the book Zeckendorf: The Autobiography of the Man who Played a Real-Life Game of Monopoly and Won the Largest Real Estate Empire in History. - Sam Zell

We believed the real money in real estate came from borrowing long-term, fixed-rate debt in an inflationary scenario that ultimately depreciated the value of the loan and increased the position of the borrower.

It also opened up new challenges. When you invest in emerging markets, you’re trading the rule of law for growth. If you think you can count on receiving justice in a foreign courtroom, you should think again. So, the first question is always “Who’s your partner?” By that I mean “Who is going to watch your interests on the ground every day?

didn’t know it then, but this phase in my career was the genesis of a mantra I would repeat regularly for decades to come: Liquidity equals value.