work out every morning at 4:45, I’m at the office by 6:30 a.m., and I don’t get home from work until 7:00 at night. - 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?

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 is usually high.