We Study Billionaires - The Investor’s Podcast Network

TIP552: Mastering the Art of Investing: A Deep Dive w/ Sam Zell

92 snips
May 14, 2023
Guest
David Greene
Guest
Sam Zell
In this insightful discussion, legendary real estate investor Sam Zell shares his journey in pioneering the REIT industry and emphasizes the importance of market awareness. At 81, his relentless drive to succeed continues to inspire. Zell delves into the complexities of negotiating high-stakes sales, like his record-breaking $40 billion transaction with Blackstone. He also offers his perspective on current interest rates, advocating for further hikes, and highlights the crucial interplay between liquidity and value in investment decisions.
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ANECDOTE

Early REITs

  • Sam Zell recalls the early days of REITs, from 1958 to 1991, when the industry grew slowly to just $7 billion.
  • He explains that private markets were more attractive then, leading to less growth in REITs.
INSIGHT

Birth of Modern REITs

  • The modern REIT era began due to a capital shortage in the real estate industry in the late 80s and early 90s.
  • This shortage forced real estate players to seek capital in public markets, transforming the REIT landscape.
ADVICE

REIT Success

  • Sam Zell's advice for REIT success is to prioritize public needs, like liquidity and transparency.
  • Create a product the public wants and ensure enough information for analysts to accurately evaluate the product.
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