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A Buffett protégé makes an offbeat bet: Buy San Francisco real estate

Most investors are running away from San Francisco’s downtown real-estate market, but Ian Jacobs is heading in. Call it a family tradition. Jacobs is an heir of the Toronto-based Reichmann real-estate dynasty, which made a fortune buying properties in nearly bankrupt New York City during the 1970s. A bargain-seeking stock investor who once apprenticed himself to Warren Buffett, Jacobs has mostly avoided the family business—until…

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