My point was that when it was all said and done, it didn’t matter how smart you were if you didn’t have staying power, if you weren’t able to hang on… - Sam Zell

This bit of hyperbole revealed a very important fact: At its heart, grave dancing was an opportunity to resurrect those assets deserving of a fresh start. It was a bet on my ability to affect a turnaround. And the low entry price paid for the risk I was taking to do it. Grave dancing involves confidence, optimism, conviction, and no small amount of courage. All the opportunity in the world means nothing if you don’t actually pull the trigger.

In emerging markets, a big clue to national stability is whether a country is on the verge of investment-grade rating. Early on, I came to the conclusion there’s no other time in the life of any country when it’s more disciplined and more transparent than when it’s a year or two away from reaching investment-grade status.

At some point the guy I was sitting next to turned to me and asked, “So what do you do?” I replied, “I’m a professional opportunist.” And that has been my response to that question ever since.