In the beginning, we took nearly all of our returns in residuals, and we charged very little in fees. Eventually, the residual equity turned to cash,… - Sam Zell

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In the beginning, we took nearly all of our returns in residuals, and we charged very little in fees. Eventually, the residual equity turned to cash, and then we’d reinvest it in the business. Consequently, we never had any money. Never. We were asset rich and cash poor. We operated the company on a shoestring. One year, we sold the last piece of an asset, got a windfall of $30,000, and promptly bought a stereo system for the office.