Young Research & Publishing Inc.

Investment Research Since 1978

Compensation was paid to utilize rankings. Click here to read full disclosure.

  • About Us
    • Contributors
    • Archives
    • Dick Young’s Safe America
    • The Final Richard C. Young’s Intelligence Report
    • You’ve Read The Last Issue of Intelligence Report, Now What?
    • Dick Young’s Research Key: Anecdotal Evidence Gathering
    • Crisis at Vanguard
  • Investment Analysis
    • Bonds
    • Currencies and Gold
    • Dividend Investing
    • ETFs & Funds
    • Investment Strategy
    • Retirement Investing
    • Stocks
    • The Efficient Frontier
  • Investment Counsel
  • Retirement Compounders®
  • Free Email Signup

The Wisdom of Sam Zell

May 24, 2023 By Jeremy Jones, CFA

By Andrey_Kuzmin @ Shutterstock.com

Famed investor Sam Zell passed away last week. In Barron’s, Oscar Schafer discusses Zell’s life, writing:

Sam Zell, the renowned real estate investor, died last week and, knowing we were close, the editors at Barron’s kindly asked if I would write a few words.

People read Barron’s to learn about investing, and there are so many lessons one can learn from Sam. It is hard to know where to start. I could highlight his bold bets on out-of-favor industries or his creative knack for complex structures. I could mention his prescient sales at the top of the cycle or perhaps his repeated warnings when he saw others acting imprudently.

I first met Sam in 1984 when we were both buying shares in a distressed railcar leasing business called Itel. A mutual friend suggested that we meet to compare notes. I saw a cheap asset. Of course, Sam saw that too, but he also saw an opportunity for growth and value creation. Sam would eventually take control of the company, restructure its balance sheet, and buy and sell an array of related businesses over the course of decades. He created tremendous value along the way.

In truth, it is impossible to distill such a varied investment career into a single article. And it is unfair to define a man like Sam just by the deals he did or the money he made. The best we can learn from Sam isn’t simply how to invest. It is how to live.

Sam recognized the importance of having fun. He threw elaborate parties and told dirty jokes. He had a giant personality. He was a serious investor, but he never took himself too seriously. When he was negotiating the largest deal of his life—the $39 billion sale of his office REIT—he famously tempted one bidder with an email written as a poem.

Sam was fiercely independent. He dressed and spoke however he wanted. He refused to conform. He wasn’t afraid to say the unpopular thing. When WeWork was valued at nearly $50 billion and gearing up for a blockbuster IPO, Sam went on television to call “bull—-” and predict disaster. Yet despite his bravado he was intensely loyal, and I always knew that if I ever needed him, he would be there, a true friend.

Read more here.

Share this:

  • Email
  • Twitter
  • Facebook

You Might Also Like:

  • Mark Cuban’s Best and Worst Investment Advice
  • Investment Advice: Sticking with the Four-Year-Olds
  • What Does It Take to Be A Successful Investor/Survivor?
  • Author
  • Recent Posts
Jeremy Jones, CFA
Jeremy Jones, CFA, CFP® is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. CNBC has ranked Richard C. Young & Co., Ltd. as one of the Top 100 Financial Advisors in the nation (2019-2022) Disclosure. Jeremy is also a contributing editor of youngresearch.com.
Latest posts by Jeremy Jones, CFA (see all)
  • Money Market Assets Hit Record High: $5.4 Trillion - May 26, 2023
  • The Mania in AI Stocks Has Arrived - May 25, 2023
  • The Wisdom of Sam Zell - May 24, 2023

Search Young Research

Most Popular

  • Wellington and Wellesley Funds Not Managed by Vanguard
  • The Single Worst Market Timing Event in History
  • “No Way I’m Spending That Much on Those”
  • Should America Move Closer to the Saudis, or Push them Away?
  • The War Machine's Manpower Problem
  • The Power of a Compound Interest Table
  • Will the Fed Hold Up Its End of the Bargain?
  • “You Didn’t Eat That Again, Did You?”
  • Vanguard Wellesley (VWINX) vs. Wellington (VWELX): Which Fund is Best?
  • Profits Becoming Elusive in China

Don’t Miss

Default Risk Among the Many Concerns with Annuities

Risk and Reward: An Efficient Frontier

How to be a Billionaire: Proven Strategies from the Titans of Wealth

Cryptocosm and Life After Google

Warning: Avoid Mutual Fund Year End Distributions

Is Gold a Good Long-term Investment?

How to Invest in Gold

Vanguard Wellington (VWELX): The Original Balanced Fund

What is the Best Gold ETF for Investing and Trading?

Procter & Gamble (PG) Stock: The Only True Dividend King

The Dividend King of the North

You’ll Love This if You’re Dreaming of an Active Retirement Life

The Importance of a Balanced Portfolio

Invest with Peace of Mind and Comfort

What Kind of Life Are You Investing For?

RSS The Latest at Richardcyoung.com

  • The Elephant in the Room
  • “Then One Day the Grandfather was Gone”
  • My Key West Garden Office
  • OPERATION MOCKINGBIRD: The Truth About the CIA?
  • Does a New Antiviral Covid Drug Do More Harm than Good?
  • The Biden Regime Treats Americans Worse than Illegal Immigrants
  • Key West #1 Wine Shop & Wine Expert
  • California – First to Enact Statewide Gun and Ammo Tax
  • “No Way I’m Spending That Much on Those”
  • How Much Can Grid Battery Storage Help?

RSS The Latest at Yoursurvivalguy.com

  • “Then One Day the Grandfather was Gone”
  • How Joe Biden Raised Oil Prices
  • Is the Philadelphia Looting Spree the Wake-up Call America Needs?
  • “No Way I’m Spending That Much on Those”
  • What Trade Policy Serves America’s National Interest Best?
  • California Wants to Make the 2nd Amendment Unaffordable
  • “You Didn’t Eat That Again, Did You?”
  • Is McCarthy Up to the Task?
  • Rising Costs Are Hammering Commercial Real Estate
  • Your Survival Guy Fishing with Dolphins

About Us

  • About Young Research
  • Archives
  • Contributors

Our Partners

  • Richard C. Young & Co.
  • Richardcyoung.com

Copyright © 2023 | Terms & Conditions

 

Loading Comments...
 

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.