to a private equity firm and publicly traded real estate investment trust in summer 2008 for $205 million. Using funds received from the sale of their company, Smolinisky and Chen moved away from real estate and into securities investment.

Smolinisky and Chen are value investors, an investment paradigm that derives from the ideas on investment that Benjamin Graham and David Dodd began teaching at Columbia Business School in 1928 that focuses on acquiring assets at less than their intrinsic value. Today, the movement is most closely associated with Berkshire Hathaway Chairman Warren E. Buffett and Vice Chairman Charles T. Munger.

The Palisadian-Post

In December 2012, Smolinisky purchased the Palisadian-Post, a weekly subscription based newspaper that serves Pacific Palisades, California. The Palisadian-Post was founded in 1928 and has been published every Thursday since its founding. A 2013 front-page Los Angeles Times profile of Smolinisky quoted him as saying "Pacific Palisades is my favorite place on Earth, and the Palisadian-Post is my favorite newspaper. I have a moral obligation to make sure this newspaper is published every Thursday for as long as I live." Smolinisky shut down the money losing printing business, replaced most of the staff, and sold the paper's longtime building due to the printing operation being outsourced. Many long time community members were upset with the abrupt changes. In November 2013, the newspaper moved into new headquarters in the Palisades Village. The paper currently has 19 staff members and over 5,000 paid subscribers (the most in the 87-year history of the paper). A one year subscription costs $69.

Personal life

Smolinisky was raised in Pacific Palisades by immigrant parents from Argentina. He graduated in three years from the University of Southern California's Thornton School of Music in 2001. In 2010, Smolinisky married Caroline Sukits from Lafayette, Indiana. They have one son and one daughter. Their son Charlie was named after Charlie Munger. They currently live in Pacific Palisades. According to public records, Smolinisky bought two adjacent parcels of land in Pacific Palisades totaling 2.15 acres for $10.8 million in September 2010 from professional baseball player Jason Kendall and built a new 18,000 square foot estate.

Views

Smolinisky often speaks of his dislike of dynastic wealth. Inspired by Warren Buffett and Bill Gates' Giving Pledge, he and his wife created a trust that provides for 90% of their estate to go to charity upon their death. Smolinisky serves on the board of directors of the ACLU of Southern California as well as Homeboy Industries, a gang intervention organization founded by Jesuit priest Fr. Gregory Boyle.

References

1. ^ "Generation Next: Alan Smolinisky". Los Angeles Downtown News. June 28, 2004. 
2. ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013. 
3. ^ "6 Entrepreneurs Who Purchased a Paper". Inc. August 6, 2013. 
4. ^ "Palisadian-Post Sold to Local Businessman". Pacific Palisades Patch. December 11, 2012. 
5. ^ "Our History". Palisadian-Post. 
6. ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013. 
7. ^ "This Guy Owns a Ferrari, a Bentley and Now...A Local Newspaper". Media Bistro. January 31, 2013. 
8. ^ "A different Palisadian-Post is arriving in subscribers' mailboxes". Los Angeles Times. December 13, 2013. 
9. ^ "Newspaper Owner Fires Business Side Staffers to Boost Editorial". JimRomenesko.com. February 4, 2013. 
10. ^ "Subscribe". Palisadian-Post. 
11. ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013. 
12. ^ "Why I've Bought the Palisadian-Post" (PDF). Palisadian-Post. December 6, 2012. 
13. ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013. 
14. ^ "This Guy Owns a Ferrari, a Bentley and Now...A Local Newspaper". Media Bistro. January 31, 2013. 
15. ^ "Pacific Palisades newspaper junkie buys his own paper". Los Angeles Times. January 29, 2013. 
16. ^ "2014 Bill of Rights Dinner" (PDF). ACLU of Southern California. 
17. ^ "Homeboy Staff". Homeboy Industries. 

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