Sam Zell Quotes

Faith in the future is as much motivated by confidence as it is a reflection of fear in acknowledging a mistake.

Taking risks today for tomorrow's reward is both the most challenging and difficult of tasks. Unbridled optimism must be tempered with reality.

Technology is the ultimate definition of human capital.

Internal rates of return and other mathematical formulas for real estate projections attempt to legitimize the presumption of predictable results.

Rather than focus on numerical indexes in investment decisions, the investor should focus on unique characteristics that protect the investment from competition. Thus bar to access is a critical element in the evaluation.

The most significant factor influencing real estate's future value is competition. One could argue that the higher the occupancy and the rates, the more likely this level of performance will not continue.

The most intelligent investment may perform poorly if it is surrounded by too much supply.

Discipline comes from the marketplace, from fear of loss and the consequences that come from overindulgence.

I am very focused on understanding the downside. And I have a pretty good track record, but it’s not perfect. You can’t play at this level without some pretty big highs and lows.

Some might see buying and creating value from others’ mistakes as a form of exploitation, but I see it as giving neglected or devalued assets, in any industry, new life.

For me, business is not a battle to be waged -- it’s a puzzle to be solved.

I do know, at least in my business, luck must certainly be enhanced by a keen sense of awareness.

Growth, demographics, and liquidity drive the real estate business.

You have no value if you have no liquidity.

People have always made money by taking advantage of inefficient markets.