Once I have formed my opinion, I have to trust my perspective enough to act on it. That means putting my own money behind it. My level of commitment … - Sam Zell

Some emerging markets will check all the boxes — strong population growth, growing middle class, verge of investment grade, great leadership, and hunger for capital — and then be missing the one ingredient that enables you to monetize your investment: scale. Without scale, you don’t have liquidity. You have no optionality. In essence, you’re stuck.

When you’re a repeat player, when your world is your business and your business is your world, it’s all about long-term relationships. In any negotiation I believe in leaving a little bit on the table. And in any relationship I believe in sharing the stakes.

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. And often in my career I’ve been the only bidder for them — the last chance for a resurrection. I’m not claiming to be altruistic — just optimistic, and confident that I can turn those assets around.