chairman of everything and the CEO of nothing. - Sam Zell

I believe the fundamentals of business — supply and demand, liquidity equals value, good corporate governance, and reliable partners, to name a few — apply across the board.

Sentimentality about an asset leads to a lack of discipline.

Jay taught me to use simplicity as a strategy. He had an uncanny ability to grasp an extremely complex situation and immediately locate the weakness. He always said that if there were twelve steps in a deal, the whole thing depended on just one of them. The others would either work themselves out or were less important.